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  • Star Union Dai-Ichi Credit Life 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

    Star Union Dai-ichi Life Insurance Co. Ltd. (SUD) is a conglomerate of Bank of India, Union Bank of India, and Dai-ichi Life. While Bank of India (BOI) and Union Bank of India (UBI) are premier public sector banks in India, Dai-ichi is a leading life insurer in Japan. BOI and UBI, together, have over 11 thousand branches across the country and provide services to lakhs of people. Certain designated rural banks, sponsored by BOI and UBI, provide SUD life insurance products and thus, make life insurance more accessible to the rural public.

    The company offers individual as well as group life products. Under individual products, a wide variety of life insurance plans are available – protection plans, savings plans, wealth plans, retirement plans, child plans, etc. Under group products, term plans, retirement plans, and credit life plans are offered.

    Features of Star Union Dai-ichi Credit Life Plans

    With the legacy of one of the founding partners being one of the top 10 life insurance companies in the world, the plans offer the below-mentioned common features:

    • Discount for high sum assured: Individuals who opt for a high sum assured can enjoy a rebate on the premium payable. The higher the sum assured, the higher the rebate.
    • Grace period: A grace period of 30 days (yearly premium payment mode) or 15 days (monthly premium payment mode) is provided to the insured to pay the premium.
    • Free-look period: The first 15 days of the policy term are known as the free-look period when the policyholder can review the terms and conditions and return the policy if unhappy with the terms.
    • Joint life discount: Joint borrowers covered for the same amount are given a discount on the premium payable.
    • Tax benefits: Tax benefits for the premium paid can be availed as per the prevailing tax laws.

    List of Credit Life Plans offered by Star Union Dai-ichi

    The insurer offers three credit life plans that come with unique features and benefits:

    1. SUD Life New Aashiana Suraksha

    This is a non-linked, non-participating limited premium group credit life insurance plan which provides a death benefit that acts as a replacement of the deceased person’s income so that any mortgage loans taken by the said person can be repaid by the family. Mortgage loans such as loan against property borrowed from Union Bank of India (UBI), Bank of India (BOI), Regional Rural Banks of UBI and BOI, other public banks, private banks and MNC banks are covered under the policy. The minimum group size is 50.

    Benefits of SUD Life New Aashiana Suraksha

    • Death Benefit: Upon the death of the life assured during the policy term, a sum equal to the outstanding loan amount of the deceased person, at the beginning of the month when he/she passed away, is paid. The premiums due for the rest of the policy year and any previously unpaid premiums will be deducted from the amount payable.
    • Maturity Benefit: No maturity benefit is available for the policy.
    • Surrender Benefit: The life assured can surrender the policy, provided the policy has acquired a surrender value. In case the master policyholder surrenders the policy, the life assured will be given a choice to either withdraw or continue the policy. If a policy is surrendered, the life cover will cease.
    Plan name Entry age Cover age Premium
    SUD Life New Aashiana Suraksha Minimum: 18 years Maximum: 65 years Maximum: 75 years Premium payable depends on the policy term and sum assured chosen.
    1. SUD Life Loan Suraksha Plan

    This is a special non-linked, non-participating single premium group credit life insurance plan that provides optimum insurance cover to individuals who have taken home loans, consumer loans, vehicle loans, etc. The insurer provides a predetermined benefit in case the borrower passes away and the loan needs to be repaid. This way, the person’s family members are not burdened with the financial responsibility to repay the loan.

    Benefits of SUD Life Loan Suraksha Plan

    • Death Benefit: In case the life assured, who had availed a certain loan passes away during the policy term, the outstanding loan amount at the beginning of the policy month when he/she passed away will be provided to the nominee of the policy. The payment can be facilitated through the master policyholder.
    • Maturity Benefit: No maturity benefit is payable under the policy.
    • Surrender Benefit: A policy can be surrendered at any point in time during the policy period provided the complete loan amount has been repaid. The surrender benefit that the insured person will receive is the higher of the guaranteed surrender value and special surrender value.
    Plan name Entry age Maturity age Premium
    SUD Life Loan Suraksha Plan Minimum: 18 years Maximum: 65 years Maximum: 70 years The premium is paid in a single instalment.
    1. SUD Life Shiksha Suraksha 2 Plan

    This is a single premium group credit life insurance plan that provides life cover to an individual who borrows an education loan. In case an individual who has availed an education loan expires before the repayment of the loan, the insurer settles the outstanding loan amount.

    Benefits of SUD Life Shiksha Suraksha 2 Plan

    • Death Benefit: If the life assured individual expires during the term of the policy, the outstanding loan amount is either settled with the master policyholder or paid to the nominee, depending on certain conditions as mentioned in the policy.
    • Maturity Benefit: On maturity, no benefit is payable in this plan.
    • Surrender Benefit: The policy can be surrendered any time by the insured individual or the master policyholder. The surrender benefit payable is the higher of the guaranteed surrender value and special surrender value. On payment of the said benefit, the life cover ceases.
    Plan name Entry age Maturity age Premium
    SUD Life Shiksha Suraksha 2 Plan Minimum: 15 years Maximum: 65 years Maximum: 70 years The premium is paid in a single instalment.

    Why choose Star Union Dai-ichi Credit Life Plans?

    Star Union Dai-ichi is a life insurance company that strives to provide the best services to its customers by inculcating innovation in their products and services. The website presents new online services that help customers carry out procedures such as premium payment, policy renewal, claim intimation, etc. conveniently. They help calculate the value of human life and the premium payable for a policy that a person wishes to buy. Also, premiums can be paid through the official website with no hassles. Recently, the company launched a new feature that allows policyholders to pay the renewal premium through Paytm, a digital wallet. The company, thus, makes processes as convenient as possible to help individuals maintain their policies.

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