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Star Union Daiichi Instant Endowment Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
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.
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.
Key Features of Star Union Dai-ichi Instant Endowment Insurance Plan
It is an Endowment Plan without Bonus facility
There are only 3 possible options for choosing Sum Assured- Rs 1, 2 and 3 lakhs
In this plan, Sum Assured + vested Bonus is paid on Maturity or death, whichever is earlier
In this plan, the premium paying term is half the entire policy term while the policy continues for the entire tenure
There is one additional rider in this plan-Accidental Death and Total and Permanent Disability Benefit Rider
In this plan, there is rebate of 2% for female lives
Housewives and students can also be covered in this plan but only till Rs 1 lakh of Sum Assured
There is no requirement for any medicals in this plan
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from Star Union Dai-ichi Instant Endowment Insurance Policy
Death Benefit – 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.
Maturity Benefit – 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
Income Tax Benefit - 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.
Eligibility conditions & other restrictions in Star Union Dai-ichi Instant Endowment Policy
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
Sample illustration of Annualised Premium of Star Union Dai-ichi Instant Endowment Plan
The below illustration is for a healthy male opting for a Policy Term of 15 years and Sum Assured Rs 1,00,000
Additional Features and Benefits of Star Union Dai-ichi Instant Endowment Plan
Riders – There is 1 additional rider in this plan:
Accidental Death and Total and Permanent Disability Benefit Rider
What happens if?
You stop paying the premium - If 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 policy – There 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 policy – Loan facility is available in this plan.
