Star Union Dai-ichi Loan Suraksha Plan

Type

Immediate annuity plan

Basis

Group

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.

Death benefit

1. During moratorium period- Initial loan amount will be paid if interest is paid by the borrower during moratorium period. If the interest is not paid, then the initial loan amount along with accrued bonus will be paid.
2. After the moratorium period- The sum assured will decrease during the outstanding term.

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

1. Up to 5 lakh- Nil
2. Above 5 lakhs and below 10 lakhs- 1%
3. Above 10 lakhs and below 25 lakhs- 1.5%
4. 25 lakhs and above- 2%

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