• Star Union Dai-Ichi Group 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

    A group life insurance plan offers life coverage to members of a group. Group plans may be purchased by an employer, association or any other organisation for the benefit of employees or members of the association.

    Star Union Dai-ichi Life offers credit life plans, retirement plans, and term plans. The firm currently provides as many as seven group plans of varying features and benefits that can be availed based on the requirements of the group.

    Benefits of Star Union Dai-ichi Group Plans

    • Discount for high sum assured: Policyholders who choose a high sum assured will receive a discount on the premium payable.
    • Free-look period: Policyholders are given a fixed period of time to review the terms of the policy and return it in case they are not satisfied with it.
    • SUD Life Group Accidental Benefit rider: This is an optional rider that can be attached to any of the group term insurance plans offered by Star Union Dai-ichi Life. In case the death of the life assured is caused by an accident, 100% of the rider sum assured is payable along with the basic death benefit.
    • Tax benefits: Tax benefits can be availed under the Income Tax Act, 1961.

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

    Here is a list of the seven group plans offered by Star Union Dai-ichi:

    SUD Life New Aashiana Suraksha

    This is a group credit life insurance plan that comes with the limited premium payment mode. This plan protects the life assured’s family against financial burden caused by loan liability. It ensures that the asset created by the policyholder is utilised by his/her family to settle loans borrowed by him/her. The sum assured amounts range from Rs.5 lakh to Rs.100 crore for this group plan. A minimum of 50 members is required to be covered under the policy.

    Benefits and features of SUD Life New Aashiana Suraksha

    • Death Benefit: Upon the death of the life assured, the sum assured i.e. the outstanding loan amount is paid to the nominee of the policy.
    • Maturity Benefit: No maturity benefit is payable under this plan.
    • Surrender Benefit: If the policyholder decides to surrender the policy after payment of premiums for a certain fixed period of time as mentioned by the insurer, a surrender benefit is payable to him/her.
    Plan name Entry age Cover age Premium
    SUD Life New Aashiana Suraksha Minimum: 18 years Maximum: 65 years Maximum: 75 years The premium payable depends on factors such as the sum assured, premium payment mode, etc.

    SUD Life Shiksha Suraksha 2 Plan

    This a single premium credit life insurance plan specifically designed for those who borrow loans for higher education. It ensures that the burden of repaying the loan, in case the borrower passes away, is not passed on to his/her family. The minimum sum assured of the plan is Rs.25,000 and the maximum is Rs.5 crore. The minimum group size required by the plan is 50 members.

    Benefits and features of SUD Life Shiksha Suraksha 2 Plan

    • Death Benefit: On the demise of the life assured, the sum assured is paid to the nominee as the death benefit.
    • Maturity Benefit: This plan does not provide any maturity benefit.
    • Surrender Benefit: The surrender benefit payable to the policyholder in case he/she surrenders the policy is the higher amount of the guaranteed surrender value and special surrender value.
    Plan name Entry age Maturity age Premium
    SUD Life Shiksha Suraksha 2 Plan Minimum: 15 years Maximum: 65 years Maximum: 70 years The single premium payable depends on the sum assured chosen, entry age, etc.

    SUD Life’s Loan Suraksha Plan

    This is another single premium group term insurance plan. The plan offers financial security to the policyholder’s family in case of untimely death of the policyholder so that they do not have to worry about clearing the policyholder’s outstanding loan amount. The minimum sum assured a prospective buyer is expected to choose depends on the type of loan he wishes to avail protection against. The maximum sum assured that can be chosen is Rs.100 crore.

    Benefits and features of SUD Life’s Loan Suraksha Plan

    • Death Benefit: The death benefit amount payable on the death of the life assured depends on whether the death occurs after or before the moratorium period and whether the interest is being paid during the moratorium period or not.
    • Maturity Benefit: No maturity benefit is payable under this plan.
    • Surrender Benefit: The greater amount of the guaranteed surrender value and special surrender value is paid as the surrender benefit to the policyholder.
    Plan name Entry age Maturity age Premium
    SUD Life’s Loan Suraksha Plan Minimum: 18 years Maximum: 65 years Maximum: 70 years The single premium payable depends on the sum assured chosen, entry age, etc.

    Group retirement benefit plan

    This is a beneficial retirement benefit plan that helps employers systematically plan to manage the gratuity and leave encashment benefits to be provided to employees. The plan allows the master policyholder to make investments in 4 different policy fund types – Group Growth Fund, Group Balanced Fund, Group Debt Fund, and Group Money Market Fund. The sum assured is fixed at Rs.1,000 per member. The minimum group size for the plan is 10 members.

