Star Union Dai-ichi Loan Suraksha Plan

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
  • Home loans- Rs.5 lakh
  • Vehicle loan- Rs.2 lakh
  • Personal loan- Rs.1 lakh
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
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
  • 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.
  • 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
  • Up to 5 lakh- Nil
  • Above 5 lakhs and below 10 lakhs- 1%
  • Above 10 lakhs and below 25 lakhs- 1.5%
  • 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

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.

Riders

There are no additional riders available under this plan.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

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