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.
To be eligible for the Star Union Dai-Ichi Life AAYUSHMAAN Plan, customers need to meet certain criteria.
|Entry Age||Minimum: 18 years Maximum: 50 years|
|Maturity Age||70 years|
|Policy Term||15 years, 20 years, 25 years, 30 years|
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.
|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)|
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:
|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.|
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.
This rider offers a lump sum payout in case of death or total and permanent disability of the policyholder.
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.
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:
|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.|
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.
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