• Star Union Dai-Ichi Life Dhan Suraksha Plus 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 Dhan Suraksha Plus Plan from Star Union Dai-Ichi Life Insurance is a unit-linked, life insurance policy. This policy offers members the dual benefits of a comprehensive life cover and the option to invest in unit-linked funds, thus helping you earn attractive returns. The policy also provides you flexibility in terms of redirecting your premium and switching investments, over the policy tenure. In addition, by purchasing this policy, you or your nominee will be eligible to receive a maturity benefit or a death benefit.

    The minimum premium that you will need to pay for this policy is Rs.24,000 per annum for the regular premium paying term option and Rs.30,000 per annum for the limited premium paying term option. Policyholders are also eligible to claim tax benefits for the premiums that they pay towards the policy.

    Eligibility - Who is the SUD Life Dhan Suraksha Plus Plan for?

    Insurance providers usually set an eligibility criteria that needs to be met by prospective policy buyers in order to avail the coverage accorded by the policy.

    Parameters Criteria for eligibility
    Minimum age at entry 8 years
    Maximum age at entry 50 years
    Maximum age at maturity 70 years

    *Ages mentioned above are as on the insured member’s last birthday

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

    Sum Assured

    The sum assured is a certain amount of money that is guaranteed to you, by the insurance provider, before the addition of any bonuses. The sum assured is the total sum of money for which you are covered. You will have to opt for an optimum sum assured at the commencement of your policy. Ideally, your sum assured should not be so high that you find it difficult to make your premium payments and it should also not be so low that it will not be sufficient to cover your family’s financial needs in the future, should the need arise. The minimum and maximum sum assured for this plan are listed below, based on one’s age at entry:

    Minimum Sum Assured
    • For individuals under the age of 45 years:
    Basic Sum Assured = Up to 10 times the Annualised Premium, or 0.5 x Policy Tenure x Annualised Premium
    • For individuals equal to or over the age of 45 years:
    Basic Sum Assured = Up to 7 times the Annualised Premium, or 0.25 x Policy Tenure x Annualised Premium
    Maximum Sum Assured
    • For individuals between 8 and 41 years: 15 x Annualised Premium
    • For individuals aged 42 to 44 years: 14 x Annualised Premium
    • For individuals equal to or over the age of 45 years: 10 x Annualised Premium
    * Sum assured should always be in multiples of 0.25

    Premiums*

    The premium is a certain sum of money that you will have to pay to the insurance firm at regular intervals to avail the protection and benefits accorded to you by this plan. For the Dhan Suraksha Plus Plan, you have three premium payment option – a regular premium payment term, a 7-year limited premium payment term, and a 10-year limited premium payment term. Your premium amount is connected to your sum assured. Hence, if you opt for a higher sum assured, you will also have to shell out more for your premium payments. Whereas, if you opt a lower sum assured, you won’t have to pay as much. Listed below are the particulars related to your policy tenure and premium payments.

    Minimum term of the policy
    • Regular Premium Payment Term: 10 years
    • 7-Year Limited Premium Paying Term: 12 years
    • 10-Year Premium Paying Term: 15 years
    Maximum term of the policy 30 Years (for all premium paying terms)
    Premium Payment Terms to choose from
    • Regular Premium Payment Term
    • Limited Period Premium Paying Term for 7 Years
    • Limited Period Premium Paying Term for 10 Years
    Premium Payment Mode Annual mode only
    Minimum Single Premium Amount
    • Regular Premium Payment Term: Rs.24,000
    • Limited Premium Paying Term (7 and 10 years): Rs.30,000
    Maximum Single Premium Amount Rs.100 crore

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

    Plan Coverage - What does the SUD Life Dhan Suraksha Plus Plan cover?

    Maturity Benefit If the policyholder survives till the end of the policy tenure, he/she will receive a maturity benefit from the insurer. The maturity benefit payable will be equal to the fund value of the basic plan.
    Death Benefit If the policyholder meets with an untimely death during the tenure of the policy, the highest of the following will be paid to his/her nominee:
    • The sum assured as per the base plan,
    • Fund value of the base plan, as on the date of the life assured’s death, or
    • 105% of the overall premiums paid by the policyholder

    Riders/Add-On Plans – Additional coverage under the SUD Life Dhan Suraksha Plus Plan

    There are no additional riders/add-on covers that a policyholder can purchase to enhance the coverage offered by the base plan.

    Exclusions - What the SUD Life Dhan Suraksha Plus Plan doesn’t cover

    The SUD Life Dhan Suraksha Plus Plan comes with a suicide exclusion. If a policyholder commits suicide before the completion of 12 months from the date of purchase of the policy or from the date of the reinstatement/revival of the policy, the Dhan Suraksha Plus Plan will become null. And, if such a thing happens, the insurer will only be liable to pay the nominee the fund value that is available on the date of death. Post this, all policy benefits will cease to exist.

