The Star Union Dai-ichi Life Insurance Company is leading insurance agency that provides a plethora of insurance options to its customers. The SUD Life Aarogyam Plan offers protection to a customer who is being treated for a serious illness such as critical stage cancer, heart attack, or stroke. The ever changing lifestyle that we live in today can make us quite vulnerable and prone to these illnesses. It is a good move to protect yourself from these situations by taking out a SUD Life Aarogyam plan.
An individual will have to meet the eligibility criteria listed below to avail the SUD Life Aarogyam:
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Maximum Maturity Age||75 years|
The sum assured is based entirely on the premiums that you will have to pay and on the term of the policy. You will also have to decide on the policy term of the plan. The sum assured and the premiums that need to be paid for a SUD Life Aarogyam plan are listed below:
|Minimum Sum Assured||Rs.5 lakhs per policy|
|Maximum Sum Assured||Rs.50 lakhs|
|Policy Term||10 years (fixed)|
|Mode of Payment||
|Premium Payment Term||10 years (fixed)|
*Premiums vary based on age, location, plan term and other factors
Premiums that need to be paid towards a policy are dependent on the age of the applicant, location, etc. Modal Factor is also an important variable that is considered when calculating the premiums that need to be paid.
|Mode of Premium||Modal Factor|
|Cover for 40 Critical Illnesses||The policyholder will be entitled to 100% of the Sum Assured when he/she is diagnosed with any of the 40 critical illnesses that are listed below. The Sum Assured is the higher among:
|Maturity Benefit||If the Life Assured survives the term of the policy, he/she is entitled to a maturity benefit on condition that a claim has not been made. Only claims made for an Angioplasty will not fall under this rule.|
|Death Benefit||Death Benefit is not payable with this plan. The policy will terminate at the time of death of the policyholder.|
|Free Look Period||Once the policyholder receives the “Term and Conditions” of the policy, he/she has 30 days to review the documents and either accept or reject the policy. The life insured will be entitled for a refund of any premiums that are paid during this period on condition that no claims were made. The money will be refunded once the insurer deducts charges incurred for medical expenses and stamp duty charges, if any.|
|Grace Period||A grace period of 15 days is provided in the case of monthly premiums that are paid and 30 days for quarterly, half-yearly, and yearly modes. The grace period begins on the due date of the last unpaid premium. If a life insured makes a claim during this grace period, the insurer will pay the benefit to the policyholder after deducting the premiums that were due and that were remaining for that policy year.|
|Surrender Value||A policy can be surrendered if it has a Surrender Value which is acquired after paying premiums for three full years. Surrender value that has to be paid to the policyholder will be the higher among “Special Surrender Value (SSV)” and “Guaranteed Surrender Value (GSV).|
|Nomination||This facility is allowed as per the prevailing laws stated under Section 39 of the Insurance Act, 1938.|
|Assignment||This facility is provided as per the prevailing laws stated under Section 38 of the Insurance Act, 1938.|
|Reduced Paid-Up||If the policyholder fails to pay the premiums for the policy within the grace period, the policy will acquire a “Reduced Paid-Up” value and the cover would be reduced to the “Paid-Up Sum Assured” value. The policyholder should have paid the premiums for the first 3 years of the policy before the grace period.|
There are no riders available for this plan.
The policyholder will not be eligible for the benefits provided with a SUD Life Aarogyam plan for the following reasons listed below:
If the policyholder commits suicide, any benefit that is payable by the insurer will not be issued to the nominee of the policyholder.
Tax benefits shall be applicable as per the prevailing tax laws that come under Section 80C of the Income Tax Act, 1961. Any payouts that are made by the insurer will be susceptible to be taxed as income tax.
Star Union Dai-ichi Life Insurance Co. Ltd. is a joint venture between Dai-ichi Life (life insurance company from Japan), Union Bank of India, and Bank of India. Leading the list of top insurance companies that are based out of India, Union Bank and Bank of India have a large network reach of over 11,000 branches that cater to the needs and requirements of over 64 million customers. Star Union Dai-ichi Life Insurance company provides a plethora of insurance products that are affordable and can meet the needs and requirements of various levels of society and covers an individual to a great extent.