Insurance Plans 638 views November 28, 2019

Star Union Dai-Ichi Term Plan

Star Union Dai-ichi Life Insurance Company Limited is amongst the top life insurance companies in India. The company is formed by the collaboration of leading banks like Bank of India, Union Bank of India and Dai-ichi Life (leading life insurance providing company of Japan) through a joint venture. This joint venture has introduced and offered the best term insurance plan and policy in India. The vast and robust network of the leading banks and insurance expertise of Dai-ichi Life has made it possible for the insurance provider to touch millions of lives. The following article will help you understand the pros and cons of term life insurance policy and give details about the Star Union Dai-ichi term plan.

Term Insurance

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Features of Star Union Dai-ichi Term Plan

Star Union Dai-ichi Life Insurance Company is offering a top-notch term insurance plan in India called the ‘SUD Life Abhay’ plan. Following are the details of this term insurance plan

SUD Life Abhay is a non-participating non-linked term assurance plan that is designed to offer financial support and protection to your family in your absence. In the event of unfortunate demise, this plan secures the financial future of your loved ones. The benefits of the plan are as under:

  1. The plan comes in two variants namely life cover or a life cover with the return of premium
  2. The plan offers flexibility to choose any one out of the three payout options as per the needs of the nominee. The three payout options are – lump sum, monthly income or lump sum plus monthly income.
  3. The policy offers maximum policy tenure of 40 years
  4. The maximum life cover available under the plan is Rs 100 crores
  5. The age eligibility is minimum 18 years and maximum of 65 years
  6. The maximum age at maturity is 80 years
  7. The policyholder can avail tax benefit under section 80C and Section 10 (10D) of the income tax act for the policy premiums paid.
  8. The plan offers flexibility to choose any one of the three premium paying terms – Single premium pay, Regular Premium pay or Limited Premium Pay
  9. The policy offers multiple premium payment modes like monthly, quarterly, half-yearly or yearly. The policyholder can choose any one premium payment mode as per their convenience.
  10. Maturity benefit is available in case of ‘life cover with the return of premium’ option is opted by the policyholder. In this case, the maturity benefit shall be paid if the life assured survives till the end of the policy tenure and the amount shall be equivalent to all the premiums paid.
  11. In the event of death, death benefit equivalent to ‘sum assured’ shall be paid to the nominee
  12. A policyholder can choose SUD Life Accidental Death and Total and Permanent Disability Benefit Rider to make the term insurance plan more robust.

Kindly note, SUD also provides for SUD Life Family Income Benefit Rider but the term insurance plan does not support critical illness rider or SUD Premier Protection Plan.

What to consider before buying Star Union Dai-ichi Term Plan?

If you are planning to buy Star Union Dai-ichi term plan. whether via an online or offline channel in the near future then here are some important questions to know before applying for Term Insurance in India and their answers.

1. How to find the best insurance plan in India?

The insurance sector is exploding in India as many insurance providers are offering various types of term insurance plans in India. One of the biggest factors to determine – how to choose the perfect term life insurance policy? Is to compare insurance plans available in the market. Searching online term insurance plans and carrying out in-depth research by comparing life insurance companies will help you in buying the best term insurance plan. SUD life insurance company offers insurance plans designed specifically as per the needs of its customers.

2. How Buying Term Insurance Plan Will Make Family Safe?

Uncertainties in life come uninvited and death is one such uncertainty that leaves a huge financial and emotional dent on the lives of the family members. However, by purchasing a term insurance plan from SUD Life Insurance Company you can safeguard the financial future of your family members. Term insurance plans offered by SUD are pure life cover plans that offer financial support to your family in the event of unfortunate demise. If you die, your insurance provider shall offer sum assured as a death benefit to your nominee. This sum of money received by your family can be utilized by them to fulfil their financial needs like payment of outstanding loans or paying for education or medical emergencies. Thus, the term insurance claim made by your nominee shall ensure them with a secure financial future.

3. Why buy Term Insurance online?

SUD life insurance company has a strong digital presence, buying online term insurance plan offers many benefits as under:

  1. Lower Premiums:
    One of the key factors for buying an online term insurance plan is that the cost lowers by 40 per cent than the offline insurance plan having the same features and benefits.
  2. Accessibility:
    Online purchasing of term insurance policies give the flexibility of comparing the features and benefits of various term insurance plans offered by all major life insurance providers in India. the digital era gives accessibility to various online educative articles, videos and tools that will help in making informed decisions.
  3. Hassle-free:
    The digital payment gateway makes it easier for the customers to buy online term insurance plans quickly and in a hassle-free manner. The secure payment gateways make it easier for the policyholder to make insurance premium payments quickly within a few clicks at the convenience of their home.

4. What is the Claim Settlement Ratio of Star Union Da-ichi Life Insurance?

Claim Settlement Ratio is one of the most important criteria in deciding the performance of the life insurance provider. Claim settlement ratio is an indicator that refers to the number of term insurance claim settlement requests received against the number of death claims settled by the insurance provider. Thus, it is recommended to research for Online Term Insurance Policy Plan with Their Claim Settlement Ratio before purchasing various types of online term insurance plans. Star Union Dai-Ichi Life Insurance Company Limited has a strong Term insurance claim settlement ratio, making it one of the most popular insurance partners.

5. What are the incremental facilities available for Star Union Da-ichi Life Insurance Company?

Not many people are aware of the facility offered by all major leading insurance providers that the amount of sum assured under a term insurance plan can be increased every year. This facility gives scope to the policyholder to increase the life cover every year by a certain amount.

Conclusion

All the insurance products and plans offered by Star Union Dai-ichi Life insurance company are well-curated by keeping in mind the insurance requirements of their customers. The term insurance plan offers adequate life cover at comparatively lower premium rates. Additionally, the strong digital presence of the company makes it easier for the customers to buy insurance plans quickly without any hassle.

Frequently Asked Questions

What are the documents required while buying term insurance plans?

Documents needed to buy term insurance plan are – Basic KYC documents (Address Proof and Identity Proof), Completely and correctly filled Proposal Form, recent photograph and proof of income.

Do term insurance plans also offer joint policies for spouses?

Yes, most of the leading term insurance providers in India offer joint policies for spouses’ facility.

Do I need to buy term insurance even if I am not married?

Buying a term plan at a young age is recommended. So, you can buy a term insurance plan even if you are not married.

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