Star Union Dai Ichi Aashirwaad Child Plan

Star Union Dai Ichi AASHIRWAAD Child Plan is a Non-Linked & Non-Participating Endowment Plan which is an inbuilt waiver of premiums. The SUD Life Aashirwaad Plan is specifically designed to make your dreams come true that you have for your child and never compromised whether you are around or not.

The Star Union Dai-Ichi Life Insurance provides an Aashirwaad Child Plan for your kids to fulfil their dreams. As a Parent, you want to give a better life for your Children. For those people, SUDlife Aashirwaad Child plan provides assured benefits that are payable during the term policy. The Aashirwaad Child Plan reduces the risk at the time of your Children’s Education and Marriage. Star Union Aashirwaad Child Plan is safe and secure for your Child’s Future. On this Page, we have given the brief description regarding the Star Union Dai Ichi Aashirwaad Child Insurance Policy.

SUD Life Aashirwaad Child Plan Benefits & Features

Star Union Dai Ichi Life Aashirwaad Child Insurance Plan Benefits

By taking the Star Union Dai Ichi Aashirwaad Child Plan, you will get the following Benefits.

Maturity Benefit.
Death Benefit.

Maturity Benefit:

On survival of the Policyholder till the end of the policy term provided and he pays all the due premiums, then the Guaranteed Maturity Benefit is payable to the Policyholder. The Guaranteed Maturity comprises of Guaranteed Additions and Guaranteed Maturity Sum Assured (Basic Sum Assured).

Guaranteed Additions: The 4% of Basic Sum Assured multiplied by the Policy Term which is attached to the Policy as a Guaranteed Additions is also payable to you in a lump sum at the end of the Policy Term.
Choice among 5 different maturity payout options given in the Brochure in the official site www.sudlife.com

Death Benefit:

In the case of Unfortunate Death of the Life Assured during the Policy term, The SUD Life Company will Pay Death Sum Assured along with the Guaranteed Additions. After Payment of Death Benefit, Company will not pay any other further Benefits.

The Death Sum Assured will be the highest of:

10 times of Annualized Premium (or)
105% of all the premiums paid as on date of death of the Life Assured (or)
Guaranteed Maturity Benefit (i.e. Basic Sum Assured + Guaranteed Additions)
Absolute amount assured to pay on death (i.e. Basic Sum Assured).

Star Union Dai Ichi Aashirwaad Child Policy Features

Star Union Dai-Ichi Aashirwaad Plan is a Non-Linked & Non-Participating Plan.
This Plan helps for your child’s education.
The SUDlife Aashirwaad helps you to make your child career secured even if you are not around.
Star Union Aashirwaad Plan provides optional benefit namely Accidental Death and Disability Benefit Rider.
On the Survival of life Assured to the end of the Policy Term, a lump-sum Amount will pay as Maturity Benefit.
Guaranteed Addition is Payable along with the Maturity & Death Benefits.
The Modes of premium payment are Yearly, Half-Yearly, Quarterly, and Monthly (ECS only or through Salary Deductions).
Grace Period: For premium payment of yearly or half-yearly or quarterly the Grace Period is allowed for one calendar month but not less than 30 days. For premium payment of monthly mode, the Grace Period is allowed for 15 days.
Surrender Value: If you pay the premium for 3 consecutive years, you can surrender the SUD Life Aashirwaad Policy at any time during the policy period.
Rebate is available on large sum assured.
If you are not Satisfied with the Terms and Conditions of the Policy, you can Return your Policy before Completion of Free-look Period.

Star Union Dai Ichi Aashirwaad Insurance Policy Eligibility Criteria

Entry age of Life Assured	Minimum: 18 years (Last Birthday) Maximum: 50 (Last Birthday)
Maturity Maximum age of Life Assured	70 years (Last Birthday).
Basic Sum assured	Minimum: 4,00,000/- Maximum: 100,00,00,000/- (100 crores)
Modes of Premium Payment	Annually Half-yearly Quarterly Monthly Modes. (For Monthly mode through ECS/ SI only).

Premium Payment Term and Policy Term:

Premium Payment Term	Policy Term
5 years	10 to 20 years
7 years	10 to 20 years
10 years	15 to 20 years
15 years	15 to 20 years

The Star Union Aashirwaad Child Plan Rebates

Under this SUD Life Aashirwaad Child Plan, the Star Union Dia-Ichi Life Insurance is providing a Special “High Sum Assured Rebate” for the Policyholders. Rebate means getting a discount on tabular premium as per the payment mode of the policy. The Star Union Dai Ichi Aashirwaad Child Plan Rebates Rate is given below.

