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  • Star Union Dai Ichi Life Insurance -  Compare From a Range of Policies To Meet Various Needs

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Star Union Dai-ichi (SUD) Life Insurance is an Indian insurance firm that was established in the year 2009 as a joint venture partnership between Union Bank of India, Bank of India, and Japan-based Dai-ichi Life. The insurer has over 11,000 branches across the country in order to cater to their growing consumer base. In an effort to meet the needs of their customers, SUD Life has launched a host of retail and group insurance products with varied benefits and features. The products offered by the insurer include protection plans, savings plans, wealth plans, child plans, retirement plans, health insurance plans, etc.

    Highlights of Star Union Dai-ichi Life Insurance Updated on 23 Mar 2019

    Percentage of Grievances Solved 100%
    Claim Settlement Ratio 84.05%
    Group Death Claims 96.36%
    Percentage of Claims Rejected 2.97%
    Solvency Ratio 2.78 (for the quarter ended March 2017)

    Star Union Dai-ichi Life Insurance Plans

    The various individual life insurance plans offered by the SUD Life are listed in the table below:

    Term/Protection Plans Wealth Plans Savings Plans Pension/Retirement Plans Child Plans
    SUD Life Premier Protection Plan SUD Life DHAN SURAKSHA PLUS Plan Star Union Dai-ichi’s Guaranteed Money Back Plan SUD Life Immediate Annuity Plan SUD Life Bright Child Plan
      SUD Life Wealth Builder Plan SUD Life Jeevan Ashray Plan SUD Life Guaranteed Pension Plan SUD Life AASHIRWAAD Plan
      SUD Life Elite Assure Plus Plan SUD Life AAYUSHMAAN Plan SUD Life Assured Income Plan  
        SUD Life AADARSH Plan    
        SUD Life – Praptee Plan    
        SUD Life Samriddhi Plan    
        POS- SUD Life Sanchay Plan    

    Group insurance plans that are offered by the insurer are listed below:

    Credit Life Plans Term Plans
    SUD Life New Aashiana Suraksha Plan SUD Life Group Term Insurance Scheme in lieu of EDLI
    SUD Life’s Loan Suraksha Plan SUD Life Group Term Insurance Plus
    SUD Life Shiksha Suraksha 2 Plan SUD Life Pradhan Mantri Jeevan Jyoti Bima Yojana

    Why Should You Opt For Star Union Dai-ichi Life Insurance As Your Insurance Provider?

    Star Union Dai-ichi is one of the leading life insurance companies in the country, with a variety of insurance plans on offer. SUD Life has a pan-India presence with over 11,000 branches across the country and a number of financial planners and insurance agents to assist their customers. The insurer can also be reached through Bank of India (BOI) and Union Bank of India (UBI) branches, thereby making their network even larger. The insurer has a high claim settlement ratio and has also reported a perfect grievance solved ratio of 100% for FY16-17.

    Different Types Of Policies Offered By Star Union Dai-ichi Life Insurance

    The individual life insurance solutions offered by Star Union Dai-ichi Life are listed below:

