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Star Union Dai-Ichi Term Insurance
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- Shield your family from unforeseen events
- Tax benefit** u/s 80C on premium paid
You need to be well equipped to handle the unpleasant surprises that life might have in store for you. The primary responsibility of an earning member of the family is to ensure that the family is taken care of financially in case of his or her absence. Thus, arises the requirement of insurance policies for a person. Ideally, a term plan which provides cover for life to the insured person on his / her sudden demise is the best choice to protect the family from any financial burden. In term plans, the family gets a payout of the sum assured in the event of the death of the insured to cover any financial burden that might befall the family. Although term plans, in most cases, do not have any maturity benefits, they, however, provide the life cover for a maximum amount at the lowest rate of premiums.
Star Union Dai-Ichi Life Insurance Company is a joint venture between Bank of India and Union Bank of India, two leading public sector banks in India and Dai-Ichi Life Holdings, a leading life insurance company based in Japan. Star Union Dai-Ichi Life Insurance Company has a widespread presence over the insurance market in India owing to the vast network of both the Indian public sector banks. Dai-Ichi Life holdings, too, is the second-largest insurance company in Japan and is ranked among the top ten insurance companies globally. Star Union Dai-Ichi Life Insurance Company, founded in 2009, is headquartered in Mumbai and prioritises the needs of its clients by always putting the customers first. They offer a varied range of products catering to customers of all strata and locales.
Star Union Dai-Ichi Life Insurance Company is a dedicated team that works hard with passion, integrity, humility, simplicity, innovation and ambition to be the trustworthy insurance partner to their customers, for life.
Popular Star Union Dai-Ichi Term Insurance Plans
Star Union Dai-Ichi (SUD) Term Plans offer financial protection to the family of the insured, in case of his /her unfortunate death in any sudden instance. This in turn, provides peace of mind to the insured during his life term. You should consider going in for a suitable term plan for your family if you haven’t done so yet. The term plans offered by Star Union Dai-Ichi Life Insurance are:
1. SUD Life Saral Jeevan Bima
SUD Life Saral Jeevan Bima is a pure risk premium life term insurance plan which provides protection to the family of the deceased in case of an unfortunate incident. It is a non linked, non participating, standard individual life insurance term plan. It is a simple plan with customer-friendly features. However, this plan has no maturity benefits.
Features of the Star Union Dai-Ichi Life Saral Jeevan Bima:
- Long and Flexible Term Protection:
SUD Life Saral Jeevan Bima provides protection for the family of the insured for a long term in his/ her absence. The policy term ranges from 5 to 40 years. The cover can be extended to a maximum age of 70 years.
- High amount of Life Cover:
SUD Life Saral Jeevan Bima provides a large cover ranging between INR 5 lakhs to INR 25 lakhs.
- Flexible-Premium Paying Term:
SUD Life Saral Jeevan Bima offers flexible premium paying options. The policyholder can pay the premium either in a single, regular, 5 pay or 10 pay option.
- No Restrictions Plan:
SUD Life Saral Jeevan Bima plan is a plan which has no restrictions or bias against gender, educational qualification, place of residence, occupation or travel.
|Entry Age||18 years||65 years|
|Maturity Age||23 years||70 years|
|Sum Assured||INR 5 lakhs||Min. INR 25 lakhs|
|Policy Term||5 years||40 years|
|Single-Premium||INR 4070||INR 366200|
|Annualised Premium||INR 1130||INR 88875|
|Premium Payment Mode||Monthly, Quarterly, Half-Yearly, Annually|
|Minimum Premium Amount||Single, Regular Pay, 5 pay and 10 pay|
2. SUD Life Abhay Plan:
Star Union Dai-Ichi Life Abhay Plan is a non linked non participating life term insurance plan which provides the options of choosing from only life cover or a life cover with a premium return option. This plan also offers the options of adding accidental death benefit and Total and permanent disability rider to choose from.
Features of Star Union Dai-Ichi Life Abhay Term Plan:
- Varied Plan Options:
SUD Life Abhay offers two specific options of benefit to choose from. The plan options that are offered to the customers are:
- Life Cover:
This cover protects the family of the insured in case of his sudden demise during the term of the policy, by giving the death benefits of the policy to the beneficiary or nominee of the policy. However, there is no maturity benefit of the policy, in case, the insured lives till the end of the policy.