High Sum Assured Rebate:

Basic Sum Assured	High Sum Assured Discount (In Rs. 1000/- Basic Sum Assured)
Rs. 4,00,000/- to Rs. 6,99,000/-	Nil
Rs. 7,00,000/- to Rs. 9,99,000/-	Rs. 0.75
Rs. 10,00,000/- to Rs. 14,99,000/-	Rs. 1.25
Rs. 15,00,000/- to Rs. 24,99,000/-	Rs. 1.50
Rs. 25,00,000/- and above	Rs. 2.00

Reduced Paid Up Value for Star Union Aashirwaad Policy

If at least first two years (5 & 7 years)/ First three full years (10 & 15 years), the Policy Holder has paid Premiums and at any point, no premium is paid then your policy will acquire Reduced Paid-Up status after the grace period, Policy Lapses. Once your policy made reduced paid-up, then you are eligible for the proportionate benefits as given below.

Death Benefit Under Reduced Paid-Up Policy: You will get the Death Benefit as given in the benefits section as a percentage of Paid-up Sum Assured instead of basic Sum Assured.

Paid-up Death Sum Assured= Total number of premiums paid/ Total number of premiums payable X Death Sum Assured

Maturity Benefit: If the policy pays all the due premiums then the maturity benefit On survival of the policyholder till the end of the policy term is

Paid-up Guaranteed Maturity Sum Assured= Total number of premiums paid/ Total number of premiums payable X Basic Sum Assured

Sud Life Aashirwaad Child Insurance Plan Premium Calculator

With the help of SUD Life Premium Calculator, you can easily calculate the Premium amount, Death Benefit, Maturity Benefit, Rider and other factors of Sudlife Aashirwaad Plan. To calculate the premium amount, maturity you need to enter some values such as Policy period, Age and Sum assured.

Star Union Dai-Ichi Life Aashirwaad Plan Buying Procedure

To buy this Star Union Dai Ichi Aashirwaad Child Plan, you need to visit the nearest SUD Life Branch or the official website. Buying or paying premium through online is the easier way than doing it in offline. The documents required to buy a new SUD Life Aashirwaad Plan are

Application form/ Proposal form along with the photo.
Address proof.
Age proof.
Medical reports (if required).

Sudlife Insurance Aashirwaad Policy Claim Procedure

For claiming the Star Union Dai Ichi Aashirwaad Child Plan, you may visit the nearest SUD Branch or can also visit the SUDlife official website. Claiming for a benefit through online is the easier way than doing it in offline. The documents required for the Claim Process are

NEFT Form
Cancel check or Bank Passbook xerox
Discharge Form
Policy bond
Death certificate

Additional Information on SUD Life Aashirwaad Plan

Policy Revival: If you have not paid any premiums within the grace period, then the policy will lapse. That lapsed policy may revive during the lifetime of the policyholder, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.

Riders: Two Riders are available under this Policy.

SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional (UIN: 142B005V01).
SUD Life Family Income Benefit Rider – Traditional (UIN:142B007V01).

Guaranteed Surrender Value: The GSV defined as, {GSV Factor x Total premiums paid till the date of surrender} + {50% x Discounting Factors x Paid-up Guaranteed Additions}.

whereas,

Paid-up Guaranteed Additions= a total number of premiums paid/ Total number of premiums payable X Guaranteed Additions.

Grace Period: In case you have missed paying your premium by the due date, the Grace Period is allowed one month but not less than 30 days for yearly, half-yearly, quarterly modes and 15 days for the Monthly Mode of Premium Payment.

In the case of Policyholder death during the Policy grace period, then your policy will be in force and will pay the Death Benefit as defined in the benefits section.

Lapse: If you have not paid the premiums for the first three full years and also within the grace period, then your policy will close/ lapse. No benefits paid under a lapsed policy.

Get some more information on Star Union Dai Ichi Aashirwaad Child Plan

Cooling-Off Period (Free Look Period): You may return the policy to the corporation within 15 days from the date of the receipt of the policy in case of dissatisfaction with policy conditions and terms.

Suicide Clause: If the life insured commits suicide at any time within 12 months from the commencement of risk, then the SUD company will not allow any claim under this Star Union Dai Ichi Aashirwaad Child Plan. Instead, he/ she will return to 80% of premiums he paid excluding all taxes and extra premium if any.

Taxes: Taxes including Service Tax (if any) shall be applicable as per the Tax Laws.

Assignments/Nominations: As per section 39 of Insurance Act, 1938, at the proposal stage a nomination can be made in the policy. As per section 38 of Insurance Act, 1938, on a subsequent assignment, the notice of assignment or change of nomination should submit to the corporation for registration.

Frequently Asked Questions (FAQs) for SUDlife Aashirwaad Plan

1. Are any Riders available under this Plan?

Ans: Yes, A Special Riders Namely “SUD Life Accidental Death and Total & Permanent Disability Benefit Rider (142B005V01)” and “SUD Life Family Income Benefit Rider (UIN: 142B007V01) are available under this Plan.

2. What is GSV?

Guaranteed Surrender Value:

Guaranteed Surrender Value = {GSV Factor x Total premiums paid till the date of surrender} + {50% x Discounting Factors x Paid-up Guaranteed Additions}.