SUD Life Guaranteed Pension Plan Review
Star Union Dai Ichi Guaranteed Pension Plan is a non-linked non-participating deferred pension product Plan. By taking this Policy, You can Make your Life Colourful even after Retirement. With this Plan, you can Plan your Retired Life in a More Adventurous and Joyful way by starting a new Venture, Pursuing a Hobby, Travelling across the world or just enjoying time with family and friends. Sud Life Guaranteed Pension Plan Provides you with a lump sum Amount at Retirement. You can use this Lumpsum amount at Planned as well as Unplanned Financial Needs. In this Plan, you have the Flexibility to choose Investment Period. So by taking the Star Union Dai Ichi Guaranteed Pension Plan one can enjoy their Retired Life with Grand Children, Family, and Friends without any worries.
Star Union Dai Ichi Guaranteed Pension Plan Benefits & Features
Sud Life Guaranteed Pension Plan Benefits
On Taking the Star Union Guaranteed Pension Plan the Policyholder will get the following Benefits
- Vesting Benefit.
- Death Benefit.
Vesting Benefit:
Assured Vesting Benefit = Total Premium Paid * Vesting Benefit Factor.
Death Benefit:
In the case of Unfortunate Death of the Life Assured during the Policy term an Assured Death Benefit of 105% of Total Premiums Paid as on date of Death of Life Assured or Total Premiums Paid accumulated at the Interest Rate of 6% per annum till the end of the Policy Month.
Key Features of Star Union Guaranteed Pension Plan
- Star Union Dai-Ichi Guaranteed Pension Plan is a non-linked non-participating deferred Pension Plan.
- Sud Life Guaranteed Pension Plan provides Assured Payouts in case of demise.
- The Policyholder will get a Lump Sum Amount as Vesting Benefit at the Time of Retirement.
- A Hassle-Free Enrollment is provided to buy this Policy that is No Medicals needed for this Plan.
- In this Plan, you have the Option to Choose Investment Period.
- Guaranteed Additions and Bonuses will be Payable along with the Vesting & Death Benefits.
- 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 acquiring a Surrendered Value.
- The Policyholder will get a Special Surrender Value and Minimum Guaranteed Surrender Value on Surrendering the Star Union Dai Ichi Guaranteed Pension 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.
Sud Life Guaranteed Pension Plan Eligibility Criteria
| Entry Age |
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| Vesting Age |
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| Policy Term |
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| Premium Payment Term |
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| Premium Payment Modes (Through ECS/SI only) |
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| Premium | Minimum:
Maximum: Rs. 5 Crores (Single / Annual). |
Star Union Guaranteed Pension 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 Pension Plan is as follows
High Sum Assured Rebate:
| Single Premium | Policy Term | |
| 5 years | 10 years | |
| Rs. 1,00,000/- to Rs. 2,99,000/- | NIL | NIL |
| Rs. 3,00,000/- to Rs. 4,99,000/- | 1% | 2% |
| Rs. 5,00,000/- to Rs. 9,99,000/- | 1.50% | 2.50% |
| Rs. 10,00,000/- and Above | 2% | 3% |
Sud Life Guaranteed Pension 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 Guaranteed Pension 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 Guaranteed Pension Plan Buying Process
You can Buy the Star Union Dai Ichi Guaranteed Pension 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 Star Union Guaranteed Pension Plan are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
Sud Life Guaranteed Pension 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 Guaranteed Pension Plan Details
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 |
| Yearly | 1 |
| Half-yearly | 0.5108 |
| Quarterly | 0.2582 |
| Monthly | 0.0867 |
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.
Paid-up Value:
For Single Premium: Not Applicable.
For Limited Pay: If the Policyholder has paid the due Premiums for at least Two Full years (5 years Limited Pay) and First Three Full years (10 years & 15 years Limited pay) 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 Premiums Paid accumulated at the Interest Rate of 6% per annum compounded till the end of Policy Month will be paid as Death Benefit for Reduced Paid-up Policy.
- Maturity Benefit for Reduced Paid-up Policy
- On Survival of the Life Assured to the end of the Policy Term, the Paid-up Vesting Benefit will be Paid as Maturity Benefit for Reduced Paid-up Policy.
Policy Revival: You can Revive your Lapsed Star Union Dai Ichi Guaranteed Pension Policy within two years from the date of First Unpaid Premium (FUP) by paying the Due Premiums with the Applicable Interest Rates.
Surrender Value:
The Policyholder can Surrender his Star Union Dai Ichi Guaranteed Pension Plan at any time during the Policy Term for Single Premium, after Successful Payment of Premium for Two Successful years (5 years Limited Pay), and Three Successful Years (10 years Limited premium). 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 nothing but the Guaranteed Surrender Value (GSV) Factor Multiplied by the Total Premiums Paid (excluding taxes, and extra premium, if any) till the Date of Surrender.
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 has not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Star Union Dai Ichi Guaranteed Pension Plan within 30 Days from the Date of Receipt of the Policy.
Additional Details of Sud Life Guaranteed Pension Plan
Riders: No Special Riders are available under this Plan.
Policy Loan: No Policy Loan is available under this Policy.
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.
Taxes:
As per the Current Laws, Income Tax Benefits for Premiums Paid and Vesting Benefit are exempted under Sections 80C and Section 10(10D) of Income Tax Act for this Plan.
For More Details Regarding Star Union Dai Ichi Guaranteed Pension Plan please check the Brochure uploaded below.
Sud Life Guaranteed Pension Plan Brochure.
FAQs on Star Union Dai Ichi Guaranteed Pension Plan?
1. Can I have Loan Facility under this Sud Life Guaranteed Pension Plan?
Ans: No Loan Facility is available under this Plan.
2. Are any Riders available under this Plan?
Ans: No Special Riders are available under this Plan.
3. What is Cooling-off Period for the Star Union Dai Ichi Guaranteed Pension Policy?
Ans: You have the Cooling-off Period of 30 Days to return the Sud Life Guaranteed Pension Policy. If you are not satisfied with the Terms and Conditions of the Policy, you can return your Plan within Free-look Period.
4. What happens if I want to Surrender My Policy?
Ans: You can Surrender your Star Union Dai Ichi Guaranteed Pension Plan at any Time during the Policy Period for Single Premium and after Successful Payment of Premium for Two Successful years (5 years Limited Pay), and Three Successful Years (10 years Limited premium).