The Guaranteed Money Back Plan from Star Union Dai-Ichi is a traditional, savings cum protection, money-back policy. Under this plan, the policyholder is entitled to receive a guaranteed lump sum survival benefit, which will be equal to 200% of the annual premiums, every five years. Also, if the life assured meets with an untimely death, the insurer will pay the nominee the complete sum assured amount with the inclusion of the accrued guaranteed additions.
Your premium will vary based on your sum assured, policy term, and age. Policyholders who opt for a sum assured equal to or over Rs.5 lakh can claim a rebate and enjoy a discount on the premium. Further, you can also purchase the SUD Life Accidental Death and Total & Permanent Disability Benefit Rider - Traditional and the SUD Life Family Income Benefit Rider - Traditional, in order to enhance your base policy. Tax benefits, as per prevailing tax laws, will be applicable.
Before you can purchase the Guaranteed Money Back Plan, you will need to ensure that you meet the insurer’s pre-defined eligibility criteria.
|Parameters||Criteria for eligibility|
|Minimum age at entry||13 years|
|Maximum age at entry||50 years|
|Maximum age at maturity||
*Ages mentioned above are as on the policy buyer’s last birthday.
As a policy buyer, you will have to choose your sum assured at the time of purchasing the policy. Since your coverage is for the sum assured amount, and this is what you or your nominee will be paid, you will have to ensure that you opt for an optimum amount after considering your family’s needs, liabilities, etc. Regardless of any eventuality, your sum assured should be sufficient for you and your family in the future.
|Minimum Sum Assured||Rs.3 lakh|
|Maximum Sum Assured||Rs.10 crore|
The premium is a certain amount of money that you pay on a regular basis to the insurer, in order to enjoy the coverage accorded by your insurance policy. Usually, several factors are linked to your premium amount. Certain details about your policy tenure and the modes of premium payment are listed in the table below:
|Premium Payment Term||10 years|
|Premium Payment Mode||
|Premium Amount||Premiums will vary based on policy buyer’s age, sum assured, and the policy tenure|
* Premiums vary based on age, location, plan term, GST, and other factors
|Survival Benefit||If the life assured member survives up to the specified policy anniversaries, the insurer will pay a survival benefit, which will amount to 200% of the annual premium.
|Maturity Benefit||The full sum assured amount including the Guaranteed Accrued Additions, minus the survival benefits paid till date, will be paid to the policyholder at maturity of the policy.|
|Death Benefit||If the life assured meets with an untimely death, the insurer will pay the nominee the full sum assured and the Accrued Guaranteed Additions. Policy will terminate after the death benefit is paid.|
Riders/Add-On Plans – Additional coverage under the Guaranteed Money Back Plan
It is always a smart idea to enhance your base policy by purchasing additional riders. You can purchase the two riders listed below to customise your coverage.
Purchasing this rider is a smart way to protect one’s family from the financial repercussions of an accident. In the event of the policyholder’s accidental death, the insurer will pay 100% of the Rider Sum Assured to the nominee. Also, if the accident causes a permanent disability, the life assured is eligible to claim up to 10 bi-annual instalments. Each instalment will be equal to the total Rider Sum Assured times 10%. The minimum sum assured is Rs.10,000 and the maximum sum assured is Rs.50 lakh.
This rider can help secure one’s family financially, in case the life assured member passes away during the policy term. The minimum rider sum assured is Rs.1 lakh and the maximum rider sum assured is Rs.50 lakh. You will have to choose the rider sum assured while purchasing the rider. Upon the policyholder’s untimely demise, the nominee will receive 10% of the sum assured every year, for 10 consecutive years. The benefit will be payable in the form of a fixed monthly income.
This policy has a suicide clause. If the policyholder, in a sane or insane state of mind, commits suicide within 1 year of purchasing the policy or reviving the policy, the insurer will pay back 80% of the total premiums that were paid by the policyholder, to the nominee. No other benefit will be payable.
|Grace Period||In case you miss paying the premium within the due date, the insurer gives you a 30-day grace period, during which time you can pay your premium. For monthly premium payment mode, the grace period is reduced to 15 days.|
|Free-Look Period||Policies can be returned during the free-look period of 15 days, if the policy terms and conditions are deemed unsatisfactory. If you purchased your policy through distance marketing, you are provided a 30-day free-look period.|
|Policy Lapse||If the life assured has not paid at least the first 3 years’ premiums within the completion of the grace period, the policy will lapse.|
|Reduced Paid-Up Policy||If premium payments for at least the first three years have been paid and a subsequent premium is missed, the policy will become a reduced paid-up policy. The maturity benefit and death benefit will also change accordingly. Survival benefits and guaranteed accrued additions will not be paid for paid-up policies.|
|Surrender Value||The policy only acquires a surrender value if 3 full years’ premiums have been paid. The surrender value of your policy will be the higher of:
|Revival of Policy||To revive your lapsed or reduced paid-up policy, you will need to:
|Guaranteed Additions||Guaranteed additions, based on the schedule listed below, will be accrued at the end of every policy year, and will be paid with the maturity benefit/death benefit.
|Policy Loan||No loan against policy facility is provided to policy members.|
|High Sum Assured Rebate||For Sum Assured equal to or exceeding Rs.5 lakh, the insurer will pay a rebate on the premium rates.|
|Nomination||Nomination is allowed, as per Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is allowed, as per Section 38 of the Insurance Act, 1938.|
As per Section 80C and Section 10(10D), Income Tax Act, 1961, tax deductions can be claimed on the premiums paid towards the policy and the payout received in turn. While tax benefits are subject to the prevailing tax laws, it is important to remember that tax laws can change from time to time. Ensure you consult with a tax advisor for more information.
You can also pay your premiums by logging into the Customer Portal. Registered users can login into the Customer Portal with their user ID and password. New users will have to create a user ID by entering their client ID, contact details, policy number, and date of birth on the Customer Portal login webpage. Post this, the password will be sent to you by SMS or email, and you can continue to pay your premium.
The Guaranteed Money Back Plan offers members and their nominees several benefits, including a substantial survival benefit and a maturity or death benefit. In addition, the accrued guaranteed additions will also help you increase your corpus. Apart from the existing policy benefits, you are also given the option of customising your policy with additional riders.
Star Union Dai-Ichi Life Insurance is one of the leading life insurance companies in India. The insurer has a range of insurance policies on offer, including retail and group plans. The insurer’s varied product portfolio ensures that everyone is likely to find a suitable insurance policy. The insurer has serves over 64 million customers and has been felicitated with awards in several platforms.
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