- Life Cover with Return of Premium:
According to the terms and conditions of this cover, in case of the sudden demise of the insured during the term of the policy, the beneficiary or nominee of the family receives the death benefit of the plan from the company. In case, the insured lives till the end of the term of the policy, he gets back the total amount paid as a premium during the term of the policy.
- Flexible Death Benefit payment option:
SUD Life Abhay plan provides flexibility in the death benefit payment option. The various payout options are:
- Lump-Sum Option:
As the name suggests, according to this option, the total death benefit is paid to the beneficiary or nominee of the plan as a lump sum amount at the time of death claim settlement, in case of sudden death of the insured person.
- Monthly Income Option:
In this option, the death benefit of 1% of the sum assured is paid out to the beneficiary or nominee of the plan as a monthly payment for a fixed period of 125 months from the next month following the date of death.
- Combination of Lump Sum and Monthly payment options:
In case of the sudden demise of the insured during the term of the policy, 50% of the sum assured is paid out to the beneficiary or nominee as a lump sum amount and the remaining 50% of the sum assured is paid as a monthly payout to the beneficiary/nominee at the rate of 0.5% of the amount every month, for a fixed period of 125 months from the next month following the date of death.
- Discount on High Sum Assured:
SUD Life Abhay provides a discount on premium for a high sum assured. The range of discounts are as follows:
|Band of Sum Assured||Range of Discount|
|50L to < 1 Cr||2 % to 8%|
|1Cr to < 2 Cr||1% to 9%|
- Additional Riders to provide Total Protection:
SUD Life Abhay Plan offers total protection to the family of the insured as it gives the options to add some riders to the base plan of the term insurance. The additional riders which can be added to the policy to enhance the cover and provide total protection to the family are:
- Death due to Accident:
In case of death of the insured life in an accident, the beneficiary or nominee of the policy will receive 100% of the rider sum assured as an upfront payment provided the policy is an inactive state on the date of death of the insured. The rider contract ceases to exist once the payout is done.
- Accidental Total and Permanent Disability:
In case the insured person faces total and permanent disability owing to an accident, then the rider sum assured will be paid in 10 equal half-yearly instalments. The payment in each instalment will be the Rider Sum Assured multiplied by 10%. The policy should be inactive status as on the date of occurrence of the incident. Once the last instalment is paid, the rider option ceases to exist for the insured.
In the event of the death of the insured during the term of instalments payment of total and permanent disability, the remaining amount of the instalments would be paid out together to the nominee/ beneficiary and the policy will cease to exist with immediate effect.
- High Amount of Cover:
SUD Life Abhay Term Insurance provides a vast range of coverage for its policies starting from INR 50 lakhs to INR 100 Crores.
- Convenient and Flexible Premium Paying Terms:
This plan provides flexibility in premium paying terms and you may choose from the options of Single, Regular, Limited 5/10/15 pay terms as per your convenience.
- Long Term Protection at affordable cost:
SUD Life Abhay provides long term protection to the insured and the family extending to 80 years of age for the insured. This plan comes at an affordable rate of premium for the extensive coverage it provides.
|Entry Age||18 years||65 years|
|Maturity Age||33 years||80years|
|Sum Assured||INR 50 lakhs||INR 100 Crores|
|Policy Term||15 years||40years|
|Single-Premium||INR 29850||INR 203940000|
|Annual Premium||INR 3720||INR 58118700|
|Premium Payment Modes||Single, Yearly, Half Yearly, Quarterly, Monthly|
|Premium Payment Terms||Single Pay, Regular Pay, 5 Pay, 10 Pay, 15 Pay|
Benefits of Buying Star Union Dai-Ichi Term Insurance Plans
The unique features of SUD Life Term Plans make them really lucrative products for their customers. The benefits of buying Star Union Dai-Ichi Term Plans are:
- Extensive Limit of Cover:
Star Union Dai-Ichi Life Insurance Provides an extensive limit of cover for its plans ranging from INR 5 lakhs to INR 100 Crores. The customers can enhance the amount of coverage of the plans as per their choice, requirement and budget.
- Long Period of Cover:
SUD Life Term Plan covers the insured and the family for a maximum age limit of 80 years, thus keeping the family and the insured free from any financial tension.
- Convenient and Flexible Modes of Premium Payment:
The premium payment modes are as flexible as much they are convenient for the customers. SUD Life allows them to pay the premium in Single Pay, Regular Pay, 5/10/15 Pay modes according to their convenience.
