"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Star Union Dai-Ichi Life Family Income Benefit Rider 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

    Safeguarding his/her family’s financial situation is what every individual aspires to do. This is especially necessary in the unpredictable world that we live in today. One of the best ways to do so, is to avail a life insurance plan. Additionally, if individuals wish to enhance their cover, they have the option of procuring a rider. Riders provide additional cover to an existing insurance plan so that there is additional protection and benefits.

    One of the foremost providers of insurance in the country, Star Union Dai-Ichi Life presents the Family Income Benefit Rider - Traditional which provides additional financial cover to the policyholder’s family in case of the Life Insured’s untimely demise. This rider acts as a protection against all liabilities that arise out of such a situation. Through the Income Benefit Rider - Traditional, the policyholder’s family can avail a monthly income for a fixed tenure of 10 years.

    This plan is offered in the form of an add-on benefit to the base policy and can be attached to the policy either at policy commencement or on a policy anniversary.

    Eligibility - Who is the Star Union Dai-Ichi Life Family Income Benefit Rider Plan for?

    In order to avail the above insurance plan, policyholders will have to meet the following eligibility criteria:

    Minimum Age of Entry (in years) 18
    Maximum Age of Entry (in years) 60
    Maximum Age of Maturity (in years) 65 or maturity age of the base plan, whichever is lower.
    Minimum Policy Tenure
    • Regular and Single Pay - 5 years
    • Limited Pay - 3 years plus premium payment tenure
    Maximum Policy Tenure 30 years

    All ages are as on the last birthday of the policyholder.

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

    Rider Sum Assured:

    Sum Assured is dependent on a number of factors such as premium that is paid, location and so on. Customers should note that the Rider benefit will not exceed the Sum Assured under the base policy to which this particular rider has been attached.

    Additionally, the maximum amount of Sum Assured that is allowed under this particular rider is based on the condition that all premiums for every rider that is not health related, that has been attached to the base policy, will not be over 30% of the base plan’s premium.

    The Rider Sum Assured amount will have to mandatorily be in multiples of Rs.1,000.

    Minimum Rider Sum Assured Rs.1,00,000 per policy
    Maximum Rider Sum Assured Rs.50,00,000 per policy

    Premium Range:

    The premium range varies based on the Rider Sum Assured chosen, policy tenure and so on.

    Premium Payment Tenure
    • Single
    • Regular - Equal to policy tenure
    • Limited - 5 years to 25 years
    Premium Payment Mode Single/Annual/Semi-Annual/Quarterly/Monthly (only under SI/ECS mode)

    Customers will have to note that premiums may vary based on policy tenure, location and age of the policyholder, among other factors.

    Plan Coverage - What the Star Union Dai-Ichi Life Family Income Benefit Rider Plan covers

    Rider Benefit Under this option, 10% of the Rider Sum Assured amount will be paid to the nominee as long as the rider is in force on the death date of the Life Assured. This amount will be paid each year for a period of 10 years. 10% of the Rider Sum Assured amount will be paid at the end of each policy month after date of death of Life Assured and will be paid continuously for a period of 10 years. This benefit will be paid over and above all benefits that will paid via the base plan.
    Maturity Benefit This benefit is not payable under this rider.

    Exclusions - What the doesn’t Star Union Dai-Ichi Life Family Income Benefit Rider Plan cover?

    There are no exclusions under this plan per say. However, if the policyholder commits suicide within a period of 12 months from rider inception, whether sane or insane, the cover of the rider will be null and void and the policyholder’s nominee will receive a sum of 80% of all the premiums that have been paid, as long as the policy is in force. This does not include taxes and additional premiums.

    In case the policyholder commits suicide within a period of 12 months from date of reinstatement of the policy, whether sane or insane, the cover of the rider will be null and void and the policyholder’s nominee will receive a sum of 80% of all the premiums that have been paid, as long as the policy is in force. This does not include taxes and additional premiums.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Free look period In case the policyholder is not satisfied with the terms and conditions of the plan, he/she has the option to return the same along with stated reasons, within a period of days from date of receipt of the rider. In case the policy has been acquired through distance marketing methods, policyholders will have a period of 30 days to return the policy. Distance marketing refers to a method of selling that does not involve face-to-face communication.
    Policy Loan This option is not available under this rider.
    Rider Cover Termination In case any of the following events occur, the Rider cover will terminate-
    • Lapse of Rider Policy
    • Completion of the Rider Policy Term
    • Surrender or Lapse of base policy
    • Date of intimation of death of policyholder
    Rider Policy Termination In case any of the following events occur, Rider policy will terminate -
    • Date on which the base policy is surrendered
    • Date on which the last monthly income benefit is paid
    • Surrender or cancellation of Rider policy
    • Death of policyholder
    • Coverage under the base policy expires due to claim settlement or maturity
    Assignment Assignment is allowed as per provisions of Section 38 of the Insurance Act of 1938, as changed from time to time.
    Nomination Nomination is allowed as per provisions of Section 39 of the Insurance Act of 1938, as changed from time to time.
    Service Tax Cess and Service Tax are charged based on the rules imposed by the Government of India.

    Tax Benefits – How you can save with the Star Union Dai-Ichi Life Family Income Benefit Rider Plan

    Based on ongoing laws, policyholders can avail income tax benefits on this plan based on Section 80C and Section 10(10D) of the Income Tax Act of the 1961. However as these laws are liable to change from time to time, customers are advised to talk to their tax advisors prior to availing this rider.

    Other Benefits – How you can save with the Star Union Dai-Ichi Life Family Income Benefit Rider Plan

    In addition to the sheer number of advantages offered by this rider plan, there are additional benefits that Star Union Dai-Ichi Life provides its customers. Some of these include:

    • Meet an Advisor - Customers can provide their location details and avail the services of advisor to help guide them regarding insurance plans.
    • Customer Care - Star Union Dai-Ichi Life boasts of a robust customer care service to help customers with regard to any of their queries and ensuring that their experience is smooth.
    • Premium Payment - Thanks to the state-of-the-art technology employed by Star Union Dai-Ichi Life, customers can pay their premium, renew their policy or even buy insurance plans online by visiting their website.

    Why you should buy the Family Income Benefit Rider Plan from Star Union Dai-Ichi Life?

    The Family Income Benefit Rider plan provides a number of advantages in addition to those provided by the base plan. Additional coverage, additional protection and numerous other benefits imply that this rider is one of the best options available to top up the coverage of the base plan.

    One of the top and renowned providers of insurance in the country, Star Union Dai-Ichi Life has its presence in more than 1,000 branches across the country. Affordable and hassle-free insurance policies are two of the many reasons why a large number of individuals procure policies from this company. A large number of regional rural banks are also sponsored by this company.

    This company combines the best features of Union Bank of India, Bank of India as well as Dai-Ichi Life and boasts of a high claim-settlement ratio of around 95% as of the years 2015-16.

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