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  • Star Union Dai-ichi Immediate Annuity Plus Plan

    Star Union Dai Ichi Life Insurance

    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
    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
    • Option 1- No death benefit payable
    • Option 2- 100% of purchase price will be paid to the nominee
    • Option 3- 100% of purchase price will be paid to the nominee
    • Option 4- No death benefit is payable. 50% of the annuity amount chosen originally will be paid to the second annuitant
    • Option 5- No death benefit is payable. 100% of the annuity amount chosen originally will be paid to the second annuitant
    • Option 6- 50% of the annuity amount chosen originally will be paid to the second annuitant
    • Option 7- 100% of the annuity amount chosen originally will be paid to the second annuitant
    • 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
    • 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
    • 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.

    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.

    Riders

    There are no additional riders available under this plan.

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