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  • Star Union Dai-ichi Loan Suraksha Plan

    Star Union Dai Ichi Life Insurance

    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.

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