Star Union Daiichi Life Immediate Annuity Plan
Star Union Dai-ichi Life Immediate Annuity Plan is an Immediate Annuity Plan as the name suggests. It is a Traditional Plan without Bonus plan from Star Union Daiichi Life Insurance Company.
Key Features
There are 4 annuity options in this plan
- Option 1= Life Annuity
- Option 2= Life Annuity with Return of Purchase Price
- Option 3= Life Annuity which increases at 5% every year with Return of Purchase Price
- Option 4= Life Annuity which increases at 5% every year
There is no additional rider in this plan
There are 4 Options for Annuity in this plan:
- Life Annuity
- Life Annuity with Return of Purchase Price
- Life Annuity which increases every year at 5% with Return of Purchase Price
- Life Annuity which increases every year at 5%
Option 4= Life Annuity which increases at 5% every year
Benefits
Being a pure Annuity Plan, there is no Death Benefit in this plan. However, in certain option, Purchase Price would be returned to the nominee after the death of the Annuitant. Thus, in Option 2 and Option 3, the Purchase Price would be paid to the nominee as Death Benefit after death of the annuitant.
Being a pure Annuity Plan, there is no Maturity Benefit in this plan.
Premium paid under this plan is eligible for a Tax Deduction till Rs 1,00,000 under section 80C of the Income Tax Act, 1961.
How it works
In this plan, premium needs to be paid in a lumpsum at the policy inception to purchase annuity. The premium paid is called Purchase Price because it is used to purchase Annuity.
There are 4 options for Annuity in this plan, namely:
- Life Annuity
- Life Annuity with Return of Purchase Price
- Life Annuity which increases every year at 5% with Return of Purchase Price
- Life Annuity which increases every year at 5%
Eligibility
| Minimum | Maximum | |
| Purchase Price (in Rs.) | 5,00,000 | No Limit |
| Policy Term (in years) | Whole Life | |
| Premium Payment Term (in years) | Single | |
| Entry Age of Annuitant (in years) | 50 | 80 |
| Age at Maturity (in years) | - | Till Death |
| Annuity Modes | Monthly, Quarterly, Half-Yearly and Yearly | |
FAQs
You stop paying the premiumBeing a Single Premium Plan, there is no requirement of further payment of premium.
You want to surrender the policyThere are no Surrender Benefits in this plan.
You want a loan against your policyLoan facility is not available in this plan.
