• Star Union Dai-Ichi Life Elite Assure 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 Elite Assure Plan from Star Union Dai-ichi Life is a non-participating, non-linked life insurance policy. Under this plan, you are entitled to receive a survival benefit, which includes a fixed monthly income, an annual income at the completion of every policy year, and a maturity benefit, which will vary as per the plan option you’ve chosen. Further, nominees are also entitled to receive a Death Benefit, if the policyholder meets with an untimely death.

    Policyholders can buy the SUD Life Family Income Benefit Rider and the Accidental Death and Total & Permanent Disability Benefit Rider along with their Elite Assure policy. All premiums paid and benefits received are eligible for tax benefits under Section 80C and 10 10(D) of the Income Tax Act, 1961.

    Eligibility - Who is the Star Union Dai-ichi Life Elite Assure Plan for?

    Insurance policies can only be purchased if you meet the eligibility criteria set by the insurer. The eligibility criteria, for the Elite Assure Plan, are as follows:

    Parameters Criteria for eligibility
    Minimum age at entry 20 years
    Maximum age at entry 50 years
    Minimum age at maturity 35 years
    Maximum age at maturity 71 years
    Plan options to choose from Policy buyers can choose between two plan options:
    • Plan 5-5-5
    • Plan 7-7-7

    *Ages mentioned above are as on the policy buyer’s last birthday.

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

    Sum Assured

    The Sum Assured is a guaranteed amount of money that is payable to you or your nominee, by the insurer. As per this plan, you are eligible to receive three kinds of benefits during the payout period and at the end of the policy term – a monthly income, an annual income, and a guaranteed sum assured at maturity of the policy.

    Sum Assured 11 x Annual Premium
    Minimum Monthly Income Rs.10,000
    Maximum Monthly Income Rs.5,40,000
    Annual Income Monthly Income x 5

    Premiums

    For the Elite Assure Plan, the amount that you will have to pay as premium will vary as per the plan option chosen by you, your age and the amount you choose as your fixed monthly income. Details related to your premium payments are listed in the table below.

    Policy Term Deferment Period + Premium Payment Term + Payout Term (as per the plan option chosen by you)
    Premium Payment Term (PPT)
    • Plan 5-5-5: 5 years
    • Plan 7-7-7: 7 years
    Deferment Period
    • Plan 5-5-5: 5 years
    • Plan 7-7-7: 7 years
    Payout Period
    • Plan 5-5-5: 5 years
    • Plan 7-7-7: 7 years
    Premium Payment Mode
    • Yearly
    • Half-Yearly
    • Quarterly
    • Monthly

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

    Plan Coverage - What the Star Union Dai-ichi Elite Assure Plan covers

    Death Benefit If the policyholder passes away during the policy term, the nominee will be paid a lump sum amount as the death benefit. Other benefits, like the monthly income or annual income, which have been paid till then will not be deducted. However, no more benefits will be payable post this. The death sum assured will be the highest of the following:
    • Annual Premium x 10, or
    • 105% of the value of all the premiums paid, or
    • The minimum guaranteed maturity benefit, or
    • The absolute assured amount, which is payable on death of the policyholder.
    Survival Benefit Three kinds of benefits will be payable to the life assured during the payout period, as per this plan. The payouts include:
    • A monthly income, which is opted for at the date of inception of the policy,
    • An annual income, which will be paid at the completion of every policy year, and
    • A guaranteed maturity amount, which is 40 times the monthly income for Plan 5-5-5 and 60 times the monthly income for Plan 7-7-7.

    Riders/Add-On Plans – Additional coverage under the Star Union Dai-ichi Life Elite Assure Plan

    You can choose to purchase the following riders along with your base policy in order to enhance the cover provided to you.

    • SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional

    If the life assured meets with an accident that causes death, the nominee will receive 100% of the Rider Sum Assured. If the life assured suffers from permanent and total disability due to the accident, he/she will receive the rider amount as 10 equal instalments. Each instalment will be paid every 6 months, and the value of each such instalment will amount to the value of the Rider Sum Assured times 10%.