    1. Protection/Term Insurance Plans: Term insurance policies, as the name suggests, provide the insured individual a life cover for the duration of the policy tenure. SUD Life offers the following term insurance plan to customers.
    2. Plan name Key Features
      SUD Life Premier Protection Plan
      • The SUD Life Premier Protection Plan is a non-participating, non-linked term insurance policy.
      • The policy offers a high sum assured at an affordable rate.
      • The minimum premium payable is Rs.500 if you choose to pay your premiums on a monthly basis. For the half-yearly and yearly premium payment modes, the minimum payable premium will amount to Rs.2,500 and Rs.5,000, respectively.
      • This plan is offered for a policy term between 10 and 30 years.
      • Policy buyers can opt for a sum assured between Rs.25 lakh and Rs. 100 crore.
      • Individuals who opt for a high sum assured will be eligible to receive a premium rebate.
      • Income tax benefits can be claimed under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
    3. Wealth Plans: Wealth plans offer policyholders both protection and savings/investment features under a single insurance policy, thus helping the policyholder in long-term wealth creation. The wealth plans offered by the insurer include:
    4. Plan name Key Features
      SUD Life DHAN SURAKSHA PLUS Plan
      • This is a unit-linked, life insurance plan that acts as a long-term wealth creation cum protection instrument.
      • Policyholders are given the option to invest in any of the four funds offered by the insurer.
      • Policyholders can also switch between funds or redirect their premiums from one fund to the other.
      • This policy is offered for a minimum period of 10 years ( under the Regular Premium Payment Mode) and a maximum of 30 years.
      • The minimum premium payable is Rs.24,000 under the Regular Premium Payment Mode and Rs.30,000 under the Limited Premium Payment Mode.
      • The maximum premium payable for this policy is Rs.100 crore.
      • This policy provides a guaranteed death/maturity benefit to the policyholder/nominee.
      • Tax rebates can be claimed under Section 80C and 10(10D), by the policyholder/nominee.
       
