Star Union Dai-ichi Shiksha Suraksha 2 Plan

Type

Credit Life insurance

Basis

Group

Policy terms

The policy term will be equal to moratorium period plus the repayment period

Mode of premium payment

Single payment

Moratorium option

1. Moratorium option 1- In the first option, the interest is paid during the moratorium period while the sum assured remains constant as per the loan schedule throughout the moratorium period.
2. Moratorium option 2-In the second option, the interest is not paid during the moratorium period and the sum assured increases to the extent of the accrued interest as per the loan schedule during the moratorium period.

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