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Star Union Dai-ichi Jeevan Ashray Plan

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Plan Benefits

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Star Union Dai-ichi Jeevan Ashray is a non-linked, non-participating affordable endowment assurance plan offered by Star Union Dai-ichi life insurance. The said savings-cum-protection plan offers protection to your loved ones against financial uncertainties in addition to providing guaranteed benefits.

Eligibility Conditions for Star Union Dai-ichi Jeevan Ashray

Features Particulars
Minimum entry age 8 years
Maximum entry age 40 years (regular pay) 50 years (limited pay)
Minimum age at maturity -
Maximum age at maturity 70 years (last birthday)

Key Features of Star Union Dai-ichi Jeevan Ashray

Features Particulars
Plan type Non-linked, non-participating endowment assurance plan
Plan Basis Individual
Policy term
  • Limited pay (15 years): 20 years (fixed policy term)
  • Limited pay (10 years and regular): 15 and 20 years
Premium paying terms
  • Limited: 10 or 15 years
  • Regular: Premiums have to be paid throughout the policy term
Premium payment frequency Half-yearly, annually, monthly (through ECS) or quarterly
Guaranteed Additions -
Free-look period
  • 15 days
  • 30 days (via distance marketing)
Policy revival 2 years from the date of the unpaid premium
Grace period
  • 30 days (annual, quarterly and half-yearly modes)
  • 15 days (monthly mode)
Loan facility Available under this plan for up to 80% of the surrender value
Alterations N/A
Nomination Available as per provisions of Section 39 of the Insurance Act, 1938
Minimum Sum Assured Rs.2 lakhs
Maximum Sum Assured Rs.50 lakhs
Policy coverage Guaranteed maturity benefit and death benefit

Benefits/Advantages of Star Union Dai-ichi Jeevan Ashray

  • Death benefit: Highest of the following:
  • Absolute amount assured to be paid on death (guaranteed benefit)
  • 10 X annualized premium
  • 105% of premiums paid (extra premium and service tax excluded)

Star Union Dai-ichi Jeevan Ashray policy will be terminated after payment of the death benefit and no benefits will be paid.

  • Maturity benefit: If the life assured survives the policy term and pays premiums, guaranteed maturity benefit will be paid as listed in the table below:

    Policy term Guaranteed maturity benefit
    20 years 120% of basic sum assured
    15 years 115% of basic sum assured
  • Tax benefits: Income tax benefits are available under Star Union Dai-ichi Jeevan Ashray Plan as per provisions of section 80c and section 10(10D) of Income Tax Act, 1961
  • Reduced paid up benefit: In case the life assured pays premium for three years but does not make any premium payments in the future, death and maturity benefits will be paid as listed below:
    • Reduced death benefit: Total number of premiums paid/total number of premiums payable X death sum assured
    • Reduced maturity benefit: Total number of premiums paid/total number of premiums payable X guaranteed maturity benefit

How the Star Union Dai-ichi Jeevan Ashray plan works

If you (life assured) opt for the Star Union Dai-ichi Jeevan Ashray plan for a policy term of 20 years and a sum assured of Rs.2 lakh on an annual premium payment mode, you will have to pay a regular premium of Rs.9290 p.a. If you survive the policy term, you will be entitled to receive the maturity benefit (120% of basic sum assured) amounting to Rs.2.4 lakhs at the end of 20 years. In the unfortunate event of your demise within the policy term, your nominee will receive the death benefit of Rs.2.4 lakhs (service tax excluded).

Star Union Dai-ichi Jeevan Ashray Plan Premium Payment

The annual premium for Life Insurance Plans should 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:

Yearly Quarterly Half-yearly Monthly
1 0.2625 0.5125 0.0885

The premium rates for a basic sum assured of Rs.1000, regular pay are listed below:

Entry age Policy term
15 20
8 years 62.3 45.7
10 years 62.3 45.76
12 years 62.4 45.82
15 years 62.5 45.9

The premium rates for a basic sum assured of Rs.1000 and limited pay of 15 years are listed below:

Entry age Policy term
20 years
8 years 54.8
10 years 54.9
12 years 54.99
15 years 55.10
17 years 55.17

Riders

Star Union Dai-ichi Jeevan Ashray plan does not offer any riders.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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