Star Union Dai Ichi Life Insurance Company is offering Bright Child Plan. The Star Union Child Insurance Plan provides a bright future for your kids to fulfil their dreams. As a Parent, you want to give the best life for your Children. For those people, Star Union Dai Ichi Bright Child plan provides assured benefits that are payable during the term policy. The SUD Bright Child Insurance Plan is the best tool to manage your child’s future in financial needs. This Child Plan reduces the risk at the time of your Children’s Education and Marriage. On this Page, we have provided the brief description of Star Union Dai Ichi Bright Child Insurance Plan.
Star Union Dai Ichi Bright Child Plan Review
Your Child has many dreams for the Future. As a parent, you want to fulfil their dreams and you want to see your Children as well settled. To reach this goal, saving and investing money is very important. For the better future of your kids, Star Union Dai Ichi Bright Child Plan is very useful. The SUD Bright Child Plan is safer and more secure with guaranteed maturity returns. The Star Union Bright Child Insurance Plan is very helpful at the time of your child’s career and marriage.
Star Union Bright Child Plan Benefits
Star Union Dai Ichi Life Insurance Company offers the best policies with a large range of advantages for you and your Family. The SUD is providing the benefits for the Bright Child Plan. We have provided the different Benefits for the Star Union Dai Ichi Bright Child Plan.
1. Child Benefits: The SUD child benefits are payable irrespective of whether you are alive or not. The child benefits will depend on the plan option chosen by you. Check the child benefits given below.
|Child Age||Carrer Endowment Option type||Marriage Endowment Option type|
|% of Basic Sum Assured|
|24||30% along with ‘Benefit Booster’||50% along with ‘Benefit Booster.’|
2. Benefit Booster: Depends on the Age of the Life Assured at the time of Policy Purchase, the Company will pay a Certain Amount as a Benefit Booster at the end of the Policy Term.
|Entry Age of Child
(age last birthday)
|Carrer Endowment||Marriage Endowment|
|Benefit Booster as a % of Basic Sum Assured|
3. Death Benefit:
If the Life Assured (the parent) died unfortunately during the Policy term, then the company will pay the death benefits immediately to the nominee/ appointee (i.e., the legal guardian of the child) as defined below. And the SUD company will Waive all the future premiums if any. The ‘Child Benefits’ will pay to the nominee as per the plan option was chosen.
Unfortunate death of Life Assured, the Nominee will get the Highest of 10 times of Annual Premium OR 105% of all the Premium Paid (excluding if any service tax & extra Premium) OR Guaranteed Maturity Benefit (i.e Survival Benefit Paid at Maturity) OR absolute amount assured to be paid on death (Basic Sum Assured).
SUD life Bright Child Policy Features
- In SUD Life Bright Child Life Insurance Plan, Career Endowment and Wedding Endowment are the two plan options to choose.
- Even if the Policyholder deceased then, the assured would get the Child Benefit.
- As per the extant tax laws, based on the Paid premiums and benefits received the tax will deduct.
- In the case of unfortunate death of the Policyholder, immediately the child will receive the Sum Assured. All the future premiums will be waived off. If your child wants to continue this plan, he can.
- Under this plan, a Special Premium Rebate is available for higher Sum Assured.
- In this Plan, you can Choose the Policy Term Sum Assured depending on your savings and protection needs.
- The Star Union Dai Ichi Plan Provides Financial Security for your Child’s career or Wedding if the Policyholder is Deceased unfortunately by paying Guaranteed Additions to the Nominee every year.
- In this Plan, the Grace Period is one month but not less than 30 days will be allowed only for yearly, half-yearly, quarterly modes and 15 days for the monthly mode of premium payment.
- The Policyholder can Surrender the policy at any time after successful Payment of Premium during the Policy Term for three Consecutive full years.
- The Policy assured will get a Special Surrender Value and Minimum Guaranteed Surrender Value on Surrendering the Policy.
- 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 Bright Child Insurance Plan Eligibility Criteria
|Entry age of the child||Minimum: 0 years (Last Birthday)
|Entry age of Life Assured||Minimum: 19 years (Last Birthday)
Maximum: 45 years (Last Birthday)
|Minimum Age Difference between Life Assured & Child||19 years|
|Maturity Child Age||24 years as on Last Policy anniversary.|
|Maturity Maximum age of Life is Assured||69 years as on Last Policy Anniversary.|
|Term of the Policy||Minimum: 16 years (if the entry age of child is 8 years)
Maximum: 24 years (if the entry age of child is at 0 years)
|Premium Payment Policy Term||Minimum age of Child Entry is 18 years.
Fixed Policy term is 10 years.
|Basic Sum assured||Minimum: 5,00,000/-
|Modes of Premium Payment||Annual, Half-yearly, Quarterly, Monthly Modes. (For Monthly mode through ECS/ SI only).|
The Star Union Dai-Ichi Bright Child Plan Rebates
Under this SUD Life Bright 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 Bright Child Plan Rebates Rate is given below.
