SUD Life Family Income Benefit Rider
SUD Life Family Income Benefit Rider provides a life cover to assured’s family in case of unfortunate or sudden death during the cover period. This rider helps your family tide over the difficult times in case you are not around by providing a monthly income for a fixed period of 10 years. We can attach this plan to the base policy at inception or on any Policy Anniversary. For this, we need to pay all our premiums of our basic policy subject to the satisfaction of age, policy term and other rider limitations. The riders shall be attachable only with non-linked plans at the inception of the base policy. It is a pure Traditional Protection Oriented rider plan.
Accidents are very common nowadays. An accident can affect an individual’s life and affect the family emotionally as well as financially. Star Union Dai ichi Life introduced the Family Income Benefit Rider. It is a Traditional Rider, which provides additional benefits to the insured in the unfortunate event of his or her meeting with an accident during the contract period under this rider.
Star Union Dai Ichi Family Income Rider Benefits & Features
SUD Life Family Income Benefit Rider Plan has some features and Benefits. These benefits are helpful for the better understanding of the plan.
The Features involved under this plan are
- Grace Period.
- Surrender Value.
- Cooling off Period.
The grace period for the SUD Life Accidental Death and Permanent Disability Benefit Rider is same as the basic policy. For payment of yearly, half-yearly or quarterly, rider premiums grace period of one month but not less than 30 days will be allowed and 15 days for monthly Rider premiums.
Along with the basic policy, a lapsed policy can be revived within the two consecutive years from the date of first unpaid premium. This rider will be revived before the expiry period of Policy term.
If the insured candidate wants to return the policy within the Minimum Policy Term, no surrender value will the paid to the policyholder.
Free Look Period:
If you are not satisfied with the Terms and Conditions of the Policy, you can return the Star Union Dai Ichi Policy within the 15 days from the Date of receipt of the Policy. Based on the receipt of the same, the corporation shall cancel the rider. The Company will return the premium deposited for the rider.
Star Union Dai-Ichi FIB Rider Benefits
A rider is an add-on provision to a basic insurance policy that provides additional benefits to the policyholder at an additional cost. For every policy, there are some key advantages for the Life assured. Based on the policy terms and conditions benefits will be provided for the Rider. The benefits will be given in a case of unfortunate death of the Life Assured during the term of Rider.
There is no maturity benefit available under this plan.
Rider Benefit= (10% of Rider Sum Assured)/12 will be paid at the end of every policy month following the date of death of the Life Assured and continue for 10 Years.
Death due to Accident:
On the death of the Life Assured due to an accident, 100% Rider Sum Assured will be paid to the nominee and contract will be ceased thereafter.
Total and Permanent Disability due to Accident:
The company will pay the SUD Life Family Income Benefit Rider Sum Assured to the policyholder in 10 equal half-yearly instalments. Where each instalment amount is equal to Rider Sum Assured multiplied by 10%. The contract will cease the contract after payment of the last instalment.
Star Union Dai Ichi Accident & Permanent Benefit Rider Eligibility Conditions
Single and Regular Pay: 5 Years
|Age at Entry||Minimum||18 years (last birthday)|
|Maximum||60 years (last birthday)|
|Limited Pay: Premium Payment Term Plus 3 Years.|
|Sum Assured||Minimum||Rs. 10000/- per Policy|
|Maximum||Rs. 50,00,000/- per policy|
Maximum Maturity Age
|75 Years(Nearest birth)|
Premium Payment Mode
Single/ Regular Premium
Same as the Basic Policy
Yeraly/ Half Yearly/ Quarterly/ Monthly
The process to buy SUD Life Family Income Benefit Rider?
The buying procedure for Star Union Dai Ichi FIB Rider Plan will be same as the basic policy. Which means the documents required for the Plan are same as the Base Plan. The Policyholder who want to buy a rider assurance plan should follow the rules that are applicable for the Basic Insurance Plan as Assurance is a Protection against an event that is definite.
In general to buy a new policy the documents required for SUD Life Family Income Benefit Rider are
- Proposal Form/ Application form.
- Address Proof.
- Age Proof, etc.
Claim Process for Star Union Dai Ichi Family Income Benefit Rider
Nominees can claim for SUD Life Accidental Death and Total & Permanent Benefit Rider after the death of the policyholder. Because there is no Maturity/ Survival Benefit under this plan.
The documents required to claim this Rider Assurance Policy are same as the basic policy that you have taken. The general documents necessary for the claiming process are
- NEFT form.
- Cancel check or Bank Passbook xerox.
- Policy bond.
- Discharge form.
- Death certificate.
Based on the following conditions exclusions for this SUDI Life Family Income Benefit Rider Plan may vary. If the death or accident occur due following reasons, there will no benefits will be provided for the nominee.
If the policyholder committed suicide for any reason within the 12 months of the date of commencement of risk or from the date of revival. The nominees will get the 80% of the premium paid till the date.
Additional Information about Star Union Dai Ichi Family Income Benefit Rider Plan
In this SUD Life Accidental Death and Permanent Disability Benefit Rider, Loan facility is not provided.
Depending on the base policy Assignments/ Nominations are available.
- For Single/ Regular Premium: There is no paid-up value is available.
- For Limited Premium:
Rider Paid-Up Sum Assured= (Total number o f premiums paid/ Total number o f premiums payable) * Rider SumAssured.
No Surrender Value will be available under this rider. But there a chance payment of surrender value based on the Premium we have taken. Check the following conditions for having the surrender value.
- For Regular Premium: No Surrender Value will be payable.
- For Single Premium:
Surrender Value= 70% * Single premium (Excluding Service Taxes and Extra Rider premium, if any) * (Unexpired Rider Policy Term (In Days) / Total Rider Policy Term (In Days)).
- For Limited Premium:
Surrender Value = 70% of the Total Premiums paid (excluding extra premium and Service tax, if any) * (Unexpired Rider Policy Term (in days)/ Total Rider Policy Term (in days) ) * (Number of premiums paid / Total Number of premiums payable).
Termination of Rider Cover
The company will terminate the rider cover based on the following conditions
- On the date of intimation of death of the Life Assured.
- Lapse or Surrender of the base policy.
- Completion of rider policy term.
- Lapse of Rider Policy.
Termination of Rider Policy
The company will terminate the Rider Policy based on the following conditions
- Completion of Rider Policy Term.
- On Cancellation or Surrender of Rider Policy.
- Based on the date in which Income Benefit is paid.
- Based on the Surrender date of the policy.
- Under any circumstances which lead to surrender or cancellation of the policy in which rider is attached.
FAQ’s of Star Union Dai Ichi Family Income Benefit Rider Plan
1. What is the Grace Period under the product?
A. SUD Life Family Income Benefit Rider has the grace period of 30 days. Assured candidate can pay the premium within this Grace Period.
2. How can I pay the subsequent premium?
A. You can pay also the subsequent premium through Net-Banking/ Credit Card/ Debit Card.
3. How this Rider works?
A. Once you attach this rider to your plan, you can get monthly income for a fixed period of 10 years.