• Star Union Dai-Ichi Life Aashirwaad Plan

    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 Life AASHIRWAAD Plan is a Non-Linked Non-Participating Endowment Plan that ensures your child’s education is not compromised even in your presence or your absence. This plan has an in-built waiver of premium and keeps in mind the ever-increasing cost of education due to inflation. With this policy, you can be assured that your loved ones do not have to give up on their dreams and ambitions due to financial issues. The plan offers guaranteed benefits at maturity and has different payout options you can choose from according to your and your child’s convenience.

    Eligibility - Who is the Star Union Dai-Ichi Life AASHIRWAAD Plan for?

    In order to get covered under the policy, customers should meet the following eligibility criteria set by the company:

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry 50 years
    Maximum age at maturity 70 years

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    The sum assured is the fixed amount of money you will receive from the insurer at the time of the plan’s maturity or according to the payout options you have chosen. You are required to choose the sum assured while you purchase the policy, the premiums you need to pay will then be fixed according to the sum assured. According to the policy, the minimum and maximum sum of money you can assure are the following:

    Minimum Sum Assured Rs.4 Lakh
    Maximum Sum Assured Rs.100 Crore

    Premiums

    In order to remain covered under the policy and to enjoy its benefits, you will need to pay a certain amount of money as a fee to the insurer. You can choose how frequently you want to pay the premiums according to your convenience, but you need to do so before the end of the grace period or the policy will lapse. Here are the policy terms available, premium payment term and frequencies, and payout options:

    Minimum policy term 10 years
    Maximum policy term 20 years
    Premium Payment Mode
    • Annual
    • Half-yearly
    • Quarterly
    • Monthly
    Premium Payment Term
    • 5 years for a policy term of 10 years to 20 years
    • 7 years for a policy term of 10 years to 20 years
    • 10 years for a policy term of 10 years to 20 years
    • 15 years for a policy term of 10 years to 20 years
    Payout Options  
    Payout Year % of Sum Assured
    Career Builder Technical Foundation Professional Self Starter
    End of Policy Term 20% 20% 33% 50% 100%
    End of Policy Term + 1 Year 21% 25% 35% 53%  
    End of Policy Term + 2 Year 23% 30% 38%    
    End of Policy Term + 3 Year 24% 35%      
    End of Policy Term + 4 Year 25%        

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the Star Union Dai-Ichi Life AASHIRWAAD Plan covers?

    Death Benefits In case of the unfortunate death of the person insured within the policy term, the paid-up death sum assured will be paid to the nominees of the policyholder. At the end of the policy term, guaranteed additions (4% of the basic sum assured*policy term) will also be paid as a lump sum to the nominee. The highest death sum payable will be equal to 10 times the annualised premium, 105% of all the premiums paid at the time of the policyholder’s death, absolute sum insured, or the guaranteed maturity benefit.
    Maturity Benefits If the policyholder survives till the end of the policy term, a paid-up guaranteed maturity sum assured will be paid along with paid-up guaranteed additions at the end of the policy term. The paid-up guaranteed sum will be paid according to the payout options chosen by the policyholder.
    Suicide Claim Provisions In case the policyholder commits suicide within 12 months of the inception of the policy or from the date of revival, the nominee will receive 80% of all the premiums paid.

    Additional coverage under the Star Union Dai-Ichi Life AASHIRWAAD Plan

    You can avail the following riders along with the policy:

    • SUD Life Family Income Benefit Rider - Traditional (UIN:142B007V01)
    • SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional (UIN: 142B005V01)

    Exclusions - What the Star Union Dai-Ichi Life AASHIRWAAD Plan doesn’t cover?

