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Star Union Dai-ichi Term Insurance

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Plan Benefits

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Policy Coverage

Customer Service

Star Union Dai-ichi is a product of collaboration between Dai-ichi Life, a leading Japanese bank with Bank of India and Union Bank of India. Dai-ichi life is one among the top 10 insurers in the world and have been established since 1902. The term insurance products it offers provides policyholders with a peace of mind knowing that their family will have financial security in the unfortunate event of their demise. The SUD Life Premier Protection plan offers policyholders a chance to provide the truest form of protection for their family and loved ones and allow them to continue to enjoy the lifestyle even after the life assured has passed.

Types of Star Union Dai-ichi Term Insurance Plans:

  1. SUD Life Premier Protection Plan
SUD Life Premier Protection plan

Feature

Description

Age of Entry

Minimum Age of entry is 18 years as at last birthday

Maximum age of entry is 60 years as at last birthday

Age of Maturity

Policy reaches maturity at 70 years

Policy Term

Minimum policy term is 10 years

Maximum policy term is 30 years

Premium Paying Term

Premium payment term is equal to policy term

Premium Paying Mode

Yearly, Half-Yearly, and Monthly

Premium Amount

Minimum Yearly Premium is Rs 3000

Minimum Half-Yearly Premium is Rs 2500

Minimum Monthly Premium is Rs 500

Sum Assured

Minimum Sum assured is Rs 25,00,000

Maximum Sum assured is Rs 1,000,000,000

Sum assured will be in multiples of Rs 10,000

Riders

SUD Life accidental death and total permanent disability rider

Benefits

There is a Death Benefit

The policy offers no surrender benefit

Features and Benefits of Star Union Dai-ichi (SUD) term plans:

  1. Higher sum assured of up to Rs 1 Crore to take care of all the outstanding financial commitments that may pass over to the family upon the life assured’s demise.
  2. Life assured will enjoy premium rebates if the chosen sum assured is higher
  3. Availability of riders to provide additional cover
  4. Tax benefits on premiums paid

An Example:

An aspiring policy holder will need to decide on the sum assured based on their income, age, future income aspects and outstanding liabilities that may be passed over such as mortgages. Based on eligibility criteria, one can opt for the sum assured, let’s say Rs 50,00,000 and settle on the policy term and pay the premiums accordingly.

Star Union Dai-ichi (SUD) Term Plan FAQs:

1. Q) Does the policy include a suicide clause?

A) Yes. The policy offers a suicide clause wherein if the life assured commits suicide, whether is a sane or insane state of mind within one year from the date of issue of the policy or 1 year from the date of revival of the policy, the nominee is entitled to 80% of the total premiums paid excluding extra premiums paid for rider coverage and taxes.

2. Q) What are the exclusions of the policy?

A) Those people working in hazardous conditions or exposed to hazardous materials may not enjoy the policy. If they do, they will be screened thoroughly and may have to pay higher premiums to compensate for the extra mortality risk.

3. Q) Is there a free look period?

A) Yes. The free look period is 15 days for those policies that have not been purchased through distance marketing and 30 days for those policies that have been purchased through distance marketing.

4. Q) What is the grace period allowed for premium payments?

A) The grace period for premium payments is 30 days from the missed date of payment for those with premium payment terms of yearly or half-yearly. For those policies with monthly payment terms the grace period is 15 days. If payment has not been made within the grace period, the policy will lapse

5. Q) How does one revive a lapsed policy?

A) Lapsed policies can be revived provided the revival request comes within two years from date of the first missed premium. Those who wish to revive their policy will have to submit a request for the same and pay outstanding arrears with interest and submit satisfactory medical examinations and proof of continued good health.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

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