• Star Union Dai-Ichi Accidental Death and Permanent Disability Benefit Rider 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

    The Accidental Death and Total & Permanent Disability Benefit Rider – Traditional from Star Union Dai-Ichi (SUD) Life Insurance is a non-linked, non-participating add-on plan, which can be purchased to enhance your base policy. While your base policy is instrumental in providing a life cover, purchasing an add-on rider will ensure that you have a higher level of protection.

    The key benefit of this rider is that if the policyholder meets with an accidental death or suffers from permanent disability due to an accident, the policyholder or his/her nominee will be entitled to claim the rider sum assured from the insurer. This rider is also extremely affordable. The premiums start from Rs.8 for a rider sum assured of Rs.10,000. Insured members are also eligible to claim tax benefits, as per the prevailing income tax laws.

    Eligibility - Who is the Accidental Death and Total & Permanent Disability Benefit Rider – Traditional for?

    Policyholders who would like to purchase this add-on rider will need to keep the following eligibility criteria in mind.

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry 65 years
    Maximum age at maturity Maturity age of the base policy or policyholder attaining 71 years of age, based on whichever occurs first

    *Ages mentioned above are as on the policyholder’s last birthday.

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

    Rider Sum Assured

    The Rider Sum Assured is what you/your nominee will be paid if you meet with an accident during the tenure of the rider/policy. Before you choose the rider sum assured, you will have to ensure that it does not exceed the sum assured of the base policy. Since the rider sum assured and the rider premiums are linked, you will also have to ensure that the premiums for all the riders that you have purchased do not exceed 30% of what you pay as the premium for the base policy.

    Minimum Rider Sum Assured Rs.10,000
    Maximum Rider Sum Assured Rs.50 lakh

    Rider Premium*

    The rider premium is what you will pay annually to keep this rider running. Premium amounts will usually vary based on the rider sum assured, premium payment term, and the policy term. Listed below are a few details about the particulars of your premium payments.

    Minimum term of the policy 5 years
    Maximum term of the policy 47 years
    Premium Payment Term
    • Single Premium Payment
    • Limited Premium Payment : 5 – 25 years
    • Regular Premium Payment: Same as the base policy
    Premium Payment Mode Same as the premium payment mode of the base policy
    Minimum Premium Amount Rs.8
    Maximum Premium Amount Rs.71,300

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

    **Rider policy term will be the same as that of the base policy.

    Plan Coverage - What the Accidental Death and Total & Permanent Disability Benefit Rider – Traditional covers

    Accidental Death Benefit If the policyholder meets with an accidental death, the insurer will pay the nominee 100% of the rider sum assured.
    Benefit payable upon Total and Permanent Disability due to an Accident If the policyholder meets with an accident that causes total and permanent disability, the insurer will pay 10 half-yearly instalments to the life assured. Each instalment will be equal to the rider sum assured times 10%. If the policyholder dies during this period of receiving the instalments, the remaining instalments will be paid to the nominee as a lump sum and the rider will terminate.

    Exclusions - What the SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional doesn’t cover

    If the life assured meets with an untimely accidental death or suffers from permanent disability due to any one of the factors listed below, the rider benefit will not be paid by the insurer.

