• Star Union Dai-Ichi Life Wealth Builder 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

    Star Union Dai-Ichi Life Wealth Builder Plan is a non-participating unit linked single premium life insurance plan offered by Star Union Dai-ichi Life Insurance Company Limited. With this ULIP, you can get excellent life cover and build your wealth with a one-time investment.

    Eligibility - Who is the Star Union Dai-Ichi Life Wealth Builder Plan for?

    Entry age 8 to 60 years
    Maturity age 18 to 70 years

    Sum Assured and Premium Range - What you get and what it costs?

    Policy Term 5 to 30 years
    Sum Assured
    • 125% of the single premium for entry age below 45 years
    • 110% of the single premium for entry age 45 years and above
    Premium Rs.1 lakh to Rs.100 crore
    Premium Paying Term Single

    Premiums may vary depending upon factors like age, location, term of the plan and prevailing GST.

    Plan Coverage - What the Star Union Dai-Ichi Life Wealth Builder Plan covers?

    This is how Star Union Dai-Ichi Life Wealth Builder Plan works:

    • Death Benefit: In the unfortunate event of the demise of the life assured, higher of sum assured, fund value as on the date of intimation of death or 105% of the total premiums paid is payable as death benefit to the beneficiary.
    • Maturity Benefit: Upon reaching policy maturity, the total fund value under the base policy and top-up premiums, if any will be payable to the policyholder.
    • Fund options: You can choose from 4 fund options to for your one-time investment:
    Fund name Investment objective Asset category Risk profile
    Blue-Chip Equity Fund Long-term capital appreciation by investing in equity, preference shares and convertible debentures
    • 70-100% Equity, Preference Shares, and Convertible Debentures
    • 0% Debt Instruments
    • 0-30% Money Market Instrument, Mutual Fund, and Fixed Deposit
    High
    Growth Plus Fund Medium to long-term capital appreciation by investing in equity, preference shares and convertible debentures, debt, and money market instruments
    • 40-100% Equity, Preference Shares, and Convertible Debentures
    • 0-60% Debt Instruments
    • 0-30% Money Market Instrument, Mutual Fund, and Fixed Deposit
    Medium to high
    Balanced Plus Fund Optimise returns over medium to long term through investment in high-quality equity and debt instruments
    • 0-60% Equity, Preference Shares, and Convertible Debentures
    • 40-100% Debt Instruments
    • 0-30% Money Market Instrument, Mutual Fund, and Fixed Deposit
    Low to medium
    Income Fund Stable returns over medium to long term by a mix of investments in Government Securities, high-quality corporate debt, and Money Market Instruments
    • 0% Equity, Preference Shares, and Convertible Debentures
    • 70-100% Debt Instruments
    • 0-30% Money Market Instrument, Mutual Fund, and Fixed Deposit
    Low to medium
    • Settlement option: After policy maturity, the policyholder can choose to receive payouts in the form of yearly, half-yearly, quarterly or monthly instalments.
    • Partial Withdrawal Benefit: From the 6th policy year onwards or after the life assured turns 18 years old, partial withdrawal is allowed. Only the one free partial withdrawal allowed per policy year after which Rs.100 will be levied per withdrawal. Minimum partial withdrawal amount is Rs.5,000 to a maximum of the policy fund value minus 50% of the single premiums paid.
    • Switching funds: You have the option to switch funds during the policy term to have complete control over your investment. Only one free switch allowed per policy year after which Rs.100 will levied per switch.
    • Top-up premium: You can choose to increase your investment by paying a top-up premium (minimum Rs.5,000). Top-up premium cannot exceed base plan premium.

    Exclusions - What the Star Union Dai-Ichi Life Wealth Builder Plan doesn’t cover?

    The Star Union Dai-Ichi Life Wealth Builder Plan doesn't cover death by suicide of the life insured. In the case of death by suicide within 1 year from the date of policy inception, fund value of the policy till the date of death is payable to the beneficiary.

    Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

    • Free-look period: From the date of receipt of the policy document, you have 15 days (30 days for policies purchased through distance marketing) to review the terms and conditions of the policy. The policy can be returned if there are any objections to the terms and conditions, and the insurer will refund the premiums paid after certain deductions.
    • Surrender Value: If the policy is surrendered after the lock-in period of 5 years, the surrender value which is equal to the fund value shall be payable to the policyholder and the policy shall cease. If the policy is surrendered before the lock-in period, the fund value minus the discontinuance charge will be transferred to the Discontinued Policies Fund (DPF) at 4% p.a. The proceeds from the DPF is payable after the lock-in period.
    • Policy termination: The policy will cease once the surrender value or death benefit is paid or upon reaching maturity.
    • Charges: The policy administration charge will not exceed 1.50% p.a. of the single premium, subject to a maximum of Rs.6,000 p.a. Switching charge and partial withdrawal charge will not exceed Rs.500 per request. Mortality charges are levied on a monthly basis based on the age of the life assured and the sum at risk. Allocation charge for single premium is 3% while fund management charge is 1.30% to 1.35% (0.50% in the case of DPF) depending on the chosen fund option.

    Tax Benefits – How you can save with the Star Union Dai-Ichi Life Wealth Builder Plan?

    Under the Star Union Dai-Ichi Life Wealth Builder Plan, you can get tax benefits on:

    • Premiums paid under Section 80C of the Income Tax Act, 1961.
    • Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.

    Other Benefits – How you can save with the Star Union Dai-Ichi Life Wealth Builder Plan?

    There are several other benefits of purchasing ULIPs from Star Union Dai-ichi Life Insurance Company Limited such as:

    • Customer care: For any life insurance related queries, you can call the 24/7 helpline number of Star Union Dai-ichi Life Insurance Company Limited. There is a dedicated claims department and grievance redressal cell to register your claims and solve your queries on time.
    • Life insurance calculator: The online life insurance calculator provided on the company website can be used to calculate how much life cover you will need and premium you must pay for the chosen policy.
    • Premium payment: You can make instant premium payments online using netbanking, credit card or debit card. Cash, cheque, and DD are other methods of paying your insurance premium offline.

    Why you should buy the Star Union Dai-Ichi Life Wealth Builder Plan from Star Union Dai-ichi Life Insurance Company Limited?

    With the Star Union Dai-Ichi Life Wealth Builder Plan, you get life cover protection and wealth creation. You can increase your investment with the top-up option, meet urgent financial requirements through partial withdrawals, and switch between funds for complete control on your investment. Star Union Dai-ichi Life Insurance Company Limited provides customised insurance solutions to satisfy the needs of its customers. The Claims Settlement Ratio of the company in FY 2015-16 was 81%. The company was awarded the Best Life Insurance Company in Private Sector and the Company with Highest Claims Settlement at the BFSI Awards in 2015.

    *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.