- Additional Riders to enhance cover :
SUD Life Term Plans offer additional riders like the accidental death benefit and Total and Permanent Disability benefit at affordable costs, thus customising the plan to give complete protection.
- Tax Exemption:
By purchasing the Star Union Dai-Ichi Term Life Insurance plans you can avail of tax exemption under Section 80C of the Income Act to a maximum limit of INR 1.5 lakhs.
What is Covered By Star Union Dai-Ichi Life Term Insurance?
Star Union Dai-Ichi Term Plans protect the insured and his family against any unfortunate incident that might take the family by an unpleasant surprise. This plan ensures that the family of the insured need not take any financial stress in absence of the insured person. The various covers extended by SUD Life are:
- Death Benefits Payouts:
The Death benefits payout is made at the time of the death claim settlement as per the choice made by the policyholder at the time of purchase of the policy. The payout could either be in a lump sum, monthly payout scheme or lump sum and monthly payment combination as opted by the customer. In case of sudden death, the nominee receives the Sum Assured as per the chosen option to the tune of:
Single-Premium Option: Sum Assured on Death is highest of 125% of the Premium
Regular Pay, 5/10/15 Pay Option: Sum Assured is highest of 10 times of annualised premium OR, 105% of Total Premium Paid.
On completion of the death benefits payout to the nominee of the plan, the policy is terminated and no further benefits are to be paid.
- Guaranteed Maturity Benefit:
Some Star union Dai-Ichi Life Plans offer guaranteed Maturity Benefit on completion of the term of the policy by the policyholder. On survival till the end of the term plan, the policyholder gets back the total premium paid to the company for the entire term excluding any goods and services tax, any extra premium or rider premium.
- Accidental Death Rider (Optional):
In case the insured person dies in an accident, the total Rider Sum Assured is paid to the beneficiary/nominee and the plan terminates.
- Accidental Disability (Total or Permanent) Rider:
In case of total or permanent disability caused by an accident the rider sum assured is paid in 10 equal half-yearly instalments as mentioned earlier.
What is not Covered By Star Union Dai-Ichi Life Term Plans?
No claims will be honoured in case of accidental deaths arising out of any of the exclusions as mentioned by the Star Union Dai-Ichi Life Insurance Company. The exclusions are:
- Suicidal death
- Terminal diseases like HIV or AIDS-causing death
- Death caused by drunk driving
- Death caused as an outcome of terrorism, nuclear activities, a war situation, civil war, riot, nuclear activities etc.
How to Apply For Star Union Dai-Ichi Life Term Insurance
At Star Union Dai-Ichi Life Insurance Company, you need to follow some simple steps to purchase your term plan. The system is customer friendly and gives you the option to make your own choice and take your policy.
To make a choice of your base plan of the term insurance you need to visit the official website of the SUD life at www.sudlife.in. Choose the plan option that is most suitable for you and your requirements.
Decide on the amount of Sum Assured you want to give your family and choose the payout option for the plan whether Lump Sum, Monthly Income or a combination of both Lump Sum and Monthly Income.
The premium amount will be dependent on the following criteria: your age, gender, smoker status, sum assured, premium payment term, policy term and chosen plan option. You need to get a quote or check on the premium calculator for the premium amount that you need to pay.
Once you have finalised your choice of plan and its options, you need to fill-up the form with correct and precise information. You also need to get the documents ready and submit them along with the duly filled up form.
Medical Tests need to be performed if required. The SUD Life team will assist with any help required at every step.
The customer service team of SUD Life is ever ready to assist you. You can call them at the toll-free number 1800 266 8833 or SMS ‘SUD’ to 56677888 or email at email@example.com to know more about their products and get assistance.
Things you Should Know Before You Purchase Star Union Dai-Ichi Life Term Plans
You should be aware of some very important facts before you go in for the purchase of a SUD Term plan. They are:
- You need to provide your correct and complete information about your health and occupation while filling in the form for your purchase of the policy. This is to ensure that you get the right benefits and face no hindrance during the term of the policy.
- You should accurately contact details and address. Your address should preferably have a landmark mentioned. You must ensure to update your contact details with your latest number regularly to get the current updates on your plan.
- It is best to go for the Direct Debit/ ECS/ NACH option for payment of your premium. This will ensure that your premium is never missed and is paid on time.
- Once you have filled up your application form and signed up for the term plan of Star Union Dai-Ichi Life, you must remember to update your family members and nominee regarding the plan and its benefits.