      SUD Life Wealth Builder Plan
      • This is a unit-linked, non-participating, single premium payment, life insurance policy.
      • The policy buyer can invest in up to 4 funds, under this plan.
      • A top-up option is provided to policyholders.
      • A policy buyer can opt for a policy term between 5 and 30 years.
      • The minimum premium for this policy is Rs.1 lakh.
      • The fund value is paid as the maturity benefit to the policyholder.
      • A death benefit is paid to the nominee in the event of the policyholder’s untimely death.
      • This policy can be bought for any individual between 8 and 60 years of age. The maximum maturity age is 70 years under this policy.
      SUD Life Elite Assure Plus Plan
      • This is a non-participating, non-linked, limited premium payment, endowment insurance plan.
      • This plan comes with two plan options – Plan Option 5-5-5 and Plan Option 7-7-7.
      • This policy has an in-built Accidental Death Benefit cover.
      • Individuals between 18 years and 55 years can purchase this endowment policy. The maximum maturity age is 71 years for this policy.
      • Under this policy, the policyholder is entitled to receive survival benefits, in the form of monthly payouts or annual payouts.
      • Policy buyers can choose a premium payment term of 5 years or 7 years, and a policy tenure of 15 years or 21 years.
      • A maturity benefit will be paid at the end of the policy tenure.
      • Tax deductions can be claimed under the prevailing laws of the Income Tax Act.
    5. Savings Plans: Star Union Dai-ichi Life offers a range of savings-oriented insurance policies that can help you meet long-term financial goals. The savings plans offered by the insurer include:
    6. Plan name Key Features
      Star Union Dai-ichi’s Guaranteed Money Back Plan
      • This is a traditional, protection cum savings life insurance plan that offers the policyholder guaranteed payouts.
      • The policyholder will receive 200% of the annualised premium as money back every five years.
      • Guaranteed additions are provided to the policyholder at the rate of 6% of the annualised premium amount every year.
      • At the end of the policy tenure, a lump sum benefit is offered to the insurer.
      • The policy buyer can opt for a policy tenure of 10 years, 15 years, or 20 years, and a sum assured between Rs.3 lakh to Rs.10 crores.
      • Income tax benefits can also be claimed under this policy.
      SUD Life Jeevan Ashray Plan
      • This is a non-participating, non-linked, endowment insurance plan.
      • The policy buyer can opt for a sum assured between Rs.2 lakh and Rs.50 lakh.
      • The policyholder will receive a guaranteed maturity benefit, at the completion of the policy tenure.
      • This policy can be purchased by any individual between 8 years and 40/50 years (40 years for Regular Pay and 50 years for Limited Pay).
      • The maximum maturity age under this policy is 70 years.
      • Tax rebates can be claimed under both Section 80C and Section 10(10D), upon purchasing this policy.
      SUD Life AAYUSHMAAN Plan
      • This is a deferred, non-linked, participating insurance plan.
      • Policyholders will receive a lump sum maturity benefit at completion of the policy tenure.
      • Policy buyers can also purchase riders for a more enhanced coverage.
      • Policy buyers can choose a policy tenure of 15 years, 20 years, 25 years, or 30 years.
      • This policy can be purchased by individuals between 18 years and 50 years. The maximum maturity age under this policy is 70 years.
      • The minimum basic sum assured for this plan is Rs.1,50,000 lakh. The maximum that can be opted for as the sum assured is Rs.100 crore
      SUD Life AADARSH Plan
      • This is a non-linked, limited premium payment, non-participating, endowment policy.
      • This policy comes with a built-in accidental death cover.
      • At maturity of the policy, the base sum assured is paid to the policyholder.
      • This policy has a fixed 10-year policy tenure, with a 5-year premium payment term.
      • The policyholder can opt for a sum assured of Rs.50,000, Rs.3 lakh, or Rs.5 lakh.
      • Premiums can be paid on an annual, bi-annual, quarterly, or monthly basis.
      • The minimum entry age for this policy is 8 years, while the maximum entry age is 55 years. The maximum maturity age is 65 years.
      SUD Life – Praptee Plan
      • This is a non-participating, non-linked, money-back, life insurance policy.
      • This policy provides increasing payouts as money back once every 3 years, starting from the third policy year.
      • Policy buyers can opt for a premium payment term of 6 years, 8 years, or 10 years.
      • A sum assured between Rs.2.5 lakh and Rs.100 crore can be opted for at the time of purchasing the policy.
      • In addition to the risk cover provided by this policy, the life assured is also entitled to receive survival benefits and a maturity benefit.
      • This policy can be purchased for/by any individual between the ages of 8 years and 50 years.
