SUD Life's Elite Assure Plan is a well-thought out combination of savings and protection which will ensure that you build a supplementary future income. With the Star Union Dai-ichi Elite Assure Plan's benefits, your future will remain as comfortable as it is today.
Minimum age at entry | 20 years (last birthday) |
Maximum age at entry | 50 years (last birthday) |
Minimum age at maturity | 35 years (last birthday) |
Maximum age at maturity | 71 years (last birthday) |
Payout Term | 7 years for Plan 7-7-7 and 5 years for Plan 5-5-5 |
Premium Payment Term | 7 years for Plan 7-7-7 and 5 years for Plan 5-5-5 |
Deferment Period | 7 years for Plan 7-7-7 and 5 years for Plan 5-5-5 |
Monthly Income | Minimum: Rs. 10,000 Maximum: Rs. 5,40,000 |
Listed below are the key features of Star Union Dai-ichi Elite Assure Plan:
Plan type | Non-Linked Non-Participating Life Insurance plan |
Plan basis | Individual |
Flexibility | You can choose from two plan options. |
Premium Payment Modes | Annual, Half Yearly, Quarterly or Monthly Modes (for Monthly Mode, through ECS/SI only) |
Policy Loan | Policy loan is not available against this Star Union Dai-ichi Life Insurance plan. |
Grace Period | The grace period will be 15 days from the date of the unpaid premium in case of monthly mode and 30 days for annual, half-yearly and quarterly modes. |
Free Look Period | 15 days (30 days if the policy is purchased through distance marketing) |
Lapse | The policy will lapse if the due premiums have not been paid within the grace period for the first two full years. Under the lapsed policy, the life cover ceases and you will not receive any of the benefits. |
Reduced Paid-up Insurance | Your policy will acquire Reduced Paid-Up status if you have paid the due premiums for at least two full years but not for the subsequent premiums. Also, the Sum Assured will get reduced to Paid-Up Sum Assured. |
Policy Surrender | It is possible to surrender your policy under certain conditions as mentioned by the company. |
Policy Revival/Reinstatement | Within two years from the date of first unpaid premium, you can revive your lapsed policy or reinstate your reduced paid-up policy by sending the company a revival/reinstatement request. |
Suicide Clause | provided the policy is in force, if the Life Assured commits suicide, whether sane or insane at that time, within twelve months from the date of inception of Policy, the insurance cover shall be void and the nominee shall be entitled to 80% of the premiums paid (excluding extra premiums and taxes). |
Termination of Policy | The Policy will terminate when any of the following events occurs: · Upon the death of the life assured · On breach of any warranty made by the Life Assured in the proposal form subject to Section 45 of the Insurance Act 1938 as amended from time to time. · Upon surrender of the policy · On policy being lapsed and not revived within the revival period. · Upon the policy's maturity. |
Listed below are some of the main benefits of Star Union Dai-ichi Elite Assure Plan:
First you must choose the Life Insurance plan option that best suits your requirements meets the amount that you want to receive as monthly income. Your annual income, which is the minimum guaranteed maturity benefit that you will receive will depend on the monthly income that you choose. The premium amount will be based on the plan option and monthly income amount that you choose. It will also depend on the age of the life assured. In order to enjoy the full benefits of the plan that you choose, make sure that you pay the premiums throughout the premium payment term. After the premium payment term, there is a deferment period, after which your income starts and continues throughout the payout period. The nominee will receive the death benefit if the life assured passes away during the policy term.
You have the option of paying a little extra for the following riders:
Please refer to the official website for more information regarding the riders.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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