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Star Union Dai-ichi Term Insurance

Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life) is a joint venture (JV) of Bank of India, Union Bank of India and Dai-ichi Life, a leading life insurance company of Japan.

Dai-ichi Life is the second largest life insurance company of Japan and is one of the top ten life insurers in the world.

Dai-ichi Life was established in 1902 and is a recognized brand name across the globe. Dai-ichi Life is renowned for sound product knowledge, superior asset management skills, and strong operational capabilities to manage life insurance businesses globally. In the long run, Star Union Dai-ichi with the strength of its domestic partners in the Indian financial sector coupled with Dai-ichi life’s strong domain expertise is expected to become a leading player in the Indian insurance sector.

Benefits of Star Union Dai-ichi Term Insurance

  • Customer service: The promoters of SUD Life have a long-term commitment towards their customers and stake holders and have earned the trust of 64 million customers.

  • Tax benefits: Section 80C and 10(10D) under the income tax act provides tax benefits for premium paid regularly.

  • Death benefit: The beneficiary receives the sum assured on the death of the policyholder

  • Additional riders: The company offers accidental death and total and permanent disability rider.

  • Loan facility: Loan facility is not available

  • Payment mode: The policyholder can pay the premium on Single, Yearly, Half-yearly, Quarterly, Monthly basis

  • Lapsed policy reinstatement: The policyholder can reinstate the lapsed policy within 3 years by paying all the due premiums from the date of first unpaid premium

  • No maturity or survival benefit is provided

  • High sum assured rebate is provided for sum assured of Rs. 1 crore and above

Types of Star Union Dai-ichi Term Insurance Plans

Star Union Dai-ichi offers various protection plans that help you safeguard your family against unfortunate events in life. The company offers you affordable term plans at attractive premium rates and also lets you opt for additional riders.

Various term insurance plans offered by Star Union Dai-ichi are mentioned below:

SUD Life Premier Protection Plan

Features:

  • The minimum entry age is 18 years and maximum is 60 years
  • Compared to other traditional term plans, the minimum sum assured is 25 lakhs and maximum is as high as 100 crore
  • Policy term can be for 10-30 years
  • Monthly premium is as low as Rs. 500/- per month depending on your sum assured
  • Premium rebates for high sum assured
  • A free look period of 15 days is offered from the date of the receipt of the policy
  • You can customize the plan by opting for SUD Life Accidental Death and Total and Permanent Disability rider
  • Discounts in premium are offered offered if you pay premiums through ECS or IS mode
  • Income tax benefits under section 80C and 10(10D) of the Income Tax Benefit Act 1961 are applicable
  • Tax-free claims and low premium rates make the plan more attractive
  • Maturity benefit: No maturity benefit is payable
  • Paid-up value: No paid up value is applicable
  • Surrender benefit: No surrender benefit is applicable
  • No loan policy is available

Benefits:

Death benefit:

  • In the event of the death of the policyholder during the tenure of the policy, the death benefit is payable as follows:

If the age of the life assured at entry less than 45 years:

  • Highest of the basic sum assured or 10 times of annualised premium or 105% of all the premiums paid as on the date of.

If the age of the life assured at entry age 45 years and above:

  • Highest of the basic sum assured or 7 times of annualised premium or 105% of all the premiums paid as on the date of.

Grace period for payment of premium:

A grace period of 30 days is applicable for payment of heal-yearly and yearly premiums. 15 days grace period is offered for payment of premium through monthly mode. If the death of the policyholder occurs during the grace period then the full sum assured will be paid to the beneficiary after the deduction of the premium due and all the premiums falling due during the policy year. If the premium is not paid before the expiry of the grace period then the policy lapses and no benefits are payable to the beneficiary.

SUD Life Family Income Benefit Rider

SUD Life Family Income Benefit Rider-Traditional is a protection plan that offers financial protection to your family in the event of your unfortunate demise.

Features:

  • This rider can be purchased as an add-on to the base plan. It can be purchased with the base policy on inception or on the policy anniversary, provided that the base policy is in the force and all the premiums are duly paid.

  • The minimum entry age is 18 years and maximum is 65 years. The maximum maturity age is 65 years or the maturity of the base plan, whichever is low

  • The policy term for single and regular premium payment option is 5 years. For limited pay option, the term will be premium payment term + 3 years and 30 years for maximum policy term. The policy term for rider should always be equal to the term of the base policy to which the rider is attached.

  • The minimum sum assured is Rs. 1,00,000/- per policy and maximum is Rs. 50,00,000/- per policy.

  • Flexible premium modes- Single/Yearly/Half Yearly/Quarterly/Monthly available. Monthly mode of premium payment is available only under ECS/SI mode.

