SUD Life New Aashiana Suraksha Plan is a non-linked group insurance plan which aims to provide protective cover to consumers who have taken loans such as mortgage loans, etc. This plan is right for those who want to protect their family against loan sharks especially if he or she is not around. Apart from covering the loan amount, this plan also provides you with various benefits including tax benefits.
To buy the SUD Life New Ashiana Suraksha Plan, one has to meet the eligibility criteria set by the insurer. The eligibility criteria for this plan are given in the table below:
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Minimum Cover Age||75 years|
*Ages mentioned above are as on the policyholder’s last birthday.
Sum Assured is the minimum amount the insurer will pay to the insured. The sum assured won’t contain any benefits or bonuses he/she might be entitled to. Similarly, premium to be paid will depend on the policy term, sum assured and the premium payment term. The premium payable will be decided at the inception of the policy. The relevant information on sum assured and premium for this plan are given in the table below:
|Minimum Sum Assured||Rs.5 lakh|
|Maximum Sum Assured||Rs.100 crore|
|Premium Payment Mode||Monthly or Yearly|
|Minimum Moratorium Period||6 months|
|Maximum Moratorium Period||24 months|
* Premiums will vary based on age, location, plan term, GST, and other factors.
|Death Benefit||In the event of the insured’s death, the death benefit payable will be:
|Maturity Benefit||There is no maturity benefit payable under this plan.|
There are no riders or add-on plans associated with this policy.
Exclusions – What the Star Union Dai-Ichi Life New Aashiana Suraksha Plan does not cover
If the insured commits suicide within one year of the date of purchase or revival of the policy, the nominee will be paid 80% of the total premiums paid provided the policy is still in effect.
Other Key Features
|Grace Period||A grace period of 30 days is given for yearly mode of premium payment and 15 days for monthly payment.|
|Free Look Period||A free look period of 15 days is given.|
|Nomination||Nomination is allowed under Section 39 of Insurance Act,1938.|
|Assignment||Assignment is allowed under Section 38 of Insurance Act,1938.|
You are eligible for tax benefits under Section 80C and Section 10(10D) of The Income Tax Act, 1961.
Apart from the tax benefits, this particular plan provides you with various other facilities.
SUD Life New Aashiana Suraksha Plan aims to provide cover to those who have undertaken a loan and hence protect their family from the loan sharks incase they are not around. Apart from that, the insured can enjoy various benefits especially the tax benefits. This insurance ensures that incase of the policyholder's’ death the loan amount is cleared thus ensuring that his/her family doesn’t suffer from a financial point of view in his/her absence.
Star Union Dai-Ichi is a joint venture between Bank of India, Union Bank of India and Dai-Ichi Life Insurance, Japan. Considered as one of the strong players in the insurance industry, it is one of the best companies known to take care of their customers as they enjoy a 96% success rate in addressing their consumers’ grievances. Apart from that, one can also purchase various insurance plans offered by the company online thus making the whole experience of purchasing a policy simple.
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