• Star Union Dai-Ichi Savings 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

    Savings plans offered by life insurance companies help individuals save their hard earned money along with availing protection against the risk of death. A savings plan ensures that the policyholder’s family does not have to make financial compromises at any point in time.

    Star Union Dai-ichi Life offers seven savings plans that offer death benefit, maturity benefit, guaranteed additions of varying percentages, regular payouts of varying frequencies and amounts, and certain bonuses like reversionary bonus and terminal bonus.

    Benefits of Star Union Dai-ichi Savings Plans

    • Grace period: The company provides a fixed period of time, starting from the premium due date, within which the policyholder can pay the premium amount that is due.
    • Free-look period: The policyholder is given a certain number of days at the beginning of the policy term to check the policy. If unhappy with the terms of the policy, one may return the policy to the insurer within the free-look period and receive a refund of the premiums paid.
    • Premium rebate for policies with high sum assured: On opting a high basic sum assured, the insurer will provide a rebate on the premium payable towards the policy.
    • Loan: A few of the policies offer the loan feature where the life assured can borrow a certain amount of money, provided the policy has acquired a surrender value.
    • Tax benefits: Policyholders qualify for tax benefits under sections 80C and 10(10D) of the Income Tax Act,1961.

    List of savings plans offered by Star Union Dai-ichi

    The insurance firm offers 7 savings plans, each with a unique feature:

    SUD Guaranteed Money Back

    This is a savings plan that helps individuals meet their short-term financial goals. The plan offers life cover as well as a lump sum benefit at maturity and guaranteed payouts equal to 200% of annual premium after completion of every 5 policy years. The plan also offers guaranteed additions every year and the amount depends on the policy term chosen. The sum assured amounts range from Rs.3 lakhs to Rs.10 crores.

    Benefits and features of Guaranteed Money Back Plan

    • Death Benefit: Upon the death of the life assured, the sum assured plus the guaranteed additions accumulated up to the death of the life assured is paid as the death benefit.
    • Maturity Benefit: If the life assured survives the policy term, a maturity benefit equal to the sum assured (minus any survival benefit paid) and guaranteed additions accumulated during the term of the policy is paid.
    • Surrender Benefit: If a policy is surrendered, the higher amount – guaranteed surrender value or special surrender value is paid as the surrender benefit. After payment of the surrender benefit, the policy terminates. The surrender benefit is payable only if the policyholder has paid all premiums for 3 consecutive policy years.
    Plan name Entry age Maturity age Premium
    SUD Guaranteed Money Back Minimum: 13 years Maximum: 50 years Maximum: Varies based on the policy term chosen. The premium payable is based on the sum assured, policy term, and age at entry.

    SUD Life Jeevan Ashray

    A non-linked savings plan, the Jeevan Ashray plan aims to financially protect the life assured’s family. The plan provides a death benefit as well as a maturity benefit. Individuals can choose a sum assured amount starting from Rs.2 lakh up to Rs.50 lakhs.

    Benefits and features of SUD Life Jeevan Ashray

    • Death Benefit: The death benefit payable to the nominee on the death of the life assured is the highest amount of – absolute sum assured, guaranteed maturity benefit, 105% of the total premium paid, and 10 times the annual premium.
    • Maturity Benefit: The guaranteed maturity benefit is paid if the life assured survives up to the date of maturity of the policy, provided all premiums are duly paid.
    • Surrender Benefit: The higher of the guaranteed surrender value and special surrender value is paid to the policyholder if he/she surrenders the policy. Policies acquire a surrender value only if all premiums are paid for the first 3 policy years. The policy terminates after payment of the surrender benefit.
    Plan name Entry age Maturity age Premium
    SUD Life Jeevan Ashray Minimum: 8 years Maximum: Varies based on the premium payment mode Maximum: 70 years The premium payable is based on the sum assured, policy term, and age at entry.

    SUD Life AAYUSHMAAN

    This is a non-linked plan that offers financial protection to the policyholder’s family for a lifetime. The death benefit, maturity benefit, riders, guaranteed additions and bonuses ensure that the individual’s family is financially secure. The minimum sum assured required by the policy is Rs.1.5 lakh and the maximum sum assured that can be opted for is Rs.1 crore.

    Benefits and features of SUD Life AAYUSHMAAN

    • Death Benefit: In case the life assured expired during the policy term, the death sum assured plus guaranteed additions and bonuses, if any, will be paid to the nominee. The death sum assured is the highest amount of – the absolute sum assured, guaranteed maturity benefit, or 10 times the annual premium.
    • Maturity Benefit: On reaching maturity, the sum assured plus guaranteed additions and bonuses, if any, is paid to the policyholder.
    • Surrender Benefit: The surrender benefit equal to the higher of the guaranteed surrender value and special surrender value is payable only if the life assured has paid all due premiums for 3 consecutive policy years. The policy is terminated after the surrender benefit is paid.
    Plan name Entry age Maturity age Premium
    SUD Life AAYUSHMAAN Minimum: 18 years Maximum: 50 years Maximum: 70 years The premium payable is based on the sum assured, policy term, and age at entry.

