Sud Life Aayushmaan Plan Review
Star Union Dai Ichi Aayushmaan Plan is a Non-Linked Deferred Participating Insurance Plan. Star Union Dai Ichi Life Insurance Company has introduced this Plan to provide lump sum benefits and lifelong financial protection to your family’s happiness. You can choose this Policy if you want to make sure that the dreams you have for yourself and your family come true whether you are there or not. Sud Life Aayushmaan Plan provides Life Long Financial Security. Apart from this it also provides a lump sum Amount as Maturity Benefit on Survival of the Policyholder until the end of the Policy Period.
Star Union Dai Ichi Aayushmaan Plan Benefits & Features
Benefits of Sud Life Aayushman Plan
On Taking the Star Union Aayushman Savings Plan the Policyholder will get the following Benefits
- Maturity Benefit.
- Death Benefit.
Maturity Benefit: On survival of the Life Assured at the end of the Policy Term, The Basic Sum Assured along with the accrued Guaranteed Additions, Simple Reversionary Bonuses and Terminal Bonus, if any will be payable as Maturity Benefit at the end of the Policy Period.
- Guaranteed Additions: 3% of p.a of Basic Sum Assured will be attached to the Policy as a Guaranteed Additions at the end of each Policy year.
- Simple Reversionary Bonus: Depending on the actual performance of the fund and prevailing economic conditions Simple Reversionary Bonus will be attached to all in-force Policies from sixth policy year onwards.
- Terminal Bonus: Terminal Bonuses will be payable to the Policyholder along with the maturity benefits and death benefits during the Policy Term.
Death Benefit:
In the case of Unfortunate Death of the Life Assured during the Policy term, The Company will Pay Death Sum Assured along with the accrued Guaranteed Additions, accrued Reversionary Bonuses (including any guaranteed addition and bonus pertaining to policy year of death) and Terminal Bonus as Death Benefit. After Payment of Death Benefit, Company will not pay any further Benefits.
The Death Sum Assured will be the highest of:
- 10 times of Annualized Premium (or)
- Guaranteed Sum assured at the time of Maturity (i.e. Basic Sum assured) (or)
- Absolute amount assured to be paid on death (150% of the Basic Sum Assured).
Star Union Dai Ichi Aayushmaan Policy Features
- Star Union Dai-Ichi Aayushman Plan is a Non-Linked Deferred Participating Insurance Plan.
- Sud Life Aayshmaan Plan Provides Life-Long Protection to you & your Family.
- On Survival of the life Assured to the end of the Policy Term, a lump-sum Amount will be Paid as Maturity Benefit .
- Guaranteed Additions and Bonuses will be Payable along with the Maturity & Death Benefits.
- There are two Special Riders are available under this Plan for additional financial Protection.
- The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the monthly Mode of Premium Payment.
- The Policyholder can Surrender his Policy at any time during the Policy Term after Successful Payment of Premium for three Consecutive full years.
- The Policyholder will get a Special Surrender Value and Minimum Guaranteed Surrender Value on Surrendering the Star Union Dai Ichi Aayushmaan Plan.
- You have the Facility to Return your Policy before Completion of Free-look Period if you are not Satisfied with the Terms and Conditions of the Policy.
- Extended life cover equal to the Basic Sum Assured will be provided for the remaining lifetime of the Life Assured after Policy Maturity.
Sud Life Aayushmaan Policy Eligibility Criteria
| Entry Age |
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| Maximum Maturity Age | 70 years (last Birthday) |
| Policy Term | Fixed Policy Term of
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| Premium Paying Term | Premium Paying Term is equal to the Policy Term |
| Basic Sum Assured (BSA Should be in Multiples of Rs. 1000/-) |
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| Premium Payment Modes |
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Star Union Aayushmaan Plan Rebates
Star Union Dia-Ichi Life Insurance provides a Special “High Sum Assured Rebate” for the Policyholders under this Policy. Rebate means getting a discount on tabular premium as per the payment mode of the policy. The Rate of Rebates for Star Union Dai Ichi Aayushmaan Plan is as follows
High Sum Assured Rebate:
| Basic Sum Assured | Rebate (Rs.) on Tabular Premium Rates |
| Rs. 1,50,000/- to Rs. 4,99,000/- | NIL |
| Rs. 5,00,000/- to Rs. 9,99,000/- | 1.50 |
| Rs. 10,00,000/- to less than Rs. 24,99,000/- | 3.00 |
| Rs. 25,00,000/- and Above | 4.00 |
Sud Life Aayushmaan Policy Premium Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy By Using the Star Union Dai Ichi Aayushmaan Plan Premium Calculator. The Amount of Premium Paid will depend on the Sum Assured, Policy Term, Premium Payment Modes and Age of the Life Assured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
Star Union Dai-Ichi Aayushmaan Savings Plan Buying Process
You can Buy the Star Union Dai Ichi Aayushmaan Plan from the Nearest Sud Life Branch Office or, from the Agent of Star Union Dai Ichi Life Insurance Company. You can also Download the Proposal Form from the Sud Life Official website also. The Documents required for buying Sud Life Star Union Aayushmaan Plan are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
Sud Life Aayushmaan Policy Claim Process
The Policyholder / Nominee can apply for the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Policyholder within the Policy Term or if your Policy Maturity Period completed. You can get the Claim Form from the Sud Life Regional Offices or, from the Official Website of Star Union Dai Ichi Life Company. The Documents required in Star Union Dai Ichi Claim Process are
- Original Policy Bond.
