SUD Life Annuity Plus Plan Review
The Star Union Dai Ichi Immediate Annuity Plus Plan is Savings Cum Protection Plan. SUD Life Annuity is a Non-Linked, Non-Participating Individual Immediate Annuity policy, which assures regular income as per the plan option was chosen. In this Star Union Annuity Plan, there are two Plan options that we can Chose. Those options are Plan Option A, and Plan Option B. Sud Life Annuity Plus Retirement 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 can choose from a range of Annuity Options that we bring you under this plan. So by taking the Star Union Dai Ichi Immediate Annuity Plus Plan one can enjoy their Retired Life with Grand Children, Family, and Friends without any worries.
Star Union Dai Ichi Immediate Annuity Plus Benefits
SUDlife Annuity Plus is an immediate annuity plan with 2 plan options. The Star Union Immediate Annuity two Plan Options are as follows. In Star Union Dai Ichi Immediate Annuity Plus, the Policyholder can choose any one of the Annuity Plan Option among 10 Annuities.
- Plan Option A
- Plan Option B
SUD Life Annuity Plus Plan Benefits
By taking the Star Union Dai Ichi Immediate Annuity Plus Plan, the Policyholder will get the following Benefits
- Survival Benefit.
- Death Benefit.
- Surrender Benefit.
The Survival Benefit applies to you when the SUD Life Annuity will pay as per the Plan option is chosen by you as long as the annuitant is alive or until the end of the given Policy period.
Death Benefit will Pay to you on a Sudden death of the annuitant/ Policyholder depending on the SUD Life 10 Annuity Plan options chosen.
- If you choose Annuity Plan Option 2 or Annuity Option 3 then the Surrender benefit will pay to you on Annuitant diagnosed with any one of the Critical Illnesses mentioned below.
- The Policyholder chooses the Annuity Option 7, and then they get the Surrender Benefit when both annuitants or the last surviving Annuitant diagnosed.
- If the Policyholder has chosen Annuity Option 2 or Annuity Option 7 then they will get the Surrender Benefit on complete foreclosure of Reverse Mortgage Loan.
List of Critical Illness on diagnosing:
- Cancer of Specified Severity
- First Heart Attack – of Specified Severity
- Stroke Resulting in Permanent Symptoms
- Open Chest CABG
- Kidney Failure Requiring Regular Dialysis
- Multiple Sclerosis With Persisting Symptoms
- Major Organ /Bone Marrow Transplant
- Open Heart Replacement or Repair of Heart Valves
- Coma of Specified Severity
- Permanent Paralysis of Limbs
- Motor Neurone Disease with Permanent Symptoms
The Surrender Value payable through Diagnosing as per the table below
|Policy year||Surrender value in %|
|0 to 3||95%|
|4 to 10||98%|
|11 and above||100%|
The Surrender Value payable through Foreclosure as per the table below
|Policy year||Surrender value in %|
|0 to 10||95%|
|11 and above||100%|
SUD Life Immediate Annuity Plus Plan Features
- The Star Union Dai Ichi Immediate Annuity Plus Plan is a Savings cum Protection Plan.
- Death Benefit is payable based on the 10 Annuity Plan Option Chosen.
- If you chose Plan Option 2, 3, 7 then Surrender Benefit is applicable to you.
- As long as the annuitant is alive, then you will get the Survival Benefit.
- The Modes of premium payment are Yearly, Half-Yearly, Quarterly, and Monthly (ECS only or through Salary Deductions).
- 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 Annuity Plus Policy Eligibility Criteria
|Entry age of Life Assured for Plan Option A||Minimum: 45 years (Last Birthday)
Maximum: 99 (Last Birthday)
|Entry Age of Policyholder for Plan Option B||Minimum: 60 years (Last Birthday)
Maximum: 99 years (Last Birthday)
|Minimum Purchase Price||Minimum: Rs. 1,oo,000/- (One Lakh)
|Premium Payment term||Single.|
|Modes of Premium Payment||
Sud Life Annuity Retirement Plan Premium Calculator
With the help of Star Union Dai Ichi Life Premium Calculator, you can quickly calculate the Premium amount, Death Benefit, Maturity Benefit, Survival Benefit, Rider and other factors of Star Union Dai Ichi Immediate Annuity Plus 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 Immediate Annuity Policy Buying Procedure
To buy this Star Union Dai Ichi Immediate Annuity Plus Plan, you can 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 Annuity Retirement Plan are
- Application form/ Proposal form along with the photo.
- Address proof.
- Date of Birth certificate.
- Medical reports (if required).
Sudlife Insurance Immediate Annuity Plus Policy Claim Procedure
For claiming the Star Union Dai Ichi Annuity Plan, you may visit the nearest SUD Life Branch or can also visit the 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 the Star Union Annuity Plan
Annual Payment Mode/ Modal Factor:
The Primary Annuitant can choose the Annual Payment Mode based on the following modes.
|Mode of Annuity Payment||Modal Factor|
High Purchase Price Benefit:
In case of High Purchase Price, the Annual Annuity Rate will increase by a certain percentage of High Purchase Price Benefit. The Tabular Annual Annuity Rates of High Purchase Price Benefit in percentage given below.
|Purchase Price||High Purchase Price Benefit|
|Less than 10 Lacs||0%|
|10 Lacs to less than 25 Lacs||3%|
|25 Lacs and above||5%|
Termination of the Policy:
The Policyholders can terminate the Policy on the occurrence of the following events.
- On the death of both Primary and Secondary Members for Annuity option 4, 5, 6 and 7 in case of Joint Life.
- For Annuity option 8, 9 and 10, on the death of the Primary member on completion of the given period in case of Single Life Option.
- On the date of Surrender of the Policy after payment of surrender benefit which Applicable only to Annuity Plan Option 2, Annuity Option 3 and Annuity Option 7.
Get more information about Star Union Dai Ichi Annuity Plan
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.
In the Star Union Dai Ichi Annuity Plan, there is no difference in the Normal Death and the Suicide Death. So under all the annuity Plan options, the benefits payable in case of Suicide death is same as the Normal Death.
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.
Taxes: Taxes including Service Tax (if any) shall be applicable as per the Tax Laws.
FAQs on Star Union Dai Ichi Life Annuity Plus Plan?
1. Can I have Loan Facility under this Sud Life Immediate Annuity Plus Plan?
Ans: No Loan Facility is available under this Plan.
2. Are any Riders available under the Annuity Plan?
Ans: No Special Riders are available under this Plan.
3. What is Cooling-off Period/ Free Look Period of the Star Union Dai Ichi Annuity Policy?
Ans: You have the 30 Days of Cooling-off Period to return the Sud Life Annuity Policy. If you are not satisfied with the Terms and Conditions of this Policy, you can return your Plan within Free-look Period.