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  • Star Union Dai-Ichi Retirement Plans

    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

    Retirement/Pension plans help individuals plan a financially secure future for themselves and their dependents. In most cases, retirement plans provide a regular stream of income to help individuals manage expenses. Also, it helps family members stabilise their lives when the life assured passes away.

    Star Union Dai-ichi offers three retirement/pension plans with varying features and benefits that aid individuals to save and provide for themselves during the post-retirement period.

    Benefits of Star Union Dai-ichi Retirement/Pension Plans

    • Free-look period: The insurer provides 15 days or 30 days as the free-look period during which the policyholder can review the terms and conditions of the policy. If the individual does not find the policy suitable, he/she may return the policy by providing the reason for the objection.
    • Grace period: A 30-day grace period is provided to the policyholder to pay the premium amount due.
    • Riders: The plans also offer certain riders such as the accidental death benefit rider to enhance the basic plan.
    • Tax benefits: Benefits under section 80C and section 10(10D) of the Income Tax Act, 1961 can be availed by policyholders.

    List of Retirement/Pension Plans offered by Star Union Dai-ichi

    Listed below are the three retirement/pension plans offered by the company:

    SUD Life Immediate Annuity Plus

    This is a non-linked immediate plan that provides a steady stream of income based on which of the two plan options the policyholder chooses.

    • Plan Option A: If the policyholder wishes to purchase immediate annuity from the policy proceeds of a national pension scheme/a deferred pension plan offered by Star Union Dai-ichi Life, or from savings, he/she may opt for this option. This option comes with 10 different annuity options.
    • Plan Option B: If the policyholder wishes to purchase immediate annuity from the proceeds of a reverse mortgage loan that is approved by a financial institution, he/she may opt for this option. This option offers two annuity options to choose from.

    While the minimum purchase price of the plan is Rs.1 lakh, there is no maximum limit.

    Benefits and features of SUD Life Immediate Annuity Plus

    • Death Benefit: On the death of the life assured, the death benefit is payable to the nominee. The death benefit amount payable under each of the plan options depends on the annuity option chosen.
    • Survival Benefit: The annuity is paid to the policyholder for a time period as mentioned in the policy.
    • Surrender Benefit: A surrender benefit is payable only if certain annuity options are chosen under each plan option. The terms of the policy direct whether or not a surrender benefit can be paid when a certain policy is surrendered.
    Plan name Entry age Maturity age Annuity amount
    SUD Life Immediate Annuity Plus Minimum: Differs based on plan option Maximum: 99 years -NA- Minimum: Varies based on the annuity payment mode and whether the individual is a SUD Life Pension plan policyholder or not Maximum: No limit

    SUD Life Guaranteed Pension Plan

    This is a non-linked deferred pension plan that helps an individual plan his/her future. The lump-sum payouts provided during retirement will help the individual manage planned or unplanned expenses incurred.

    Benefits and features of SUD Life Guaranteed Pension Plan

    • Death Benefit: In case of demise of the life assured, the death benefit payable to the nominee is the greater amount of 105% of total premium paid or the total premium amount paid including 6% interest compounded till the end of the month after the death of the life assured.
    • Vesting Benefit: If the life assured survives the complete policy term, the assured vesting benefit amount is paid to him/her.
    • Surrender Benefit: The surrender benefit payable to the policyholder is the higher amount of the guaranteed surrender value and special surrender value.
    Plan name Entry age Vesting age Premium
    SUD Life Guaranteed Pension Plan Minimum: Varies based on the policy term Maximum: 65 years Minimum: 55 years Maximum: 70 years Minimum: Varies based on premium paying term Maximum: Rs.5 crore

    SUD Life Assured Income Plan

    This is an endowment plan that pays a lump-sum as well as a regular payout in case of the demise of the life assured. It provides tax-free annual income and returns premiums at the end of the policy.

    Benefits and features of SUD Life Assured Income Plan

    • Death Benefit: The policyholder can choose either the lump sum benefit option, scheduled annual payouts option, or a combination of both.
    • Maturity Benefit: On survival of the life assured until the end of the term, all premiums paid will be returned to him/her.
    • Surrender Benefit: If the policy is surrendered after payment of premiums for two consecutive years, the greater of the guaranteed surrender value and special surrender value are payable to the life assured.
    Plan name Entry age Maturity age Premium
    SUD Life Assured Income Plan Minimum: 8 years Maximum: 55 years Maximum: 75 years The premium payable depends on factors such as policy term, sum assured, premium payment term, etc.

    Why choose Star Union Dai-ichi Life Insurance?

    Star Union Life Insurance is an amalgamation of Bank of India, Union Bank, and Dai-ichi Life. It is one of the leading life insurance companies that provides excellent customer service and has won awards in many categories. It presents many different plan types under various categories for individuals and groups. The company hosts many online features such as premium calculator, premium payment channel, human life value calculator, etc.

    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.

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