Star Union Dai-Ichi Life Term Insurance Plans
Star Union Dai-ichi Life Insurance (SUD Life) is a joint venture founded in the year 2009 between Bank of India and Union Bank of India and Dai-ichi Life, a leading life insurance company based in Japan. Dai-ichi Life is one of the top life insurance companies in the world and Japan’s second-largest life insurance company. Their insurance portfolio includes plans that help to accomplish customer’s life goals, such as child education, life protection, retirement, future savings, investment growth, etc.
Term Insurance Plans offered by Star Union Dai Ichi Life Insurance:
- SUD Life Saral Jeevan Bima: It is a standard term life insurance plan offering protection for your family in case of an unfortunate death. SUD Life Saral Jeevan Bima is a simple term policy without restrictions on gender, residence, travel, occupation, or educational qualifications. It provides long-term protection with convenient options to choose the right premium paying term and policy term. You can select the life coverage amount between Rs 5 lakh to Rs 25 lakhs, depending on your financial capabilities.
There is a waiting time of 45 days from the risk commencement date during which death benefits due to accident only will be payable. In addition to these, one can avail of the income tax benefits on the premium paid and death benefit payable by this policy.
- SUD Life Abhay: It is a term assurance plan that protects your family in case of unfortunate death and an option to return the premiums paid upon survival at maturity. This can be opted by choosing the appropriate plan option: Life cover and Life cover with a return of premium. The policy also comes with three different types of pay-out options: “Lumpsum” or “Monthly Income” or “Lumpsum plus Monthly Income,” which enables your nominee to receive the death benefit in a lump sum or monthly income or combination of both.
One can also enhance their coverage of this policy through the following riders: Accidental Death and Total & Permanent Disability benefit. The minimum sum assured is Rs 50 lacs, and the maximum sum assured is Rs 100 crores to suit their lifestyle needs. Discounts on premium for females and those opting for high sum assured are other key advantages of availing of this term plan from Star Union Dai Ichi Life Insurance.
Why choose Star Union Dai-ichi Life Insurance?
- Customer service: The insurance company is committed to providing excellent customer service to its customers in terms of easy insurance solutions.
- Claim Settlement Ratio: SUD Life boasts a healthy claim settlement ratio of 96.96% (IRDAI Annual Report 19-20), making it one of the most responsible insurers.
- Tax benefits: SUD Life Insurance products are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act.
- Additional riders: It offers additional riders, including accidental death, total and permanent disability riders, to be added to the base policy.
- Flexible-Premium Payment frequency: The policyholder has the flexibility to pay the premium at different frequencies single, yearly, half-yearly, quarterly, or monthly.
- Lapsed policy revival: A lapsed policy can be revived within 3 years from the date of the first unpaid premium by paying all due premiums.
For more details on the term insurance plans of Star Union Dai Ichi Life Insurance, their feature, and benefits, visit the website iiflinsurance.com.