• Star Union Dai-Ichi Life Assured Income 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 Star Union Dai-Ichi Life Assured Income Plan is an amazing insurance plan that enables you to earn high income efficiently. You can meet your several daily requirements as well as future needs with the help of this plan. Apart from your monthly income, you can make additional earnings for a financially stable lifestyle.

    The annual income you will earn with this plan will be tax-free! With this plan, you and your family members can be safe as the plan will provide you with extensive life cover. If anything unfortunate happens to you suddenly, such as death or permanent disability, your dependents will get the necessary protection to handle all their financial needs competently. They will not have to give up their aspirations and goals due to lack of funds after the policyholder suffers from a mishap.

    Eligibility – Who is the Star Union Dai-Ichi Life Assured Income Plan for?

    Generally, insurance companies expect applicants to meet certain eligibility criteria such as age and so on. You will be required to meet these criteria in order to avail the benefits of the Star Union Dai-Ichi Life Assured Income Plan:

    Minimum age at entry 8 years
    Maximum age at entry 55 years
    Minimum age at maturity Information not provided
    Maximum age at maturity 75 years

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

    The Star Union Dai-Ichi Life Assured Income Plan offers an amazing sum assured amount at an affordable price. The plan offers a lump sum immediately after the life insured dies or gets permanently disabled.

    Minimum annual payout Rs.24,000
    Maximum annual payout Rs.50,00,000
    Payout period 10, 15, 20, or 25 years
    Premium payment mode Once a year, once in 6 months, once in 3 months, and once a month
    Premium payment term 10 years or 15 years
    Premium This will depend on the entry age of the policyholder and policy period.
    Deferment period 0 or 5 years

    Under this plan, the policy period will be equal to deferment period (if any) + Premium payment period + Payout period.

    Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.

    Plan coverage – What the Star Union Dai-Ichi Life Assured Income Plan covers

    The Star Union Dai-Ichi Life Assured Income Plan offers great benefits to both the life insured as well as his or her dependents. It is a savings plan that also provides extensive protection.

    Type of benefit Features of the benefit
    Guaranteed annual payout: Survival benefit or annual payout When you select an annual payout, it will begin when your premium payment period or deferment period ends and this will depend on your deferment period. Under this plan, your annual payout will be guaranteed if the policy is in force.
    Guaranteed benefit after maturity of policy: Maturity benefit When the life insured survives until the policy period ends and if all the premiums have been paid promptly, the policyholder will get the guaranteed maturity benefit. For a premium paying term of 10 years, one will get 10 times of annualised premium as guaranteed maturity benefit. For a 15-year premium paying term, you will get 15 times your annualised premium as guaranteed maturity benefit.
    Death benefit Death sum assured or lump sum benefit OR The nominee will get scheduled annual payouts where fixed annual payouts of 10, 15, 20 or 25 years will be paid OR Extra annual payouts will be paid to the nominee. This payment period will start from the policy anniversary right after the main income earner dies until the commencement of the scheduled annual payouts.

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

    Under this plan, there are no riders presently. Once the rider known as SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional is introduced, you can attach it to this insurance plan.

    Exclusions – What the Star Union Dai-Ichi Life Assured Income Plan doesn’t cover

    If the policyholder commits suicide in 1 year after the risk under this policy begins, the cover under this plan will become invalid. The nominee will receive only 80% of the premiums that have been paid till the policyholder dies. If the policyholder commits suicide in 1 year after the policy is revived, the nominee will get the surrender value or 80% of the premiums that are paid till the date of death.

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

    Apart from the salient benefits of the Star Union Dai-Ichi Life Assured Income Plan, you can also enjoy great features which will help you secure excellent returns.

    Grace period When you fail to pay your premiums before the due date, you can pay fully within the grace period of 30 days.
    Survival benefit If you finish paying all your premiums and if you survive till your policy period is done, you will receive a survival benefit of a reduced paid-up.
    Free-look period You will be allowed to review your policy terms and features under this plan for a period of 15 days. If you buy the plan through distant marketing, you will get a free-look period of 30 days. If you are not happy with the policy terms, you can return your policy within this period.
    Policy revival You will be allowed to reinstate or revive your expired insurance policy in 2 years since when the first premium has been unpaid. You can do this by sending a request for revival or reinstatement to the company.
    Assignment Under this plan, you can make an assignment according to Section 38 of the Insurance Act 1938.
    Nomination You can nominate another person to receive your policy benefits according to Section 39 of the Insurance Act 1938.

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

    With this plan, you can enjoy excellent tax benefits according to the Income Tax Act, 1961 under Section 80C and Section 10(10D).

    Other benefits – How you can save with the Star Union Dai-Ichi Life Assured Income Plan

    • You can revive your lapsed insurance policy online.
    • The grievance redressal process for this plan is very convenient and easy-to-understand.
    • You can pay your premiums online or offline.
    • You can request to meet a life insurance advisor from this company simply by filling a form available on the company’s website.
    • You can check your fund NAV for your plan on the official website of the company.

    Why should you buy the Assured Income Plan from Star Union Dai-Ichi Life Insurance?

    Star Union Dai-Ichi Life Insurance is a prominent life insurance company that is passionate about delivering superior-quality life insurance solutions. You can trust this organisation to provide you with quick claims settlements. If you want your loved ones to be financially strong, you can take the Assured Income Plan from Star Union Dai-Ichi Life Insurance for excellent support. This plan will give you good life cover as well as fund savings at economical prices.

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