Star Union Dai-ichi Shiksha Suraksha 2 Plan is designed specially for education loan borrowers. It is a group life insurance plan designed for students who want to pursue their education without worrying about their education loan liability.
Eligibility conditions of Star Union Dai-ichi Shiksha Suraksha 2
Listed below are the eligibility conditions of Star Union Dai-ichi Shiksha Suraksha 2 Plan
|Minimum age at entry||15 years|
|Maximum age at entry||65 years|
|Maximum age at maturity||70 years|
|Term of loan covered||Two to thirty years|
|Premium payment term||The policy term will be equal to moratorium period plus the repayment period|
|Moratorium period||0-8 years|
|Minimum sum assured||Rs. 25,000|
|Maximum sum assured||Rs.5 crore|
|Premium payment mode||Single payment|
Key features of Star Union Dai-ichi Shiksha Suraksha 2
Listed below are the key features of Star Union Dai-ichi Shiksha Suraksha 2 Plan
|Type||Credit Life insurance|
|Policy terms||The policy term will be equal to moratorium period plus the repayment period|
|Mode of premium payment||Single payment|
|Maturity benefit||There is no maturity benefit offered under this plan|
|Death benefit||In case of unfortunate death of the insured, the nominee will be paid the death benefit. Death benefit is equal to sum assured as mentioned in the loan schedule on the certificate of insurance.|
|Surrender benefit||Surrender option is available to both the master policyholder and the insured member. Surrender value is available at anytime from the start of the cover|
|High value sum assured rebates||For sum assured up to Rs. 1,99,000- Nil For sum assured of Rs. 2,00,000 to Rs. 4,99,000- 5% For sum assured of Rs.5,00,000 to Rs. 9,99,000- 10% For sum assured of Rs. 10,00,000 and above- 15%|
|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 Shiksha Suraksha 2
Listed below are the benefits of Star Union Dai-ichi Shiksha Suraksha 2 Plan
- Death benefit - In case of unfortunate death of the insured member, death benefit will be paid to the nominee in the form of Sum Assured. The sum assured paid will be equal to what’s defined in the loan schedule on the certificate of insurance.
- Surrender benefit - The surrender option is available to both the insured and the master policyholder. The surrender benefit is available anytime from the inception of the policy.
- Tax benefit - The policy qualifies for tax benefits under section 80C of the Indian Income Tax Act, 1961.
- It is a single premium payment policy and there is no need to make additional payments after the one time payment
- This Star Union Dai-ichi Life Insurance 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