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Star Union Traditional Plans

Traditional plans are non-linked as they are invested as per guidelines given by IRDAI and there is no market exposure. The following are the features of traditional plans:

  • Premium Payment: Defaulting in payment of premiums would result in reduced sum assured to be paid on maturity or death.
  • Tenure: The traditional plans are long-term plans and there are no provisions for partial withdrawals.
  • Bonus: Available only for participating plans.
  • Categories: There are two types of traditional plans namely, endowment plans and money back plans.

Types of Investment Plans offered by Star Union Dai-ichi

Star Union Dai-ichi's Guaranteed Money Back Plan

This is a traditional money back plan.

Product Benefits

  • You get back 200% of annual premium as money back in 5, 10, and 15 policy years.
  • Guaranteed additions plan-wise/tenure-wise of 4%, 5%, or 6% of the annual premium till maturity or death.
  • On maturity, you get the net sum assured of the money back pay out and accrued guaranteed additions.
  • Sum assured and guaranteed additions accrued till date paid to your nominee if you pass away.
  • For sum assured over 5 lacs, you get discounts on premium.
  • Accidental death, total and permanent disability rider, and family income benefit rider are available.
  • Tax benefits on premiums and claims.

Eligibility Details

MinimumMaximum
Entry Age13 years50 years, 10-year term - 60 years
Maximum Maturity Age-15-year term - 65 years, 20-year term - 70 years
Policy Term10/15/20 years-
Premium AmtAccording to coverage, tenure, and age.-
Sum Assured Rs. 3 lacsRs. 10 crores
Premium Paying Term 10 years-
Premium Paying FrequencyYearly, half-yearly, quarterly, and monthly.-

How The Plan works

  • You choose the sum assured and policy term.
  • Pay the required premium.
  • Get 200% of annualised premium every 5th policy anniversary.
  • On maturity, get the sum assured with guaranteed additions less survival benefits already paid.

SUD Life Jeevan Ashray

This traditional endowment assurance plan comes with guaranteed benefits.

Product Benefits

  • On maturity under the 15-year term, you get 115% of the sum assured and under the 20-year term, it is 120%.
  • On death, your nominee gets the higher of guaranteed maturity benefit, or 10 times the annual premium, or 105% of total premiums paid till death as guaranteed death benefit.
  • Loans on surrender value available.
  • Tax benefits under Section 80C and Section 10(10D)

Eligibility Details

MinimumMaximum
Entry Age8 yearsRegular Pay 40 years 10/15-year pay 50 years
Maturity Age-70 years
Policy Term15 years20 years
Premium AmtAccording to coverage, tenure, and age.-
Sum Assured Rs. 2 lacsRs. 50 lacs
Premium Paying Term Equal to policy tenure or 10/15 years.-
Premium Paying FrequencyYearly, half-yearly, quarterly, and monthly.Yearly, half-yearly, quarterly, and monthly.

How The Plan works

  • You need to choose the sum assured and policy term.
  • The premium will be calculated according to sum assured, policy term, age of life assured, and frequency of premium payment.
  • In case of death of the life assured during the policy term, the nominee/beneficiary will receive the death benefit as defined above in the section on 'Death Benefit'
  • On survival to the end of the policy term, you will receive the maturity benefit as defined above in the section on 'Maturity Benefit’

SUD Life AAYUSHMAAN

This is a traditional savings plan.

Product Benefits

  • Bonuses added from the 6th policy anniversary.
  • Guaranteed additions at 3% of sum assured for the first 5 years.
  • Maturity benefits: sum assured, vested bonuses, terminal bonuses, and guaranteed additions.
  • Death benefit: The higher of
    1. base sum assured, or
    2. Ten times the annual premium paid, or
    3. 150% of the base sum assured, vested reversionary bonus, terminal bonus, accrued guaranteed additions which should be not less than 105% of total premiums paid till death.
  • Extended life cover: Post maturity of the policy, the nominee will get the base sum assured.
  • Premium discount: Sum assured greater than Rs. 5 lacs.
  • Loans up to 70% of surrender value.
  • Riders: Accidental death and total & permanent disability rider as well as family income benefit rider.
  • Tax Benefits: Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Eligibility Details

MinimumMaximum
Entry Age18 years 50 years
Maturity Age-70 years
Policy Term15/20/25/30 years-
Premium AmtAccording to coverage, tenure, and age-
Sum Assured Rs. 1.5 lacsRs. 100 crores
Premium Paying Term Equal to policy tenure -
Premium Paying FrequencyYearly, half-yearly, quarterly, and monthly.Yearly, half-yearly, quarterly, and monthly.