Benefits:

  • 10% of the rider sum assured will be paid to the legal heir/nominee annually for a period of 10 years. (10% of Rider Sum Assured) divided into 12 components will be paid at the end of every policy month following the date. This benefit is payable if the rider policy is in force as on the date of the death of the life assured.

  • Maturity benefits: Now maturity benefit is payable

  • Surrender benefits: The policyholder can surrender the rider policy alone or along with the base policy provided he has acquired a surrender value. Different premium plans have diverse surrender benefits:

    • Regular pay: No surrender value is payable

    • Limited pay: The limited premium pay acquires surrender value after receipt of first 2 full years premium if the PPT is less than 10 years. And if the PPT is greater than or equal to 10 years then the policy acquires surrender value after receipt of 3 full years premium. Surrender Value = 70% of the Total Premiums paid (excluding extra premium and Service tax, if any) x [Unexpired Rider Policy Term (in days)/ Total Rider Policy Term (in days)] x (No of premiums paid / Total No of premiums payable)

    • Single Pay: For single pay, the rider offers 70% of the single premium
  • A grace period of 30 days is applicable for payment of heal-yearly and yearly premiums. 15 days grace period is offered for payment of premium through monthly mode.

  • Policy lapse and reinstatement:

    • Single premium plan cannot lapse and cannot be revived

    • For regular and limited premium:

If the rider PPT is less than 10 years: If the policyholder misses out on paying the due premium within the grace period for the first two years, then the policy lapses and cannot be revived. No benefits will be paid under lapsed rider policy.

If the PPT is greater than or equal to 10 years: If the policyholder misses out on paying the due premium within the grace period for the first two years, then the policy lapses and cannot be revived. No benefits will be paid under lapsed rider policy.

SUD Life Accidental Death and Total & Permanent Disability Benefit Rider

The Star Union SUD Life Accidental Death and Total & Permanent Disability Benefit Rider offers financial coverage to the family of the policyholder in case he/she dies due to an accident. The coverage is also provided if the accident causes total or permanent disability.

Features:

  • The minimum entry age is 18 years and maximum is 65 years. The maximum maturity age is 71 years or the maturity age of the base plan.
  • The policy term of the rider will be equal to the policy term of the base policy. The minimum policy term can be 5 years and maximum can be 47years.
  • The rider offers you flexible premium paying term-single premium, regular premium (equal to the policy term) and limited premium (5-25 years).
  • The minimum sum assured 10,000/- per Policy and maximum is 50, 00,000/-
  • The premium payment mode can be concurrent to that of the base policy payment mode.
  • The annual premium for regular premium payment option for a sum assured of Rs. 10,000/- is Rs. 8. Whereas, for single premium payment option for a sum assured of Rs. 50, 00, 000, the premium is Rs. 71,300.
  • Policy loan is not available
  • No maturity benefits are provided

Benefits:

Accidental death benefit:

If the policyholder dies due to an accident, then 100% sum assured is paid to the beneficiary.

On total and permanent disability due to an accident:

If the policyholder is in a state of total or permanent disability due to an accident, then the benefits are paid in regular half-yearly installments for 5 years. Each such installment will be equal to 1o% of the rider sum assured. If the insured dies during the period of receiving installments, then the remaining installments are paid to the beneficiary or the nominee as mentioned by the policyholder.

  • Surrender benefits: The policyholder can surrender the rider policy alone or along with the base policy provided he has acquired a surrender value. Different premium plans have diverse surrender benefits:

    • Regular pay: No surrender value is payable
    • Limited pay: The limited premium pay acquires surrender value after receipt of first 2 full years premium if the PPT is less than 10 years. And if the PPT is greater than or equal to 10 years then the policy acquires surrender value after receipt of 3 full years premium. Surrender Value = 60% of the Total Premiums paid (excluding extra premium and Service tax, if any) x [Unexpired Rider Policy Term (in days)/ Total Rider Policy Term (in days)] x (No of premiums paid / Total No of premiums payable)
    • Single Pay: For single pay, the rider offers 60% of the single premium

A grace period of 30 days is applicable for payment of heal-yearly and yearly premiums. 15 days grace period is offered for payment of premium through monthly mode. The policy can be revived within 2 years by paying the premium from the date of first unpaid premium and the applicable rate of interest. Submission of medical evidence is also required.

