Star Union Dai-ichi Jeevan Safar Plus Plan

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Introduction/Overview

The Star Union Dai-ichi Jeevan Safar Plus Plan is a traditional savings-cum-protection plan with bonus facility. The aim of this policy is to provide financial protection for the families of the policyholders as well as to grow the wealth of their customers steadily, giving them security and peace of mind.

 Key Features

  • The policyholders have the option to pay their premiums throughout the policy term or for a limited period of ten years.
  • Premium payment is also flexible, with a choice to pay via monthly, quarterly, half-yearly or yearly modes, as per the convenience of the policyholder.
  • Both Maturity and Death Benefits are available in this plan, contributing to the financial protection for both the policyholders and their families.
  • A high Sum Assured discount is available depending on the Basic Sum Assured chosen by the customer.
  • The policy has Guaranteed Additions, Simple Reversionary Bonus and Terminal Bonus, which help to generate more wealth for its customers.

Benefits

  • Maturity Benefit is paid if the person whose life is insured is alive when the policy matures. He or she receives the Minimum Guaranteed Sum Assured plus the accrued Guaranteed Additions and Simple Reversionary Bonus and Terminal Bonus if any.
  • If the person insured passes away, the nominee receives the Death Benefit, which is the Death Sum Assured and the Guaranteed Additions and Bonus accrued until the policy year in which the demise has occurred.
  • Guaranteed Additions are added to the policy at the end of each policy year for the first five policy years. The Guaranteed Addition comprises of 5% of the Basic Sum Assured.
  • 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.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

-

70 years

Policy Term (PT) in years

13 years

30 years

Premium Paying Term (PPT) in years

Regular & Limited – 10 years

Premium Paying Frequency

Annual, Semi-annual, Monthly, Quarterly

Sum Assured

Rs. 300,000

Rs. 100 crores

Details About Premium

Age

Policy Term

Premium Payment Mode

Annual premium

Sum Assured

Maturity Benefit

Guaranteed Additions

Reversionary Bonus

Death Benefit received by nominee

 

30 years

20 years

Annual

Rs. 18,333

Rs. 300,000

Rs. 300,000

Rs. 75,000

Rs. 2,90,051

Rs. 300,000

 
 

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 or Maturity Benefit. It is also terminated on being lapsed by non-payment of three 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.

Inclusions

  • A policy loan is available on the condition that the policy has attained Surrender Value. The loan amount is subject to an amount of not more than 80% of the Surrender Value.

Additional Features or Riders

  • 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.