      • Individuals can be covered under this plan up to 68 years of age, post which the cover will cease to exist.
      SUD Life Samriddhi Plan
      • This is a participating, non-linked, deferred, endowment policy that comes with an in-built accidental death cover.
      • At completion of the policy term, the sum assured with Guaranteed Additions, Terminal Bonus, and Reversionary Bonus will be paid to the policyholder.
      • Customers can choose a sum assured between Rs.3 lakh and Rs.1 crore.
      • One can choose a policy term of 15 years, 20 years, or 25 years at the time of purchasing this policy.
      • The life cover provided by this plan can be availed by an individual between 8 years and 55 years.
      • The maximum age up to which one can avail this plan’s protection is 70 years.
      POS- SUD Life Sanchay Plan
      • This is a non-participating, non-linked, regular premium, life insurance plan.
      • Policy buyers need not go through a pre-policy medical screening to purchase this plan.
      • A sum assured between Rs.90,000 and Rs.9 lakh can be opted for.
      • The policy term and premium payment term are fixed at 10 years.
      • A maturity benefit is payable if the policyholder survives till completion of the policy tenure.
      • The entry age for this policy is between 18 years and 45 years. The maximum maturity age is 55 years.
    7. Pension/Retirement Plans: Pension/annuity/retirement plans offer policyholders a steady source of income during their post-retirement years, thus providing them financial security when they need it the most. The pension plans offered by SUD Life are listed below:
    8. Plan Name Key Features
      SUD Life Immediate Annuity Plan
      • This is an immediate annuity, non-participating, non-linked, life insurance plan.
      • Policy buyers can choose between two plan options. Each plan option has a range of annuity options.
      • The minimum purchase price of this policy is Rs.1 lakh.
      • The policyholder can opt to receive the annuity on an annual, bi-annual, quarterly, or monthly basis.
      • The minimum age at entry will vary based on the plan option opted for. The maximum age at entry for both plan options is 99 years.
      SUD Life Guaranteed Pension Plan
      • This is a deferred, non-participating, non-linked, pension plan.
      • Policy buyers can choose a policy term of 5 years, 10 years, 15 years, or 20 years.
      • The minimum annual premium payable will vary based on the premium payment term. The maximum premium payable is Rs.5 crore.
      • This policy provides vesting benefits, which will be applicable at retirement.
      • No pre-policy medical screening is required to purchase this policy.
      • The minimum vesting age is 55 years and the maximum vesting age is 70 years.
      • Individuals between 35 years and 65 years can purchase this policy.
      SUD Life Assured Income Plan
      • This plan provides a guaranteed annual income, which is also tax-free.
      • At the completion of the policy tenure, the insurer will return all the premiums paid to the policyholder.
      • In the event of an unfortunate eventuality, the policyholder’s family will receive a lump sum benefit and regular income.
      • Policy buyers can select a policy term between 20 years and 35 years.
      • The minimum and maximum annual payout, as per this policy, are Rs.24,000 and Rs.50 lakh, respectively.
      • This policy can be purchased by any one between 8 years and 55 years.
    9. Child Plans: Child insurance plans can help you secure the lives of your children and help them reach key milestones in their lives without any financial troubles, regardless of what the eventuality may be. Child plans offered by SUD Life are listed in the table below:
    10. Plan Name Key Features
      SUD Life Bright Child Plan
      • This plan provides two funding options - Wedding Endowment and Career Endowments.
      • Up to 125% of the sum assured will be paid as child benefits.
      • The child’s future is financially secure even if the parent passes away.
      • The policy buyer can select a sum assured between Rs.5 lakh and Rs.5 crore.
      • The policy tenure is (24 - child’s age at entry) years.
      • While purchasing the policy, the life assured needs to be between 19 years and 45 years. The child’s age can range between 0 and 8 years.
      SUD Life AASHIRWAAD Plan
      • This is a non-participating, non-linked, endowment insurance plan.
      • The nominee will receive guaranteed benefits at maturity of this policy, and can choose between 5 different payout options.
      • The policy will continue as per schedule even if the policyholder passes away during the policy term.
      • The policyholder can choose a minimum sum assured of Rs.4 lakh and a maximum of Rs.100 crore.
      • The policy buyer can choose a premium payment term of 5 years, 7 years, 10 years, or 15 years, and a policy term of 10 to 20 years or 15 to 20 years.
      • Individuals between 18 years and 50 years are eligible to purchase this plan.

