As the population increases, the road and traffic conditions only seem to be deteriorating at an alarming rate. Incidents of road rage and accidents only seem to too common nowadays. It is not uncommon to read about at least one accident which may have taken place around the city on any given day, given the lack or complete absence in implementation of road safety measures. These accidents are often life threatening or disabling which result in not only great emotional but also financial loss.
To help individuals protect themselves and their families from the losses arising due to such accidents, Star Union Dai-ichi Life Insurance presents the Accidental Death and Total & Permanent Disability Benefit Rider. This is a traditional rider which has been designed to provide the insured individual with additional benefits if they meet with an unfortunate accident during the term of the policy.
Eligibility For SUD Accidental Death and Total & Permanent Disability Benefit Rider
|Minimum age at Entry||Applicant must not be below 18 years at the time of taking the Life Insurance policy|
|Maximum Age at Entry||Applicant must not be above 65 years of age at the time of taking the policy.|
|Maximum Age at Maturity||Applicant must be not more than 71 year of age, as on last birthday or on the date of the maturity of the base plan, whichever is lower.|
Key Features of SUD Accidental Death and Total & Permanent Disability Benefit Rider
|Plan Type||This is a traditional non-participating, non-linked rider.|
|Policy Term||This rider can be taken for a minimum term of 5 years and for a maximum term of 47 years. Apart from this, if the rider has been attached to the policy at inception, then its term will be equal to the term of the base policy. If this is not the case, then the term of the rider will be the same as the remaining term of the base policy.|
|Premium Payment Term||
SUD Accidental Death and Total & Permanent Disability Benefit Rider Policyholders have the option of choosing from 3 different premium payment terms, which are:
|Premium Payment Mode||The premium payment mode of the Rider will be corresponding to the premium payment mode of the base policy. For rider policies with monthly premium payment mode, the same will only be done via ECS or SI.|
|Free Look Period||The policyholder will be permitted to avail a free look period of 15 days / 30 days (if the policy has been taken via distance marketing), starting from the date on which the policy document has been received. They can go over the terms and conditions of the policy during the free look period and suggest any changes or cancel the policy if it doesn’t suit their requirements. If the policyholder has taken the Rider Policy after purchasing the base policy, the Free Look period applicable for the Rider will begin from the date on which the Rider Policy document has been received.|
|Grace Period||30 days – Allowed for policies with yearly, half-yearly and quarterly mode of premium payment. 15 days – Allowed for policies with monthly mode of premium payment. In case an unfortunate accidental death / permanent or total disability takes place during the Grace period, the Rider benefit will be calculated after deducting the amount of rider premiums due at that point, along with the amount of all rider premiums which will be due for the remaining part of that policy year.|
|Policy Revival||The Rider policy can be revived only with the base plan, which must be revived within a period of 2 years, starting from the date of the first unpaid premium. The policy can be re-instated on making the payment of the due premiums, along with the amount interest applicable on those premiums. Revival of the Rider policy will be dependent on the terms and conditions of the base policy, to which the Rider is attached.|
|Policy Loan||No Policy loan available under this Rider.|
|Maturity Benefit||No maturity value or paid-up value under this Rider.|
|Annualized Premium||The premium payable towards this Rider is dependent on the term of the policy, the term of the rider premium payment and the rider sum assured.|
|Minimum Sum Assured||The minimum sum assured payable is Rs 10,000 per policy.|
|Maximum Sum Assured||The maximum amount of Sum Assured payable is capped at Rs 50,00,000|
Benefits of SUD Accidental Death and Total & Permanent Disability Benefit Rider
Following are the benefits which will be provided with the SUD Accidental Death and Total & Permanent Disability Benefit Rider.
- Death Due To Accident – In this case, 100 percent of the Rider Sum Assured amount shall be payable to the person making the claim. This is only applicable when the policy is still in force on the date when the death of the life insured has taken place, following which the policy will be null and void.
- Total & Permanent Disability Due To Accident – In the event of a total and permanent disability occurring following an accident, the Sum Assured amount will be payable in 10 equal installments on a half-yearly basis. The amount of every installment will be equal to the amount of the Rider Sum Assured x 10 (multiplied by 10). This is subject to the condition that the policy is active on the date of the occurrence. The Rider policy will become null and void following the payment of the last installment.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017