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.
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?
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|
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||
|Premium Payment Term||
*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.|
You can avail the following riders along with the policy:
There are no exclusions under the SUD Life AASHIRWAAD Plan.
|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:
|Assignment||Assignment is not allowed under this policy.|
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.
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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