• Star Union Dai-Ichi Life New Aashiana Suraksha 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

    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.

    Eligibility – Who is the Star Union Dai-Ichi Life New Aashiana Suraksha Plan for?

    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:

    Parameter Details
    Minimum Entry Age 18 years
    Maximum Entry Age 65 years
    Minimum Cover Age 75 years
    Policy Term  
    Premium Payment Term(PPT) Policy Term
    5 years 10 to 30 years
    7 years 10 to 30 years
    10 years 15 to 30 years
    Maturity Amount NA

    *Ages mentioned above are as on the policyholder’s last birthday.

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

    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:

    Parameter Details
    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.

    Plan Coverage – What the Star Union Dai-Ichi Life New Aashiana Suraksha Plan covers

    Death Benefit In the event of the insured’s death, the death benefit payable will be:
    • The sum assured which is the pending loan amount at time of death will be payable or
    • Incase the insured had take loan from any of the RBI regulated banks, the death benefit which is the loan amount pending at time of death will be paid as the loan amount.
    Maturity Benefit There is no maturity benefit payable under this plan.

    Riders/Add-on Plans – Additional coverage under the Star Union Dai-Ichi Life New Aashiana Suraksha 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.

    Tax Benefits – How you can save under the SUD Life New Aashiana Suraksha Plan

    You are eligible for tax benefits under Section 80C and Section 10(10D) of The Income Tax Act, 1961.

    Other benefits of the SUD Life New Aashiana Suraksha Plan

    Apart from the tax benefits, this particular plan provides you with various other facilities.

    • Know the products: You can browse through various products offered by SUD on their official website.
    • Purchase plan online: You can purchase the plan of your choice from SUD’s official website.
    • Manage your policy: You can manage your policy from the comfort of your house. Whether it’s paying your premium, filing your claim or making adjustments to your fund as per market movement, you can take care of your policy whenever you want, thus helping you save time.
    • Customer Service: SUD boasts of an extensive customer care support available for you 24x7. You can call them on their toll-free number or mail them incase you have any queries.

    Why you should buy the SUD Life New Aashiana Suraksha Plan ?

    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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