• Star Union Dai-Ichi Life Group Term Insurance Plus 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

    SUD Life Group Term Insurance Plus Plan is a non-linked non-participating group term insurance product from Star Union Dai-ichi Life Insurance Co. Ltd. The plan helps the policyholder in securing a life cover for the members of their group. The plan is available for groups who involve in common economic activity for mutual benefit.

    Eligibility -Who is the Star Union Dai-Ichi Life Group Term Insurance Plus Plan for?

    In order to provide this policy, Star Union Dai-ichi Life Insurance Company considers the following age and premium factors:

    Parameters Eligibility
    Minimum age at entry 18 years
    Maximum age at entry
    • Employer-employee-groups - 79 years
    • Non employer-employee Groups - 64 years
    Maximum age at maturity
    • Employer-employee-groups - 80 years
    • Non employer-employee Groups - 65 years
    Group size
    • Minimum -
      • Compulsory employer-employee groups - 10 members
      • Otherwise - 50 members
    • Maximum -
      • No Limit
    Minimum sum assured
    • For groups other than group term insurance scheme in lieu of employee’s deposit - Rs.5,000 for each life insured
    • For group term insurance scheme in lieu of employee’s deposit linked insurance - Rs.3,62,000 for each life insured
    Maximum sum assured Based on board approved underwriting policy, each member can be covered for Rs.50 crore
    Policy term 1 year
    Premium payment mode Monthly, quarterly, half-yearly, or yearly
    Premium amount Based on the sum assured and payment mode (subject to underwriting limit)

    The age is based on the last birthday of the members.

    Sum Assured and Premium Range- What You Get and What It Costs

    • Sum Assured - The SUD Life Group Term Insurance Plus Plan provides a cost-effective life cover to the policyholder for the members in his/her group. The sum assured will be payable to the family/nominee in the event of the member's unfortunate death. The sum assured on death can range between Rs.5,000 to Rs.5 crore depending on the premium amount and premium payment mode.
    • Premium – The premium is the contribution paid by the policyholder to buy this plan. The policyholder can choose to pay the premium in monthly, quarterly, half-yearly, or yearly intervals. This plan comes with a fixed policy term of 1 year that can be renewed whenever applicable. Based on the value of the life cover and premium payment frequency, the premium amount is calculated as decided at the inception of the policy.

    Plan Coverage- What the Star Union Dai-Ichi Life Group Term Insurance Plus Plan covers

    Death Benefits In case of death of the insured member, the sum assured will be payable based on the following factors:
    • In employer-employee schemes, sum assured may be in multiples of annual salary or graded based on the category or income of the members.
    • In non employer-employee schemes sum assured will be as per the master policy document.
    Maturity Benefit Under this plan, no maturity benefit is payable to either the policyholder or the member.
    Nomination The nominee/beneficiary's details can be amended from time to time as per the request from the policyholder/member.

    Riders / Add-On Plans – Additional coverage under the Star Union Dai-Ichi Life Group Term Insurance Plus Plan

    There are no riders or add-on plans offered under the SUD Life Group Term Insurance Plus Plan.

    Exclusions - What the Star Union Dai-Ichi Life Group Term Insurance Plus Plan doesn’t cover

    Suicide death – For voluntary employer- employee group and non employer-employee group, suicide is excluded for a period of 12 months from the date of joining the policy and only 80% of the premiums is refundable. If the member commits suicide after 12 months of joining the policy, the full sum assured amount will be paid to the nominee/family. However, there is no exclusion on suicide death for compulsory employer-employee groups.

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

    Free-look period Both the master policyholder and insured member is provided with an option of a 15 days free-look period. If they are not satisfied with the terms and conditions of the policy, it can be returned/canceled within the free-look period by stating the reasons for doing it. Moreover, the original policy document is needed to be submitted to the insurer in order to cancel the plan. Once the plan is canceled, a refund will be provided excluding the expenses incurred in stamp duty, proportionate risk related charges, and medical test, if any.
    Surrender values The plan doesn't offer any surrender benefit to either the master policyholder or the member. However, if the group policy is surrendered, the members of the group can choose to continue the policy as an individual policy for the remaining policy term.
    Grace period For premiums paid in half-yearly and quarterly frequency, a 30 days grace period will be applicable whereas, for monthly frequency, a 15 days grace period is offered. The grace period is the number of additional days given for paying the due premium. If the due premiums are not paid within the grace period, the policy will lapse.

    Tax benefits – How you can save with the Star Union Dai-Ichi Life Group Term Insurance Plus Plan

    The SUD Life Group Term Insurance Plus Plan provides tax benefits to both the policyholders/employers and the employees.

    • Benefits for the policyholder - The premiums paid by the master policyholder are eligible for tax deductions. The premiums can be filed as business a expense under the Section 37 of Income Tax Act, 1961 to avail the tax deductible benefits.
    • Benefits for the members - The premiums paid by the insured members are eligible for tax deductions under the Section 80C of the Income Tax Act, 1961. Additionally, the death benefits are exempted from tax under the Section 10(10D) of Income Tax Act, 1961.

    Other benefits – How you can save with the Star Union Dai-Ichi Life Group Term Insurance Plus Plan

    The SUD Life Group Term Insurance Plus Plan offers a broad range of benefits for the policyholders and members/employees. In addition to the tax benefits, the plan also offers additional features and services that are useful. Few of the benefits are mentioned below:

    • Flexible premium payments – The plan allows the policyholders or the member to pay premiums in monthly, quarterly, half-yearly, or yearly intervals. The premiums can be paid through net banking, NEFT, ECS, debit/credit card, cheque, payment at a branch, and through various other online and offline payment modes.
    • Policy notifications - Star Union Dai-ichi Life Insurance Company sends out notifications through email and text SMS to keep the policyholder/member update about the upcoming premium payments, policy renewal date, etc.
    • Policy information – The customer who wish to obtain information regarding any of the plans offered by Star Union Dai-ichi Life Insurance Company can contact the insurer through e-mail, toll-free number, through the company’s website or any of the outlets.

    Why you should buy the Star Union Dai-Ichi Life Group Term Insurance Plus Plan from Star Union Dai-ichi Life Insurance Co. Ltd.

    The Star Union Dai-Ichi Life Group Term Insurance Plus Plan is designed to help groups in reducing their financial liability with a life cover. Moreover, it is also mandatory to have life covers for the members in any group who work for common economic benefits. Star Union Dai-ichi Life company is one of the leading life insurance companies in India that offers the highest standard of insurance services through a team of knowledgeable advisors and a state-of-art infrastructure. The company is also known for expertise in many other types of insurance products that is required at different stages of life.

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