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  • Star Union Dai-Ichi Life Group Savings Linked Insurance Scheme

    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 Star Union Dai-Ichi Life Group Savings Linked Insurance scheme is a 1 year renewable group scheme. Under the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme, a portion is used for insurance coverage and the rest is accumulated separately, year to year. Upon retirement, exit from the group or demise, the contributions used for savings along with the interest are returned. The Star Union Dai-Ichi Life Group Savings Linked Insurance scheme offers additional coverage with the Star Union Dai-Ichi Life Group Accidental Death and Dismemberment Benefit Rider, and Star Union Dai-Ichi Life Group Critical Illness Benefit Rider. This plan can help to insure both unorganized (self-help) and organised (employee-employer) groups. Added advantages can be availed under the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme for accumulation of savings.

    Eligibility – Who is the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme for?

    In order to be eligible for the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for Eligibility
    Minimum age at entry 18 years
    Maximum age at entry 59 years
    Maximum age at maturity 60 years
    Term of the policy 1 year (renewable after that)
    Minimum size of the group 50 members
    Maximum size of the group No limit

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

    Sum Assured – It is the amount that is paid to the policyholder by the insurer at the time of the policy maturity. In case the policyholder encounters death in an unfortunate event and policy is still active, the sum assured is received by the legal heir or nominee of the insured person. The minimum sum assured for the organised sector under the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme is Rs.100,000. There is no maximum limit for sum assured for the organised sector. For the unorganised sector, the minimum sum assured stands at Rs.50,000. The minimum sum assured under the Star Union Dai-Ichi Life Group Accidental Death and Dismemberment Benefit Rider is Rs.10,000 and the maximum sum assured stands at Rs.50 lakh. The minimum sum assured for Star Union Dai-Ichi Life Group Critical Illness Benefit Rider is Rs.10,000 and the maximum sum assured under this rider is Rs.20 lakh.

    Minimum Sum Assured for organized sector Rs.100,000
    Maximum Sum Assured for organized sector No limit
    Minimum Sum Assured for unorganized sector Rs.50,000
    Maximum Sum Assured for unorganized sector No limit
    Minimum Sum Assured for the Star Union Dai-Ichi Life Group Accidental Death and Dismemberment Benefit Rider Rs.10,000
    Maximum Sum Assured for the Star Union Dai-Ichi Life Group Accidental Death and Dismemberment Benefit Rider Rs.50 lakh
    Minimum Sum Assured for the Star Union Dai-Ichi Life Group Critical Illness Benefit Rider Rs.10,000
    Maximum Sum Assured Star Union Dai-Ichi Life Group Critical Illness Benefit Rider Rs.20 lakh

    Premiums – It is the amount that the policyholders pays at one go or at regular intervals to keep the insurance policy active. For the unorganized sector, premiums must be paid in yearly payment mode. However, for the organized sector, premiums can be paid in monthly, quarterly, semi-annually and annual modes. The minimum annual contribution that must be made by the policyholder under the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme is Rs.1,200 per annum. There is no maximum limit on the annual contribution with this policy.

    Minimum annual contribution Rs.1,200
    Maximum annual contribution No limit
    Premium payment mode for unorganized sector Annual
    Premium payment modes for organized sector Monthly, quarterly, semi-annual or annual

    Disclaimer – Premiums may vary depending upon factors like age, location, term of the plan, etc.

    Plan Coverage – What the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme covers

    Death Benefit In case the member encounters death, the nominee or the beneficiary receives the accumulated savings along with the insurance portion.
    Resignation, Maturity or Exit The member receives the accumulated savings upon exit, resignation or maturity.
    Accidental Death If the member opts for the Star Union Dai-Ichi Life Group Accidental Death and Dismemberment Benefit Rider, an additional amount of death benefit is received by the beneficiary or nominee of the member.
    Accidental Dismemberment If the member opts for the Star Union Dai-Ichi Life Group Accidental Death and Dismemberment Benefit Rider, a proportional sum as per the table below will be paid to the member depending on the dismemberment’s nature.
    Event Assured Rider Sum
    Loss of speech 50%
    Loss of hearing (one ear) 15%
    Loss of hearing (both ears) 75%
    Loss of hearing and loss of speech 100%
    Loss of one limb or loss of use of one limb 50%
    Loss of one limb or loss of use of both limb 100%
    Loss of sight (both eyes) 100%
    Loss of sight (one eye) 50%
    Accidental Death 100%
    Surrender Benefit If the Master Policy is surrendered in the middle of a financial year, Interim Interest is credited. Surrender penalty is charged in case of policy surrender during the second policy year.
    Critical Illness Benefit If the member opts for the Star Union Dai-Ichi Life Group Critical Illness Benefit Rider, sum assured under the rider will be paid to the member upon diagnosis of one of the following illnesses:
    • Coma
    • Multiple Sclerosis
    • Major Organ Transplant
    • Heart Valve Surgery
    • Kidney Failure
    • Stroke
    • Coronary Artery Bypass Graft
    • Heart Attack (Myocardial Infarction)
    • Cancer

    Riders / Add-on Plans – Additional cover under the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme

    Add-on plans or rider plans are known to enhance the base policy for the policyholder by offering extra protection. The riders that can be availed with the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme are mentioned below:

    • Star Union Dai-Ichi Life Group Critical Illness Benefit Rider (not available for organized sector)
    • Star Union Dai-Ichi Life Group Accidental Death and Dismemberment Benefit Rider

    Exclusions – What the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme does not cover

    Suicide Exclusion – In case the insured person commits suicide within a period of one year from the commencement date of the policy, whether insane or sane, the plan gets forfeited and the nominee does not receive any benefits under the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme.

