Star Union Daiichi Instant Endowment Plan
Star Union Dai-ichi Instant Endowment Plan is a Participating Endowment Plan. It is a Traditional Plan with Bonus plan from Star Union Daiichi Life Insurance Company.
Key Features
- Accidental Death and Total and Permanent Disability Benefit Rider
Benefits
In case of death of the Life Insured within the Policy Tenure, the basic Sum Assured + vested Bonus till date of Death is paid to the nominee as Death Benefit and the policy terminates.
On survival till the end of the policy tenure, the basic Sum Assured + vested Bonus till date of Death is paid to the nominee as Maturity Benefit and the policy terminates
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
How it works
In this plan, premium needs to be paid for the entire period as chosen at the policy inception. There are only 3 options for choosing sum assured- Rs 1, 2 and 3 lakhs. There is no requirement for any medicals in this plan
On survival till the end of the policy tenure, the Sum Assured along with vested Bonus is paid as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the Policy Tenure, the Sum Assured along with Vested Bonus till the date of Death is paid to the nominee as Death Benefit and the policy terminates.
There is one additional rider in this plan-Accidental Death and Total and Permanent Disability Benefit Rider.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 1,00,000 and 2,00,000 | 3,00,000 |
| Policy Term (in years) | 5 | 25 |
| Premium Payment Term (in years) | Equal to PT | |
| Entry Age of Life Insured (in years) | 18 | 49 |
| Age at the end of Premium Paying Term (in years) | - | 65 |
| Payment modes | Yearly, Half-Yearly, Quarterly and Monthly | |
FAQs
You stop paying the premiumIf the policy holder stops paying the premium, then the policy lapses and all benefits cease. However it at least 3 years premium has been paid, then the policy acquires a Paid Up Value and continues with reduced coverage.
The policy can however be revived within 2 years from the due date of first unpaid regular premium or date of maturity of the base policy whichever is earlier.
You want to surrender the policyThere are Surrender Benefits in this plan but after at least 3 years Annualized Premiums have been paid.
Guaranteed Surrender Value= 30% of Total Basic Premium paid – 1st year’s Premium
You want a loan against your policyLoan facility is available in this plan.
