This is a a deferred pension plan that helps creates a guaranteed corpus and ensures policyholders and their family members receive a regular pension after retirement.
It provides a lump sum amount at retirement which can be invested in an annuity helping policyholders generate lifelong income to meet their planned and unplanned financial needs in the golden years.
Girish Kulkarni, Managing Director and Chief Executive Officer of SUD Life Insurance said, "SUD Life Guaranteed Pension Plan helps our customers to plan for their life post retirement - be it starting a new venture, pursuing a hobby, travelling across the world or just enjoying time with family and friends. It helps them meet their planned as well as unplanned financial needs by providing a retirement corpus."
A person can choose the policy term as well as the premium payment term based on his/her current life stage and retirement needs. The minimum age at entry is 35 years and maximum age at entry is 65 years provided age at vesting is not more than 70 years. The plan has the option for single premium as well as limited premium paying term.