    45 days exclusion – The insurer does not offer any claim amount during the first 45 days from the commencement date of the policy.

    Exclusions under Riders:

    In case dismemberment or death occurs due to committing suicide, within a period of 1 years from the commencement date of the rider policy, whether insane or sane, the rider will get lapsed. Benefits will not be paid under this policy anymore.

    Exclusions under the Star Union Dai-Ichi Life Group Accidental Death and Dismemberment Benefit Rider:

    • War, terrorism, civil war, insurrection, revolution, rebellion, invasion, etc.
    • Serving in the police department, armed forces or the country during a war.
    • Insured individual taking active part in strike, riot, unlawful or criminal act and civil commotion.
    • Absorbing or taking drug, intoxicating liquor, medicine, narcotic, poison or sedative that has not been prescribed by a medical practitioner.
    • Taking part in aviation other than as legitimate passenger on a plane that has been authorized by relevant regulations for carrying passengers from one established airport to another.
    • Taking part in any hazardous sport like riding, diving, hunting, parachuting, mountaineering, martial arts, bungee jumping, etc.
    • Getting exposed to explosive, radioactive or other hazardous materials or contamination by any nuclear fuel material.

    Exclusions under the Star Union Dai-Ichi Life Group Critical Illness Benefit Rider:

    • Diseases that occur due to HIV infection.
    • Diseases that already occurred in the life of the insured individual.
    • Any disease that happens within a period of 6 months from the commencement of the coverage. This particular conditions is applicable at the time of reinstatement or joining only. The condition is not applicable at time of policy renewal.
    • A disease that proves to be fatal for the insured within the survival period of 30 days. It time measured from occurrence date of the illness.
    • Any congenital condition.
    • Attempted suicide or self-inflicted injury, while insane or sane.
    • War, terrorism, civil war, insurrection, revolution, rebellion, invasion, etc.
    • Serving in the police department, armed forces or the country during a war.
    • Insured individual taking active part in strike, riot, unlawful or criminal act and civil commotion.
    • Absorbing or taking drug, intoxicating liquor, medicine, narcotic, poison or sedative that has not been prescribed by a medical practitioner.
    • Taking part in air force, military or naval operations when there is no war.
    • Taking part in aviation other than as legitimate passenger on a plane that has been authorized by relevant regulations for carrying passengers from one established airport to another.
    • Taking part in any hazardous sport like riding, diving, hunting, parachuting, mountaineering, martial arts, bungee jumping, etc.
    • Getting exposed to explosive, radioactive or other hazardous materials or contamination by any nuclear fuel material.

    Other Key Features

    Grace Period For the payment of contribution the insurer allows the policyholder to avail a grace period of 15 days under the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme. In case the policyholder encounters death within the grace period, the death benefit will be paid to the nominee of the insured if only the renewal contribution or unpaid contribution has been cleared.
    Revival The Star Union Dai-Ichi Life Group Savings Linked Insurance scheme can be revived within a period of 2 years from the date of first unpaid premium.
    Reinstatement When the term of the master policy ends, it can be renewed. In case the renewal is not done within the grace period, the rider cover ceases and the policy gets lapsed.

    Tax Benefits – How you can save under the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme

    Tax benefits can be enjoyed by the policyholder with the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme under prevailing tax laws.

    Why you should buy the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme from Star Union Dai-Ichi Life Insurance Company

    Star Union Dai-Ichi Life Insurance Company is a joint venture of Dai-Ichi Life, Union Bank of India and Bank of India. Star Union Dai-Ichi Life Insurance Company is committed towards providing great insurance solutions to various strata of the society. The insurance solutions offered by this organisation comes with immense flexibility and innovation. They are designed to cater to the needs and requirements of the customers. Under the Star Union Dai-Ichi Life Group Savings Linked Insurance scheme, a portion is used for insurance coverage and the rest is accumulated separately, year to year. Upon retirement, exit from the group or demise, the contributions used for savings along with the interest are returned. The Star Union Dai-Ichi Life Group Savings Linked Insurance scheme offers additional coverage with the Star Union Dai-Ichi Life Group Accidental Death and Dismemberment Benefit Rider, and Star Union Dai-Ichi Life Group Critical Illness Benefit Rider. This plan can help to insure both unorganized (self-help) and organised (employee-employer) groups.

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