Star Union Dai-Ichi Reverse Mortgage Loan- Annuity Plan is a great group immediate annuity insurance plan that extends annuity to the policyholders. With this plan, anybody who crosses the age of 60 can be financially independent and secure. If you are a senior citizen, you can reach out to the partner bank of Star Union Dai-ichi Life Insurance Co. Ltd., Central Bank of India, to get a reverse mortgage loan against your current property. Under this plan, the bank will be the master policyholder for the property and the bank will purchase the group annuity plan from the company for the policyholders.
This plan is specially designed for senior citizens. With this plan, a senior citizen can live peacefully after his or her retirement. He or she can focus on his health care needs, travelling needs, home care needs, and any other needs with this annuity plan.
|Minimum entry age||55 years (as on last birthday)|
|Maximum entry age||85 years (as on last birthday)|
|Maturity age||Information not provided|
This plan offers a fixed amount of funds for annuity payments for the entire life of the policyholder (the annuitant). It helps the policyholder who is a senior citizen to pay the home equity for his or her property either through a lump sum or through several payments. Under this plan, the senior citizen will not be required to repay the loan amount for the property. This loan needs to be repaid by the homeowner till the living space is sold, till the homeowner dies, or till the owner moves out the house to another place such as old age home, etc.
|Annuity payment||Once a month, once in 3 months, once in 6 months, and once a year|
|Minimum purchase price||Rs.500,000|
The premiums for this plan are reasonably priced.
Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
The Star Union Dai-Ichi Life Reverse Mortgage Loan Annuity Plan offers a range of 3 annuity options. You can choose any of these annuity options according to your convenience. The 3 annuity options include:
Annuity option 1: Life annuity at a constant rate
Annuity option 2: Life annuity with return of purchase price on death of the annuitant
Annuity option 3: Life annuity that rises by 5% each year with the return of purchase price that is payable on death
Your annuity installments will be determined by your age, the purchase price, and the annuity option that you have chosen. Once you become a member of this insurance plan, you will receive your first annuity installment according to the payment mode that you have chosen. You will get it 1 year, 6 months, 3 months, or 1 month after the annuity has been purchased.
|Type of benefit||Features of the benefit|
|Death benefit||Under this plan, when the annuitant dies, a death benefit will be paid to the master policyholder who will give it to the beneficiary. The benefit will be determined by the annuity option chosen by the annuitant. If annuity option 1 has been chosen, no death benefit will be given. If annuity option 2 and 3 have been chosen, the purchase price will be paid to the right nominee.|
|Bonus (if applicable)||This plan is non-participating in nature. However, when the investment return is higher than 6%, then 80% of the additional returns earned over 6% will be given to the annuitants automatically as a cash bonus. You will receive this bonus in the month of July.|
When an annuitant dies, the master policyholder will be required to fill and submit a claim form so that the company can make arrangements to pay back the purchase price. Under this plan, the master policyholder will create a list of the inclusions or eliminations of annuitants on a monthly basis.
If the life annuity option is chosen, then the policyholder will have to provide the existence certificates on a yearly basis 15 days before the policy anniversary date.
This plan does not offer any rider presently.
When this plan taken, if the policyholder commits suicide, then the nominee will not receive any death benefit if Option 1 is selected. If Option 2 or Option 3 is chosen, and if the annuitant commits suicide in 1 year after the policy commences, then only the purchase price will be paid to the nominee.
Barring the above-mentioned benefits offered by the Star Union Dai-Ichi Life Reverse Mortgage Loan Annuity Plan, you can also enjoy a few other significant features:
|Nomination||This plan enables you to nominate another person to collect your benefits of the policy. This is done according to the Section 39 of the Indian Insurance Act, 1938.|
When you take an insurance plan, you will generally earn tax benefits as per the Income Tax Act, 1961 under Section 80C. You can check with your insurance advisor if you will earn tax benefits under this plan.
Star Union Dai-Ichi Life Insurance is a growing insurance provider that is focused towards delivering advanced and accurate insurance services. The company aims to offer excellent quality insurance in order to help people face unforeseen situations fearlessly. The company has set great records in settling claims in a timely manner. With the Reverse Mortgage Loan Annuity Plan from Star Union Dai-Ichi Life Insurance, you can be assured that you will have a decent lifestyle even after you retire from your job after years of selfless dedicated service. The annuities offered by this plan will help you meet your needs easily.
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