How The Plan works

  • You need to choose the sum assured and policy term.
  • Premium will be calculated according to sum assured, policy term, age of life assured, and frequency of premium payment.
  • Death benefit will be paid to the nominee and you will get maturity benefit on survival.

SUD Life AADARSH

This is a limited premium non-linked, non-participating endowment Life Insurance Plan that provides savings and protection for your family.

Product Benefits

  • Maturity Benefit: Guaranteed maturity benefit being same as sum assured.
  • Death Benefit: Additional accidental death benefit along with sum assured.
  • Limited premium payment: The premium paying term is 5 years and the policy term is 10 years.
  • Tax Benefit: Income Tax benefit under Section 80C and 10(10D) of the Income Tax Act.

Eligibility Details

MinimumMaximum
Entry Age8 years 55 years
Maturity Age65 years
Policy Term10 years-
Premium AmtAccording to coverage and age.-
Sum Assured Rs. 50,000 Rs. 3 lacs Rs. 5 lacs-
Premium Paying Term 5 years -
Premium Paying FrequencyYearly, half-yearly, quarterly, and monthly.Yearly, half-yearly, quarterly, and monthly.

How The Plan works

Mr. Kedia is a 35-year-old healthy male looking for a short-term investment plan with enhanced life cover. He chooses SUD Life Adarsh. The basic sum assured will be Rs. 3 lacs, premium payment term will be 5 years, policy term will be 10 years, and annual premium Rs. 46,741.

SUD Life - Praptee

This is a non-linked, non-participating money back protection cum savings plan with increasing money back payments every three years.

Product Benefits

  • Payout: Increasing money back payments every three years beginning with 3rd policy anniversary.
  • Tax benefit: Income Tax benefit under Section 80C and Section 10(10D).
  • Maturity Benefit: Guaranteed Maturity Benefit equalling sum assured paid.
  • Death Benefit: Higher of
    1. 10 times the annualised premium
    2. 105% of all premiums paid till date of death
    3. Guaranteed maturity benefit equal to sum assured
    4. Basic sum assured

Eligibility Details

MinimumMaximum
Entry Age8 years 50 years
Maximum Maturity Age6 & 8 years - 12/15/18 years 10 years - 15/18 years 68 years
Policy Term--
Premium AmtAccording to coverage, tenure, and age.-
Sum Assured Rs. 2.5 lacsRs. 100 crores
Premium Paying Term (PPT)6/8/10 years-
Premium Paying FrequencyYearly, half-yearly, quarterly, and monthlyYearly, half-yearly, quarterly, and monthly

How The Plan works

Mr. Bansal is a 35-year old male with a 2-year old child and needs to plan for his increasing responsibilities. He opts for a basic sum assured of Rs. 4 lacs, PPT of 6 years, and a policy term of 18 years. His annual premium is Rs. 92,420. On the 3rd, 6th, 9th, 12th, and 15th policy anniversary, he will get Rs. 40000, Rs. 60000, Rs. 80000, Rs. 100000, and Rs. 120000 respectively. On maturity, he will get Rs. 4 lacs.

SUD Life Samriddhi

This is a non-linked, deferred participating endowment life insurance plan with guaranteed additions and bonuses, providing financial protection to your family. It also has an accidental death benefit rider.

Product Benefits

  • Maturity Benefit: Basic Sum assured with guaranteed additions, accrued reversionary bonus, and terminal bonus (if any).
  • Enhanced life cover: Life cover is enhanced with accidental death benefit.
  • Guaranteed additions: 3% of basic sum assured for the first 3 policy years.
  • Death Benefit: Death sum assured which is higher of annualised premium or basic sum assured along with accrued guaranteed additions + accrued reversionary bonuses + terminal bonus.
  • Income Tax Benefit: Tax benefit as per Section 80C and Section 10(10D).

Eligibility Details

MinimumMaximum
Entry Age8 years 55 years
Maturity Age-70 years
Policy Term10 year PPT - 15/20/25 years 15-year PPT - 20/25 years -
Premium AmtAccording to coverage, tenure, and age.-
Sum Assured Rs. 3 lacsRs. 1 crores
Premium Paying Term (PPT)10 or 15 years-
Premium Paying FrequencyYearly, half-yearly, quarterly, and monthly.Yearly, half-yearly, quarterly, and monthly.

