Insurance Plans November 7, 2020

After this coronavirus pandemic, there are many individuals who want to secure their life with a health insurance plan. But they are confused whether their current health plan will cover the Covid-19 risks. So, if you are willing to buy a health policy from Star Union then you can add the Star Union Dai-Ichi Life COVID-19 Benefit Rider to the plan. This rider will protect you from the expenses incurred for the treatment of the coronavirus disease. You can add this rider for up to 3 years to your health plan. The minimum age of entry for this rider is 18 years and you must go through the key benefits of this rider.

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Key Features of Covid-19 Benefit Rider

  1. Flexibility of choosing the Sum Assured at the time of inception of the policy.
  2. You can choose a Sum Assured of up to Rs.4 lacs in this rider.
  3. This is a Single Premium Rider offered by the Company.
  4. This rider is only for the existing customers of Star Union Dai-Ichi Company.
  5. There is a fixed period of this policy for up to 3 years.
  6. You will also get tax benefits as per the existing tax law in India.

Benefits of Star Union Covid-19 Rider Traditional

Here are some of the benefits that you will get in this rider if you add it to your policy. You must go through all the benefits and see how this rider will help you to fight Covid-19 disease.

Hospitalization Benefit

If in case you are diagnosed Covid positive from a registered diagnostic centre then the company will pay 25% of the Sum Assured. You can continue your treatment at the hospitals and 25% of the Sum Assured will be made as to the payment to the admitted hospital. The diagnostic centre must be a government authorized centre. You will get this benefit only once during the term and then the policy will continue for the death benefit.

Death Benefit

If in case the insured dies during the rider’s term due to the Covid-19 disease then the company will pay 100% of the Sum Assured to the nominee. You will have to give the name of the nominee to the company at the time of inception of the policy. Once the death benefit is paid to the nominee, the rider will be terminated.

Affordable Premiums

The Star Union Dai-Ichi Life COVID-19 Benefit Rider is available at an affordable premium and the amount of premium increases if you increase the value of the Sum Assured. You can see the number of premiums in the table given below depending upon the amount of Sum Assured you choose:-

Amount of PremiumSum Assured
INR 450 (excluding GST)The Amount of Sum Assured will be Rs.1 Lac
INR 900 (excluding GST)The Amount of Sum Assured will be Rs.2 Lacs
INR 1350 (excluding GST)The Amount of Sum Assured will be Rs.3 Lacs
INR 1800 (excluding GST)The Amount of Sum Assured will be Rs.4 Lacs

Long Time Coverage

This rider is available for a fixed period of 3 years. So if in case you got ill due to the coronavirus in these 3 years then the company will pay 30% of the Sum Assured as the hospitalization expenses. You will have to pay a Single Premium and add this rider to your policy.

Single-Premium

You will not have to pay the premium every year or every month because it is a Single Premium Rider. You will have to pay the premium at the time of adding the rider to the policy.

Multiple Options of Sum Assured

There are multiple options available in this plan for choosing the Sum Assured. You can choose the Sum Assured of Rs.1 Lac, Rs.2 lacs, Rs.3 Lacs, and Rs.4 Lacs in this rider.

Free-look Period

The company gives you a free-look period of 30 days if you have purchased this rider through distance marketing otherwise you will get a free-look period of 15 days. You are allowed to return the rider during the free-look period if you don’t find it interesting.

Tax Benefits

You can also save some tax while computing your annual income. The premium of this rider can help you reduce the tax liability and enjoy deductions under Section 80C of the Income Tax Act 1961.

Eligibility Criteria of Star Union Dai-Ichi Life COVID-19 Benefit Rider

ParticularsDetails
Minimum Age of Entry18 Years
Maximum Age of Entry55 Years
Maximum Age of Maturity58 Years
Policy Term3 Years (Fixed)
Premium Paying TermSingle-Premium
Minimum Sum AssuredRs.1 Lac
Maximum Sum AssuredRs.4 Lacs
Sum Assured OptionsRs.1 Lac, Rs.2 Lacs, Rs.3 Lacs, and Rs.4 Lacs

Exclusions of this Rider

  1. Diseases other than Covid-19 are not covered in this rider.
  2. If the insured is tested Covid Negative and then dies then no claim will be accepted.
  3. Confirmed Covid-19 cases within the waiting period of the policy.

If the insured has travelled outside India during the policy term then no claim will be accepted for the travel period and the waiting period after it.

  1. Death due to an accident.
  2. Self-Quarantine, Home Quarantine, or Quarantine by an unauthorized centre.

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