Star Union Dai-ichi Pension Plans

4.3 / 5 based on 1 User Reviews
*Please note that the quotes shown will be from our partners

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 1/3rd 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.

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

 

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

 

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

 

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

 

Applying for a Pension Plan from the company:

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.

Applying For Pension Plans through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Retirement under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

I recently retired. Do I need an annuity plan?

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.

I have a life insurance and a health insurance plan. Do I need an annuity plan?

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.

Why should an Annuity Plan be taken?

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

 

Star Union Dai-ichi Pension Plans Reviews

TOTAL REVIEWS (1)
Bhupesh
Ashok_nagar
May 16, 2016

Satisfactory

Star union dai-ichi pension plan i choose by a friend advice. Plan is an average one with okay services, 76% policy coverage, Rs.31 K per month returns. Good future investment which reduces my taxes too. The behaviour of the executives and staff members. Manageable policy which is very good future investment. Good work.