      The group insurance schemes offered by SUD Life are listed below:

    11. Credit Life Plans: Credit life plans that are offered by Star Union Dai-ichi help protect members and their families against debt-related hassles. Thus, these policies pay the outstanding debt or loan amount, in the event of an unfortunate eventuality. Credit life insurance plans that are offered by the insurer include:
    12. Plan Name Key Features
      SUD Life New Aashiana Suraksha Plan
      • This policy offers affordable premium rates to members.
      • The insurer provides an option by way of which joint borrowers can avail a cover.
      • Members can be covered for a sum assured between Rs.5 lakh and Rs.100 crore.
      • Individuals can choose a premium payment term of 5 years, 7 years, or 10 years.
      • Members who are enrolled under this group plan need to be between 18 and 65 years. The cover can be availed up to 75 years.
      SUD Life’s Loan Suraksha Plan
      • This policy provides a cover against both new loans and existing loans and liabilities.
      • Policyholders can avail a cover during the moratorium period of their loan.
      • Discounts can be availed upon opting for a high sum assured or if the cover is availed by joint borrowers.
      • Individuals between 18 and 65 years can be covered under this group scheme.
      • The minimum sum assured that needs to be opted will vary based on the type of the loan.
      • The maximum sum assured that can be opted for is Rs.100 crore.
      SUD Life Shiksha Suraksha 2 Plan
      • This policy is especially designed to provide a cover against education loans that the policyholder might have taken.
      • This plan can be availed by individuals between 15 and 65 years of age.
      • The minimum and maximum sum assured under this plan are Rs.25,000 and Rs.5 crore, respectively.
      • A discount can be availed if the policy buyer opts for a high sum assured.
      • A cover is provided during the moratorium period.
      • Income tax benefits can be availed under Section 80C and also Section 10(10D), of the Income Tax Act.
    13. Term Plans: Group term plans offered by Star Union Dai-ichi can be purchased by homogenous groups, such as employees of an organisation, members of a society, etc. This group plan provides a life cover to enrolled members at an affordable premium rate.
    14. Plan Name Key Features
      SUD Life Group Term Insurance Scheme in lieu of EDLI
      • This policy provides a term cover to employees who are also covered under the EPF (Employee Provident Fund) scheme.
      • This is a very affordable policy and the premium payable is quite low.
      • The enrolment process for this group plan is hassle-free.
      • The employee will not have to pay any premium for this policy.
      • The employee’s nominee can avail tax benefits under Section 10(10D) of the Income Tax Act, 1961.
      • The minimum entry age for this plan is 18 years.
      • To avail this plan, the employer must opt for a sum assured between Rs.1,32,000 lakh and Rs.10 lakh.
      SUD Life Group Term Insurance Plus
      • This is a yearly-renewable policy that is offered at a competitive rate to groups.
      • Members do not have to go through a pre-policy medical screening up to the free insurance cover limit.
      • This policy offers a high sum assured to members. The maximum that can be opted for as the sum assured is Rs.50 crore per employee/member.
      • In order to be enrolled under this policy, the minimum group size need to be 10 for employer-employee groups where participation is mandatory and 50 otherwise.
      • Members need to be at least 18 years to be enrolled under this policy.
      • Members who are part of Employer-Employee groups can avail this policy up to 80 years of age. Members of other groups can avail the life cover up to 65 years of age.
      SUD Life Pradhan Mantri Jeevan Jyoti Bima Yojana
      • This is an annually renewable term insurance policy that is especially designed to cover members with a savings bank account.
      • The life cover provided by this plan can be availed at a low cost. The premium payable for this plan is Rs.330 p.a.
      • The premium amount will directly be debited from the member’s savings bank account.
      • Individuals between 18 years and 50 years can be enrolled under this group scheme.
      • The maximum maturity age for this policy is 55 years.
      • Up to Rs.2 lakh is offered as the life cover.

    How To Make A Claim With Star Union Dai-ichi Life Insurance

    • In order to make a claim with Star Union Dai-ichi Life, the appointee/nominee/family member will first have to intimate the insurer of the upcoming death claim and also provide all the documents that are required by the insurer, if it is available. The insurer will have to be intimated in writing of the claim.
    • The insurer’s Claims Department will then review your claim and the related documents. In case any additional documents are required, you will be asked to submit the same.
    • Post verification of the documents, the insurer will arrive at a decision. The decision will be communicated to you. If the claim has been approved, the payment will be transferred to you.
    • If you do not agree with the decision that has been communicated to you, you can send a letter to the insurer’s Claims Review Committee.

    Note: The complete list of documents that need to be submitted can be found on the insurer’s official website.

    Claim settlement ratio of Star Union Dai-ichi Life Insurance

    The company’s claim settlement ratio trend since 2011 is as follows:

    Year 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
    Settlement Ratio 86% 90% 93% 94% 81% 84%

    Documents Required For Purchasing A Star Union Dai-ichi Life Insurance Policy

     

    Certain documents that you might need to submit when purchasing a life insurance policy from SUD Life are listed below:

    • ID Proof - Aadhaar,  passport, Voter’s ID, etc can be submitted for this purpose.
    • Age Proof - Your Aadhaar, Voter’s ID, etc. can serve as age proof.
    • Income Proof - You can furnish your recent payslips for income proof.
    • Address Proof - Your passport, Aadhaar, or utility bills can be submitted to the insurer for this purpose.
    • PAN - Your insurer will require you to submit a copy of your PAN or provide the number.
    • Pre-policy medical screening documents, if applicable.

