Wealth Plans are life insurance plans that aid individuals in making investments to save for the future apart from providing life cover.
Star Union Dai-ichi Life Insurance offers wealth plans in the form of ULIPs as well as endowment plans. While ULIPs help make investments through various funds, endowment plans provide high returns.
Fund switching: Policyholders can choose to switch out a certain amount of money from the fund value. The entire amount or a certain percentage of the amount can be switched.
Partial withdrawal: Partial withdrawals can be made after completion of 5 policy years or after the life assured attains 18 years of age.
Grace period: A fixed period of time is given to the policyholder to pay the premium amount due.
Revival of policy: A certain period, generally 2 years, is provided to the individual to pay all unpaid premiums to revive the policy.
Free-look period: A specific time period at the beginning of the policy term is provided to the policyholder to review the terms of the policy. He may choose to return the policy and receive a refund of the total premium paid.
Tax benefits: Individuals who possess a life insurance policy may avail tax benefits for the premium paid under section 80D of the Income Tax Act, 1961.
Star Union Dai-ichi Life Insurance offers 3 plans - 2 ULIPs and 1 Endowment Plan to help individuals avail life cover as well as accumulate wealth:
This is a ULIP (Unit Linked Insurance Plan) that provides life protection as well as a medium to invest money in a choice of four different fund types – Blue-chip equity fund, Growth plus fund, Balanced plus fund, and Income fund. The minimum and maximum basic sum assured amount depends on the premium payment mode, the policy term, the annual premium, and age at entry.
Benefits and features of SUD Life Dhan Suraksha Plus
Death Benefit: The death benefit amount payable to the nominee on the death of the life assured will be the greater of the sum assured chosen of the base plan, the fund value of the base plan on the date of notification of death, and 105% of the total premium paid.
Maturity Benefit: On reaching the date of maturity, the policyholder will be provided with the fund value of the base plan at the time as the maturity benefit.
Surrender Benefit: If the policy is surrendered within the lock-in period i.e. within the first 5 policy years, the fund value (minus discontinuation charges) will be transferred to the Discontinued Policies Fund. The amount in the Discontinued Policies Fund will accrue at a rate of interest decided by the IRDA (Insurance Regulatory and Development Authority of India). This amount will be provided to the policyholder after the completion of the lock-in period.
If the policyholder surrenders the policy after completion of the lock-in period, the surrender value i.e. the fund value of the base plan is provided to the policyholder.
Minimum: 8 years
Maximum: 50 years
Maximum: 70 years
The premium payable depends on the premium payment option, premium payment mode, and the chosen sum assured.
This is a ULIP that gives financial security to an individual’s family in case he/she passes away during the term of the policy. The plan allows the policyholder to control his/her investments through 4 investment fund options - Blue-chip equity fund, Growth plus fund, Balanced plus fund, and Income fund. A top-up option is provided to the policyholder that can help create wealth in the long-run. The minimum or maximum sum assured amount that can be availed depends on the policyholder’s age at entry and the single premium amount payable.
Benefits and features of SUD Life Wealth Builder Plan
Death Benefit: In case the life assured faces death during the policy term, the beneficiary of the policy will receive a death benefit. The death benefit is the total sum assured amount under the base plan, the fund value as on the date of notification of death, or 105% of the total premium paid, whichever is highest.
Maturity Benefit: If the life assured survives the complete policy term, the fund value plus top-up premiums, if any, will be provided to the person as the maturity benefit.
Surrender Benefit: If the policyholder decides to surrender his/her policy before the completion of the lock-in period i.e. the first five policy years, the fund value along with the Top-up premium fund value will be transferred to the Discontinued Policies Fund where the fund value will accumulate interest as decided by the IRDA. The total amount along with interest is provided to the policyholder at the end of the lock-in period.
If, however, the individual surrenders the policy after the completion of the lock-in period, he/she will receive the surrender value which is equal to the fund value of the base plan.
Minimum: 8 years
Maximum: 60 years
Minimum: 18 years
Maximum: 70 years
Minimum: Rs.1 lakh
Maximum: Rs.100 crore
This plan is a non-participating and non-linked endowment plan that helps individuals build savings. While the plan offers life cover, it also provides regular monthly payouts. It also includes an in-built accidental death benefit. The minimum sum assured that can be opted for is Rs.14,69,000 and the maximum is Rs.21,93,40,000.
Benefits and features of SUD Life Elite Assure Plus
Death Benefit: Upon the death of the life assured, the sum assured is paid as the death benefit to the beneficiary of the policy. The death benefit amount is the greater of the death sum assured (equal to 11 times the annual premium), minimum maturity benefit guaranteed, 105% of the total premium paid, or 10 times the annual premium. In case the death of the individual was caused by an accident, an extra death benefit is provided to the beneficiary. The policy will be terminated after payment of the death benefit.
Survival Benefit: Monthly payouts and annual payouts are available during the survival period. The monthly payout is received at the beginning of the month whereas the annual payout is received at the end of every policy year of the payout period, except the maturity year. The annual payout amount is 5 times the monthly payout.
Maturity Benefit: On survival till the end of the policy term, the policyholder will receive a lump-sum amount.
Surrender Benefit: Either the guaranteed surrender value or special surrender value, whichever is higher, is payable on surrender of the policy before completion of the term.
Minimum: 18 years
Maximum: 55 years
Minimum: 33 years
Maximum: 71 years
Star Union Dai-ichi was formed by the amalgamation of India’s popular banking institutions - Bank of India and Union Bank of India, and a leading life insurance firm in Japan - Dai-ichi Life. The company, formed by the partnership of these institutions, has more than 64 million customers across the country. The company has won several awards for categories like claims service leader, life insurance company of the year, excellence in corporate governance, etc. Star Union Dai-ichi offers an array of life insurance products for individuals as well as groups.
*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.