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
|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
|Plan type||Non-linked, non-participating endowment assurance plan|
|Premium paying terms||
|Premium payment frequency||Half-yearly, annually, monthly (through ECS) or quarterly|
|Policy revival||2 years from the date of the unpaid premium|
|Loan facility||Available under this plan for up to 80% of the surrender value|
|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:
The premium rates for a basic sum assured of Rs.1000, regular pay are listed below:
|Entry age||Policy term|
The premium rates for a basic sum assured of Rs.1000 and limited pay of 15 years are listed below:
|Entry age||Policy term|
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