Star Union Da-ichi Life Insurance Company Limited is a joint venture between Bank of India, Union Bank of India and Da-ichi Life. While Bank of India and Union Bank of India are leading Indian banks, Da-ichi Life is a leading insurance company which is the second largest insurance company of Japan. Da-ichi is among the top 10 global insurers and has great expertise in the insurance sector.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyPension payouts after retirement are the basic goal of pension plan which also define them. These plans pay a steady stream of income to the annuitant after his retirement through an accumulated corpus. There are two phases to the plan. One is the accumulation phase where the annuitant accumulates the corpus by paying regular premiums. This phase is only applicable in case of Deferred plans wherein the annuity payouts are deferred or delayed to be paid after the accumulation phase is completed. The other phase is the annuity phase wherein the insurer is liable to pay annuity to the annuitant. Immediate Annuity plans have only the Annuity phase because payments start immediately after the single premium is paid. Annuity that you receive is taxable except the commuted part which represents 1/3rd part of the pension corpus that is withdrawable in cash.
Star Union Da-ichi Life Insurance Company is offering two types of retirement plans to its customers. Let’s take a detailed look at the types of plans available and the features and benefits of the plans in details.
You may also like to read: Present Value of Annuity Table | Types of Annuity
A traditional plan which offers guaranteed income.
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
8 years |
55 years |
Maturity Age |
- |
75 years |
Policy Term |
20 years |
35 years |
Premium amount |
Depends on the coverage chosen, age and tenure |
|
Annual Payout |
Rs.24, 000 |
Rs.50 lakhs |
Premium Payment Term |
10 or 15 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional annuity plan with regular cash-flows post maturity for the entire lifetime. The plan’s features include:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
Existing Customer Plan A– 0 years New Customer Plan A – 45 years Plan B – 60 years |
99 years |
Annual Annuity amount |
Existing Customer– Rs.1200 New Customer– Rs.2933 |
No limit |
Purchase Price |
Rs.1 lakh |
No limit |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
If you have already retired and do not have an annuity plan, then you have to see if you have the required resources to take an annuity plan at such a time. This is because your monthly income has stopped. Do you have the funds to pay the premiums or go for a single premium option? If you have received a retirement bonus from your company or you have opted for VRS, then you may have a lot of cash right now. It would thus be advisable to go for a single premium immediate annuity plan. Since your retirement days have already started, you need the annuity to start immediately as well. So pay the premium, as known as the purchase price, all at once and start reaping the results right away.
Even if you have a life insurance and a health insurance plan, you need to have an annuity plan. This is because the annuity plan would only substitute your income and nothing else. This would help you in your day to day life, whereas a health plan would only help you when you need medical care and a life insurance plan would help your beneficiaries after your death! So keep this point in mind – an annuity plan is absolutely essential, whether or not you have other forms of insurance.
An annuity plan helps you in living a dignified, independent and comfortable life even after you retire and your monthly income stops. An annuitant does not have to depend on anyone to pay his bills as he makes provisions for his own expenses. An annuity plan works in a very practical fashion where the policyholder builds up a corpus for his retirement days while he is still earning. The money that he receives post retirement is his own money and he doesn’t have to knock on others’ doors for financial assistance. If he invests carefully and buys the right kind of annuity plans, he can stay economically secured till the last day of his life.
Other insurance provided by Star Union Dai Ichi Life:
Star Union Dai Ichi Life Insurance
Star Union Dai Ichi Term Insurance
Star Union Dai Ichi ULIP Insurance
Star Union Dai Ichi Investment Plans