Star Union Dai Ichi Assured Income Plan is a Non-Linked Non-Participating Guaranteed Return Endowment Assurance Plan. SUD Life Assured Income Plan is a Savings Cum Protection Plan. The SUDlife Retirement Plan provides an additional source of income through the regular annual payouts and financial protection to your family in case of an unfortunate event. It also provides an immediate lump sum payout and a regular stream of income in case of unfortunate events.
Star Union Dai Ichi Assured Income Plan
The Star Union Dai Ichi Assured Income Plan is necessary to plan today so that you can enjoy a better life tomorrow. This Retirement Plan helps you financially for your family in case of any uncertainty in future. Star Union Dai-Ichi Assured Income Retirement Plan assures you a regular guaranteed tax-free annual income and also gives you all your premiums back at the end of the policy term. It provides an immediate lump sum and a regular stream of Income during the Policy period in the case of unfortunate happening to you, for your family. We have provided the details of the SUD Life Retirement Assured Income Plan below.
SUD Life Assured Income Retirement Plan Benefits & Features
Under the Star Union Assured Income Plan, they are providing three Benefits are
- Guaranteed Annual Payout.
- Guaranteed Benefit on Maturity.
- Protection for your family.
Star Union Dai Ichi Life Assured Income Insurance Plan Benefits
Survival Benefit/Annual Payout:
Annual Payout at the beginning of the Policy will commence from the end of the Policy Premium Payment depending on the deferment period chosen by the Policyholder. If the Policy is in force and the insured is alive, then the annual Payout is guaranteed during the payout period. At the beginning of each Policy year during the payout Period, the annual payouts will be paid.
Maturity Benefit:
On the survival of the insured to the end of the Policy Term, then the Policy kept in force, and all dues will pay. And also all the premiums that you have paid will return to you. So you will receive the Guaranteed Maturity Benefit given below. As soon as you receive the Maturity Benefit the Policy will get terminated.
| Premium Paying Term | Guaranteed Maturity Benefit |
| 10 years | 10 times of Annualized Premium |
| 15 years | 15 times of Annualized Premium |
Death Benefit:
In the unfortunate death of the life assured during the policy term while the policy is in force, then your family is protected in the following three ways with benefits being payable to your nominee/ beneficiary:
- A lump sum benefit i.e. Death Sum Assured paid immediately.
- The primary income which was supporting your family’s needs, i.e., (equal to the annual payout amount chosen by you) is payable to the nominee every year from the beginning of the policy anniversary after the death of the Policyholder immediately, till the starting of the Scheduled Annual Payouts. Your family need not pay any further premium. If the Death Sum Assured already paid at the time of the death of the Policyholder, No further benefit paid at the end of the policy term.
Lump Sum Benefit = Annual Payout x Discounting Factor (per Re.1/- annual payout).
Death Sum Assured is the highest of:
- 10 times of Annualized Premium.
- Absolute amount assured to be paid on death (150% of the Basic Sum Assured).
- Guaranteed Maturity Benefit at the time of Maturity (i.e. Basic Sum assured).
- Absolute amount assured to pay on death is as below.
| Premium Paying Term | Absolute Amount Assured to pay on Death |
| 10 Years | 11 times of Annualized Premium rounded up to the next Rs. 1000/- |
| 15 Years | 16 times of Annualized Premium rounded up to the next Rs. 1000/- |
Features of Star Union Dai-Ichi Assured Income Plan
- SUD Life Assured Income Plan is a Savings Cum Protection Plan.
- The Star Union Dai Ichi Assured Income Plan is helpful for your Family after unfortunate events.
- Death Benefit= Death Sum Assured + Additional Annual payouts (as chosen by you) + Scheduled Annual Payouts (as chosen by you).
- Policy Term= Premium Payment Term + Deferment Period (if any) + Payout Period.
- Star Union Dai Ichi Assured Income Plan Maturity Benefit= Return of all premiums.
- Annual Payouts are payable as the Survival benefit.
- 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 month but not less than 30 days. For premium payment of monthly mode, the Grace Period 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 have 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 Life Assured Income Policy Eligibility Criteria
| Entry age of Life Assured | Minimum: 18 years (Last Birthday)
Maximum: 55 (Last Birthday) |
| Maturity Maximum age | 75 years (Last Birthday). |
| Annual Payout | Minimum: Rs. 24,000/-
Maximum: Rs. 50,00,000/- (50 lakhs). |
| Payout period | 10, 15, 20 and 25 years. |
| Premium Payment term | 10 or 15 years. |
| Deferment Period | 0 or 5 years. |
| Modes of Premium Payment |
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Reduced Paid Up Value for Star Union Assured Income Retirement Policy
If at least first two full years, the Policy Holder has paid all the due Premiums at any point and no Subsequent premiums paid then your policy will acquire Reduced Paid-Up status after the grace period, Policy Lapses. Once your plan made reduced paid-up, then you are eligible for the proportionate benefits as given below.
