Star Union Dai-ichi Pension Plans

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.

What are Pension Plans?

Pension 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 1/3^rd part of the pension corpus that is withdrawable in cash.

Star Union Da-ichi Pension Plans                                    

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 

SUD Life Assured Income Plan

A traditional plan which offers guaranteed income.

• Survival benefits are paid at the starting of every year either after the completion of the premium paying term or after the deferment period as chosen by the policyholder. The amount of payout is also chosen by the policyholder at the commencement of the plan
• On maturity of the plan, the aggregate of the premiums paid are returned as a  Guaranteed Maturity Benefit which is 10 times the annualized premium for a premium paying term of 10 years or 15 times the annual premium for a premium paying term of 15 years
• In case of insured’s death during the tenure of the plan, the Death Sum Assured is paid immediately. Moreover, annual payouts are paid additionally following the year of death till the year the actual survival benefits start to accrue. All future premiums are also waived off by the company
• The payouts can be received as a lump sum benefit after discounting
• The Death Sum Assured is higher of 10 times of annualized premium or maturity Sum Assured or 105% of premiums paid till the date of death

Eligibility Details

SUD Life Immediate Annuity Plus Plan

A traditional annuity plan with regular cash-flows post maturity for the entire lifetime. The plan’s features include:

• Under the plan, the annuity payments will start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the single premium is paid
• The plan is available in two options of Plan A and Plan B
• Plan A hasmany annuity options like:
• Life annuity
• Life Annuity andReturning of Purchase Price on death
• Increasing Life Annuity and Return of Purchase Price
• Life Annuity which will be guaranteed for 10/15 or 20 years and thencepaid for the entire life
• Joint Life Last Survivor where 100% annuity is paid to secondary annuitant
• Joint Life Last Survivor where 50% annuity to secondary annuitant
• Joint Life Last Survivor with 100% annuity to secondary annuitant and Return of 100% of Purchase Price
• Joint Life Last Survivor with 50% annuity to the secondary annuitant and thereafter the payment of purchase price on death
• Plan B has two annuity options of Life Annuity with Return of Purchase Price and Joint Life Annuity (100%) with Return of Purchase Price
• Surrender value is payable in both plan options in case of being diagnosed with specified critical illnesses
• The company promises higher annuity rates for higher Purchase Price of Rs.10 lakhs and above

Eligibility Details

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply