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.

Read more
  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

Invest ₹6,000/month & Get Tax-Free* Monthly Pension of ₹60,000#
Get the best returns & make the most of your golden years
+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

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.

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

People also read: best retirement plan

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

  • On the PolicyBazaar homepage, click on Retirement under the Personal tab.

  • Click New Quotes to compare and choose from top insurance providers.

  • 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.

  • Fill in your name, email address, city, country code, and mobile number. Click Continue.

  • 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.

  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

  • 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.

  • 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

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Secure Your Retirement Today
Start Investing ₹6,000/month
Get Pension ₹60,000/month+
Including Life Cover
View Plan
Pension Plans
+Standard T&A Applied
Pension Plan 1
Insurers Offering Pension Plans

Tata AIA

Max Life

Bajaj Allianz

SBI Life

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

Aditya Birla Sun Life

Aviva

Ageas Federal

Bandhan Life

Canara HSBC

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

View more insurers
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Pension Plan 2
Average Rating
(Based on 1 Reviews)
Pension Plan 3
Lic Pension Plan 4

Pension plans articles

Recent Articles
Popular Articles
Punjab National Bank NPS

12 Dec 2024

Punjab National Bank (PNB), established in 1894 by Lal Lajpat
Read more
South Indian Bank NPS

11 Dec 2024

South Indian Bank, a leading private sector bank headquartered
Read more
Bank of India National Pension Scheme

11 Dec 2024

Bank of India is a public sector bank owned and managed by the
Read more
RBL Bank National Pension Scheme

10 Dec 2024

Retirement planning is an essential aspect of financial
Read more
Indian Overseas Bank (IOB) National Pension Scheme

10 Dec 2024

The Indian Overseas Bank (IOB), a government-owned public sector
Read more
SBI Annuity Calculator
  • 08 Jun 2021
  • 43659
What is an Annuity Deposit Scheme? Types of Annuity Deposit Schemes Eligibility Conditions for SBI Annuity
Read more
Top 15 Pension Plans in India
  • 14 Feb 2023
  • 26163
List of Top 15 Pension Plans Overview Basis of Selection Wrapping Up View all content List of Top 15
Read more
50K Pension Per Month
  • 15 Jun 2022
  • 23142
How to Get 50k Pension Investment Options Get 50k Pension Through NPS Benefits of Choosing a Pension Plan
Read more
Buy the Annuity Plans of 2024
  • 10 Dec 2015
  • 146146
10 mins read Annuity plans in India are the financial products that provide you with a guaranteed, regular
Read more
Sevarth Mahakosh
  • 24 May 2023
  • 41996
Sevarth Mahakosh Portal is a one-stop solution for all state government employees' financial transactions and
Read more

Star Union Dai-ichi Pension Plans Reviews & Ratings

4.3 / 5 (Based on 1 Reviews)
(Showing Newest 1 reviews)
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.
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL