• Star Union Dai-Ichi Life Ashiana Suraksha Plan

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    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

    One of the biggest fears that we all have when availing any type of loans is who will repay it if something unfortunate happens to you. SUD Life Ashiana Suraksha Group Term Insurance Plan relieves your family from the liability of the loan in case of any eventuality. With SUD Life Ashiana Suraksha Group Term Insurance Plan you can be sure that your family and loved ones are not burdened financially to repay the loans in your absence.

    Eligibility – Who is the SUD Life Ashiana Suraksha Plan for?

    To buy the SUD Life Ashiana Suraksha Plan, one has to meet the eligibility criteria set by the insurer.

    Parameter Details
    Plan Type Decreasing Group Term Insurance Plan
    Minimum Entry Age 18 years
    Maximum Entry Age 65 years
    Maturity Age 71 years
    Minimum Policy Term 5 years
    Maximum Policy Term 30 years

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured – It is the amount that is received by the insured person at the time of maturity. In case the insured individual encounters death and the SUD Life Ashiana Suraksha Plan is still active, the sum assured is received by the legal heir or a nominee assigned by the insured.

    Parameter Details
    Minimum Sum Assured Rs.1,000
    Maximum Sum Assured No limit on the maximum sum assured.
    Premium Payment Mode Single premium
    Non-medical Scheme Under this plan, if a member declares good health, insurance cover will be provided. In this case for 18-60 years the sum assured is Rs.7.5 lakh and for age group 61 to 65 years the sum assured is Rs.3 lakh.

    Plan Coverage – What the SUD Life Ashiana Suraksha Plan covers

    Death Benefit The sum assured amount will be given to the master policyholder in the event of death of the person insured. In the event of death, the master policyholder will be given 2 options. Option 1: The sum assured payable will be paid directly to the surviving joint member/borrower and the policy will cease on the lives of the remaining borrowers. Option 2: In this case, the life insurance cover will continue and the surviving joint borrower will be covered against the total outstanding loan amount for that particular balance repayment term.
    Maturity Benefit There are no maturity benefits under this plan.
    Surrender Value The policy acquires surrender value if the premiums are fully paid in advance before the end of the policy term. The surrender value will be accumulated after successfully completing one year from the date of commencement of the policy. Please note that the surrender value can be up to 60% of the premium paid less taxes.

    Riders/Add-on Plans – Additional coverage under the SUD Life Ashiana Suraksha Plan

    Currently, the insurer does not offer any add-on plans with SUD Life Ashiana Suraksha Plan. However, they may allow policyholders attach riders to this plan in the future. Please check with your insurer from time to time for the riders available.

    Exclusions – What the SUD Life Ashiana Suraksha Plan does not cover

    45 days exclusion: Under the SUD Life Ashiana Suraksha Plan, during the first 45 days from the time the master policyholder has taken the policy, no claim will be acknowledged. The insurer will not be responsible to pay any claim amount during this period.

    Suicide exclusion: If the insured person commits suicide within the one year from the date of commencement of the policy, the insurer will be liable to pay 75% of the premium paid till the date of death. In this case, the policy will cease on the date of death of the insured.

    Other Key Features

    Insurance cover for joint borrowers The joint borrowers under the loan have two options under this plan. Option 1: The joint borrower can choose to be insured for the entire loan amount. Option 2: The joint borrower can choose to be insured only up to his/her share of the loan.

    Tax Benefits – How you can save under the SUD Life Ashiana Suraksha Plan

    Under this plan, tax benefits are available under Section 80C and Section 10(10D) of The Income Tax Act, 1961.

    Other benefits

    • Star Union Dai-Ichi Life Insurance Company has a dedicated customer service center that functions 24x7. You can get in touch with an insurance agent anytime from anywhere.
    • Policyholders can report a claim online anytime.
    • One can renew their policy online using the official Star Union Dai-Ichi Life Insurance Company website.
    • Customers can also get a free quote within a few seconds using the website.

    Why you should buy the SUD Life Ashiana Suraksha Plan from Star Union Dai-Ichi Life

    Star Union Dai-Ichi Life is a joint venture of Bank of India, Dai-ichi Life, and Union Bank of India. Star Union Dai-Ichi Life is one of the leading life insurance provider in India. They offer a wide range of insurance products at affordable prices. One can consider buying an insurance policy from Star Union Dai-Ichi Life as all their insurance products are innovative and are designed to offer the best benefits to the policyholder. They have a long-list of happy clients and have gained the trust of over 64 million customers across India.

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