Star Union Dai Ichi Jeevan Ashray Plan is a Non-Linked Non-Participating Endowment Assurance Plan. Star Union Dai Ichi Life Insurance Company has introduced this Plan to fulfil your future dreams, even if any uncertainties come on your way. By taking Sud Life Jeevan Ashray Plan, you can get a Secured Financial Future for you and your loved ones by saving Money Regularly. Star Union Dai Ichi Jeevan Ashray Endowment Plan is a Savings-Cum-Protection plan that aims to provide Secured Growth to your Savings. It also provides Protection to your Family in the case of Unfortunate Death.
Star Union Dai Ichi Jeevan Ashray Plan Features & Benefits
Sud Life Jeevan Ashray Plan Benefits
On Taking the Star Union Jeevan Ashray Endowment Plan the Policyholder will get the following Benefits
- Maturity Benefit.
- Death Benefit.
Maturity Benefit:
If the Policyholder survives till the end of the Policy Term provided and he pays all the due Premiums, Then the Policyholder will Receive Guaranteed Maturity Benefit. The Guaranteed Maturity Benefit for different Policy Terms is as follows
| Policy Term | Guaranteed Maturity Benefit |
| 15 Years | 115% of Basic Sum Assured |
| 20 Years | 120% of Basic Sum Assured |
Death Benefit:
In the case of Unfortunate Death of the Life Assured during the Policy term, The Company will Pay Death Sum Assured of 10 Times of Annualized Premium (or) 105% of all the Premiums Paid (excluding service tax and extra premium, if any) as on the date of death of the Life Assured to the Nominee / Beneficiary as a Death Benefit. After Payment of Death Benefit, Company will not pay any further Benefits.
Star Union Dai-Ichi Jeevan Ashray Endowment Plan Features
- Star Union Dai-Ichi Jeevan Ashray Plan is a Non-Linked Non-Participating Protection cum Savings Endowment Plan.
- 120% of Basic Sum Assured will be payable as Maturity Benefit to the Family of Policyholder on Maturity of the Policy.
- The Income Tax Benefit on the Premiums Paid and the Benefits received will be available under this Plan.
- In the case of Unfortunate Death of the Policyholder Company will Provide Protection to the Family of the Policyholder.
- 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 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 Star Union Dai Ichi Jeevan Ashray 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.
Eligibility Criteria for Sud Life Jeevan Ashray Plan
| Entry Age | Minimum: 8 years.
Maximum:
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| Maturity Age | Maximum: 70 years (last birthday) |
| Premium Payment Term |
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| Policy Term |
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| Basic Sum Assured (BSA Should be in Multiples of Rs. 1000/-) |
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| Premium Payment Modes |
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Sud Life Jeevan Ashray 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 Jeevan Ashray 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 Jeevan Ashray Endowment Plan Buying Process
You can Buy the Star Union Dai Ichi Jeevan Ashray 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 Sud Life Star Union Jeevan Ashray Endowment Plan are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
Sud Life Jeevan Ashray 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 Jeevan Ashray Plan Details
Policy Loan: Loan facility is available under this plan after the policy has acquired surrender value. The Policyholder can avail up to 80% Surrender Value as Policy Loan.
Policy Revival: You can Revive your Lapsed and Reduced Paid-Up Star Union Dai Ichi Jeevan Ashray Policy by Sending a Revival Request before two years from the date of First Unpaid Premium (FUP).
Paid-up Value: If the Policy Holder has paid Premiums for at least Three Full years 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
[(Total number of premiums paid /Total number of premiums payable) X Death Sum Assured].
Maturity Benefit for Reduced Paid-up Policy
[(Number of premiums paid / Total Number of premiums payable) x (Guaranteed Maturity Benefit).
Surrender Value:
The Policyholder can Surrender his Star Union Dai Ichi Jeevan Ashray Plan 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 Guaranteed Surrendered Value and Special Surrender Value on Surrendering the Policy.
Guaranteed Surrender Value: The Guaranteed Surrender Value is defined as the Guaranteed Surrender Value (GSV) Factor Multiplied by the Total Premiums Paid (excluding taxes, and extra premium, if any) till the Date of Surrender. The Guaranteed Surrender Value Factor for different Policy Term are as follows
| Policy Term | 15 years | 20 years |
| Year of Surrender | GSV Factor | |
| 1 | 0% | 0% |
| 2 | 0% | 0% |
| 3 | 30% | 30% |
| 4 to 7 | 50% | 50% |
| 10 | 65% | 59% |
| 15 | 90% | 75% |
| 20 | NA | 90% |
Special Surrender Value =
[(Total number of premiums paid /Total number of premiums payable) X Basic Sum Assured X SSV Factors].
Free Look (Cooling Off) Period:
If the Policy Holder does not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Star Union Dai Ichi Jeevan Ashray Plan within 15 Days from the date of receipt of the Policy Document. It is 30 Days for the Policy purchased through Distance Marketing.
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 | 0.5125 |
| Quarterly | 0.2625 |
| Monthly | 0.0885 |
Additional Details of Sud Life Jeevan Ashray Plan
Riders: No Riders are available under this Plan.
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.
Exclusions:
- 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: As per the Current Laws, Income Tax Benefits are available under Section 80C and Section 10(10D) of Income Tax Act for this Plan.
FAQs on Star Union Dai Ichi Jeevan Ashray Plan?
1.Are any Riders available under this Plan?
Ans: No Special Riders are available under this Plan.
2. Is Loan Facility available under this Sud Life Jeevan Ashray Endowment Plan?
Ans: Yes, Loan Facility is available under this Plan after the Policy acquires a Surrender Value.
3. What happens if I want to Surrender My Policy?
Ans: You can Surrender your Star Union Dai Ichi Jeevan Ashray Plan at any Time during the Policy Period only after Successful Payment of Premium for three Full Years.
4. Can I Revive My Star Union Dai Ichi Jeevan Ashray Policy?
Ans: Yes, you can revive your Lapsed Sud Life Endowment Plan within two consecutive years from the Date of First Unpaid Premium.