Star Union Dai-ichi Traditional Plans

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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.

What are Traditional / Investment 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:

  • Premiums are payable as per method specified in the plan and if there is any failure to pay the premiums, the Sum Assured is reduced to a paid-up value which is paid as the maturity or death benefit.
  • The plan is offered for a longer term and partial withdrawals are not allowed from the plan.
  • Bonus may accrue under the plan depending on the profits made by the company if the plan is issued as a participating plan
  • Endowment and Money Back are the two variants of traditional plans

Star Union Da-ichi Traditional / Investment Plans

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.

Star Union Da-ichi’s Guaranteed Money Back Plan

Money-back plan which is traditional in nature and has the below-mentioned  features and benefits:

  • 200% of the annual premium is paid as money back in the 5th, 10th and 15th policy year depending on the plan tenure chosen
  • Guaranteed Additions payable @4%, 5% or 6% of the annual premium depending on the plan tenure chosen is paid every year till maturity or death
  • At maturity, the Sum Assured net of money back benefits paid and accrued guaranteed additions is paid
  • If the insured faces unfortunate death, the Sum Assured and accrued guaranteed additions is paid
  • Discounts are allowed in premiums if a higher level of Sum Assured of Rs.5 lakhs and above is chosen
  • SUD Life Accidental Death and Total & Permanent Disability Benefit Rider and SUD Life Family Income Benefit Rider is available with the plan
  • Tax benefit is applicable on premiums and the claim

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

 

Star Union Da-ichi’s Jeevan Ashray

A traditional Endowment Assurance plan with guaranteed benefits. The plan has the following features:

  • On maturity, 115% of Sum Assured for a 15 year term or 120% of Sum Assured for a 20 year term is paid
  • On death of the insured, a Guaranteed Death Benefit is paid which is higher of the guaranteed maturity benefit  or 10 times the annual premium paid or 105% of total premiums paid till the date of death
  • Loans can be availed on the Surrender Value up to a maximum of 80%
  • Premiums paid are not taxable under Section 80C and claims are not taxable under Section 10(10D)

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

SUD Life Jeevan Safar Plus

A traditional Endowmnet Assurance plan which participates in bonus. The benefit structure and features are as below:

  • Guaranteed Additions are payable in the first 5 years of the plan@5% of Sum Assured
  • The Sum Assured along with the vested bonuses, Terminal Bonus and guaranteed additions is payable on maturity
  • The death benefit payable will be a Guaranteed Death Benefit which is higher of the base Sum Assured  or 10 times the annualized premium subject to a minimum of 105% of total premiums paid until death with the vested reversionary bonus and any Terminal Bonus
  • Discounts are allowed in premiums for choosing Sum Assured levels of Rs.5 lakhs and above

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

 

SUD Life Aayushmaan

A traditional savings plan having the following features:

  • Bonuses are added to the plan from the 6th year after the commencement of the plan
  • Guaranteed Additions are added in the first 5 years of the plan @3% of Sum Assured
  • When the plan matures the Sum Assured and the vested bonuses, Terminal Bonus and guaranteed additions is paid
  • When the insured dies, the Death Sum Assured is payable which will behigher of the base Sum Assured  or 10 times the annual premium paid or 150% of the base Sum Assured subject to a minimum of 105% of total premiums paid up until the date of death along with the vested reversionary bonus and any Terminal Bonus and accrued guaranteed additions
  • The plan provides an extended life cover which runs post maturity till the entire life of the policyholder. So, if the policyholder dies after the maturity of the policy, an additional Sum Assured equal to the base Sum Assured is again paid.
  • Discounts are allowed in premiums if high Sum Assured levels of Rs.5 lakhs and above is chosen
  • Loans can be availed on the Surrender Value up to a maximum of 70%
  • SUD Life Accidental Death and Total & Permanent Disability Benefit Rider and SUD Life Family Income Benefit Rider is available with the plan
  • Sections 80C and 10(10D) exempts the premiums paid and claims received from the scope of taxation

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

 

SUD Life’s Elite Assure Plan

It is a traditional savings plan which has the below-mentioned benefits:

  • The plan comes in two options of 5-5-5 plan or 7-7-7 plan.
  • Under the options, premiums are payable for 5 or 7 years, the money grows for the next 5 or 7 years and annual payouts are payable in the next 5 or 7 years
  • During the payout period in the last 5 or 7 years, three types of payouts are made. One is a chosen monthly income at the start of every month, another is an annual income equal to 5 times the monthly income payable at the end of every year except at policy maturity and the last is a Guaranteed Maturity Benefit which is equal to 40 or 60 times the monthly income for the 5-5-5 plan and 7-7-7 plan respectively
  • As the death benefit the Death Sum Assured is payable which should be higher of the base Sum Assured  or 10 times the annual premium paid or minimum guaranteed maturity benefit or 105% of total premiums paid till the date of death or 11 times the annual premium rounded off to the next Rs.1000
  • SUD Life Accidental Death and Total & Permanent Disability Benefit Rider and SUD Life Family Income Benefit Rider is available with the plan

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

 

Applying for a Traditional / Investment Plan from the company:

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.

Applying For Traditional Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

What are the steps followed in endowment insurance?

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.

How are the endowment funds calculated?

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.

 

Star Union Dai-ichi Traditional Plans Reviews

TOTAL REVIEWS (1)
Rohit
Ghaziabad
May 16, 2016

Manageable

I have star union dai-ichi traditional plan which is really nice. Policy coverage is awesome. Claims are high ~Rs.39 L, even premiums are low ~Rs.13 K thrice. But the only thing is the service you provided is bit slow. Please improve it for better outcome. The investment is good and it save taxes. Overall, Satisfactory for me.