Exclusions of Star Union Dai-ichi Term Insurance

Suicide:

If the policyholder, whether sane or insane commits suicide during the first year from the date of the inception of the policy, then the nominee is not entitled to receive any sum assured. The beneficiary will only receive 80% of the premium paid, excluding taxes and additional premium (if any). If the policyholder commits suicide within a period of 1 year from the last reinstatement, then the nominee is not entitled to receive any sum assured. The beneficiary will only receive 80% of the premium paid, excluding taxes and additional premium (if any).

The SUD Life Accidental Death and Total & Permanent Disability Benefit Rider has the following exclusions:

The nominee of the policyholder or the policyholder himself (in case of total & permanent disability caused due to an accident) will not receive any benefit if the accident is caused due to any of the following circumstances.

  • If the policyholder takes part any hazardous activity like hunting, racing, mountaineering, bungee jumping, steeple chasing, etc.
  • Self-inflicted injury, death or disability due to attempted suicide.
  • If the insured person at the time of the accident was under the influence of drugs, alcohol, narcotics or psychotropic substances, unless prescribed by a registered medical practitioner.
  • Criminal or illegal activity with criminal intent.
  • Nuclear reaction, radiation or nuclear or chemical contamination
  • Active participation in strikes, industrial dispute and riots.
  • If he is a part of any War, civil commotion, invasion, terrorism, hostilities (whether war be declared or not).
  • Service in any military, police, paramilitary or similar organisation

Claim Process of Star Union Dai-Ichi Term Insurance

The policyholder or the beneficiary is required to intimate the insurance company in writing within the 60 days of the death of the policyholder. For total & permanent disability caused due to an accident, the policyholder should notify the insurance company with 180 days from the date of the accident. Documents required for filing a claim are as follows:

  • Original policy document
  • Rider policy document
  • Original death certificate
  • Claim forms duly filled
  • Copy of the policy panchnama, FIR, post mortem report, etc duly attested by the police authorities.
  • Certificate by the last attending medical practitioner.
  • A copy of photo-identity proof of the claimant and supporting documents evidencing the rights of the claimants.
  • any additional information and documents required by the Company for assessing the validity of a claim and for processing a claim request

If there is a delay in filing the claim within the stipulated time period, then the company will condone the delay if the nominee is able to provide them satisfactory reasons.

If the nominee is not able to produce the required documents due to occurrence of earthquake, cyclone or flood or any other event, then the company is liable to investigate the matter and decide to pay the claim.

Review of Star Union Dai-ichi Term Insurance

The SUD term insurance plans are designed to provide peace of mind to the policy holders. With growing financial needs of the family members, the plan give a chance to the customers to protect their loved ones future and ensure a happy and blissful life for them. Star Union Dai-ichi life insurance company is conferred with prestigious awards like Best Life Insurance Company in Private Sector by ABP news BFSI awards, 2015. Company with highest claim settlement award ABP news BFSI awards, 2015 and many others. With its affordable premium rates, additional riders, high claim settlement ratio and attractive plans, the company has become one of the leading life insurance companies of India.

FAQ’s on Star Union Dai-ichi Term Insurance

Why should I buy Star Union Dai-ichi Term Insurance?

Considering the following host of benefits that these plans have to provide, you need to buy Star Union Dia-ichi Term Insurance due to the below mentioned benefits:

Financial security: You are able to secure your family’s financial future and can live a peaceful life knowing that even in your absence your family will continue to live the lifestyle they enjoy now.

High-claim settlement ratio: In the year 2015-2016, the claim settlement ratio of Star Union Dia-ichi life insurance company was 80.73% and over 95. 42% grievances were resolved during the same year.

Low-premium: The premium rates start at an amount of as low as Rs. 500/-

Tax benefits: Section 80C and 10(10D) under the income tax act provides tax benefits for premium paid regularly.

How can I pay the premium?

The company offers you flexible premium payment modes i.e. you can pay the premium on single, Yearly, half-yearly, quarterly or monthly basis. You can opt for following modes for premium payment.

  • You can use your debit/credit card
  • Net banking
  • Payment through standing instruction
  • Cash, cheque or DD
  • You can also visit the branch to make the payment

What are the other types of life insurance plans offered by Star Union Dai-ichi life insurance company?

Star Union Dia-ichi offers the below mentioned life insurance plans:

  • Protection plans
  • Saving plans
  • Wealth Plans
  • Child plans
  • Retirement plans

What is the right amount of coverage for an individual?

In a term insurance plan, a lot of factors including the age, family members and monthly income of an individual is considered. You can calculate the premium online using the star-union dia-ichi premium calculator.

Can I buy the Star Union Dai-Ichi group term plan for my family?

No, you cannot buy the Star Union Dia-Ichi group term plan for your family as it caters to a group of people. It can only be purchased by employees, associations, banks and societies.