The Star Union Dai-ichi Premier Protection Plan is a non-linked, non-participating term plan offered by Star Union Dai-ichi Life Insurance. This plan offers financial protection for the insured’s family members, against the situations arising out of his/her unfortunate demise. The Star Union Dai-ichi Premier Protection Plan is available at an affordable premium and offers a plethora of benefits to the life assured and his/her family.
Eligibility Criteria for Star Union Dai-ichi Premier Protection Plan
|Minimum entry age||18 years|
|Maximum entry age||60 years|
|Maximum age at maturity||70 years|
|Minimum Sum Assured||Rs. 2,500,000|
|Maximum Sum Assured||Rs. 1,000,000,000|
Key Features of 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.|
How Star Union Dai-ichi Premier Protection Plan Works
In order to avail the Star Union Dai-ichi Premier Protection Plan, the intended life assured must first decide the extent of cover required for securing the financial needs of his/her family. This can be determined based on the individual’s income earning capacity, outstanding liabilities and future income earning capacity. Once this is done, a suitable policy term has to be decided upon. Based on this as well as the sum assured the premium amount will be determined. Premium rates will also depend on age of the life assured. If the Life Insurance policyholder chooses to pay premium via Standing Instruction or ECS, a special discount on premium is applicable.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017