Star Union Dai-ichi Immediate Annuity Plus Plan is a non linked , non participating, immediate annuity plan which offers life cover along with a regular stream of income as per the plan option chosen by the customer.
Eligibility conditions of Star Union Dai-ichi Immediate Annuity Plus
Listed below are the eligibility conditions of Star Union Dai-ichi Immediate Annuity Plus Plan:
|Minimum age at entry||45 years at last birthday for plan A 60 years at last birthday for plan B|
|Maximum age at entry||99 years at last birthday for both plan A and B|
|Minimum purchase price||Rs. 5,00,000|
|Maximum purchase price||No limit|
|Policy term||Whole life|
|Premium payment term||Single payment|
|Minimum entry age of annuitant||50 years|
|Maximum entry age of annuitant||80 years|
|Annuity modes||Monthly, quarterly, half yearly and yearly|
|Minimum age at maturity||Not available|
|Maximum age at maturity||Till death|
Key features of Star Union Dai-ichi Immediate Annuity Plus
Listed below are the key features of Star Union Dai-ichi Immediate Annuity Plus Plan:
|Type||Immediate annuity plan|
|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||
|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.|
Benefits of Star Union Dai-ichi Immediate Annuity Plus
Listed below are the benefits of Star Union Dai-ichi Immediate Annuity Plus Plan:
- Death benefit - Death benefit is paid to the nominee in case of unfortunate death of the annuitant. The death benefit will be paid according to the annuity option chosen by the insured.
- Survival benefit - Survival benefit is paid in cases where the annuitant survives till the end of the policy. The Survival benefit amount paid will be in line with the annuity option chosen by the customer.
- 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.
- The Star Union Dai-ichi Life Insurance policy can be purchased online.
There are no additional riders available under this plan.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017