Star Union Dai-ichi Life Insurance Company Ltd - Star Union Dai-ichi
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Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life) is a joint venture (JV) of India’s two leading public sector banks - Bank of India, Union Bank of India and Dai-ichi Life, the 2nd largest life insurance company of Japan.
The consortium of three leading financial service provider, makes the SUD life insurance plans as the paramount insurance solutions and best crafted to suit the protection needs of larger mass on Indian Population. With over 1564 branches to offer the cater the insurance needs of larger rural population , SUD Life pledge a long-term commitment towards their customers and stake holders and have earned the trust of 64 million customers.
The plans offered by Star Union Dai-ichi Life Insurance are not only crafted with sound product knowledge & superior asset management skills but also brings the strong operational expertise for its customer.
The various segments under which by Star Union Dai-ichi offers its multiple plans for Individual customers are.
- Child Plans
- Protection Plans
- Saving Plans
- Wealth Plans
- Retirement Plans
1. Child Plans
Being a parent brings the fundamental responsibility of securing the Child future and protection against any untoward events. Child Insurance Plans offered by SUD life are best suited insurance solution for this.
a) Bright Child Insurance Plan
The key features of this plan are
- An endowment plan intended to provide a safe and sound financial coverage in future to our children.
- Two funding variants available as option - Career Endowment and Wedding Endowment.
- Availability of 125% of sum assured as Child Benefits
- Complete financial coverage for the children in case of any fateful event with the parents.
- A range of minimum sum assured between Rs. 5 lakh to Rs. 5 Crores.
- Policy Term is 24 minus age of child at time of commencement of plan.
- The Premium payment tern is either fixed as 10 years or 18 minus age of child at beginning of plan.
- Multiple options Premium frequency as monthly, quarterly, half -yearly or yearly.
- Available for child between Child: 0-8 years.
a) SUD life Family income benefit rider plan
- A traditional term plan to cover all the financial obligations of the insured’s family in the event of unfortunate demise of the insured .
- Death benefit as 10% of the Rider Sum Assured to be paid to the nominee/Legal heir annually for 10 years.
- Monthly payment option as 10% of Rider Sum Assured divided into 12 equal components is paid at the end of every policy ending month for a tenure of 10 years.
- The policy terms could be for minimum of 5 years for Single and Regular Premium option, Premium Payment term +3 Years for Limited Pay option and maximum 30 years in all the plans
- Sum assured as Minimum: 10,000/- up to Maximum: 50, 00,000/- per policy.
- Plan available for individuals between 18 years to 60 years, whereas the maximum maturity age should be 65 years or the maturity age of the base plan, whichever is lowe
b) Accidental Death and Total & Permanent Disability Benefit Rider Plan
- This is a Traditional rider plan, which caters the need of protection cover against any untoward event along with additional benefits to the insured during the contract period.
- Death benefit as 100% of Rider Sum Assured to be paid to the claimant.
- In the event of Total and Permanent disability due to Accident rider sum assured to the quantum of 10% of the sum assured paid in 10 equal half-yearly installments.
- 3 Premium payment plans as either single premium, regular premium or limited premium option of 5 to 25 years.
- Policy terms are between 5 years to 47 years.
- Starting from affordable premium of Rs. 8/- for sum assured of Rs. 10,000, for a standard life under regular premium payment option
- Sum assured as Minimum: 10,000/- per Policy up to Maximum: 50, 00,000/- per Life.
- Plan available for individuals between 18 years to 65 years , whereas the maximum maturity age should be 71 years or the maturity age of the base plan, whichever is lower
- A comprehensive term insurance plan intended to provide financial assistance to the family of insured life, in the event of sudden demise and that too at an affordable premium.
- High sum assured offering complete financial security to the family.
- Easy on the pocket premium as minimum of Rs.500 per month
- Policy term as 10 to 30 years.
- Enhanced sum assured as compared to other traditional plan , ranging between Rs.25 lacs to 100 crores.
- Discounts on Premium for Higher Sum Assured .
- Income Tax rebates are available under section 80C & 10(10D) of IT rules.
- Sum assured between Rs. 25 lacs to Rs. 1 crs
- Available for customers between 18-60 years
3. Retirement Plans
a) SUD LIFE ASSURED INCOME PLAN
- An endowment plan customized for financial assistance post retirement .
- Assured annual income to take care of all financial obligations in future.
- Guaranteed return on the maturity of plan.
- Multiple Payout period to choose form 10, 15, 20 or 25 years
- Assured Annual Payout of Rs. 24000 to Rs. 50, 000, 00/- depending on the premium amount opted.
- Premium Payment Term of 10 or 15 years
- Yearly, Half Yearly, Quarterly or Monthly premium frequency available.
- The death benefit includes Death Sum Assured, Additional Annual payouts as opted and other Scheduled Annual Payouts.
- Available for customer between age group 8 to 55 years.