- Death Certificate Original or Attested copy.
- NEFT Form.
- Date of Birth proof.
- Address Proof of Nominee.
- A copy of Pass Book.
- A copy of Hospital Records.
- Additional documents, in the case of death, occurred due to unnatural or accidental death.
Star Union Dai-Ichi Aayushmaan Plan Details
Policy Loan: Loan facility is available under this plan after the policy has acquired surrender value. The Policyholder can avail up to 70% of Surrender Value as Policy Loan.
Policy Lapse: If the Policyholder does not pay the due Premiums within the Grace Period for the first three full years the Policy will Lapse.
Policy Revival: You can Revive your Lapsed Star Union Dai Ichi Aayushmaan Policy by Sending a Revival Request before two years from the date of First Unpaid Premium (FUP).
Paid-up Value: If the Policy Holder has paid Premiums for at least Three Full years and any Subsequent Premiums be not paid then your policy will acquire Reduced Paid-Up status and all the Benefits available under this plan will cease after Grace Period has completed.
- Death Benefit for Reduced Paid-up Policy
- On Death of the Life Assured during the Policy Term = [(Total number of premiums paid /Total number of premiums payable) X Death Sum Assured].
- On Death of the Life Assured after the Policy Term = [(Total number of premiums paid /Total number of premiums payable) X Basic Sum Assured].
- Maturity Benefit for Reduced Paid-up Policy
- [(Number of premiums paid / Total Number of premiums payable) x (Basic Sum Assured)].
Surrender Value:
The Policyholder can Surrender his Star Union Dai Ichi Aayushmaan Plan at any time during the Policy Term after Successful Payment of Premium for Three Successful years. The Policyholder will receive Surrender Benefit which is higher of the Guaranteed Surrendered Value and Special Surrender Value on Surrendering the Policy.
Guaranteed Surrender Value: The Guaranteed Surrender Value is defined as the Guaranteed Surrender Value (GSV) Factor Multiplied by the Total Premiums Paid (excluding taxes, and extra premium, if any) till the Date of Surrender. The Guaranteed Surrender Value Factor for different Policy Years of Surrender are as follows
| Policy Term | 15 years | 20 years | 25 years | 30 years |
| Year of Surrender | GSV Factor | |||
| 1 | 0% | 0% | 0% | 0% |
| 5 | 50% | 50% | 50% | 50% |
| 10 | 70% | 65% | 60% | 60% |
| 15 | 90% | 80% | 70% | 70% |
| 20 | NA | 95% | 80% | 80% |
| 25 | NA | NA | 90% | 90% |
| 20 | NA | NA | NA | 100% |
Special Surrender Value = The Company Calculates the Special Surrender value using the basis and the Method approved by the regulator from time to time.
Free Look (Cooling Off) Period:
If the Policy Holder does not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Star Union Dai Ichi Aayushmaan Plan within 15 Days from the date of receipt of the Policy Document. It is 30 Days for the Policy purchased through Distance Marketing.
Modal Factor:
Depends on the Premium Payment Mode Chosen by the Policyholder, the Premium Payable will be Multiplied by the Modal Factor.
| Premium Payment Mode | Modal Factor |
| Annual | 1 |
| Half-yearly | 0.5125 |
| Quarterly | 0.2595 |
| Monthly | 0.0872 |
Additional Details of Sud Life Aayushmaan Plan
Riders: 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.
Grace Period: The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the Monthly Mode of Premium Payment.
Exclusions:
- Suicidal Exclusion:
- If the Life Assured commits suicide at any time within one year / 12 months from the date of commencement of risk, the Corporation will Pay 80% of the Premiums paid excluding any taxes and Extra Premium paid.
- If the Life Assured commits suicide at any time Within 12 Months from Date of Revival, the Corporation will pay 80% of the Premiums paid till the Date of Death.
Taxes: As per the Current Laws, Income Tax Benefits are available under Section 80C and Section 10(10D) of Income Tax Act for this Plan.
FAQs on Star Union Dai Ichi Aayushmaan Plan?
1. Is Loan Facility available under this Sud Life Aayushmaan Endowment Plan?
Ans: Yes, Loan Facility is available under this Plan after the Policy acquires a Surrender Value.
2. 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.
3. What is Cooling-off Period for the Star Union Dai Ichi Aayushmaan Policy?
Ans: You have the Cooling-off Period of 15 Days to return the Sud Life Aayushman Policy. if you are not satisfied with the Terms and Conditions of the Policy you can return your Plan within Free-look Period.