Star Union Dai-ichi Aayushmaan is a non-linked deferred participating plan offered by Star Union Dai-ichi life insurance. The said plan provides lifelong protection to your family besides offering lump sum benefits in addition to guaranteed additions, bonuses and riders for additional protection.
Eligibility Conditions for Star Union Dai-ichi Aayushmaan
|Minimum entry age||18 years|
|Maximum entry age||50 years|
|Minimum age at maturity||70 years (last birthday)|
|Maximum age at maturity||-|
Key Features of Star Union Dai-ichi Aayushmaan
|Plan type||Non-linked deferred participating plan|
|Policy term||15, 20, 25 and 30 years. An extended life cover which is equal to the basic sum assured is available under this plan upon policy maturity|
|Premium paying terms||Equal to the policy term|
|Premium payment frequency||Annual, monthly, half-yearly or quarterly mode|
|Guaranteed Additions||3% of the sum assured at the end of each policy year for 5 years|
|Grace period||15 days (monthly mode) 30 days (annual, quarterly and half-yearly modes)|
|Free-look period||15 days 30 days (through distance marketing)|
|Policy revival||Two years from the date of the unpaid premium|
|Loan facility||Available under this plan for 70% of the surrender value|
|Nomination||Available under this plan as per section 39 of the Insurance Act, 1938|
|Minimum Sum Assured||Rs.1,50,000. Basic sum assured should be in multiples of Rs.1000|
|Maximum Sum Assured||Rs.100 crores|
|Policy coverage||Death benefit, maturity benefit and terminal bonus|
Benefits/Advantages of Star Union Dai-ichi Aayushmaan
- Maturity benefit: If the life assured survives the policy term, he or she will be paid the basic sum assured, accrued reversionary bonuses, guaranteed additions and terminal bonus. The life assured can also avail of an extended life cover for the remaining period of his or her life after receiving the maturity benefit.
Death benefit: If the life assured dies within the policy term, he or she will be paid the death sum assured, terminal bonus, guaranteed additions and reversionary bonuses. The death benefit will be the highest of the following:
- Guaranteed sum assured at maturity or
- 10 X annualized premium or
- Amount to be paid on death
The minimum death benefit payable will be 105% of premiums paid (service tax and extra premium not included) on the date of death
In case the life assured dies after the policy term but within the extended cover period, his or her nominee will receive the basic sum assured, following which, the contract will be terminated.
- Terminal bonus: Terminal bonus is paid with maturity and death benefits under this plan
- Simple Reversionary Bonus: Simple reversionary bonus will be declared from the sixth policy year of this plan depending on the prevailing economic scenario
- Guaranteed Additions: 3% p.a. of the basic sum assured is added to the policy for five policy years
High sum assured rebate: The discounts offered by this plan are listed in the table below:
Basic sum assured Discount Per 1000 basic sum assured Rs.1.5 lakh to Rs.4.9 lakh __ Rs.5 lakh to Rs.9.9 lakh 1.5 Rs.10 lakh to Rs.24.9 lakh 3 Greater than or equal to Rs.25 lakh 4
- Tax benefits: Income tax benefits are available under this Life Insurance plan as per provisions of section 80c and section 10(10D) of Income Tax Act, 1961
How the Star Union Dai-ichi Aayushmaan works
If you purchase the Star Union Dai-ichi Aayushmaan plan for a policy term of 15 years and a basic sum assured of Rs.3 lakh and survive the policy term, you will receive the maturity benefit which is a combination of basic sum assured, accrued guaranteed additions and accrued bonuses. In the unfortunate event of your demise in the 10th policy year, your nominee will receive the death sum assured (higher of basic sum assured or 10X annualised premium or 150% of basic sum assured), accrued guaranteed additions and accrued bonuses. In the event of your death after the policy term, your nominee will receive the basic sum assured of Rs.3 lakh, following which, the policy stands terminated.
The premium has to be paid depending on the premium payment mode chosen by you. The premium payable has to be multiplied by modal factors as listed in the table below:
Premium rates for a basic sum assured ranging from Rs.1.5 lakh to Rs.2.9 lakh are listed in the table below:
|15 years||20 years||25 years||30 years|
Star Union Dai-ichi Aayushmaan offers two riders, namely, SUD life accidental death and total and permanent disability benefit rider and SUD life family income benefit rider.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017