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Term Insurance 1614 views November 28, 2019
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 (a leading Japanese life insurance company) through a joint venture. This joint venture has introduced and offered the best term insurance plan in India. The vast and robust network of leading banks and insurance expertise of Dai-ichi Life have made it possible for the insurance provider to touch millions of lives. This article will give details about the Star Union Dai-ichi term insurance plan.
Table of Contents
Features of Star Union Dai-ichi Term Insurance Plan
Star Union Dai-ichi Life Insurance Company is offering a top-notch term insurance plan in India called the ‘SUD Life Abhay’ plan. Check out the details of this term insurance plan.
SUD Life Abhay is a non-participating non-linked term assurance plan 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:
- The plan comes in two variants namely life cover or a life cover with the return of premium
- The plan offers the flexibility to choose from three payout options as per the needs of the nominee. The three options are – lump sum, monthly income or lump sum plus monthly income.
- The policy offers a maximum policy term of 40 years
- The maximum life cover available under the plan is INR 100 crores
- The minimum age at entry is 18 years and a maximum of 65 years
- The maximum age allowed at maturity is 80 years
- Policyholders can avail tax benefits under section 80C and Section 10 (10D) of the income tax act for the policy premiums paid.
- The plan offers the flexibility to choose any one of the three premium paying terms – Single premium pay, Regular Premium Pay or Limited Premium Pay
- 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.
- Maturity benefit is available in case of ‘life cover with the return of premium’ option. In this case, the maturity benefit shall be paid if the life assured survives till the end of the policy term and the amount shall be equivalent to all the premiums paid.
- In the event of death, death benefit equivalent to ‘sum assured’ shall be paid to the nominee
- 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 a Star Union Dai-ichi Term Insurance Plan?
If you are planning to buy a Star Union Dai-ichi term insurance plan, whether via an online or offline channel in the near future, here are some important things to know before applying for Term Insurance in India.
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? Compare insurance plans available in the market to do so. 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.
How Will Buying Term Insurance Plan 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, 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.
Why Buy Term Insurance online?
SUD life insurance company has a strong digital presence, buying online term insurance plan offers many benefits as under:
- 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.
- 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.
- Hassle-free – The digital payment gateway makes it easier for 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.
What is the Claim Settlement Ratio of Star Union Da-ichi Life Insurance?
Claim Settlement Ratio is one of the most important criteria that helps decide 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 such 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.
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.
Star Union Dai-ichi Term Insurance Premium Payment
Having a spotless premium payment record is necessary to get services without any interruption. You can pay the premium online as well as offline. Let’s talk about online and offline payment methods.
Online Premium Payment
You can pay the premium on the official website of Star Union Dai-ichi Life Insurance. All it takes is a few steps shown below.
- Visit the official website of Star Union Dai-ichi Life Insurance
- Go to the ‘Customer Services’ tab
- Click on ‘Premium Payment Options’
- Enter your Policy Number and Date of Birth
- Press the ‘Submit’ button
- The premium amount and a list of payment options will flash on your screen
- Choose the payment option – Net Banking, Debit/Credit Card, wallet – to pay the premium.
You can also pay via customer portal. Log in to the portal entering the Username, Password and Captcha. After that, the premium amount will come on to your screen. Pay the same using any of the online payment options – Net Banking, Debit/Credit Card, wallet.
Offline Payment
You can pay the premium in cash or via cheque/demand draft at any of the branches of Bank of India, Union Bank of India or Star Union Dai-ichi. The payment can even be done in cash if the premium amount is less than or equal to INR 49,999.
Can You Revive a Lapsed Star Union Dai-ichi Term Insurance Plan?
Due to lack of income, you might fail to pay the premium of your term insurance policy. Usually, you get a period of 30 days after the due date to pay the premium. Non-payment even till that time would make your term plan lapse and all the benefits regarding the same will cease to exist. However, you can revive the policy too by following the process shown below.
For Ordinary Revival – Upon reviving the policy within six months from the first unpaid premium, you are required to pay the unpaid premium and applicable interest. There is no need to submit any medical statements.
Declaration of Good Health Revival – On non-payment of premium for more than six months, you need to submit Declaration of Good Health (DGH) as well as pay the undue premium along with interest.
Claim Process of Star Union Dai-ichi Term Insurance
You can file a claim under Star Union Dai-Ichi Term Insurance Plan by following the steps shown below:
- Intimate the insurer about the claim
- Submit the duly filled claim form and list of documents to the insurer
- The claims department of SUD Life will review the claim documents and communicate its decision within 30 days from the date of receipt of the last necessary document.
Note: You can stay updated about the status of your claim throughout the process using your unique claim reference number.
How to Intimate the Insurer?
You can notify the insurer about your claim using the following:
- Visiting the SUD official website
- Visiting SUD Branch Office
- Sending an email to: customercare@sudlife.in
List of Documents Required During the Claim Process
You need to submit the following documents to the insurer for claim processing.
- Duly filled claim intimation form
- Copy of death certificate
- Original policy document
- Photo identity proof and address proof
- KYC & bank proof
- Bank statement/passbook with last 3 months transactions or cancelled cheque
Send the above-mentioned documents to the following address:
Star Union Dai-ichi Life Insurance Company Limited, 11th Floor, Vishwaroop I.T Park, Plot No. 34, 35 & 38, Sector: 30A of IIP, Vashi, Navi Mumbai – 400 703
Conclusion
All the insurance products and plans offered by Star Union Dai-ichi Life insurance company are curated properly 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.