Star Union Da-ichi Life Insurance Company Limited is formed as an alliance between two banks of India and a leading life insurance provider of Japan. The banks forming the company are Bank of India and Union Bank of India while Da-ichi Life is the second largest insurance company of Japan which is counted in the top 10 insurers globally with expertise in insurance. The company offers different types of products in the categories of term plans, child plans; unit linked insurance plans and pension plans.
Traditional Plans are called such because they are conventional in their investment strategy. They have to invest the collected premiums as per the specified guidelines of the Insurance Act and so the customer doesn’t get any market exposure in these plans. Moreover, the investment plans are issued for a longer tenure and during that tenure the plan is rigid. Some basic plan features are as follows:
Star Union Da-ichi Life Insurance Company has all types of conventional insurance plans for its customers with varied features. Let us see the available plans with the company in a detailed study for a better understanding.
Money-back plan which is traditional in nature and has the below-mentioned features and benefits:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
13 years |
50 years |
Maturity Age |
- |
10 year term – 60 years 15 year term – 65 years 20 year term – 70 years |
Policy Term |
10, 15 or 20 years |
|
Premium amount |
Depends on coverage, tenure and age |
|
Sum Assured |
Rs.3 lakhs |
Rs.10 crores |
Premium Payment Term |
10 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional Endowment Assurance plan with guaranteed benefits. The plan has the following features:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
8 years |
Regular Pay – 40 years 10 or 15 Pay – 50 years |
Maturity Age |
- |
70 years |
Policy Term |
15 years |
25 years |
Premium amount |
Depends on coverage, tenure and age |
|
Sum Assured |
Rs.2 lakhs |
Rs.50 lakhs |
Premium Payment Term |
Equal to policy tenure or 10 or 15 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional Endowmnet Assurance plan which participates in bonus. The benefit structure and features are as below:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
18 years |
55 years |
Maturity Age |
- |
70 years |
Policy Term |
13 years |
30 years |
Premium amount |
Depends on coverage, tenure and age |
|
Sum Assured |
Rs.3 lakhs |
Rs.100 crores |
Premium Payment Term |
Equal to plan tenure or 10 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional savings plan having the following features:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
18 years |
50 years |
Maturity Age |
- |
70 years |
Policy Term |
15, 20, 25 or 30 years |
|
Premium amount |
Depends on coverage, tenure and age |
|
Sum Assured |
Rs.1.5 lakhs |
Rs.100 crores |
Premium Payment Term |
Equal to plan tenure |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
It is a traditional savings plan which has the below-mentioned benefits:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
20 years |
50 years |
Maturity Age |
35 years |
71 years |
Policy Term |
15 or 21 years |
|
Premium amount |
Depends on monthly income, tenure and age |
|
Monthly Income |
Rs.10, 000 |
Rs.540, 000 |
Sum Assured |
11 times the annual premium |
|
Premium Payment Term |
5 or 7 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
Online
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Intermediaries
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Endowment insurance is most commonly purchased with a goal in mind. The maturity benefit received is used in paying off fixed expenses that may range from college tuition fees to retirement bills. So a person buys an endowment plan for the desired number of years. Endowment plans are long term plans available for 20 or more years. So as a policyholder, you must calculate for how long you need to build the fund up and how much you want to contribute in it. It helps you save in a systematic manner and then helps in paying the bills when needed. Once the policy matures and you receive the amount, the policy terminates. However, if the policyholder dies within the period, his beneficiary receives the guaranteed sum assured.
Since endowment plans combine the elements of insurance and investment, the premium you pay is divided in two parts. First of all, a certain portion of the premium is deducted for the insurance fund. The amount of deduction depends on factors such as age, gender, health, etc. The remainder of the amount is invested either in a traditional participating plan or in a ULIP. The funds build up and what you get at the end depends on the way the markets functioned and how much your money grew. Of course, there is a fixed amount that is assured and the bonuses and profits are added to it.