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 The Shiksha Suraksha Plan, a non-participating term and withdrawn plan not only helps the person in taking care of his/her education cost but also provides a protective layer as well.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.
The eligibility criteria for this plan are given in the table below:
|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 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:
|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.
|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.|
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.
|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.|
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.
Apart from the tax benefits, SUD provides you with the following benefits.
Shiksha Suraksha Plan from Star Union Dai-Ichi Life Insurance, a non-participating term and a withdrawn plan is a perfect tool for those who have taken an education loan.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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