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  • Star Union Dai-Ichi Life Aayushmaan 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

    For those who wish to plan for their retirement, fund their dream house, plan their child’s education and offer their family financial security once they are gone, the Star Union Dai-Ichi Life AAYUSHMAAN Plan rolled out by Star Union Dai-Ichi Life is just for them. The Star Union Dai-Ichi Life AAYUSHMAAN Plan comes with the benefit of a lump sum payout at maturity and even offers customers financial security for their family once they are gone. The Star Union Dai-Ichi Life AAYUSHMAAN Plan ensures that the benefits of the customer increase every year.

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

    To be eligible for the Star Union Dai-Ichi Life AAYUSHMAAN Plan, customers need to meet certain criteria.

    Parameters Details
    Entry Age Minimum: 18 years Maximum: 50 years
    Maturity Age 70 years
    Policy Term 15 years, 20 years, 25 years, 30 years

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

    Sum Assured: The minimum sum assured is Rs.1.5 lakh will the maximum sum assured is Rs.100 crore - subject to underwritings.

    Premium: The premium depends on the policy term chosen by the policyholder. Policyholder have the option of paying their premiums either annually, half-yearly, quarterly or monthly.

    Parameters Details
    Policy Term 15 years, 20 years, 25 years, 30 years
    Premium Paying Term Same as policy term
    Premium mode Annual, half-yearly, quarterly, monthly
    Sum assured Minimum: Rs.1.5 lakh Maximum: Rs.100 crore (subject to underwriting)

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

    The Star Union Dai-Ichi Life AAYUSHMAAN Plan comes with maturity and death benefits for the policyholder.

    Death benefits In case of untimely death of the policyholder, the nominee is entitled to the death benefit, the accumulation of the guaranteed benefits, reversionary bonuses (if any), and the terminal bonus. The death benefit is stated as follows:
    • A higher of, 10 times the annualised premiums
    • Or guaranteed sum assured on maturity
    • Or 150% of the basic sum assured
    To be eligible for the death benefits, nominees have to ensure that all the premiums are paid up to date. The minimum death benefit payable is 105% of the premiums paid till date.
    Maturity benefits On survival till the maturity of the policy, policyholders are entitled to the guaranteed sum assured, the accrued guaranteed benefits, reversionary bonuses (if any), and the terminal bonus.

    Riders / Add-On Plans – Additional coverage under the Star Union Dai-Ichi Life AAYUSHMAAN Plan

    To enhance their benefits and give themselves additional protection and security, policyholders can avail the additional riders of the Star Union Dai-Ichi Life AAYUSHMAAN Plan. The riders are as follows.

    • SUD Life Accidental Death and Total & Permanent Disability Benefit Rider

    This rider offers a lump sum payout in case of death or total and permanent disability of the policyholder.

    • SUD Life Family Income Benefit Rider

    The SUD Life Family Income Benefit Rider offers a fixed income for the family of the policyholder following his/her unfortunate death.

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

    If the policyholder commits suicide within 12 months from the commencement or revival of the policy, the nominee is entitled to either a higher of 80% of the premiums paid till date or the surrender value.

    Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

    The key features of the Star Union Dai-Ichi Life AAYUSHMAAN Plan are listed below.

    Guaranteed Additions Policyholders are granted a guaranteed addition of 3% per annum on the sum assured for the first five years of the policy.
    Reversionary Bonus Policyholders are granted reversionary bonuses from the commencement of the sixth year of the policy.
    Loan against the policy Policyholders are entitled to attach a loan to their policy once the policy has attained a surrender value. Policyholders can take a loan up to 70% of the surrender value.
    Reduced paid-up policy If the policyholder fails to pay the premiums after three years of holding the policy, the policy will automatically be shifted to a reduced paid-up policy.
    Grace period Policyholders are granted a grace period of 30 days for the annual, half-yearly and monthly mode and 15 days for the monthly mode to pay their premium.
    Lapse If the policyholder fails to pay the premium within the grace period in the first three years of the policy, the policy will lapse.
    Surrender benefit Policyholders can surrender their policy and be entitled to a surrender value after holding the policy for three consecutive years.
    Revival Policyholders can revive the policy within two years of the first unpaid premium. To be eligible for all the policy benefits, policyholders have to ensure that all pending premiums are paid.
    Termination The policy will be terminated if:
    • The policyholder surrenders the policy
    • Following the death of the policyholder
    • If the policy has lapsed.
    Free-look period Policyholders are granted a free-look period of 15 days from the commencement of the policy. If the policyholder disagrees with the terms and conditions of the policy, he/she can return the policy within the free-look period and receive a refund for the premium made.
    Nominations Policyholders can make nominations as per Section 39 of the Insurance Laws (Amendment) Act, 2015. The nominee will receive the benefits following the unfortunate death of the annuitant.
    Assignments Policyholders can make assignments as per Section 38 of the Insurance Act, 1938.

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

    • Premiums paid towards the Star Union Dai-Ichi Life AAYUSHMAAN Plan are eligible for tax benefits under Section 80C of the Income Tax Act.
    • The payouts from the policy are eligible for tax rebates under Section 10(10D) of the Income Tax Act.

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

    • Customers can make use of the online customer portal at the Star Union Dai-Ichi Life Insurance website to access their insurance details.
    • The website also enables policyholders to renew their insurance online.
    • Payments for policy renewal can be made through the following channels:
      • Credit cards - American Express, Visa, Maestro, MasterCard, and Diners Club cards are accepted.
      • Debit cards - Visa, Maestro, MasterCard, and RuPay cards can be used to make online payments.
      • Bill Junction - Customers can login to Bill Junction and make premium payments.
      • Netbanking - Customers can pay premiums through the Net banking facility offered by their banks.
      • e-Wallets - Premium payment can be done through e-Wallets such as iCashCard, Airtel Money, ITZCash, Jio Money, Oxigen, PayCash, and Idea Money
    • The insurer’s website also enables customers to request for a callback.

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

    The Star Union Dai-Ichi Life AAYUSHMAAN Plan offers its customers with a flexible means to save for their future and fulfill their dreams by methodically planning with the help of the Star Union Dai-ichi Life customer service. The Star Union Dai-Ichi Life AAYUSHMAAN Plan also comes with a lump sum payout in case of an eventuality.

    Star Union Dai-ichi Life has over 64 million customers in India, a testament to their service. A joint venture between Union Bank of India, Bank of India, and Dai-ichi Life, the insurer has a presence across the country, with over 11,000 branches of the two partner banks helping reach remote areas. Additionally, Dai-ichi Life brings in over a century of insurance experience to the entity, incorporating Japanese technology with Indian ingenuity.

    A good way to gauge the insurer is the grievances solved ratio, which was a high 95.42% for this insurer in the year 2015-16. An individual can purchase this plan and be rest assured that there will be no hassles when it comes time to file a claim.

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

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