Claim Process for Star Union Dai-Ichi Life Term Insurance Plans
At the time of placing a claim, you need to intimate Star Union Dai-Ichi Life Insurance Company either by calling them at the toll-free number 1800-266-8833 between 9 a.m. to 6:30 p.m. Monday to Saturday or email at firstname.lastname@example.org. You may also intimate the company online by visiting the official website www.sudlife.in. You may also visit the nearest branch for intimation of the claim placement.
If you wish you can also courier all the important documents for claim placement at the registered office of SUD Life Insurance Company in Mumbai.
You need to submit the following documents for placing your claims with the company:
The Nominee needs to submit the claim form with the following documents:
Mandatory documents for death claim: Copy of Death Certificate, photo identity proof of the nominee/claimant. In case the nominee is a minor, the KYC documents of the appointee are also required.
Other Documents required for Unnatural / Accidental Death: Copy of hospital report, FIR, Certificate issued by the medical practitioner, Post Mortem report, Viscera report, First information report and Final investigation report by the police.
The Verification team appointed by the company will verify the documents and validity of the claim submitted by the claimant. If all the documents are found to be satisfactory the claim will be processed and settled at the earliest. The claimant will be updated from time to time on the claim status of their claims on the company website.
Contact Details of Star Union Dai-Ichi Life Term Insurance
Registered Office address: Star Union Dai-Ichi Life Insurance Company Limited
11th Floor, Vishwaroop IT Park,
Plot No. 34, 35 & 38, Sector 30 A of IIP,
Vashi, Navi Mumbai - 400703
Email Id: email@example.com
Toll-free Contact Nos. 1800-266-8833
Phone Nos. +91-22-7196-6200
SMS ‘SUD’ at 56677888
How to Revive a Lapsed Policy at Star Union Dai-Ichi Life Insurance Company Limited?
There is a grace period of 30 days in the case of yearly and half-yearly premiums and a grace period of 15 days in the case of a monthly premium offered by the company. Payment of premium within the grace period will keep the policy running. If the insured dies within the grace period, the policy is taken to be in force and the claims are settled deducting the pending premiums. In case the policyholder fails to pay the premium within the grace period of the policy, then the policy lapses. The life cover is discontinued and no benefits are granted to the claimant any further. This, of course, does not apply to the single premium policies.
SUD Life allows the policyholder to revive the lapsed policy within five years of the first missed premium of the policy. There are a few easy steps that can be adhered to revive the policy. They are:
Step 1: The policyholder needs to give a written request to the company about his intention to revive the policy within the first five years of the first missed premium of the policy.
Step 2: The total outstanding premium amount has to be paid with an additional interest payable at the rate of 7.75% p.a. (Financial Year 2020-2021)
Step 3: All medical and financial requirements need to be fulfilled by the policyholder. The medical expenses are borne by the policyholder.
The Board of the company reserves the right to accept or reject the revival request of the client. Once the revival request is granted, all benefits of the policy are restored back to the original status.
Review of Star Union Dai-Ichi Life Term Insurance Plans
Star Union Dai-Ichi Life Term Insurance Plan, though relatively new to the life insurance market, has spread to a vast expanse in India owing to the sheer presence of the two Public sector banks in every nook and corner of the country. The vision of the company is putting customers first has actually generated satisfied and happy clients all over. The term policies which are extremely cost-effective, and bring about the maximum benefit at a reasonable cost of premium caters to the middle-class society of India. The common man can easily afford these plans and reap the benefits of protecting their families from any financial burden in their absence.
Star Union Dai-Ichi Term Insurance FAQs
Can the SUD Life Term Insurance be discontinued in between?
SUD Life Term Insurance can be discontinued anytime during the policy term, in case of any emergency or exigency situation of the policyholder provided the policy has acquired a policy cancellation value.
What if you feel that the policy is not suitable for you after buying the policy?
SUD Life Term Insurance Policy gives a window of 15 days to review the policy features in detail. In case you realise that the policy is not suitable for your needs, you may highlight the reasons for your rejection of the policy within that time frame. The company will return your premium, in such case, subject to deduction of the medical expenses, stamp duty and risk premium for the period undercover.
What are the factors which determine the premium of the policy?
Premium depends on the age and gender of the insured, the chosen sum assured, premium payment term, premium payment mode and term of the policy.
Are loans available on the policies?
No. Loans are not available on SUD Term Life policies.
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