Star Union Dai-ichi Immediate Annuity Plus Plan

Type

Immediate annuity plan

Basis

Individual

Policy terms

Whole life

Premium payment terms

Single payment

Annuity mode

Annually, semi annually, and monthly

Survival benefit

Survival benefit is paid according to the annuity option chosen as long as the annuitant is alive till the end of the policy.

Death benefit

Benefit will be paid on death of the annuitant(s) according to the annuity option chosen.

Death benefit for different annuity options

1. Option 1- No death benefit payable
2. Option 2- 100% of purchase price will be paid to the nominee
3. Option 3- 100% of purchase price will be paid to the nominee
4. Option 4- No death benefit is payable. 50% of the annuity amount chosen originally will be paid to the second annuitant
5. Option 5- No death benefit is payable. 100% of the annuity amount chosen originally will be paid to the second annuitant
6. Option 6- 50% of the annuity amount chosen originally will be paid to the second annuitant
7. Option 7- 100% of the annuity amount chosen originally will be paid to the second annuitant
8. Option 8- In case of death before completion of 10 years, annuity is paid to the nominee till completion of 10 years after inception of the policy
9. Option 9- In case of death before completion of 15 years, annuity is paid to the nominee till completion of 15 years after inception of the policy
10. Option 10- In case of death before completion of 20 years, annuity is paid to the nominee till completion of 20 years after inception of the policy

Surrender benefit

Surrender benefit is available only under annuity options 2, 3, and 7.

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.