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 global insurers and has great expertise in the insurance sector. The range of products offered by Star Union Da-ichi Life include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and Pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.
Term Insurance Plans or Term Plans in short, provide the basic coverage to individuals. They are the essence of life insurance providing financial support to the individual’s family uponearlydemise of the person. Technically, term plans are defined to be a contract between the company and the person taking insurance wherein the insurance company promises the payment of a lump sum amount which is called the Sum Assured if the insured expires during the policy duration. The policy term is the time, taken in years, for which the plan was bought by the person insured. In return of the promise by the insurer, the person insured has to pay a designated premium amount to the company for the opted coverage
Term Insuranceis the cheapest plan available in the market in which by paying a very minimal amount as premium you can avail of a high coverage for your protection purposes. Life is uncertain with everyone facing the risk of premature death. Upon death of a member of the family, the family faces both emotional loss and financial loss. While compensation of emotional loss is impossible, the financial loss which is suffered can be duly compensated through term insurance. Moreover, term insuranceoffers considerable coverage at low costs which makes it affordable on people’s pockets. A high coverage makes sure that the family is financially taken care of without any distress if the breadwinner is not around.
Star Union Da-ichi Insurance Company currently offers only one type of term insurance plan called the Premier Protection Plan. Let us take a look at the plan and its feature in details.
A term insurance plan to provide life insurance coverage at affordable costs for protection of the family. The features and benefits of the plan are as follows:
|Entry Age||18 years||60 years|
|Maturity Age||-||70 years|
|Policy Term||10 years||30 years|
|Sum Assured||Rs.25 lakhs||Rs.100 crores|
|Annual Premium Amount||Rs.5000||Depends on coverage, tenure and age|
|Premium Payment Term||Equal to policy term|
|Premium Payment Frequency||Yearly, half-yearly or monthly|
The table shows the sample rates of premium for a 35 year old individual.
|Sum Assured||Term – 15 years||Term – 20 years||Term – 25 years|
|Rs.50 lakhs||Rs.8100||Rs.9150||Rs.10, 600|
|Rs.1 crore||Rs.14, 000||Rs.16, 100||Rs.19, 000|