As responsible individuals, our goal is to financially secure our future. While we work towards our long term financial goals, there are other events in life when some cash inflow can be of great help. It could be for making the down payment for your first car, for a much needed family holiday, to pay for college applications, etc. Therefore, to help you take care of such requirements, Star Union Dai-ichi has introduced the Guaranteed Money Back Plan which rewards you with regular payouts at fixed periods. This is a traditional money back plan which helps provide financial protection and stability for the future by way of guaranteed lump sum payments while also providing for your short term financial goals. The benefits aren’t just limited to you, but also extend to your family. In the unfortunate event of your untimely demise, this plan assures financial security to your family members so they can not only maintain but also improve their lifestyle with enhanced savings.
Eligibility for Star Union Dai-ichi Guaranteed Money Back Plan
|Minimum age at Entry||Applicant must not be below 13 years at the time of taking the policy|
|Maximum Age at Entry||Applicant must not be above 50 years of age at the time of taking the policy.|
|Maximum Age at Maturity||Applicant’s age must not exceed: 60 years for a 10 year policy term; 65 years for a 15 year policy term and 70 years for a 20 year policy term.|
Key Features of Star Union Dai-ichi Guaranteed Money Back Plan
|Plan Type||This is a traditional money back plan - Protection & Savings Plan|
|Policy Term||Policyholders have the option of choosing this policy for multiple terms of 10 years, 15 years or 20 years.|
|Premium Payment Term||Premium towards this policy can be paid over a term of 10 years.|
|Premium Payment Mode||Premium payment for this policy can be done on a yearly, half-yearly, quarterly or monthly basis. Premium payment in the monthly mode can only be done via ECS or SI.|
|Guaranteed Additions||Guaranteed additions will accumulate every year for the entire duration of your policy term. This amount is payable along with the Final Benefit which is paid either on the maturity of the policy or in case of death, whichever happens earlier. Guaranteed Additions will only be payable on the condition that the policy is still in force.|
|Free Look Period||In case the policyholder is unsatisfied with the terms of the policy, they may return the policy within the Free Look period. A 15 day Free Look period is permitted for returning the policy. For policies which have been obtained via distance marketing, a free look period of 30 days is permitted. Upon the return of the policy, policyholders will receive the refund amount which will be calculated by deducting the expenses incurred by the insurance company (medical expenses, stamp duty, etc.) from the total amount of premiums paid by the policyholder at the time of taking the policy.|
|Grace Period||If the policyholders fails to pay the premium by the due date, they will be allowed a Grace period, starting from the date of the first unpaid due premium, to do so. For policies with the monthly premium payment mode, a Grace period of 15 days is permitted. However, if premiums remain unpaid during the Grace period, the policy will continue to be in force, along with all the applicable benefits, after all unpaid premiums due during the year in which the death has occurred, have been paid.|
|Policy Lapse||In case the due premiums for the first three years have not been paid within the Grace period, the policy will no longer be active. As a result, life cover provided by the policy will cease to be effective, along with any benefits payable as part of the policy.|
|Policy Revival||All ‘Lapsed’ or ‘Reduced Paid-up’ policies can be reinstated within 2 years, counting from the date of the first unpaid premium. The inactive policy can be revived by sending the Life Insurance company a request for the same, along with adequate evidence of sound health. Along with this documentation, the policyholder must also pay the amount of all unpaid premiums + interest applicable, for the purpose of revival.|
|Nomination||Facility of Nomination is allowed as per Section 39 of the Insurance Act, 1938.|
|Maturity Benefit||SUD Guaranteed Money Back policyholder is entitled to Maturity Benefit which consists of the Sum Assured (minus paid survival benefits) + Guaranteed Additions which may have accumulated during the course of the policy.|
|Minimum Sum Assured||The minimum sum assured payable is Rs 3,00,000.|
|Maximum Sum Assured||The maximum amount of Sum Assured payable is capped at Rs 10,00,00,000.|
Benefits of Star Union Dai-ichi Guaranteed Money Back Plan
Survival Benefit – SUD Guaranteed Money Back Policyholders stand to benefit from 200% of annualized premiums which will be payable as follows:
Policy Term Benefit Payable At The End Of 10 years 5th policy year 15 years 5th and 10th policy year 20 years 5th, 10th and 15th policy year
- Guaranteed Additions – Policyholders will receive Guaranteed Addition, which accumulates every year during the term of the policy and will be paid at the time of maturity or in the event of death, whichever occurs earlier.
- In Case Of Death – In the unfortunate event of the untimely death, the complete amount of Sum Assured, along with any accrued Guaranteed Addition will be payable, even if the survival Benefits have already been paid.
- Policyholders can obtain a rebate on their premium for a higher amount of Sum Assured.
- Advantage of limited premium payment for a term of 10 years only.
- Tax Benefits – Premiums paid and benefits received under the Guaranteed Money Back Plans are eligible for tax deductions under the applicable tax regulations.
Riders Available With Guaranteed Money Back Plan
The following riders are available for sale with this product –
- SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional
- SUD Life Family Income Benefit Rider - Traditional
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017