Star Union Dai-Ichi Life AADARSH Plan is ideal for people looking for savings cum protection plan. This is a non-linked, non-participating, limited premium endowment life insurance plan that offers life insurance coverage and savings option to the insured person and their loved ones.
One can buy this endowment life insurance plan if they looking for short term investment option, maximise their wealth, and have a comprehensive life insurance coverage.
To buy the Star Union Dai-Ichi Life AADARSH Plan, one has to meet the eligibility criteria set by the insurer.
|Plan Type||Non-linked, non-participating, limited premium endowment life insurance plan.|
|Minimum Entry Age||8 years|
|Maximum Entry Age||55 years|
|Maturity Age||65 years|
|Policy Term||Fixed policy term of 10 years|
Sum Assured – It is the amount that is received by the insured person at the time of maturity. In case the insured individual encounters death and the Star Union Dai-Ichi Life AADARSH Plan is still active, the sum assured is received by the legal heir or a nominee assigned by the insured.
|Sum Assured Options||Under the Star Union Dai-Ichi Life AADARSH Plan, policyholders get three sum assured options which are Rs.50,000, Rs.3 lakh, and Rs.5 lakh.|
|Policy Term||10 years (Fixed)|
|Premium Payment Term||5 years|
Plan Coverage – What the Star Union Dai-Ichi Life AADARSH Plan covers
|Death Benefit||In case of the unfortunate death of the insured within the policy term, a death benefit is payable.
If the death is caused by any other reason other than an accident, a lump sum death sum assured amount will be payable.
In case of accidental death, the death benefit payable will be equal to twice the death sum assured. This will be paid as a lump sum amount to the beneficiary or the nominee.
The death sum assured will be higher of:
|Maturity Benefit||Under the Star Union Dai-Ichi Life AADARSH Plan, if the life insured survives till the end of the policy, a maturity benefit will become payable. The maturity benefit will be equal to the basic sum assured amount. Upon maturity, the plan to cease.|
The Star Union Dai-Ichi Life AADARSH Plan has an inbuilt accidental death benefit. Currently, the insurer does not offer any add-on plans with Star Union Dai-Ichi Life AADARSH Plan. However, they may allow policyholders attach riders to this plan in the future. Please check with your insurer from time to time for the riders available.
Exclusions – What the Star Union Dai-Ichi Life AADARSH Plan does not cover
Suicide Exclusion – In case the insured person commits suicide within a period of one year from the commencement date of the policy, whether insane or sane, the policy will get terminated and 80% of premiums received will be paid out to the nominee or legal heir of the insured person.
In case the insured person commits suicide within a period of one year from date of revival of the policy, whether insane or sane, the legal heir of the nominee will be eligible to receive an amount higher of 80% of the premiums paid till the date of death of the insured or the surrender value available as on that date.
|Grace Period||Under this life insurance plan, the policyholders get 30 days of grace period for half-yearly and quarterly modes and 15 days grace period for monthly mode. Please note that there is no grace period for the yearly premium payment mode.|
|Revival||Please note if the insurer does not receive the premium amount within the grace period, the policy will lapse. A lapsed policy can be revived or reinstated within two years from the date of the first missed payment. To revive a lapsed policy, a policyholder should:
|Reduced Paid-up Value||A Star Union Dai-Ichi Life AADARSH Plan will be termed as a reduced paid-up plan if the premiums for at least the first 2 years are paid in full and the following premiums are not paid. A reduced paid-up plan will get a lot of benefits like paid-up death sum assured amount, guaranteed surrender value, and special surrender value.|
|Model Factor||Yearly- 1 Half-yearly- 0.5108 Quaterly- 0.2582 Monthly- 0.0867|
|Free-look Period||After buying the Star Union Dai-Ichi Life AADARSH Plan, the policyholder will get 30 days to return the policy back to the insurer if they do not agree to the terms and conditions of the policy.|
|Nomination||Nomination can be made under this policy as per Section 39 of of The Insurance Act 1938.|
|Assignment||Assignment is allowed under Section 38 of The Insurance Act 1938|
|Loan||Under the Star Union Dai-Ichi Life AADARSH Plan, you can avail a loan from your insurer during the term of the policy. Please note that you can avail a loan under this plan only after your plan has acquired the surrender value. An insured person can avail upto to 70% of the surrender value as loan and the then applicable interest rate will be charged.|
Tax Benefits – How you can save under the Star Union Dai-Ichi Life AADARSH Plan
Under this plan, tax benefits are available under Section 80C and Section 10(10D) of The Income Tax Act, 1961.
Star Union Dai-Ichi Life is a joint venture of Bank of India, Dai-ichi Life, and Union Bank of India. Star Union Dai-Ichi Life is one of the leading life insurance provider in India. They offer a wide range of insurance products at affordable prices. One can consider buying an insurance policy from Star Union Dai-Ichi Life as all their insurance products are innovative and are designed to offer the best benefits to the policyholder. They have a long-list of happy clients and have gained the trust of over 64 million customers across India.
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