• Star Union Dai-Ichi Life Withdrawn Products

    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

    Insurers are known to introduce various insurance plans which have their own objectives to attain, schemes which are designed to help different customers and fulfill their requirements. As new plans are presented, there are ones which are also withdrawn since they may not be suitable anymore as per consumers’ needs.

    SUD withdrew close to 20 plus plans which came into effect on 1st January, 2014. A comprehensive list of all the plans withdrawn is given below.

    List of SUD withdrawn products

    • SUD Jeevan Safar Plan - It was a endowment cum traditional life insurance plan which provided cover to the insured. The individual availing this plan was also eligible for various benefits including tax benefits. The plan also had a couple of rider plans known as SUD Life Accidental Death and Total Permanent Disability rider and Critical Illness Benefit rider. This plan was available for people aged between 18 years and 60 years with the minimum sum assured being Rs.50,000 and there not being any maximum limit on the coverage provided to the insured.
    • SUD Life Pure Term Assurance Plan- This was a simple insurance plan which aimed to provide a protective cover incase the insured passed away. The plan also provided various benefits including tax benefits. It had a rider plan called SUD Life Accidental Death and Total and Permanent Disability Benefit Rider. The minimum age to be eligible for this plan was 18 years and the maximum age was 60 years. The minimum sum assured was Rs.5 lakh and maximum being Rs.24,99,000.
    • SUD Life Defined Benefit Endowment Plan- As the name of the plan suggests, it was an endowment plan which aimed to ensure that the insured got a regular flow of income so that he/she could fulfill his/her financial goals at whatever stage of life. Apart from also providing a life cover it also helps the individual enjoy various benefits including tax benefits. The minimum entry age was 18 years with the maximum being 60 years.
    • SUD Life Defined Growth Endowment Insurance Plan- This was a non-linked, non-participating endowment plan that aimed to provide a protective cover to the insured and ensured that the future of his/her family was secured. The person availing this plan was eligible for various benefits including tax and maturity benefit. This particular plan also provided a couple of riders which were SUD Life Accidental Death and Total and Permanent Disability Benefit rider and Critical Illness Benefit rider. The minimum entry age for this plan was 12 years with the maximum being 60 years. The minimum and maximum sum assured for this plan were Rs.1 lakh and Rs.50 lakh respectively.
    • SUD Life Suraksha Kavach Insurance Plan- This was a participating endowment plan whose purpose was not only to provide you with a protective cover but also ensure that your savings got maximised with time. One of the features of this plan was that you could continue with your plan for three years from the first date of unpaid premium. The insured could enjoy various benefits including tax and maturity benefit. Death benefit was also payable in the event of the individual’s death. The option of availing a rider plan was also available. The minimum entry age was 18 years with the maximum being 50 years.
    • SUD Life Dhan Suraksha 3 Plan- It was a ULIP that worked to not only provide you a protective cover but also allow your hard earned money to grow as well. You had the option of investing in upto four funds. The plan not only provided a couple of riders but also allowed you to choose your mode of premium payments- single mode or regular mode. The insured also had the option of partially withdrawing a certain sum of money or availing loan as well. He/she also had the option of switching from one fund to another and allocating a proportion of premiums for each fund based on his/her choice as well.
    • SUD Life Dhan Suraksha Premium 3 Plan- A ULIP whose objective was to not only provide cover to their customers but also help them maximise their hard earned savings. The insured had the option of investing in upto four funds. The individual could opt to partially withdraw a certain sum of money and also avail loan if required. He/she could also switch from one fund to another as well as allocate a proportion of his/her premiums for funds of his/her choice. The plan also offered a couple of riders. The customer availing this plan was also eligible for various benefits including maturity benefit and tax benefit.
    • SUD Life Prabhat Tara 3 Plan- A unit linked plan which aimed to not only provide cover but also ensure that your children’s future remained secure financially, this was a triple benefit plan as in the event of your death, not only will the nominee receive a lump-sum amount called the death benefit but future premiums would be waived off too. Apart from that 1% of the total sum assured chosen by you would be paid as family income benefit on a monthly basis . The plan also provided a couple of riders or add-on plans as well.
    • SUD Life Dhan Suraksha Express- A unit linked plan which looked to provide not only a protective cover but also help in maximising your savings. You had the option of investing in upto two funds as well as switching from one fund to another. The plan also provided a couple of riders as well as made you eligible for various benefits including tax benefit and maturity benefit.
    • SUD Life Immediate Annuity Plan- If you purchased this plan, you would be eligible to receive annuity payments based on the amount chosen by you. It was designed to ensure that a regular stream of money continued to be credited to your bank account post your retirement. It was a single term plan, hence no maturity benefit would be payable. You would be eligible for other benefits including tax benefit and death benefit incase of your death. Anyone between the age 50 years to 80 years was eligible to buy this plan.
    • SUD Jeevan Safar Plus- This was a traditional plan which aimed to not only provide a protective cover to you and your family but also allow your savings to grow as well.The minimum age to become eligible was 18 years with the maximum age being 55 years. You would be eligible for various benefits including maturity benefit and tax benefit. A lump sum would be paid as death benefit incase of your death. This plan also provided you the option of availing a policy loan as and when required.
    • SUD Life Bright Child Plan- This was a protection cum savings life which helped you in making sure that your children's future is secured and they could achieve their life goals irrespective of whether you are there or not. There were two sub-plans under this plan for you to choose from. This plan also provided a guaranteed ‘child benefit’ regardless of whether you were there or not. You were also eligible for various tax benefits as per this plan.
    • SUD Life Assured Income Plan- It was a non-linked, non-participating guaranteed return endowment assurance plan which ensured that not only your family’s future is secured, but a regular tax free income was also generated to your account. One of the features of this plan was that you would get back all the premiums paid by you at the end of the policy term. This made sure that you never had to worry about the future of your family even if you were not around.
    • SUD Elite Assured Plan- A protection cum savings insurance plan, the life assured could not only ensure that the future of his family was secured but they also received a regular stream of income as well. There are two options to choose from based on which your monthly income and the maturity benefit payable would depend. You would have been eligible for various benefits including tax benefit. Death benefit would have been payable to the nominee in case you did not live to see tomorrow.
    • SUD Life Guaranteed Money Back Plan- It was a protection cum savings plan which also acted as a money back plan. It guaranteed that you got back 200% of your annualised premium as survival benefit. Apart from that you would also be eligible for maturity and tax benefit. Death benefit would also have been payable in the event of your death.
    • SUD Life Jeevan Ashray- This was a non-linked, non-participating endowment assurance plan with the objective to provide financial protection to you and your family and also help in growth of your savings. You would have been eligible for various benefits including tax and maturity. Death benefit would have been payable in the event of your death. The minimum sum assured as per this plan was Rs.2 lakh and maximum sum assured was Rs.50 lakh.
    • SUD Immediate Annuity Plus Plan- This was a non-linked, non-participating annuity linked plan that ensured that you continue to receive a regular flow of income regardless of whatever stage of life you would be in. The plan had two options to choose from depending on which you could choose annuity plans of your choice.

    Hence, these were some of the plans designed to help different customers, but over a period of time they became unsuitable for the current crop of customers and their requirements and hence they were withdrawn.

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