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  • Star Union Dai-ichi Shiksha Suraksha 2 Plan

    Star Union Dai Ichi Life Insurance

    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
    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
    • 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.
    • 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

    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

    Riders

    There are no additional riders available under this plan.

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