    • Hazardous sports, such as mountaineering, bungee jumping, hunting, racing, etc.
    • Flying or piloting an aircraft, unless the life assured is travelling as a regular, fare-paying passenger in a licenced, commercial airplane.
    • Attempted suicide or self-inflicted injuries.
    • Driving under the influence of alcohol, drugs, narcotic substances, etc.
    • Being a member of the police, military, or paramilitary organisations.
    • Death or injury caused due to terrorist activities, war, hostilities, invasion, etc.
    • Actively participating in strikes, riots, etc.
    • Partaking in any activity with a criminal intent.
    • Death/injury caused as a result of radioactive contamination, nuclear reaction, chemical/nuclear contamination, etc.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    Grace Period You can pay your missed premium before the end of the grace period to keep the policy from lapsing. The grace period for yearly, half-yearly, and quarterly modes of payment is 30 days. The grace period for the monthly mode of payment is 15 days.
    Policy Lapse
    • Single Premium Policies: Policy lapse is not applicable.
    • Limited Premium and Regular Premium Policies:
    • If the PPT is lesser than 10 years, the rider will lapse if the premium is not paid within the grace period for at least 2 full years.
    • If the PPT is equal to or higher than 10 years, the rider will lapse if the due premium is not paid for at least 3 full years, within the grace period.
    Reduced Paid-Up Benefit
    • No Paid-Up Benefits will be applicable for single premium and regular premium payment terms.
    • For Limited Premium Payment Terms:
    • If the PPT is less than 10 years, the policy will be converted into a paid-up policy if due premiums have been paid for 2 full policy years, and a following premium payment has been missed.
    • If the PPT is equal to or higher than 10 years, the policy will be converted into a paid-up policy if premiums for at least 3 years have been paid, and a subsequent premium is not paid.
    Surrender Value
    • Regular Premium Policies: No Surrender Benefit will be applicable
    • Single Premium Policies: The policyholder can surrender the rider at any time. Surrender Value payable will be calculated by the formula given below:
    60% x Single Premium x (Unexpired Rider Tenure (in days) / Total Rider Tenure (in days))
    • Limited Premium Policies: Surrender value will only be acquired if at least 2 years’ premiums have been paid for PPT lesser than 10 years and 3 years’ premiums have been paid for PPT equal to or greater than 10 years.
    The formula to calculate the Surrender Value payable is: 60% of the Total Premiums Paid x (Unexpired Rider Tenure (in days) / Total Rider Tenure (in days)) x (Number of premiums paid / Total Number of Premiums Payable)
    Policy Revival The rider can be revived within 2 years from the date of the first due unpaid premium. It can be only revived with the base policy. To revive the rider, you will need to:
    • Pay due premiums with the applicable ROI
    • Submit a certificate of satisfactory health conditions
    Maturity Benefit No maturity benefit will be paid, as per this policy.
    Loan No loan can be taken against this policy.
    Termination of Rider/Cover The rider will only terminate if:
    • The base policy expires
    • Base policy is surrendered or cancelled
    • Base policy lapses and is not revived within the revival period
    • If the rider is cancelled
    • Any circumstance leading to termination of the base policy will terminate the rider, as well
    • Settlement of the Rider Sum Assured post occurrence of any contingency covered by the rider
    Restrictions Individuals working in high-risk occupations will be screened and the sum assured and premium will be offered as per the Board’s guidelines.
    Free-Look Period The rider can be returned within the free-look period. The free-look period is 30 days for policies purchased through distance marketing, and 15 days otherwise.
    Nomination Nomination is permitted as per Section 39 of the Insurance Act, 1938, as per the terms and conditions of the base policy.
    Assignment Assignment is permitted as per the base policy’s terms and conditions.

    Tax Benefits – How you can save with the SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional

    Policyholder can claim tax rebates on the premiums that they pay and any benefits received, as per Section 80C and Section 10(10D) of the Income Tax Act, 1961. You should, however, consult with a tax advisor from time to time, since tax laws can change without any prior notice.

    Other Benefits of Star Union Dai-Ichi Life

    While purchasing the rider is a smart way to increase your coverage, here are a few other benefits of being a member of Star Union Dai-Ichi.

    • Range of Insurance Plans: The insurer has a range of insurance plans, including protection plans, wealth plans, savings plans, child plans, retirement plans, and health plans. You can purchase one or more of these plans to secure yourself and your loved ones.
    • Online Premium Payment: Premiums can be paid online, through the insurer’s website by entering your policy number and DOB (via net banking and debit/credit cards). You can also pay your premiums through the Customer Portal.
    • Premium Calculator: It is essential that you know how much you will have to pay as your premium, since you can budget accordingly.
    • View Current NAV: On the insurer’s official website, you can also view and track the performance of various stocks. This is essential for individuals who wish to redirect their funds or want to invest in a new fund.

    Why you should buy the Accidental Death and Total & Permanent Disability Benefit Rider – Traditional from Star Union Dai-Ichi Life?

    A life insurance policy is a must-have for every individual since it gives one’s family members much-needed financial aid in times of need. However, purchasing an additional rider can help you increase your level of coverage. If the insured member has purchased the Accidental Death and Total & Permanent Disability Benefit Rider – Traditional, and happens to meet with an unfortunate accident, the benefits payable can help one’s family tide over difficult circumstances.

    With regard to the insurer, Star Union Dai-Ichi Life is one of the most preferred insurance providers in the country. The company is a joint venture between leading Japanese insurer Dai-Ichi Life and India-based Bank of India and Union Bank of India. The Indian JV partners provide SUD Life a network of over 11,000 branches nationwide and a customer base of over 64 million. The company has several customer care channels, such as a dedicated toll-free number, landline number, email ID, and an SMS-based service, through which timely assistance is offered to customers.

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