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Star Union Dai-ichi Bright Child Plan

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As a parent, your main priority in life would be your child/ children. As a responsible parent it is important that you plan for their future by making sure that you make best use out of your hard earned money and thus secure their financial future. SUD Life Bright Child makes sure that not only does your money grow but you can access it in times that you need it most. The plan is structured in a way that makes sure that there are no glitches when it comes to financing their higher education and wedding. What’s more, in the unfortunate event of your death, you will be covered for the full sum assured and also all future premiums will be waived.

Eligibility Conditions for Star Union Dai-ichi Bright Child:

Age of the child at entry
  • Minimum: 0 years (last birthday).
  • Maximum: For ‘Premium payment up to child age 18’, the maximum age of child at entry is 8 years (as of last birthday).
  • For ‘Premium payment term of 10 years’, the maximum age of child at entry is 7 years (as of last birthday).
Age of the life assured at entry
  • Minimum: 19 years (as of last birthday)
  • Maximum: 45 years (last birthday)
Minimum age difference between life assured and child 19 years
Age of the child at maturity 24 years (last birthday) as on last policy anniversary
Maximum age of the life assured at maturity 69 years (last birthday) as on last policy anniversary
Premium payment term ‘Premium payment up to child age 18’: 18 years less age of child at entry or ‘Premium payment term of 10 years’ .
Basic sum assured Minimum: Rs. 5,00,000 Maximum: Rs. 5,00,00,000

Key Features of Star Union Dai-ichi Bright Child:

Listed below are the key features of Star Union Dai-ichi Bright Child:

Plan basis Individual
Flexibility You can choose between two funding options: Career Endowment and Wedding Endowment.
Premium Payment Modes Annual, Half Yearly, Quarterly or Monthly Modes (for Monthly Mode, through ECS/SI only)
Policy Loan Policy loan is not available against this plan.
Grace Period The grace period will be 15 days from the date of the unpaid premium in case of monthly mode and 30 days for annual, half-yearly and quarterly modes.
Free Look Period 15 days (30 days if the policy is purchased through distance marketing)
Lapse The policy will lapse if the due premiums have not been paid (even within the grace period) for the first three full years. Under the lapsed policy, the life cover ceases and you will not receive any of the benefits.
Reduced Paid-up Insurance The policy will acquire reduced paid-up status if you have paid at least three full years' premiums and thereafter the premiums are discontinued (even after the grace period).
Policy Surrender It is possible to surrender your policy under certain conditions as mentioned by the company.
Policy Revival/Reinstatement If you send the company a revival/reinstatement request within two years from the date of first unpaid premium, you can revive your lapsed policy or reinstate your reduced paid-up policy.
Death of Child In the unfortunate event of the child beneficiary’s death, it is possible to nominate another child as beneficiary. If there is no other child to nominate, your legal heirs will become the beneficiary. There will be no changes in terms of timings and amount of the ‘Child Benefits and Benefit Booster’.
Suicide Clause Provided the policy is in force, if the Life Assured commits suicide, whether sane or insane at that time, within twelve months from the date of inception of Policy, the insurance cover shall be void and the nominee shall be entitled to 80% of the premiums paid (excluding extra premiums and taxes).
Termination of Policy The Star Union Dai-ichi Life Insurance Policy will be terminated if any of the following occurs: · On surrender of the policy · On maturity of the policy.

Benefits of Star Union Dai-ichi Bright Child:

Listed below are some of the main benefits of Star Union Dai-ichi Bright Child:

  • Child Benefits: irrespective of whether you are alive or not, your child will be able to receive the child benefits which will depend on the plan option that you choose at the inception:

    Age of child Plan Option: Career Endowment Plan Option: Wedding Endowment
      % of Basic Sum Assured
    18 years 50% 20%
    21 years 20% 30%
    24 years 30% along with ‘Benefit Booster' 50% along with ‘Benefit Booster'
  • Benefit Booster: Benefit Booster will be paid at the end of the policy term. The amount depends on your child’s age at the time of inception of the policy and also on the plan option that you have chose. This is illustrated in the table below:

    Entry age of child (age last birthday) Plan Option: Career Endowment Plan Option: Wedding Endowment
      Benefit Booster as a % of Basic Sum Assured
    0 – 1 15% 25%
    2 – 6 10% 20%
    7 – 8 1% 10%
  • Death Benefit: If the life assured (parent) happens to pass away during the policy term, the nominee/appointee will be paid the death benefit by the company. Also, all future premiums will be waived. The child’s 'Child Benefits' will also be paid as agreed upon earlier.
  • Tax Benefit:Tax benefits, as per the extant tax laws, such as Tax deductions on the premiums paid and benefits received will remain whether you are alive or not.

How Star Union Dai-ichi Bright Child Plan Works:

First you must choose the Life insurance plan option that you think will be most useful for your child’s future as well as the amount of the corpus you will require (basic sum assured). The Plan Option and basic sum assured will decide the 'Child Benefits' and death benefits that your offspring receives. In order to enjoy the full benefits of your plan, just make sure that you pay the premiums as per your policy schedule. You can either choose to pay your premiums regularly till your child attains 18 years of age or for a fixed period of 10 years. It can be paid in yearly, half-yearly, quarterly or monthly instalments.

Star Union Dai-ichi Bright Child Plan Riders:

You have the option of paying a little extra for the following riders:

  • SUD Life Accidental Death and Total & Permanent Disability Benefit Rider
  • SUD Life Family Income Benefit Rider

Please refer to the official website for more information regarding the riders.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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