    There are no exclusions under the SUD Life AASHIRWAAD Plan.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Free-Look Period Upon inception of the policy, you find that you do not agree with its terms and conditions, you can return the policy within 30 days. You need to state your reasons for rejecting the policy and your premium will be returned with the deduction of stamp duty charges, expenses incurred by the company for medical examinations, if any, and proportionate risk premium for the period that is on cover.
    Policy Loan If your policy has acquired a surrender value, you can assign the policy document as a collateral and avail a loan from Star Union Dai-Ichi (SUD) during the policy term. The loan amount that can be availed is up to 50% of the surrender value and will be charged interest.
    Grace Period You will be given a period of 30 days to pay your premium if your premium payment mode is half-yearly or quarterly. The grace period is 15 days in case your premium payment mode is monthly.
    Reduced Paid-Up Benefits If you pay the premiums for the 2 full years, in case your premium payment term is 5 years and 7 years, and 3 full years, if your premium payment term is 10 years and 15 years, and do not pay the subsequent premiums, your policy will obtain a reduced paid-up status.
    Policy Lapse The policy will lapse if you are unable to pay the premium for the first 2 years if your premium payment term is 5 years and 7 years and the first 3 years if your premium payment term is 10 years and 15 years. You will not be entitled to any benefits if the policy has lapsed, until you revive it.
    Surrender Benefit You have the option of discontinuing your policy anytime during the policy term, provided it has obtained a surrender value. For premium payment terms of 5 years and 7 years, surrender value is acquired after the payment of the first 2 full years of policy premiums and for premium payment terms of 10 years and 15 years, surrender value is acquired after the payment of the first 3 full years of policy premiums.
    Policy Revival You have the option of reviving the policy within 2 years of the first unpaid premium by sending a written request to the company along with a proof of continued insurability. You will need to pay the unpaid premiums along with an interest of 9%.
    Nomination Nomination is permitted under this policy as per Section 39 of the Insurance Act, 1938.
    Policy Termination The policy can be terminated under the following circumstances:
    • On surrender of the policy
    • On maturity of the policy
    • On the death of the policyholder
    • Upon payment of the last premium installment
    • Upon the lapse of the policy without being revived within the revival period
    Assignment Assignment is not allowed under this policy.

    Tax Benefits – How you can save with the Star Union Dai-Ichi Life AASHIRWAAD Plan?

    The premiums paid and the claims made are eligible for tax benefits as per Section 80C and 10(10D) of the Income Tax Act. Since these laws are subject to change without prior intimation, it is beneficial to consult a tax advisor for maximum benefits.

    Other Benefits – How you can save with the Star Union Dai-Ichi Life AASHIRWAAD Plan?

    • Customer Care Service: If you have any queries or need assistance with the SUD Life AASHIRWAAD Plan, you can reach out to their customer care service for help.
    • Other Products: SUD Life has a wide range of insurance products you can choose from. You can visit their website and choose the best one according to your budget and your requirements.
    • Premium Payment Options: You can easily pay the premiums for the insurance plan you have purchased from SUD Life in a variety of ways, whichever is convenient for you. You can either visit the company’s website and pay the premiums online through netbanking or debit or credit cards, you can send them cash, a demand draft, or a cheque, or you can visit the nearest SUD Life branch, Bank of India branch, or Union Bank of India Branch to make your payments.

    Why should you buy the Life AASHIRWAAD Plan from Star Union Dai-Ichi?

    SUD Life Insurance Company is a joint venture between Bank of India, Union Bank of India, and Dai-ichi Life, a Japan-based insurance company. It is present throughout the nation, even in the rural areas of the country. The company offers a variety of insurance products that are tailored for the Indian consumers and that too at very affordable prices. By purchasing an insurance product from them, you can be sure to get what you are promised along with excellent service.

    With the Star Union Dai-Ichi Life AASHIRWAAD Plan, you will not have to worry about your child’s future. You can take comfort in the fact that your dependents will be able to reach for their dreams without having to worry about financial issues with or without you. This plan takes into account the increasing cost of education, which makes it a perfect investment for your child’s future. You can choose the plan term and the insured amount, according to your convenience, so that it is not a burden for you to pay the premiums.

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