• Star Union Dai-Ichi Life Shiksha 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

    Education is important and so is the cost covering it. Not every person can avail an education loan in order to cover his/her education costs and hence a tool is needed. The Shiksha Suraksha Plan, a non-participating term and withdrawn plan not only helps the person in taking care of his/her education cost but also provides a protective layer as well. Under this plan, an individual can also avail tax benefits.

    Eligibility – Who is the SUD Life Shiksha Suraksha Plan for?

    The eligibility criteria for this plan are given in the table below:

    Parameter Details
    Minimum Entry Age 18 years
    Maximum Entry Age 59 years
    Minimum Policy Term 1 year
    Maximum Policy Term 15 years

    *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 that the insured will get from the insurer. The sum assured won’t contain any benefits or bonuses the insured might be entitled to. Similarly, premium to be paid will be decided at the beginning of the policy and will depend on the sum assured and the policy term. Relevant details on sum assured and premium for this plan are given in the table below:

    Parameter Details
    Master Policyholder Bank will be the master policyholder
    Minimum Sum Assured Rs.1 lakh
    Maximum Sum Assured Rs.25 lakh
    Premium Paying Mode Single Premium Term

    * Premiums will vary based on age, location, plan term, GST, and other factors.

    Plan Coverage – What the SUD Life Shiksha Suraksha Plan covers

    Death Benefit In the event of insured’s unfortunate death, the pending loan amount as sum assured along with interest will be payable to the master policyholder.
    Maturity Benefit NA

    Riders/Add-on Plans – Additional coverage under the SUD Life Shiksha Suraksha Plan

    There is no rider or add-on plan.

    Exclusions – What the SUD Life Shiksha Suraksha Plan does not cover

    If the insured commits suicide within one year of the purchase of the plan, the master policyholder will get back 75% of the premiums paid.

    Other Key Features

    Grace Period There is no grace period available for this plan.
    Free Look Period A free-look period of 15 days is provided
    Surrender Value You can surrender your policy at any point of time. The surrender value will be equivalent to 70% of the total premium paid.
    Nomination Nomination is compulsory for this plan.

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

    You are eligible for various tax benefits under Section 80C of the Income Tax Act,1961. Since, tax laws are subject to change, one must consult a tax advisor before making any tax related decisions.

    Other benefits of the SUD Life Shiksha Suraksha Plan

    Apart from the tax benefits, SUD provides you with the following benefits.

    • Product Information: You can find information on the products offered by SUD online.
    • Manage your policy: Whether its paying your premium or settling your claims, you can manage your policy online.
    • Customer Service: SUD boasts of an extensive customer service. You can call a customer support executive or send an email as well incase of any query.

    Why you should buy the SUD Life Shiksha Suraksha Plan?

    Shiksha Suraksha Plan from Star Union Dai-Ichi Life Insurance, a non-participating term and a withdrawn plan is a perfect tool for those who have taken an education loan. This particular plan not only helps an individual’s in clearing his/her education loan but also provides him/her with a protective cover. Apart from that he/she can also enjoy various tax benefits as well.

    Paying of premium and settling claims can also be done on SUD’s official website. SUD also boasts of an extensive customer care support service team who are always available to assist their customers. It is because of this that SUD boasts of having a 96% success rate in addressing their customers’ grievances. This plan offers good amount of facilities and benefits to its customers and hence is a popular option amongst those who wish to study further.

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