Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life) is a joint venture (JV) of India’s two leading public sector banks - Bank of India, Union Bank of India and Dai-ichi Life, the 2nd largest life insurance company of Japan.
The consortium of three leading financial service provider, makes the SUD life insurance plans as the paramount insurance solutions and crafted to suit the protection needs of larger mass on Indian Population. With over 1564 branches to offer the cater the insurance needs of larger rural population , SUD Life pledge a long-term commitment towards their customers and stake holders and have earned the trust of 64 million customers.
The life insurance plans offered by Star Union Dai-ichi are not only crafted with sound product knowledge & superior asset management skills but also brings the strong operational expertise for its customer.
The various segments under which by Star Union Dai-ichi offers its multiple plans for Individual customers are.
1. Child Plans
Being a parent brings the fundamental responsibility of securing the Child future and protection against any untoward events. Child Insurance Plans offered by SUD life are suited insurance solution for this.
Bright Child Insurance Plan
The key features of this plan are
An endowment plan intended to provide a safe and sound financial coverage in future to our children.
Two funding variants available as option - Career Endowment and Wedding Endowment.
Availability of 125% of sum assured as Child Benefits
Complete financial coverage for the children in case of any fateful event with the parents.
A range of minimum sum assured between Rs. 5 lakh to Rs. 5 Crores.
Policy Term is 24 minus age of child at time of commencement of plan.
The Premium payment tern is either fixed as 10 years or 18 minus age of child at beginning of plan.
Multiple options Premium frequency as monthly, quarterly, half -yearly or yearly.
Available for child between Child: 0-8 years.
2. Protection Plans
SUD life Family income benefit rider plan
A traditional term plan to cover all the financial obligations of the insured’s family in the event of unfortunate demise of the insured .
Death benefit as 10% of the Rider Sum Assured to be paid to the nominee/Legal heir annually for 10 years.
Monthly payment option as 10% of Rider Sum Assured divided into 12 equal components is paid at the end of every policy ending month for a tenure of 10 years.
The policy terms could be for minimum of 5 years for Single and Regular Premium option, Premium Payment term +3 Years for Limited Pay option and maximum 30 years in all the plans
Sum assured as Minimum: 10,000/- up to Maximum: 50, 00,000/- per policy.
Plan available for individuals between 18 years to 60 years, whereas the maximum maturity age should be 65 years or the maturity age of the base plan, whichever is lowe
Accidental Death and Total & Permanent Disability Benefit Rider Plan
This is a Traditional rider plan, which caters the need of protection cover against any untoward event along with additional benefits to the insured during the contract period.
Death benefit as 100% of Rider Sum Assured to be paid to the claimant.
In the event of Total and Permanent disability due to Accident rider sum assured to the quantum of 10% of the sum assured paid in 10 equal half-yearly installments.
3 Premium payment plans as either single premium, regular premium or limited premium option of 5 to 25 years.
Policy terms are between 5 years to 47 years.
Starting from affordable premium of Rs. 8/- for sum assured of Rs. 10,000, for a standard life under regular premium payment option
Sum assured as Minimum: 10,000/- per Policy up to Maximum: 50, 00,000/- per Life.
Plan available for individuals between 18 years to 65 years , whereas the maximum maturity age should be 71 years or the maturity age of the base plan, whichever is lower
13th May 2016: Star Union Dai-ichi Life has recently launched a new pension plan with some unique features. SUD is an Indo-Japanese joint venture between the Indian banks- BOI and UBI, and the Japanese Dai-ichi Life Insurance Corporation.The company announced that the newly launched guaranteed pension plan will enable the policyholder to create a pre-promised corpus and will also provide a regular post-retirement pension.Once you policyholder pays all the premiums regularly, he/she will be provided with a lump sum amount after the date of retirement. This sum can then be invested in an annuity which will provide a regular monthly income.
The MD & CEO of SUD Life Mr. Girish Kulkarni, has said that Guaranteed Pension Plan will help the customers to plan for their golden years after retirement. He also added that the plan will help them to meet their unplanned financial needs by acting as an emergency corpus.SUD also provided details about the plan in their statement, such as - the minimum entry age for the plan is 35 years to a maximum of 65 years; and that the plan has the option for single as well as limited premium paying term.
Written By: PolicyBazaar - Updated: 21 October 2020
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