Star Union Dai Ichi Guaranteed Money Back Plan is a Traditional Money Back Regular Payouts Protection Cum Savings Plan. Star Union Dai Ichi Life Insurance Company has introduced this Plan to fulfil Long Term Goals of the Insured Person. At the Same time, it also provides the Regular Payouts after every five years to Fulfil the short term financial requirements such as child’s education, first car or an exotic holiday with family of the Life Assured. Along with the Short-Term Financial Needs the Life Assured will get the Lump Sum Amount as Maturity Benefit after Completion of Policy Term. Sud Life Guaranteed Money Back Plan also secures the Family of the insured in cases of Unfortunate Death.
Star Union Dai Ichi Guaranteed Money Back Plan Benefits & Features
Benefits of Sud Life Guaranteed Money Back Plan
On Taking the Star Union Guaranteed Money Back Plan the Policyholder will get the following Benefits
- Survival Benefit.
- Maturity Benefit.
- Death Benefit.
Survival Benefit: 200% of the Annualised Premium (excluding taxes and extra premiums, if any) will be payable on Survival of the Life Assured on Policy Anniversaries Specified below.
|Policy Term||Policy Anniversaries|
|20||5th, 10th, 15th|
Maturity Benefit: Sum Assured Plus Guaranteed Additions accrued during the Policy Term will be payable as Maturity Benefit on the Date of Maturity of the Policy.
Death Benefit: Sum Assured Plus Guaranteed Additions (Excluding taxes and extra premiums) accrued till the Date of Death of Insured will be payable as Death Benefit to the Nominee on Sudden Death of the Life Assured.
Sud Life Guaranteed Money Back Plan Features
- Star Union Dai-Ichi Guaranteed Money Back Plan is a Regular Payout Protection cum Savings Plan.
- It Pays 200% of Annualized Premium for every Five Years as Survival Benefit.
- The Policyholder will Receive a lump sum Amount on Maturity of the Policy.
- In Case of Sudden Death of the Policyholder the Entire Sum Assured + Accrued Guaranteed Addition is payable as Death Benefit irrespective of survival benefits already paid.
- A Special Premium Rebate is available under this Plan for higher Sum Assured.
- In this Plan, you have the Option to Choose Policy Term Sum Assured based on your savings and protection needs.
- Star Union Dai Ichi Plan Provides Financial Security to the Family of the Deceased Policyholder by paying Guaranteed Additions to the Nominee every year.
- As per the extant tax laws, Tax deductions on the premiums paid and benefits received.
- 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 Policy can be Surrendered 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 Policy.
- 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.
Star Union Dai-Ichi Guaranteed Money Back Policy Eligibility Criteria
|Maximum Age at Maturity||
|Sum Assured (Sum Assured should be in multiples of Rs. 1000/-)||
|Premium Payment Term||10 years|
|Premium Payment Modes||
Star Union Guaranteed Money Back 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 Guaranteed Money Back Plan is given below.
High Sum Assured Rebate:
|Basic Sum Assured||Rebate (Rs.) on Tabular Premium Rates|
|Rs. 3,00,000/- to less than Rs. 5,00,000/-||NIL.|
|Rs. 5,00,000/- to less than Rs. 10,00,000/-||Rs. 2 p.a. per thousand Sum Assured|
|Rs. 10,00,000/- to less than Rs. 25,00,000/-||Rs. 3 p.a. per thousand Sum Assured|
|Rs. 25,00,000/- and Above||Rs. 4 p.a. per thousand Sum Assured|
Sud Life Guaranteed Money Back Plan Premium Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy By Using the Star Union Dai Ichi Guaranteed Money Back 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 Money Back Plan Buying Process
You can Buy the Star Union Dai Ichi Guaranteed Money Back Plan from the Nearest Sud Life Branch Office or from the Agent of Star Union Dai Ichi Life Insurance Company. The Documents required for buying Sud Life Guaranteed Money Back Plan are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
Star Union Dai Ichi Guaranteed Money Back 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.
Additional Details of Sud Life Guaranteed Money Back Plan
Policy Loan: No Loan Facility is available under this Plan.
Policy Revival: You can Revive your Lapsed and Reduced Paid-Up Star Union Dai Ichi Guaranteed Money Back Policy by Sending a Revival Request before two years from the date of First Unpaid Premium (FUP).
Modal Factor: Depends on the Premium Payment Mode Chosen by the Policyholder, the Premium Payable will be Multiplied by the Modal Factor.
|Premium Payment Frequency||Modal Factor|
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.
Sud Life Guaranteed Money Back Plan can be Surrendered 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 minimum guaranteed surrender value and special surrender value on Surrendering the Policy.
Guaranteed Surrender Value: The Guaranteed Surrender Value is defined as the Guaranteed Surrender Value Factor Multiplied by the Total Premiums Paid (excluding taxes, and extra premium, if any) Minus Survival benefit.
Guaranteed Surrender Value = Guaranteed Surrender Value Factor *Total Premiums Paid (excluding taxes, and extra premium, if any) – Survival benefit.
Free Look (Cooling Off) Period: If the Policy Holder is not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Star Union Dai Ichi Guaranteed Money Back Plan within 30 Days from the date of receipt of the Policy Document. It is 15 Days if your policy is purchased through Distance Marketing.
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.
- Persons working in hazardous occupations will not be eligible to take this Plan, or those Persons can buy this product at higher premium rates.
- 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: Taxes including Service Tax and any Other Taxes on premiums including extra premiums shall be Payable by the Policyholder as per the Tax Laws and the rate of Tax shall be as applicable from time to time.
FAQs on Star Union Dai Ichi Guaranteed Money Back 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 Cooling-off Period for the Sud Life Guaranteed Money Back Policy?
Ans: You have the Cooling-off (Free-look) Period of 30 Days to return the Guaranteed Money Back Policy if you are not satisfied with the Terms and Conditions of the Plan.
3. Can I Revive My Star Union Dai Ichi Guaranteed Money Back Plan?
Ans: Yes, you can revive your Lapsed Sud Life Money Back Plan. You have to revive your policy within two consecutive years from the Date of First Unpaid Premium.