Star Union Dai-ichi Life Premier Protection Plan
Objective
This term insurance policy aims to protect family members from financial distress in the event of death of the insured member.
Our View
This is an expensive policy. Before buying any policy evaluate your needs and select regular premium payment option over single premium payment. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company.
Suited for
Anyone looking for a cover higher than Rs 25 lakhs can take this policy.
What does it do?
This plan pays sum assured to the nominee in case of unfortunate demise of the life insured. The policy does not offer anything on survival.
Single premium policyholders, in case of an emergency, may surrender the policy after 1 year. The surrender value will be calculated according to the predefined formula.
Regular premium policies can avail accidental death and total and permanent disability rider. The rider pays an additional amount equal to rider sum assured in case of death due to an accident, or ten half-yearly installments, each equal to 10 per cent of the rider sum assured in the event of total and permanent disability.
Pros
The plan offers accidental death and total and permanent disability rider to enhance coverage.
A lapsed policy can be revived within 3 years.
Single premium policies can be surrendered in case of need.
Eligibility
Entry Age (years)
Minimum
18
Maximum
60
Maximum Maturity Age (years)
65
Policy Term (years)
Minimum
5
Maximum
25
Sum Assured (Rs)
Minimum
2500000
Maximum
No limit
Premium Payment Frequency
Single, Yearly, Half-yearly, Quarterly, Monthly (via ECS only)
Premium Payment Term
Single or equal to policy tenure
Policy Cover
Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation
In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period
You are allowed to pay premiums within 30 days from due date for annual, semi-annual and quarterly premiums and within 15 days in case of monthly premium. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy Reinstatement
You can reinstate your lapsed policy any time (within 3 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any.
Tax Benefits
Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for SUD Life Accidental Death & Total and Permanent Disability Benefit Rider qualify for deduction under Section 80D of the Income Tax Act, 1961.
Exclusions
In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Surrender Value
Only Single Premium Policyholders can surrender policy after completion of one policy year. Surrender value will be 60% of Unearned Premium. Unearned Premium is {1-(elapsed duration since date of commencement of policy/ Term of policy)*Single Premium}
Customer Service
Address
Star Union Dai-chi Life Insurance Corporate Office: 11th floor, Raghuleela Arcade, Opp. Vashi Railway Station, Vashi, Navi Mumbai - 400 703 Registered Office: Star House, 3rd floor, West Wing, C-5, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051
Mail To
[email protected]
Call On
022 39546300
Available Rider(s)
SUD Life Accidental Death and Total and Permanent Disability: covers Death due to accident within 180 days of accident
Accidental dismemberment (loss of limbs and/or eye(s)
Permanent total disability due to an accident
Rider Conditions
Entry Age (years)
Minimum
18
Maximum
60
Maximum Maturity Age (years)
65
Rider Term (years)
Minimum
Equal to policy term
Sum Assured (Rs)
Minimum
10000
Maximum
Lower of Base plan insurance or 50 lakh
Rider Premium (Rs)
Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the Accidental Death and Total and Permanent Disability rider for Rs 5 lakh sum assured over a 10 year tenure; the annual rider premium works to Rs 400.
Cost Details
| Annual Premium | ||||||||
| Policy term (in years) | Age (in years) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 5 | 7360 | 7640 | 9280 | 12600 | 18560 | 29320 | 44560 | 68560 |
| 10 | 7400 | 7880 | 10200 | 14640 | 22600 | 35320 | 54280 | NA |
| 15 | 7400 | 8560 | 11640 | 17440 | 26880 | 41840 | NA | NA |
| 20 | 7680 | 9560 | 13640 | 20520 | 31640 | NA | NA | NA |
| 25 | 8400 | 11000 | 15960 | 24080 | NA | NA | NA | NA |
| Figures indicate premiums on a Rs 40 lakh policy for an age over different policy tenures exclusive of service tax | ||||||||
| Single Premium | ||||||||
| Policy term (in years) | Age (in years) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 5 | 30920 | 32320 | 39920 | 56920 | 81880 | 129600 | 196320 | 300640 |
| 10 | 51520 | 58800 | 78080 | 113720 | 177040 | 273960 | 415720 | NA |
| 15 | 72000 | 88360 | 123560 | 187120 | 287640 | 440520 | NA | NA |
| 20 | 94880 | 123560 | 180120 | 272200 | 414520 | NA | NA | NA |
| 25 | 122480 | 167720 | 246360 | 370480 | NA | NA | NA | NA |
| Figures indicate premiums on a Rs 40 lakh policy for an age over different policy tenures exclusive of service tax | ||||||||
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