- a Non-Linked, Non-Participating Individual Immediate Annuity plan preordained to create stream of income and take care of all monthly financial obligations.
- Available as single premium payment term plan
- Yearly, Half-yearly, Quarterly, Monthly as annuity payment frequency
- The Minimum Purchase Price is Rs. 1 lac
- Aimed to create lifelong source of income with two plan variants.
- Plan A – Offers the purchase of immediate annuity from either savings done earlier or from any Deferred Pension Plans from SUD life.
- 10 annuity options available to be chosen
- Life Annuity
- Life Annuity with Return of Purchase Price
- Increasing Life Annuity with Return of Purchase Price
- Joint Life Annuity (50%)
- Joint Life Annuity (100%)
- Joint Life Annuity (50%) with Return of Purchase Price
- Joint Life Annuity (100%) with Return of Purchase Price
- Annuity certain for 10 years
- Annuity certain for 15 years
- Annuity certain for 20 years
Plan B – Offers the purchase Immediate Annuity from the proceeds of Reverse Mortgage loan availed from any government recognized lender.
There are two annuity options available
- Life Annuity with Return of Purchase Price
- Joint Life Annuity (100%) with Return of Purchase Price
4. Savings Plans
a) SUD LIFE AAYUSHMAAN
- A Non Linked Deferred Participating Plan incorrigible for those who wants to secure their future and achieve a predetermined financial objective in long term.
- Survival benefit of lump sum benefits and lifelong financial protection
- Enhance plan benefits with Guaranteed Additions and Bonus
- Flexibility to choose sum assured in the range of minimum Rs.1, 50,000 and maximum Rs.100 crores in the multiples on 1000 and policy term as per requirement.
- Available for customer between age group of 18 years to Maximum 50 years.
- Annual, Half-Yearly, Quarterly or Monthly premium payment frequencies
- Assured money back to the quantum of 200% of annualized premium for every five years.
- Enhanced return with additions of up to 6% of annualized premium every year.
- Guaranteed lump sum at the end of policy term
- Complete financial protection to family in case of any untoward event with the insured life.
- 3 options for policy term as 10 years / 15 years / 20 years
- Fixed premium payment term as 10 years
- Extensive range of sum assured between Rs.3 Lacs to Rs.10 Crores
- 200% of annualized premium as survival benefit.
- Maturity Benefit and death benefit whichever is earlier is paid as Sum assured combined with the accrued guaranteed additions till date
- An affordable life insurance plan that guarantees a firm growth of savings combined with financial protection under the single plan.
- Assured maturity benefit as up to 120%*of Sum Assured for policy term of 20 years and 115% for policy term of 15 years
- Basic sum assured between 2 lakhs to 50 lakhs.
- Available in 3 different policy terms –
- Regular and limited payment option for 10 years
- Fixed policy term of 15 years
- Fixed policy term of 20 years
- Available for customer between age group of 8 years to 40 years for Regular Pay and 50 years for Limited Pay
- Maximum Maturity Age could be of 70 years.
d) JEEVAN SAFAR PLUS
- A traditional life insurance plan with assured return of 125% of Sum Assured and supplementary bonus.
- Additional benefit of complete financial cover to the insured’s family in case of inopportune demise.
- Guaranteed additions for the first 5 years
- Policy term between 13 years to 30 year
5. Wealth Plans
- A Unit Linked Life Insurance Plan with double benefit of investment and protection cover.
- Option to choose investment plan as per risk appetite in four different funds.
- 3 premium payment option as Regular premium Payment, Limited Premium Payment or Term Premium Payment.
- Minimum policy term as 10 years to maximum 30 years.
- Death benefit as Sum Assured or Fund Value or 105% of the premiums paid, whichever is higher.
- A savings cum insurance protection plan to cater the need of future financial planning and build an auxiliary surplus fund.
- Manifold fund type and terms for investment for 5 years and 7 years
- Minimum monthly income of Rs. 10,000 up to Max- Rs.5, 40,000
- Guaranteed Monthly Benefit and annual benefit of 5 times monthly benefit.
- Lump sum benefit of 60 times the monthly income at the end of the policy term
- Death Benefit of 11 times the annual premium.
- Policy term of 15 years or 21 years.
- Income tax benefits under section 80(C) & 10(10D)
- A onetime, Unit Linked Life Insurance Plan to earn return on the capital investment combined with the peace of mind with Insurance coverage.
- Augmentation of capital through one time investment.
- 4 different fund option to take have full control on investment.
- Top up option to invest surplus capital as per market conditions.
- Minimum premium of Rs 1 lac.
- Maturity benefit as the fund value on date of maturity.
- Available for customer between age group of 8 to 60 years.
Withdrawn Individual Products
Apart from the above mentioned products, Star Union Dai-ichi Life Insurance Co. Ltd has withdrawn 13 products from 1st January, 2014.