1. Death Benefit for Reduced Paid-up Policy: Death Benefit for Reduced Paid-up Policy exactly applicable to the Policy where all due premiums are Paid.
Paid-up Death Sum Assured= the total number of premiums paid/ Total number of premiums payable X Death Sum Assured.
If the Beneficiary/ Nominee wants to receive the future outstanding Reduced Annual payouts in the form of lump sum benefit at any point, then the discounted value of the future outstanding Reduced Annual Payouts will be paid to the beneficiary and The policy will get terminated immediately.
Reduced Annual Payout= The total number of premiums paid/ Total number of premiums payable X Annual Payout.
2. Survival Benefit/ Annual Payout for Reduced Paid-Up Policy:
If the Life Assured is alive, Reduced Annual Payouts for Reduced Paid-Up Policy which paid during the Payout Period defined below.
Reduced Annual Payout= The total number of premiums paid/ Total number of premiums payable x Annual Payout.
3. On Maturity of Reduced Paid-up Policy:
If the Life Assured survived until the end of the Policy term, then you will receive the Paid-up Maturity Sum Assured. It means all the Premiums Paid by you will return.
Paid-up Maturity Sum Assured= The total number of premiums paid/ Total number of premiums payable x Guaranteed Maturity Benefit.
Sud Life Assured Income Retirement Plan Premium Calculator
With the help of Star Union Dai Ichi Life Premium Calculator, you can easily calculate the Premium amount, Death Benefit, Maturity Benefit, Survival Benefit, Rider and other factors of Sudlife Assured Plan. To calculate the premium amount you need to enter some values such as Policy period, Age and Sum assured, etc.
Star Union Dai Ichi Life Assured Income Policy Buying Procedure
To buy this Star Union Dai Ichi Assured Income Plan, you need to visit the nearest SUD Life Branch or the official website. Buying or paying premium through online is the easy way than doing it in offline. The documents required to buy a new SUD Life Assured Income Retirement Plan are
- Application form/ Proposal form along with the photo.
- Address proof.
- Date of Birth certificate.
- Medical reports (if required).
Sudlife Insurance Assured Income Policy Claim Procedure
For claiming the Star Union Dai Ichi Assured Income Plan, you may visit the nearest SUD Life Branch. And 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 given below
- NEFT Form
- Discharge Form
- Cancel check or Bank Passbook xerox
- Policy bond
- Death certificate
Additional Information on SUD Life Assured Income Plan
Star Union Dai Ichi Assured Income Plan Surrender Value
Star Union Dai Ichi Assured Income Plan can Surrender at any time during the Policy Term after Full Payment of Premiums for three consecutive years. The Policyholder will receive the Surrender Benefit which is higher of the minimum guaranteed surrender value and special surrender value on Surrendering the Policy.
- Guaranteed Surrender Value:
The GSV defined as {GSV Factor x Total premiums paid till the date of surrender} – Annual Payouts}.
- Special Surrender Value: Special Surrender Value (SSV) arrived at by the company, using the actuarial basis as approved by the regulator from time to time. Your policy will terminate, and no further benefits will pay under the policy after we have paid you the surrender value.
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).
Modal Factor:
Depends on the Premium Payment Mode Chosen by the Policyholder, the Premium Payable Multiplied by the Modal Factor.
| Premium Payment Mode | Modal Factor |
| Annual | 1 |
| Half-yearly | 0.5125 |
| Quarterly | 0.2625 |
| Monthly | 0.0885 |
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Grace Period: In case you have missed paying your premium by the due date, the Grace Period will allow in 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.
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 make 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.
FAQs on Star Union Dai Ichi Life Assured Income Plan?
1. Is Loan Facility available under this Sud Life Assured Income Endowment Plan?
Ans: No Loan Facility is available under this Plan.
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 also “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 Assured Income Policy?
Ans: You have the Cooling-off Period of 15 Days to return the Sud Life Assured Income Policy. if you not satisfied with the Terms and Conditions of the Policy you can return your Plan within Free-look Period.