The Premier Protection Plan from Star Union Dai-Ichi (SUD) Life Insurance is a non-linked, non-participating, term insurance policy. This plan helps individuals secure the lives of the policyholder’s dependents by paying out a large, lump sum death benefit, if something untoward were to happen to them. Further, this policy also allows you to claim a high sum assured premium rebate, thereby reducing your total premium payable.
This is a very affordable insurance policy. The monthly premiums start at Rs.500. In addition, you can further customise your coverage by opting for the SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional. You can claim tax rebates for premiums paid and monetary benefits received due to the policy.
Before you can purchase the policy, you will have to ensure that you meet the eligibility criteria that is pre-defined by the insurer.
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||60 years|
|Maximum age at maturity||70 years|
*Ages mentioned above are as on the policy buyer’s last birthday.
You will have to choose a sum assured that falls within the insurer’s set limits, when you purchase an insurance policy. This is the amount that will be paid to the nominee if the policyholder passes away during the policy tenure. Hence, it is vital that you choose this coverage amount with utmost consideration. A sum assured that’s too less will do little to help your family in their time of need.
|Minimum Sum Assured||Rs.25 lakh|
|Maximum Sum Assured||Rs.100 crore|
The Premier Protection Plan is a low-cost plan, but guarantees a high sum assured. You will have to pay your premium regularly to keep the policy running. A few particulars about the policy term and premiums are mentioned in the table below.
|Minimum term of the policy||10 years|
|Maximum term of the policy||30 years|
|Premium Payment Term||Same as the policy term|
|Premium Payment Mode||
|Minimum Premium Amount||
*Premiums vary based on age, location, plan term, GST, and other factors
Plan Coverage - What the SUD Life Premier Protection Plan covers
|Death Benefit||If the policyholder passes away during the policy tenure, the nominee will be paid the entire sum assured amount. Post this, the policy will terminate.|
Riders/Add-On Plans – Additional coverage under the SUD Life Premier Protection Plan
While your base plan might provide you sufficient protection, you can choose to further enhance this coverage with an add-on rider. Considering how common road accidents have become, you can purchase the SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional and enjoy additional protection during the policy tenure. The rider sum assured will help meet the immediate and long-term financial needs of your family, in the event of an accident. The policy guarantees payment of 100% of the Rider Sum Assured if the life assured passes away during the policy term, and 10 equal bi-annual instalments if the life assured suffers from permanent disability due to the accident. Each instalment will be calculated by multiplying the Rider Sum Assured with 10%. The rider will be active for the duration of the base policy’s tenure.
The Premier Protection Plan comes with a suicide clause. If the member commits suicide within 12 months from when the policy was issued, revived, or reinstated, the sum assured will not be paid. Instead, the insurer will return 80% of the premiums paid during the policy year to the nominee. Also, individuals who work in high-risk/hazardous occupations may have to pay a higher premium due to their increased mortality risk.
|Policy Lapse||Policies will lapse if one hasn’t paid the due premium before the end of the grace period.|
|Surrender Benefit||No surrender value will be paid if you surrender your policy.|
|Policy Loan||The life assured cannot take a loan against this policy.|
|Revival||Policies can be revived any time before 2 years from the date of the first unpaid premium. You will need to submit a revival request, pay all unpaid premiums with the due applicable rate of interest, and submit a certificate proving your good health.|
|Free-Look Period||Policies can be returned during the free-look period, if the buyer is not satisfied with the terms and conditions. The general free-look period is 15 days, and the free-look period for policies purchased through distance marketing is 30 days.|
|Premium Rebates||On opting for a high sum assured, you can claim a rebate on the overall premiums. You can also claim a rebate if you opt for the SI/ESI mode of premium payment.|
Income tax benefits, as per Section 80C and 10(10D), Income Tax Act, 1961, are applicable to the premiums paid and benefits received. Since tax laws can change without prior notice, one must ensure to consult with a tax consultant.
While the policy comes with its own set of benefits, here are a few other advantages of being a customer of Star Union Dai-Ichi Life.
The Premier Protection Plan from SUD Life offers customers an affordable means to secure the lives of their loved ones, in case an unfortunate eventuality occurs. While the low premiums won’t cause a dent in your savings, the high payout makes this plan an extremely smart choice. Further, the policy comes with a customisable policy tenures, ensuring you can purchase the policy for your desired coverage term.
Star Union Dai-Ichi, a joint venture between Union Bank of India, Bank of India, and Dai-Ichi Life, is one of the top insurance companies in India. While India-based JV partners, Union Bank of India and Bank of India, provide the insurer a network of over 11,000 branches at their disposal, Japan-based insurer Dai-Ichi Life is well-renowned for their asset management, product knowledge, etc. Star Union Dai-Ichi Life has a growing consumer base, and currently serves around 64 million customers.
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