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.
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:
*Ages mentioned above are as on the policy buyer’s last birthday.
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|
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)||
|Premium Payment Mode||
* Premiums vary based on age, location, plan term, GST, and other factors.
|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:
|Survival Benefit||Three kinds of benefits will be payable to the life assured during the payout period, as per this plan. The payouts include:
You can choose to purchase the following riders along with your base policy in order to enhance the cover provided to you.
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%.
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.
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.
|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:
|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:
|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.|
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.
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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