    SUD Life AADARSH

    This is a unique non-linked plan that offers the benefits of savings as well as protection to the family against the life assured’s untimely death. The plan offers death benefit as well as maturity benefit on paying premiums for a short specified term. The basic sum assured options available are Rs.50,000, Rs.3 lakh, and Rs.5 lakh.

    Benefits and features of SUD Life AADARSH

    • Death Benefit: Upon the death of the life assured, the death sum assured is payable to the nominee. The death sum assured is equal to the greater amount of the absolute sum assured, 105% of the premiums paid, or 10 times the annual premium.
    • Maturity Benefit: If the life assured survives till the date of maturity, a maturity benefit equal to the basic sum assured will be paid to the policyholder.
    • Surrender Benefit: On surrender of the policy, a surrender benefit is payable to the policyholder.
    Plan name Entry age Maturity age Premium
    SUD Life AADARSH Minimum: 8 years Maximum: 55 years Maximum: 65 years The premium payable is based on the sum assured, policy term, and age at entry.

    SUD Life – Praptee

    This is a money back plan that offers life cover as well as provides a channel to save one’s earnings. The plan comes with a regular payout option where the policyholder is provided with increasing money back after the completion of the first 3 policy years. The minimum basic sum assured amount a person is required to opt for is Rs.2.5 lakh and the maximum is Rs.100 crore.

    Benefits and features of SUD Life - Praptee

    • Death Benefit: If the life assured passes away during the term of the policy, the death benefit is payable to the nominee. The death benefit is equal to the basic sum assured, 105% of the total premium amount paid, or 10 times the annual premium, whichever is higher.
    • Maturity Benefit: On maturity of the policy, the life assured will receive a maturity benefit equal to the basic sum assured of the policy.
    • Surrender Benefit: The guaranteed surrender value or the special surrender value, whichever is higher, is paid as the surrender benefit to the policyholder.
    Plan name Entry age Maturity age Premium
    SUD Life - Praptee Minimum: 8 years Maximum: 50 years Maximum: 68 years The premium payable is based on the sum assured, policy term, and age at entry.

    SUD Life Samriddhi

    This is an endowment life insurance plan that offers death benefit as well as an accidental death benefit in case the death was caused by an accident. It also includes the maturity benefit option. For the first three policy years, the policyholder will enjoy the benefit of guaranteed additions equal to 3% per annum of basic sum assured at the end of every year. Prospective policyholders can choose the basic sum assured amount between Rs.3 lakh and Rs.1 crore.

    Benefits and features of SUD Life Samriddhi

    • Death Benefit: In case of death of the life assured, the death benefit along with guaranteed additions, and bonuses, if any, are payable to the beneficiary. The death benefit will be basic sum assured or 10 times the annual premium, whichever is higher.
    • Accidental death benefit: In case the death of the life assured was caused by an accident, the beneficiary will receive an additional death benefit.
    • Maturity Benefit: On reaching the date of maturity of the policy, the policyholder will receive the basic sum assured along with guaranteed additions and bonuses, if any, as the maturity benefit.
    • Surrender Benefit: If the policyholder chooses to surrender the policy, he/she will receive a surrender benefit equal to the higher amount of the guaranteed surrender value and special surrender value.
    Plan name Entry age Maturity age Premium
    SUD Life Samriddhi Minimum: 8 years Maximum: 55 years Maximum: 70 years The premium payable is based on the sum assured, policy term, and age at entry.

    POS – SUD Life Sanchay

    This is a non-linked endowment plan that not only offers to pay a death benefit and maturity benefit but also 10 regular instalments at the end of every policy year during the payout period. The sum assured options range from Rs.90,000 to Rs.9 lakh.

    Benefits and features of POS – SUD Life Sanchay

    • Death Benefit: Upon the death of the life assured, the death benefit is paid in 10 equal annual payouts. The death benefit is equal to 15 times the annual premium.
    • Maturity Benefit: The maturity benefit payable is equal to 150% of the annual premium and is paid at the end of every policy year from the 11th to the 20th policy year.
    • Surrender Benefit: The higher amount of the guaranteed surrender value and special surrender value is payable as the surrender benefit if the policyholder surrenders the policy before the completion of the term.
    Plan name Entry age Maturity age Premium
    POS – SUD Life Sanchay Minimum: 18 years Maximum: 45 years Maximum: 55 years The premium payable is based on the sum assured, policy term, and age at entry.

    Why you need Star Union Dai-ichi Savings Plans?

    Bank of India, Union Bank of India and Dai-ichi Life joined hands to form Star Union Dai-ichi Insurance Co. Ltd. Bank of India and Union Bank are well-known public sector banks in India with pan-India networks. Dai-ichi Life is a life insurance company based in Japan and is said to be one of the best life insurance companies in the world. Star Union Dai-ichi has a far-reaching network of over 64 million customers and 11,000 branch offices across the country. The firm has won many awards for categories such as excellence in corporate governance, claims service leader, life insurance company of the year, etc. over the years. The company also undertakes CSR activities in the fields of agriculture, education, health and sanitation, and employment. Star Union Dai-ichi is one of the most preferred life insurance companies in the country that offers a gamut of comprehensive life insurance plans to its customers.

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.

    *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.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.