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.
In order to provide this policy, Star Union Dai-ichi Life Insurance Company considers the following age and premium factors:
|Minimum age at entry||18 years|
|Maximum age at entry||
|Maximum age at maturity||
|Minimum sum assured||
|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.
|Death Benefits||In case of death of the insured member, the sum assured will be payable based on the following factors:
|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.|
There are no riders or add-on plans offered under the SUD Life Group Term Insurance Plus Plan.
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.|
The SUD Life Group Term Insurance Plus Plan provides tax benefits to both the policyholders/employers and the employees.
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:
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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