How The Plan works

Mr. Shah is a 35-year-old male seeking a long-term savings plan with financial protection. He opts for the Samriddhi Plan. He goes for a PPT of 10 years and policy term of 20 years. His basic sum assured is Rs.10 lacs and yearly premium is Rs. 84,570/-. On maturity, Mr. Shah will get Rs. 19.4 lacs @ 8% or Rs. 11,75,000 @ 4%.

POS – SUD Life Sanchay

This is a point of sale regular premium, non-linked non-participating Endowment Life Insurance Plan providing supplementary income for you and your family.

Product Benefits

  • Maturity Benefit: 10 equal annual instalments equal to 150% of the annualised premium from the 11th to the 20th year.
  • Death Benefit:
    1. During the 90-day waiting period: For accidental death, sum assured is paid as 10 equal annual instalments, equaling 150% of the annualised premium. In case the death is not due to accident, 100% of the premium is paid.
    2. Death after the waiting period: Sum assured will be paid by 10 equal instalments, each instalment being 150% of the annualised premium.
  • Income Tax Benefits: As per Section 80C and Section 10(10D) of the Income Tax Act.
  • No medical tests required.

Eligibility Details

MinimumMaximum
Entry Age18 years 45 years
Maturity Age-55 years
Policy TermFixed policy term of 10 years.-
Premium AmtAccording to coverage and age.-
Annual Premium Rs. 6,000Rs. 60,000
Premium Paying Term (PPT)Fixed 10-year term-
Premium Paying FrequencyYearly, half-yearly, quarterly, and monthly.Yearly, half-yearly, quarterly, and monthly.

How The Plan works

Mr. Kumar is a 35-year old IT professional who wants a plan to provide supplementary income to meet his family expenses 10 years from now. He chooses the Life Sanchay Plan.

He pays an annual premium of Rs. 20000 for 10 years. From the 11th to the 20th year, he will receive annual payments of Rs. 30000.

How to Apply for Star Union Dai-ichi Investment Plans

There are two ways you can apply for the investment plans of Star Union Dai-ichi Life Insurance.

  • Online: The are specific plans which are sold online. All you need to do is log on to the company's portal, select the plan of your choice, decide the coverage you need, and then provide the required details. Based on your details, the premium will be displayed. You can then pay the premium online using your credit or debit card or net banking facilities. The policy will then be issued.
  • Intermediaries: There are certain plans which are not available online and these need to be purchased through agents, brokers, banks, and so on. These intermediaries will assist you in the application process.

FAQs on Star Union Traditional Plans

Why choose Star Union Dai-ichi Investment Plans?

Star Union Dai-ichi Life Insurance company is an alliance between two reputed Indian PSU banks namely Bank of India and Union Bank with Dai-ichi Life, the second largest insurance company in Japan. Dai-ichi is also considered among the top 10 insurers globally in terms of financial expertise. They offer both, traditional and non-traditional plans to suit various customers.

Which is the best Investment Plan of Star Union Dai-ichi Investment Plans 2018?

The best Investment Plan from this insurer will depend on your specific needs. If you need money at regular intervals for certain financial objectives like your children's higher education or marriage, then the Guaranteed Money Back Plan will the right choice for you.

Which is the best Star Union Dai-ichi Investment Plans for long term?

The Aayushman plan which has a facility for extended cover post maturity will be the best long term plan for you. After maturity if the policy holder dies, the nominee will get the basic sum assured again.

Why should I buy Star Union Dai-ichi Investment Plans?

The reasons why Star Union Dai-ichi Investment Plans are an excellent choice are:

  • Financial Protection: The Investment Plans provide adequate cover to protect your family.
  • Flexibility: There is a lot of flexibility with regards to payment of premium and payout.
  • Multiple Options: You get numerous plans and can choose the plan that suits you the best.
  • Claim settlement: It has a claim settlement ratio of 85% and the process of making claims is easy and hassle-free.

How to pay premium? What are the modes of payment available?

You can pay your premium either online and offline. For the online mode, you need to enter your policy number and date of birth and you will be directed to the payment details.

You can also make offline payment by cash/cheque/demand draft through Bank of India or SUD Life branches.

How can I check the policy status for Star Union Dai-ichi Investment Plans?

To check your policy status, you need to log on to the Star Union Dai-ichi portal using your existing user id and password.

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