    • SUD Life Family Income Benefit Rider – Traditional

    This rider provides extra protection to the life assured’s family in case he/she meets with an untimely death. As per this rider, the nominee will be paid an additional monthly income for a period of 10 years.

    Exclusions - What the Star Union Dai-ichi Life Elite Assure Plan doesn’t cover

    This plan comes with a suicide exclusion. If the life assured commits suicide within 1 year since the date of commencement of the Elite Assure Plan, the insurer will pay the nominee 80% of the total premiums paid, till the date of death. If the suicide happens within 1 year from the revival of the policy, the insurer will pay 80% of the total premiums that the life assured had paid or the Surrender Value of the policy.

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

    Grace Period The insurer will provide you a 30-day grace period to pay your premiums, if you pay on a yearly, half-yearly, or quarterly basis and a 15-day grace period, if you pay on a monthly basis.
    Loan There is no provision to take a loan against this policy.
    Lapse of Policy During the first two policy years, if you don’t pay your premiums within the end of the grace period, your policy will lapse.
    Reduced Paid-Up Policy If your premiums were paid for two full policy years and a subsequent premium payment was missed, your policy will be converted into a reduced paid-up policy. The sum assured and benefits payable will vary for reduced paid-up policies.
    Policy Surrender Value A surrender value will be acquired by your policy only if you have paid a minimum of 2 years’ premiums. The Surrender Value payable will be the highest of:
    • The Special Surrender Value, or
    • The Guaranteed Surrender Value
    Revival/Reinstatement of Policy You can choose to revive your lapsed policy within a two-year period from the date of the first premium you missed. To revive your policy, you will have to pay all your due premiums with an interest of 9% p.a. and provide the insurer a medical certificate to prove your insurability.
    Policy Termination This policy will terminate under the following conditions:
    • If the life assured dies
    • If the policy has been surrendered
    • If the policy has reached maturity
    • If a lapsed policy has not been revived, or
    • If any warranty has been breached by the policyholder.
    Free-Look Period The free-look period for this policy is 15 days. If the policy was purchased through distance marketing, the free-look period will be 30 days.

    Tax Benefits – How you can save with the Star Union Dai-ichi Life Elite Assure Plan

    Policyholders can claim for tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961. Policyholders must consult a tax advisor since tax laws and benefits change from time to time, without prior notice.

    Other Benefits – How you can save with the Star Union Dai-ichi Life Elite Assure Plan

    • View fund performance: You can view the fund NAV (Net Asset Value) and the performance of various funds, through the insurer’s website.
    • Premium Payment Channels: SUD Life provides its members a range of premium payment channels. You can choose to pay your premiums either online on the company’s website or offline through cheque, DD, or cash by visiting the nearest Bank of India or Union Bank of India branch or at an SUD Life branch.
    • Choice of Plans: The insurer offers a range of both individual and group plans. Individual plans include child plans, health plans, protection plans, retirement plans, savings plans, and wealth plans. Group plans include credit life plans, retirement plans, term plans, and an accidental benefit rider.
    • Online Premium Calculator: In order to calculate premiums, prospective policy buyers need to select their preferred plan on the insurer’s website and provide a few details about themselves.

    Why you should buy the Elite Assure Plan from Star Union Dai-ichi Life Insurance Company?

    The Elite Assure Plan offers policyholders several benefits. The payouts received as part of the survival benefit ensure that policyholder can plan for future needs without any worries. Also, the substantial death benefit will help the policyholder’s family meet their financial liabilities, even if something unfortunate happens in the future.

    Star Union Dai-Ichi Life Insurance Company is a joint venture between Union Bank of India, Bank of India, and Dai-ichi Life. The company’s grievances solved ratio was 95.42% for the financial year 2015-2016. The company has a range of Customer Care Channels for members to reach them including a toll-free number, a landline number, and a dedicated email ID. A few awards that were presented to the insurer include the Best Life Insurance Company in Private Sector award in February 2015, the Company with Highest Claims Settlement award in February 2015, etc.

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