The Star Union Dai-Ichi Life Shiksha Suraksha 2 Plan is a group life insurance plan which has been designed to cater to the needs and requirements of students who are looking to pursue their education without taking on any extra tension of worrying about having your family bear the liability of an educational loan. Some of the key features of this plan are:
Insurance providers usually set the eligibility criteria which need to be met in order to avail the protection accorded by the plan:
|Parameters||Criteria for Eligibility|
|Minimum Age of Entry||15 years|
|Maximum Age of Entry||65 years|
|Maximum Maturity Age||70 years|
The sum which is assured with a Star Union Dai-Ichi Life Shiksha Suraksha 2 Plan is based completely on the premiums that you pay to avail the benefits of the policy.
|Minimum Base Sum Assured||Rs.25,000|
|Maximum Base Sum Assured||Rs.5 crore|
Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the umbrella of benefits and coverage that this plan has to offer.
|Term of the Loan Covered||2-30 years|
|Premium Payment Term||Premium payment term is equal to the moratorium period|
|Premium Payment Modes||Single Payment (One-Time)|
*Premiums paid vary based on age, location, plan term and other factors
Premiums for a Star Union Dai-Ichi Life Shiksha Suraksha 2 Plan can be made using any of the following ways:
The Star Union Dai-Ichi Life Shiksha Suraksha 2 Plan offers a number of different benefits and these are listed in the table below:
|Death Benefit||Death benefits is payable at the time of death of the insured. Death benefit payable is equal to the sum assured that is mentioned on the schedule for the loan.|
|Tax Benefits||As per prevailing tax laws of the Income Tax Department.|
|Maturity Benefit||There is no maturity benefit that is payable with this plan.|
There are no additional riders that are available for purchase along with the Star Union Dai-Ichi Life Shiksha Suraksha 2 Plan.
Exclusions – What the Star Union Dai-Ichi Life Shiksha Suraksha 2 Plan doesn't cover
If the policyholder commits suicide within a year from the date of commencement of the policy or from the date of revival, the policy will become void and the amount payable will be equal to 80% of the basic premiums that were paid until the time of death of the policyholder.
Suicide exclusion will not be applicable for groups which are covered under the compulsory bases where the sum assured would be equal to the outstanding loan amount.
|Free Look Period||In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day period is provided where the insured can return the policy back to the insurer.|
|Grace Period||A 30-day grace period is provided for all modes of premium payments.|
|Nomination||Nomination is allowed as per the existing tax laws under Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.|
|Surrender Value||Surrender Value will be the value that is higher between Special Surrender Value and Guaranteed Surrender Value|
|High Value Sum Assured||
A policyholder can enjoy tax benefits on any premium that is paid towards Star Union Dai-Ichi Life Shiksha Suraksha 2 Plan under the prevailing tax laws under Section 80C and for withdrawals or maturity amount under 10(10D) of the Income Tax Act, 1961. Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.
Star Union Dai-Ichi Life Insurance Company is one of the leading insurance solution providers across the country with over 1,000 branches located around India. The solutions offered by this organisation comes with immense flexibility and innovation. The Star Union Dai-Ichi Life Shiksha Suraksha 2 Plan is an affordable insurance plan that offers great coverage to its members. This company is a joint venture between Union Bank of India, Bank of India as well as Dai-Ichi Life and boasts of a high claim-settlement ratio as well.
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