High Sum Assured Rebate:
|Basic Sum Assured||High Sum Assured Rebate on Premium Rates|
|Rs. 5,00,000/- to Less than Rs. 6,00,000/-||Nil|
|Rs. 6,00,000/- to Less than Rs. 10,00,000/-||Rs. 0.40 p.a per thousand Basic Sum assured|
|Rs. 10,00,000/- to Less than Rs. 20,00,000/-||Rs. 1 p.a per thousand Basic Sum assured|
|Rs. 20,00,000/- to Less than Rs. 40,00,000/-||Rs. 1.80 p.a per thousand Basic Sum assured|
|Rs. 40,00,000/- and above||Rs. 2.30 p.a per thousand Basic Sum assured|
Sud Life Bright Child Insurance Plan Premium Calculator
You can calculate the Premium amount that has to Pay to buy the Policy By Using the Star Union Dai Ichi Bright Child Plan Premium Calculator. The Premium amount that should be Paid will depend on the Policy Term, Sum Assured, Premium Payment Modes and Age of the Life Assured. To Calculate the Premium Value, you need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured, etc.
Buying Process for Star Union Dai-Ichi Child Plan
You can Buy the Star Union Dai Ichi Bright Child Insurance Plan from the Nearest Branch Office of Sud Life or the Agent of Star Union Dai Ichi Life Insurance Company. The required documents to buy Sud Life Bright Child Plan given below.
- Application form / Proposal form of SUD Life Bright Child along with the photo.
- Medical Reports (if required).
- Age Proof.
- Address Proof.
Star Union Bright Child Insurance Policy Claim Process
In Case of Death or Disability Occurred due to the Sudden Accident of the Policyholder during the Policy Term or if your Policy Maturity Period completed, the Policyholder / Nominee can apply for Claim. You can get the Bright Child Plan Claim Form from the Official Website or Sud Life Regional Offices. The Documents required for Star Union Dai Ichi Bright Child Claim Process are
- Original Policy Bond.
- Death Certificate Original or Attested copy.
- Date of Birth Certificate.
- NEFT Form.
- Nominee Address Proof.
- A copy of Pass Book.
- A copy of Hospital Records.
- Additional documents in case of death occurred due to unnatural or accidental death.
SUDlife Insurance Bright Child Plan Additional Details
Policy Loan: No Policy Loan is available against this Plan.
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.
Policy Revival: You can Revive your Lapsed Policy by Sending a Revival Request for the Star Union Dai-Ichi Life Insurance within the two years from the date of First Unpaid Premium (FUP).
Reduced Paid Up Value
If at least three full 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. Once your policy made reduced paid-up, then you are eligible for the proportionate benefits as given below.
- Child Benefit: You will get the ‘Child Benefit’ as a percentage of Paid-up Sum Assured instead of Basic Sum Assured including Benefit Booster as mentioned in the Child Benefit section.
- Death Benefit: 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.
Free Look Period: If the Policyholder is not satisfied with Terms and Conditions of the Policy, Policyholder can return the Star Union Dai Ichi Bright Child Plan within 30 Days from the date of receipt of the Policy Document. If your policy purchased through Distance Marketing, then your policy has to return within 15 days.
Riders: A Special Riders are available for sale Namely
- SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional (142B005V01).
- SUD Life Family Income Benefit Rider – Traditional (UIN: 142B007V01) are available under this Plan.
Sud Life Bright Child Plan can Surrender at any time during the Policy Term after Full Payment of Premiums for three Successful 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:
Guaranteed Surrender Value = Guaranteed Surrender Value Factor *Total Premiums Paid (excluding taxes, and extra premium, if any) – Survival benefit (Child Benefit) Paid, if any.
Death of Child:
You can nominate another child as a beneficiary in case of unfortunate death of the child beneficiary. If there is no other child, your legal heirs will be the beneficiary.
If the Life Assured commits Suicide within the twelve months from the Date of inception of the policy, 80% of the total premiums (excluding taxes and extra premium paid, if any) will be payable.
Taxes: Taxes Benefits are available under this Plan they are
- Service Tax.
- Income Tax.
FAQs on Star Union Dai Ichi Bright Child 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 the Free Look (Cooling-off) Period for the Sud Life Bright Child Policy?
Ans: You have the Cooling-off (Free-look) Period of 30 Days to return the Star Union Dai Ichi Bright Child Plan if you are not satisfied with the Terms and Conditions of the Plan.
3. Can I Revive My Star Union Dai Ichi Bright Child Plan?
Ans: Yes, you can revive your Lapsed Sud Life Bright Child Plan. You have to revive your policy within two consecutive years from the Date of First Unpaid Premium.