Star Union Dai-ichi Loan Suraksha Plan is a non-linked, non-participating, single premium group credit insurance plan. The plan is designed specially to cater to the needs of borrowers under home loan, vehicle loan, consumer loans, etc. The Star Union Dai-ichi Life Insurance plan undertakes to pay the outstanding loan amount insured member in case of unfortunate death of the insured during the term of the loan.
Eligibility conditions of Star Union Dai-ichi Loan Suraksha
Listed below are the eligibility conditions of Star Union Dai-ichi Loan Suraksha Plan
|Minimum age at entry||18 years|
|Maximum age at entry||65 years|
|Maximum age at maturity||70 years|
|Minimum policy term||5 years for home loan 2 years for other loans|
|Maximum policy term||15 years for vehicle loan 20 years for all other loans|
|Minimum loan term to be covered||2 years|
|Maximum loan term to be covered||30 years|
|Minimum moratorium||6 months|
|Maximum moratorium||60 months|
|Premium payment term||Single payment|
|Minimum sum assured||
|Maximum sum assured||Rs.100 crores|
|Premium payment mode||One time payment|
Key features of Star Union Dai-ichi Loan Suraksha
Listed below are the key features of Star Union Dai-ichi Loan Suraksha Plan
|Type||Immediate annuity plan|
|Premium payment terms||Single payment|
|Surrender benefit||Surrender benefit is available under the life insurance plan anytime from the start of the cover. Surrender value is repaid only when the loan is repaid completely|
|Maturity benefit||There is no maturity benefit offered under the plan.|
|Joint life discount||A discount of 2.50% on the tabular premium will be offered in case of joint borrowers wherein each borrower is covered for the entire loan amount.|
|High sum assured rebate||
|Free look period||15 days|
|Grace period||One month (30 days)|
|Tax benefits||The policy qualifies for tax benefits under section 80C of the Income Tax Act, 1961|
Benefits of Star Union Dai-ichi Loan Suraksha
Listed below are the benefits of Star Union Dai-ichi Loan Suraksha Plan
- Death benefit - Death benefit is paid to the nominee in case of unfortunate death of the insured according to whether the death happened before or after the moratorium period.
- Surrender benefit - Surrender benefit is paid only after the loan is repaid completely.
- Tax benefit - The policy qualifies for tax benefits under section 80C of the Indian Income Tax Act, 1961.
- The plan offers rebate for high sum assured.
- Joint borrowers can get a discount of 1% under the plan.
- The policy ensures that the insured member’s family does not have to suffer by paying the outstanding loan amount in case of the insured member’s death.
- The policy can be purchased online.
There are no additional riders available under this plan.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017