• Star Union Dai-Ichi Life Group Retirement Benefit 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

    One of the challenging tasks an employer has to perform is to manage their employee’s gratuity and leave encashments benefit. Star Union Dai-Ichi Life Insurance has a unique plan that is designed to help employers in India manage their funds efficiently.

    Star Union Dai-Ichi Life Group Retirement Benefit Plan is also a market-linked plan under which the policyholder can earn returns on investment in any one of the four investment funds. Under this plan, the master policyholder will have to contribute regularly towards the leave encashment and gratuity liability. The master policyholder will be given a choice to invest the funds in any one of the four investment options available under the Star Union Dai-Ichi Life Group Retirement Benefit Plan. When the employee retires or resigns, the insurer will redeem the units and pay for the gratuity or leave encashment.

    Eligibility – Who is the Star Union Dai-Ichi Life Group Retirement Benefit Plan for?

    To buy the Star Union Dai-Ichi Life Group Retirement Benefit Plan, one has to meet the eligibility criteria set by the insurer.

    Parameter Details
    Plan Type Non-participating group unit-linked insurance plan
    Minimum Entry Age 18 years
    Maximum Entry Age 79 years
    Maturity Age 80 years
    Policy Term 1 year. At the end of one year, the master policy can be renewed.

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

    Sum Assured – It is the amount that is received by the insured person at the time of maturity. In case the insured individual encounters death and the Star Union Dai-Ichi Life Group Retirement Benefit Plan is still active, the sum assured is received by the legal heir or a nominee assigned by the insured.

    Sum Assured Under the Star Union Dai-Ichi Life Group Retirement Benefit Plan, the sum assured is fixed of Rs.1,000 per member.
    Policy Term 1 year. At the end of one year, the master policy can be renewed.
    Payment Frequency Annual/semi-yearly/quarterly/monthly
    Minimum Contribution Rs.1,00,000
    Maximum Contribution No limit

    Plan Coverage – What the Star Union Dai-Ichi Life Group Retirement Benefit Plan covers

    Death Benefit In case of the unfortunate death of the insured within the policy term, a death benefit is payable. The death benefit payable will be Rs.1,000 which will be paid immediately on the death of the insured to the master policyholder. Apart from this, the gratuity or the leave encashment benefits will be payable.
    Non-death Benefit If the insured survives till the end of the policy term and either retires, resigns, or is terminated from the job, gratuity and leave encashment benefit will be taken from the fund value and will be paid to the policyholder.

    Riders/Add-on Plans – Additional coverage under the Star Union Dai-Ichi Life Group Retirement Benefit Plan

    Currently, the insurer does not offer any add-on plans with Star Union Dai-Ichi Life Group Retirement Benefit Plan. However, they may allow policyholders attach riders to this plan in the future. Please check with your insurer from time to time for the riders available.

    Exclusions – What the Star Union Dai-Ichi Life Group Retirement Benefit Plan does not cover

    There are no exclusions mentioned under the Star Union Dai-Ichi Life Group Retirement Benefit Plan.

    Other Key Features

    Grace Period Not applicable as the plan is renewed every year.
    Revival Plan has to be renewed annually.
    Free-look Period After buying the Star Union Dai-Ichi Life Group Retirement Benefit Plan, the policyholder will get 15 days to return the policy back to the insurer if they do not agree to the terms and conditions of the policy.
    Nomination Nomination can be made under this policy as per Section 39 of of The Insurance Act 1938.
    Assignment Assignment is allowed under Section 38 of The Insurance Act 1938
    Loan Under the Star Union Dai-Ichi Life Group Retirement Benefit Plan, loan facility is not available.
    Fund Options
    • Group Growth Fund
    • Group Balanced Fund
    • Group Debt Fund
    • Group Money Market Fund

    Tax Benefits – How you can save under the Star Union Dai-Ichi Life Group Retirement Benefit Plan

    Under this plan, tax benefits are available under Section 80C and Section 10(10D) of The Income Tax Act, 1961.

    Other benefits

    • Star Union Dai-Ichi Life Insurance Company has a dedicated customer service center that functions 24x7. You can get in touch with an insurance agent anytime from anywhere.
    • Policyholders can report a claim online anytime.
    • One can renew their policy online using the official Star Union Dai-Ichi Life Insurance Company website.
    • Customers can also get a free quote within a few seconds using the website.

    Why you should buy the Star Union Dai-Ichi Life Group Retirement Benefit Plan from Star Union Dai-Ichi Life?

    Star Union Dai-Ichi Life is a joint venture of Bank of India, Dai-ichi Life, and Union Bank of India. Star Union Dai-Ichi Life is one of the leading life insurance provider in India. They offer a wide range of insurance products at affordable prices. One can consider buying an insurance policy from Star Union Dai-Ichi Life as all their insurance products are innovative and are designed to offer the best benefits to the policyholder. They have a long-list of happy clients and have gained the trust of over 64 million customers across India.

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