• Star Union Dai-Ichi Child Plans

    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

     

    Every parent wishes to give their children the best of comforts and education. They put in efforts to ensure that their children are financially secure whether or not they are around to support them. A child insurance plan helps parents manage this very task. Child plans help invest money to fund expenditures at key milestones of one’s child’s life. Child plans have specific payout structures and offer a lump-sum amount upon the death of the life assured.

    Star Union Dai-ichi offers two child plans with different features that a prospective buyer can pick according to the financial plan he/she intends to make to support his/her child build a career or plan a dream wedding.

    Benefits of Star Union Dai-ichi Child Plans

    • Rebate on high sum assured: Policies with a high sum assured will receive a rebate of a certain percentage as specified by the insurer.
    • Free-look period: A 15-day or 30-day free-look period is provided to the policyholder to review the policy. The policy can be returned by stating the reason for the objection.
    • Grace Period: A 15-day or a 30-day grace period, depending on the mode of premium payment, will be given to the policyholder to pay the premium due.
    • Policy loan: Loans can be availed from the policy, provided the policy has acquired a surrender value. Up to 50% of the surrender value can be availed as a loan at applicable interest rates.
    • Revival: The policy can be revived within two years from the date of the first unpaid premium by paying all the unpaid premiums along with interest as applicable.
    • Tax benefits: Tax benefits are available, for policyholders, under section 80C and section 10(10D) of the Income Tax Act, 1961.

    List of Child Plans offered by Star Union Dai-ichi Life Insurance

    Star Union Dai-ichi Life has rolled out two child plans that would help parents build a bright future for their children:

    1. Star Union Dai ichi Life Bright Child Plan

    This is a very beneficial child plan that offers financial protection against the death of the parent and also provides certain payouts at key milestones of the child’s life. The plan offers two options to the parent/policyholder and he/she can choose an option based on whether he/she wants the payout to aid the child’s education or the child’s wedding. While the minimum basic sum assured is Rs.5 lakh, the maximum is Rs.5 crore.

    Benefits and features of Star Union Dai ichi Life Bright Child Plan

    • Death Benefit: On the unfortunate death of the life assured, the death benefit is provided to the nominee i.e. the legal guardian of the child. The death benefit is the greater amount of the basic sum assured, the guaranteed maturity benefit, 105% of the total premium paid, or 10 times the annual premium. All future premiums payable towards the policy are waived and the Child Benefits will be paid as per the plan option chosen.
    • Child Benefit: The plan offers two options that can be chosen during the purchase of the policy:
    • Career Endowment – This fund provides benefits at important stages of the child’s career such as graduation, post-graduation, and initial investment to start a business.
    • Wedding Endowment – This fund offers payouts to aid the child’s graduation and post-graduation expenses as well as his/her wedding.
    • Surrender Benefit: The higher amount of the guaranteed surrender value and special surrender value will be paid as the surrender benefit if the policy is surrendered after paying all premiums for three consecutive policy years.
    • Riders: Two riders are available under this plan:
    • SUD Life Accidental Death Benefit and Total & Permanent Disability Benefit
    • SUD Life Family Income Benefit rider
    Plan name Entry age Maturity age Premium
    SUD Life Bright Child Life Assured Minimum: 19 years Maximum: 45 years Child Maximum: 8 years Life assured Maximum: 69 years Child Maximum: 24 years The premium amount payable depends on the chosen sum assured, premium payment mode and other such factors.
    1. Star Union Dai ichi Life Aashirwaad Plan

    This is a non-linked child plan that ensures that the policyholder’s child need not make any financial compromises even if the parent passes away. The plan offers guaranteed benefits on the maturity of the policy and provides 5 payout option by which the maturity benefit can be provided. The basic sum assured the policyholder is required to choose is Rs.4 lakh and the maximum he/she can choose is Rs.100 crore.

    Benefits and features of Star Union Dai ichi Life Aashirwaad

    • Death Benefit: If the life assured passes away before completion of the policy term, the nominee will be provided with the death benefit which is equal to the basic sum assured, maturity benefit, 105% of the total premium paid, or 10 times the annual premium, whichever is highest.
    • Maturity Benefit: On maturity of the policy, the policyholder will receive the guaranteed maturity sum assured plus guaranteed additions. Five options are provided by the insurer that the policyholder can choose from based on the requirement:
    • Self-starter
    • Professional
    • Foundation
    • Technical
    • Career Builder

    The number of payouts and the percentage of the maturity benefit that will be provided in each payout differs.

    • Surrender Benefit: If the policy is surrendered, the surrender benefit equal to either the guaranteed surrender value or special surrender value, whichever is higher, is provided to the policyholder.
    • Riders: The plan offers two riders:
    • Total and Permanent Disability Benefit rider, and Accidental Death Benefit rider
    • Family Income Benefit rider
    Plan name Entry age Maturity age Premium
    SUD Life Aashirwaad Minimum: 18 years Maximum: 50 years Maximum: 70 years The premium amount payable depends on the chosen sum assured, premium payment mode and other such factors.

    Why choose Star Union Dai-ichi Life Insurance?

    Star Union Dai-ichi Life is a well-established insurance company that was formed by the coalition of Bank of India, Union Bank of India, and Dai-ichi Life. They offer various life insurance products under various categories for individuals and groups. The company has won several awards for corporate excellence and customer service. They carry out CSR activities focussed on the areas – agriculture, education, health and sanitation, and employment.

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