- SUD Life Jeevan Safar
- SUD Life Pure Term Assurance Plan
- SUD Life's Instant Endowment Plan
- SUD Life Defined benefit Endowment Plan
- SUD Life Defined Growth Endowment Insurance Plan
- SUD Life Suraksha Kavach Plan
- SUD Life Dhan Suraksha 3
- SUD Life Dhan Suraksha Premium 3
- SUD Life Prabhat tara 3
- SUD Life Dhan Suraksha Express
- SUD Accidental and Total and Permanent Disability Benefit Rider
- SUD Life Critical Illness Benefit Rider
- SUD Life Immediate Annuity Plan
Star Union Dai-ichi Life Insurance brings its expertise in crafting the insurance needs of group customer. May that be employee – employer group or a common group of people with common intention.
Various categories of group insurance plans are
- Credit life plans
- Retirement plans
- Term plans
1. Credit life plans
a) LOAN SURAKSHA
- A financial coverage plan to a certain any financial obligations of the insurer’s family in the event of death of the insurer.
- One time premium payment plan.
- Decreasing term insurance plan at an affordable premium
- Coverage during moratorium period of your loan such as house loan etc.
- Flexibility to induct co-borrower for joint coverage.
- Special discount for High Sum Assured and for Joint borrowers
- Available for a term of 2 years to 30 years.
- Minimum Sum Assured as Rs.5 lacs , Rs.2 lacs and Rs.1 lac for home loans , vehicle loans and personal loans respectively.
b) SUD LIFE SHIKSHA SURAKSHA 2 PLAN
- A tailor made credit life plan for the education loan borrowers allowing then to achieve the dream of higher education without worrying the liability of loan in any unforeseen situations.
- Comprehensive coverage against existing & new education loans to ensure that loan liabilities are not passed on to family members.
- Single premium based plan.
- Decreasing Term Insurance plan at an reasonable premium
- Coverage on full loan amount in either case of interest being paid or interest being accumulated during moratorium period.
- Sum Assured between Rs 25,000/- to 5 crores.
c) SUD LIFE GROUP ACCIDENTAL BENEFIT RIDER
- A rider plan offering add-on benefits in case of accidental death or accidental events of the insured member
- Can be integrated with any Group Term Life Insurance plans
- 1 year plan with renewable option.
- Minimum sum assured as Rs. 1000 per member up to maximum limit of Rs. 50, 00,000.
2. Retirement plans
SUD LIFE GROUP RETIREMENT BENEFIT PLAN
- A Retirement Benefit Plan for all Employer-Employee groups to efficiently manage employees’ gratuity and/or leave encashment.
- Availability of 4 different fund options to earn market linked returns
- Investment guidance to earn more return at nominal charges.
- Flexibility for switch and payment of contributions.
- Income Tax benefits as per prevailing IT reules.
3. Term plans
a) SUD LIFE GROUP TERM INSURANCE PLUS
- An annually renewable group term assurance plan to provide comprehensive insurance protection to group members in a cost-effective way.
- Complete Peace of mind through financial protection for the insured member at viable rates
- Unparallel benefit to customize suitable protection for the group and premium payment as per the requirement of group.
- One year renewable policy term
- Simple and hassle free enrollment procedure.
b) GROUP TERM INSURANCE SCHEME IN LIEU OF EDLI
- A term plan, which provides life insurance cover to all the employees who are covered under the Employees Provident Fund.
- Complete financial protection to employees’ families at a nominal cost.
- Beneficial for employer under IT rules as the premiums paid are treated as business expense for Income Tax purposes.
- All premiums to be paid by the employer only.
- Minimum sum assured as Rs.1,32,000 to maximum Rs.10,00,000
c) SUD LIFE PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANAA
- A one year renewable group term insurance scheme that provides life cover at low cost to the members of savings bank account
- A protection cover of Rs. 2 lacs.
- Low premium of Rs. 330 p.a so as to cover larger extension of population specially economically weaker section of society
- Available for age group of 18 years to 50 years.
GROUP WITHDRAWN PRODUCTS
Apart from the above mentioned group products , Star Union Dai-ichi Life Insurance ltd has provided few products earlier , however now have stopped sourcing the same.
- SUD Life Group Term Insurance Scheme
- SUD Life Group Term Insurance Scheme in lieu of EDLI
- SUD Life Group Gratuity Scheme
- SUD Life Group Leave Encashment Scheme
- SUD Life Group Savings Linked Insurance Scheme
- SUD Life Group Superannuation Scheme
- SUD Life Ashiana Suraksha Plan
- SUD Life Ashiana Suraksha Plus Plan
- SUD Life Shiksha Suraksha Plan
- SUD Life Paraspar Suraksha Plan
- SUD Life Group Accidental Death and Dismemberment Benefit Rider
- SUD Life Group Critical Illness Benefit Rider
- SUD Life Reverse Mortgage Loan Annuity Plan
- Star Union Dai–ichi’s Group Term Insurance Scheme
- SUD Life Shiksha Suraksha 2
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