    How To Check The Policy Status?

    • In order to check the policy status through the insurer’s website, you will have to login to the Customer Portal on the insurer’s website. To login, you will have to navigate to the respective webpage and enter your user ID and password. Post logging in, you will be able to view your policy details.
    • You can also choose to contact the insurer through the toll-free number or email ID listed on the insurer’s website and ask a customer service representative any queries that you might have regarding your policy.
    • Alternatively, you can also walk into the nearest branch of the insurer and speak with the insurer’s representative about the same.

    Star Union Dai-ichi Online Premium Payment

    Customers can opt to pay their premiums through both online and offline channels. The steps you need to follow to pay your premiums through the insurer’s website are listed below:

    • Firstly, you will have to navigate to the ‘Customer Services’ tab and then the ‘Premium Payment Options’ option on the website.
    • Post this, you will have to key-in your policy number and your date of birth.
    • Next, you will need to select a suitable payment option. You can choose to pay via net banking, credit card, or debit card.
    • You will have to fill all the necessary details and then click on ‘Submit’.
    • Make sure to keep the receipt number and print the acknowledgement.
    • You can also choose to pay the premium through the Customer Portal if you want to first view the details of your policy and then pay the premium.
    • Alternatively, you can also opt to pay your premiums via cheque, cash, or DD at the nearest branch.

    Star Union Dai-ichi Life Insurance FAQs

      1. Will I receive a discount if I opt for a high sum assured?

      The insurer does provide rebates and discounts to individuals who opt for a high sum assured, for certain plans. However, you will have to read through your brochure to know if your policy qualifies for this discount.

      2. Will I have to pay my premiums as a one-time amount or can I pay them in instalments?

      Premium payment modes will vary as per the plan. For most plans, you can choose to pay your premium instalment on a yearly, bi-yearly, quarterly, or monthly basis. You will have to pay the premiums as a one-time amount if it is a single premium policy.

      3. What are the documents I need to submit at the time of making a claim?

      A few documents that you will have to submit include:

      • Original policy document
      • Death certificate
      • Nominee’s photo ID proof and address proof
      • Saving bank account number
      • Copy of all hospital bills and records
      • Post Mortem report
      • Police Investigation Report

      For a full list of documents, make sure to visit the insurer’s website or speak with a representative.

      4. What are the main reasons for an insurer to reject a claim?

      Claims usually get rejected due to non-disclosure of information, misrepresentation, delayed submission of claim documents, fraudulent claims, etc.

      5. Can I avail a loan through my policy.

      Insurers will usually give you the option to avail a loan against a policy if your policy has acquired a cash value. Thus, you can’t take a loan against all insurance policies. Make sure to read through your policy brochure to know if you are eligible to avail a loan.

      6. What should I do if I lose my original policy documents?

      If you have lost your original policy documents, you will have to inform the insurer immediately. The insurer will then provide you a duplicate policy document. You might also be required to pay a penalty for losing the document, in some cases.

      7. What is the free-look period for SUD policies?

      The free-look period for most policies offered by Star Union Dai-ichi vary between 15 days and 30 days.

      8. What should I do if I miss my premium payment date?

      Make sure to check if your policy is in the grace period. You can pay your premium at any time, before the completion of the grace period. If the policy has already lapsed, you can opt to revive it by paying the arrears with interest.

      9. What are riders?

      At the time of purchasing an insurance policy, you can also opt to purchase riders or add-ons that are offered by the insurer. Riders or add-ons will allow you to customise your policy and will help you enhance the policy’s coverage. You will, however, have to keep in mind that not all riders can be purchased for all plans.

      10. Can I cancel my policy after purchasing it?

      Yes, you can cancel the policy during the free-look period, and receive a full refund of the premium paid.

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    Star Union Dai-Ichi Life Insurance Reviews

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