Star Union Dai-ichi Premier Protection Plan

Plan type

Non-linked, non-participating term plan

Premium

Premium can be paid on a monthly, half-yearly or yearly basis. The minimum premium that has to be paid on a monthly basis is Rs. 500, on a half-yearly basis is Rs. 2500 and on a yearly basis, the minimum premium to be paid is Rs. 5000.

Premium payment term

The premium payment term is equal to the policy term

Premium payment frequency

Yearly, Half Yearly, Monthly

Free-look period

30 days, if purchased via distance marketing and 15 days if the policy is not purchased via distance marketing.

Grace period

30 days (if payment is made on a monthly basis, then the grace period is 15 days)

Loan facility

Loan facility is not available under this policy

Income Tax Benefits

The insured can avail tax exemption as stipulated under section 10 (10D) and section 80C of the Income Tax Act.

Nomination

Under this plan, nomination facility is available. It is mandatory to have a nominee since this individual will be the beneficiary who receives the benefits offered under the policy, in the event of untimely death of the life assured.

Death Benefit

In the event of death of the life assured during the policy term, the sum assured will be paid to the beneficiary immediately. The policy will become null and void once this is done.

Riders

The life assured can extend the cover received under this plan by opting for the SUD Life Accidental Death and Total & Permanent Disability Benefit Rider - Traditional

Exclusion

Individuals involved in hazardous/ high-risk occupations will not be eligible, or will be charged a higher premium on the policy due to the additional mortality risk.