    Benefits and features of Group retirement benefit plan

    • Death Benefit: In case of death of a member of the group, the sum assured plus gratuity/leave encashment benefit is payable.
    • Non-death Benefit: In case a member of the group retires, resigns, or is terminated from employment, he/she will be provided with the gratuity/leave encashment benefit as mentioned in the scheme rules.
    • Surrender Benefit: On surrender of the policy by the master policyholder, the fund value is provided to him/her as the surrender benefit.
    Plan name Entry age Maturity age Contribution
    Group retirement benefit plan Minimum: 18 years Maximum: 79 years Maximum: 80 years Minimum: Rs.1 lakh Maximum: No limit

    SUD Life Pradhan Mantri Jeevan Jyoti Bima Yojana

    This is a yearly renewable group term insurance plan that can be availed by any individual who has a savings account in one of the partnered banks. The plan offers financial protection to the life insured’s family against the risk of his/her untimely demise. The sum assured amount is fixed at Rs.2 lakh per member. A minimum of 10 members is required in each group policy.

    Benefits and features of SUD Life Pradhan Mantri Jeevan Jyoti Bima Yojana

    • Death Benefit: In case of unfortunate death of the life assured, the sum assured amount equal to Rs.2 lakh is paid to the nominee of the policy.
    • Maturity Benefit: This plan does not provide any maturity benefit.
    • Surrender Benefit: No surrender benefit is payable on surrender of the policy by the master policyholder.
    Plan name Entry age Maturity age Premium
    SUD Life Pradhan Mantri Jeevan Jyoti Bima Yojana Minimum: 18 years Maximum: 50 years Maximum: 55 years The premium payable depends on factors such as the sum assured, premium payment mode, etc.

    SUD Life Group Term Insurance Plus

    This is a yearly renewable group plan that provides life cover to the members of the group. The minimum sum assured for each member is Rs.5,000. For members of group term insurance schemes in lieu of Employees’ Deposit Linked Insurance (EDLI), the minimum sum assured is Rs.3.62 lakh per member. The maximum sum assured, on the other hand, is Rs.50 crore per member of the group policy. While the minimum group size is 50 members, for compulsory employer-employee groups, the minimum size is 10 members. For members of group term insurance schemes in lieu of EDLI, the minimum group size is 10 members.

    Benefits and features of SUD Life Group Term Insurance Plus

    • Death Benefit: Upon the death of the life assured, the sum assured is payable as the death benefit.
    • Maturity Benefit: No maturity benefit is available under this plan.
    • Surrender Benefit: Surrender benefit is not payable if the policy is surrendered.
    Plan name Entry age Maturity age Premium
    SUD Life Group Term Insurance Plus Minimum: 18 years Maximum: 79 years for employer-employee groups, 64 years for non employer-employee groups The maximum entry age for members of group term insurance in lieu of EDLI is as per the Employees’ Deposit Linked Insurance Scheme, 1976. Maximum: 80 years for employer-employee groups, 65 years for non employer-employee groups The maximum maturity age for members of group term insurance in lieu of EDLI is as per the Employees’ Deposit Linked Insurance Scheme, 1976. The premium payable depends on the sum assured, mode of payment, etc.

    SUD Life Group Term Insurance Scheme in lieu of EDLI

    This is a group term insurance plan that provides life cover to employees who are included in the Employees Provident Fund scheme. The plan provides financial protection to employees at a low cost. The minimum sum assured under the plan is Rs.1.32 lakh and the maximum is Rs. 10 lakh.

    Benefits and features of SUD Life Group Term Insurance Scheme in lieu of EDLI

    • Death Benefit: The death benefit equal to the sum assured is payable to the beneficiary of the policy.
    • Maturity Benefit: The policy does not provide any maturity benefits.
    • Surrender Benefit: No surrender benefit is payable on surrender of the policy.
    Plan name Entry age Maturity age Premium
    SUD Life Group Term Insurance Scheme in lieu of EDLI Minimum: 18 years (Not applicable) The premium payable depends on factors such as the sum assured, premium payment mode, etc.

    Why choose Star Union Dai-ichi Group Plans?

    Star Union Dai-ichi Life is a popular life insurance company that was formed by the partnership of three institutions – Bank of India, Union Bank of India, and Dai-ichi Life. While Bank of India and Union Bank are popular banking institutions in India, Dai-ichi Life is a well-established life insurance company based in Japan. The vision of the company is to remain a trustworthy insurance partner for a lifetime. The firm has won several awards over the years and takes part in several CSR activities as well. They offer an array of insurance products for individuals as well as groups under various categories like term plans, retirement plans, child plans, wealth plans, etc.

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