With the Star Union Dai-ichi Assured Income Plan, policyholders receive long-term protection as well as financial security. The guaranteed annual income regularly received by the policyholders, or their beneficiaries is tax-free and the overall benefits received contribute to the peace of mind for the policyholders.
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
8 years |
55 years |
|
Maturity Age (Last Birthday) |
- |
75 years |
|
Policy Term (PT) in years |
Equal to Premium Payment Term plus Deferment Period (if any) plus Payout Period |
|
|
Premium Paying Term (PPT) in years |
10 years |
15 years |
|
Premium Paying Frequency |
Annual, Semi-annual, Monthly, Quarterly |
|
|
Annual Payout Period |
10, 15, 20 or 25 years |
|
|
Annual Payout |
Rs. 24,000 |
Rs. 50 lakhs |
|
Deferment Period |
0 |
5 years |
|
Age at inception of policy |
Policy term |
Premium Payment Period |
Annual Premium |
Deferment Period |
Total Annual Income for 15 yrs |
Maturity Benefit (10* Annualized Premium) |
Total Benefit Amount |
|
35 |
30 yrs |
10 yrs |
Rs. 28,224 |
5 yrs |
Rs. 24,000* 15 = Rs. 3,60,000 |
Rs. 282,240 |
Rs. 642,240 |
|
Death Benefits received by beneficiary on the unfortunate demise of the policyholder |
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|
Death of policyholder during Premium Payment Period at age |
Death Sum Assured received immediately |
Additional Annual Payouts from 4th policy anniversary |
Scheduled Annual Payouts |
Total Benefit Amount |
|
38 yrs |
Rs. 311,000 |
Rs. 24,000*11 = Rs. 2,64,000 |
Rs.24,000*15= Rs. 3,60,000 |
Rs. 9,35,000 |
|
Death of policyholder during Deferment Period at age |
Death Sum Assured received immediately |
Additional Annual Payouts from 12th policy anniversary |
Scheduled Annual Payouts |
Total Benefit Amount |
|
46 yrs |
Rs. 311,000 |
Rs. 24,000*3 = Rs. 72,000 |
Rs.24,000*15 = Rs. 3,60,000 |
Rs. 7,43,000 |
|
Death of policyholder during Payout Period at age |
Death Sum Assured received immediately |
Additional Annual Payouts |
Scheduled Annual Payouts |
Total Benefit Amount |
|
52 ys |
Rs. 311,000 |
NA |
Rs.24,000*12 = Rs. 2,88,000 |
Rs. 6,71,000 |
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 two 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 two 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.
Free Look Period: A limited free look period of 15 days from the date of receiving policy documents is allowed to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing mode.
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.
