Star Union Dai-ichi Bright Child plan

Star Union Dai-ichi Bright Child plan helps policyholders secure their children’s future and ensure that they are prepared financially for various situations. These situations may be higher education fees, or the support needed to start a business or even to fund their dream wedding. This policy makes it possible for its customers as parents to make their children’s’ dreams come true.

Key Features

  • This policy offers two plan options for the policyholder to prepare for their child’s future. One is the Career Endowment plan option, and the other is the Wedding Endowment plan.
  • Even if the person whose life is assured passes away, the Death Benefit is payable immediately to his or her beneficiaries, thus securing the child’s future.
  • Policyholders receive Child Benefits of up to 125% of the Sum Assured.
  • The policy has a high Sum Assured Rebate from Rs. six lakhs and above.

Benefits

  • The policy offers Child Benefits, which are payable regardless of whether the life assured person is alive or not. The Child Benefits differ depending on the plan option chosen by the policyholder.
  • Depending on the age of the child at policy inception and plan option chosen, a Benefit Booster is paid at the end of the policy term.
  • If the person insured passes away, the nominee/appointee receives the Death Benefit immediately, and all future pending premiums are waived off.
  • Tax benefits are available on the premium paid and Death and Maturity Benefits as per sections 80(C) and 10 (10D) of the Income Tax Act.
  • The policy provides the flexibility to pay the premiums regularly till the beneficiary attains the age of 18, alternatively the policyholder can choose to pay for a fixed time of ten years.

Product Specification:

 

Minimum

Maximum

Entry Age of the Life Assured(Last Birthday)

19 years

45 years

Entry Age of the Child (Last Birthday)

0 years

8 years for Premium Payment up to child age 18

7 years for Premium Payment term of 10 years

Minimum age difference between Life Assured and Child

19 years

-

Maturity Age (Last Birthday) of the Life Assured

-

69 years

Policy Term (PT) in years

Twenty-four years minus age of child at entry

Premium Paying Term (PPT) in years

18 minus age of child at entry

Fixed period of 10 years

Premium Paying Frequency

Annual, Semi-annual, Monthly, Quarterly

Basic Sum Assured

Rs. 5,00,000

Rs. 5,00,00,000

Details About Premium

SUD Bright Child Plan - Wedding Endowment option

Age of life assured at start of policy

Age of child at start of policy

Basic Sum Assured

Premium payment up to child age 18

Policy term

Child Benefits

Death benefit received by the child in case of the demise of the policyholder

Annual Premium

when child turns 18

when child turns 21

when child turns 21

30 yrs

Less than a year old

Rs. 10 lakhs

Rs. 41,320

18 yrs

Rs. 2 lakhs

Rs. 3 lakhs

Rs. 7.5 lakhs

Rs. 10 lakhs

Policy Details

  • Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest. This timeframe is reduced to 15 days if payments are being done on a monthly basis.
  • Lapse: Failure to pay three years of due premiums within the Grace Period will result in the policy lapsing. The life cover will cease and no benefits are payable once the policy has lapsed.
  • Policy Termination or Surrender Benefit: This policy acquires Surrender Value on the completion of three full policy years with the provision that all premiums were paid. Termination occurs on the earliest of the following: on payment of the Surrender Benefit, or Death Benefit (and payment of the last Annual Payout), or Maturity Benefit. It is also terminated on being lapsed by non-payment of two years of premiums and not being revived within the Revival Period.

Additional Features or Riders

  • In the unfortunate event of the demise of the child beneficiary, the policyholder may nominate another child as the beneficiary. If there is no other child, the policyholders’ legal heir will be considered the beneficiary.
  • The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid premium.

Exclusions

  • The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund only 80% of the premiums received. The same is applicable if the person insured commits suicide within one year from the date of last reinstatement. In this case, if the policy is still in force then the company will refund the higher of the Surrender Value on the date of death or 80% of the premiums paid until the date of death.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Star Union Dai-ichi Bright Child plan Reviews & Ratings

0 / 5 (Based on 7 Reviews)
(Showing Newest 7 reviews)
Parul
Punjab, August 02, 2021
Inexpensive term plan
My friend is 30 year old and I am 25 years old and noticed a difference in our term plan price. I visited Policybazaar and read some blogs there. I found out that term plans are cheaper if you buy at young age. I am glad to buy this plan at the right time.
Amrita
Chail, August 02, 2021
Tax savings
I recently bought a term insurance policy from the website of Policybazaar. My plan has amazing features and some additional benefits due to an addon. The best part is I can also enjoy a tax rebate. I am so glad to buy this plan.
Pratap
Niwari, August 02, 2021
Purchased Online
My friend asked me to buy a term insurance plan online as it is cheaper and more convenient. I visited the website of Policybazaar and bought a term policy which offers great benefits at cheap rates. My online experience has been great. Thank you team.
Anurag
Modinagar, August 02, 2021
Protection against COVID
The pandemic had me worrying about the future of my family in my absence. I have been searching for a pure insurance policy to safeguard my family against any eventuality. With the help of Policybazaar now I my family is secure as a bought a specialized term plan made to help family of the policyholder.
Kashish
Meerut, August 02, 2021
Best customer service
I did not understand much about insurance but I knew one thing that I needed to secure the future of my family. I took help from the team of Policybazaar and they suggested me what would be best for me. I am happy with my plan. Thank you so much team.
Komal
Palwal, August 02, 2021
Huge coverage
I recently bought a term plan from the website of Policybazaar and I am happy with the product. I got a higher coverage term plan with additional benefits and at cost effective price. Now I am worry free for the future security of my family in my absence. Thanks.
Harisha
Gurgaon, August 02, 2021
Quick to buy
My friend suggested me to buy a term insurance plan online. I visited the website of Policybazaar and it took me about half an hour or maybe less to buy the plan online. The experience was smooth and I am happy with my plan. Kudos team.
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