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

    Grace Period For both Regular Premium Paying Policies and Limited Premium Paying Policies, the insurer will provide members a 30-day grace period. The policy will lapse if it is not renewed within the grace period.
    Free-Look Period You can return the policy within the free-look period if you are dissatisfied with the terms and conditions of the policy.
    • For policies bought through direct channels, the free-look period is 15 days.
    • For policies bought through distance marketing channels, the free-look period is 30 days.
    Investment Funds Policyholders can choose to invest in either one of these 4 investment funds. Each fund has a certain level of risk, based on which you will receive returns.
    • Blue-Chip Equity Fund
    • Growth Plus Fund
    • Balanced Plus Fund
    • Income Fund
    Switching of Funds Policyholders can choose to switch the fund value, in part or full, during the policy tenure. One free switch per policy year is given to the policyholder.
    Premium Redirection Policyholders can redirect their investments between various funds. The minimum allocation for each fund will have to be at least 10%.
    Partial Withdrawals Partial withdrawals are permitted after the sixth policy year or after the life assured member turns 18 years of age, based on which happens first.
    Policy Charges The policyholder may have to pay the following charges during the lifecycle of the policy:
    • Premium Allocation Charges
    • Fund Management Charges (FMC)
    • Policy Administration Charges
    • Policy Surrender Charges
    • Fund Switching Charges
    • Partial Withdrawal Charges
    • Mortality Charges
    • Premium Redirection Charges
    • Medical Screening Expenses, if any
    • GST
    • Charges/fees levied by the Government
    Premium Discontinuance If the premiums are not paid within the grace period, the policy will lapse, and the insurer will send a notice to the policyholder to either:
    • Revive the insurance policy within 2 years of the premium discontinuance, or
    • Withdraw from the policy completely
    Policy Revival The policyholder reserves the right to revive the policy within 2 years from the date of the policy lapse by paying the due unpaid premium charges. Post this, the life cover will commence again.
    Surrender Benefit
    • If the policy is surrendered within the 5-year lock-in period, the fund value will be moved to the Discontinued Policies Fund. The same will be paid after the lock-in period.
    • If the policy is surrendered after the lock-in period, the fund value of the basic plan will be paid.
    Nomination Nomination is permitted under this plan, as per Section 39 of the Insurance Act, 1938.
    Assignment Assignment is permitted, as per Section 38 of the Insurance Act, 1938.
    Loan Policyholders cannot take a loan against this policy.

    Tax Benefits – How you can save with the SUD Life Dhan Suraksha Plus Plan

    Income tax benefits under Section 80(C) and 10(10D), as per prevailing tax laws, are applicable. However, tax laws may change from time to time, and one must make sure to consult a tax advisor for more details.

    Other Benefits – How you can save with the SUD Life Dhan Suraksha Plus Plan

    • View Fund NAV: You can directly view and track the performance of various investment funds on the insurer’s official website. It is extremely important that you do this so you can redirect your premiums, if required, or switch between funds.
    • Customer Service Channels: The insurer has a range of customer service channels through your which you can receive timely assistance. The insurer’s customer service channels include a dedicated toll-free number, a landline number, an email ID, and an SMS-based helpline service. Further, you can also locate the nearest branch and walk into any of the company branches, as per your convenience.
    • Online and Offline Premium Payment: Policyholders have the option of choosing both online and offline methods to pay their premiums. To pay your premium online, you simply need to navigate to the website, click on the respective tab, and enter your policy number, and date of birth. You can then proceed to pay through net banking, credit card, or debit card. You can also choose to pay through the customer portal.
    • Varied Range of Plans: It is also a good idea to purchase other insurance policies to secure yourself completely. The insurer has a varied range of insurance products on offer, including retirement plans, health plans, child plans, etc.

    Why you should buy the Dhan Suraksha Plus Plan from Star Union Dai-Ichi Life Insurance?

    The SUD Life Dhan Suraksha Plus Plan offers policyholders many benefits, making this plan a smart buy. The guaranteed death benefit or survival benefit can come in handy when planning for the future. Further, you also have the option to choose an investment fund, based on your appetite for risk, and receive attractive returns for the same.

    The insurer, Star Union Dai-Ichi Life, has a pan-India presence. The company has reported a grievances solved ratio of 95.42% for FY15-16. Over the years, the insurer has also been felicitated with several awards, including the ‘Company with Highest Claims Settlement Award’ in 2015, the ‘Best Life Insurance Company in Private Sector’ award in 2015, etc.

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