Star Union Daiichi Premier Protection

Premier Protection Plan is a simple pure term plan from Star Union Dai-ichi Life Insurance where the nominee would get paid if the life insured expirers within the policy term but nothing would be paid out to him on survival. This is a pure protection plan for the life insured’s family against unfortunate and early demise of the life insured.

• It is a pure Term Insurance Policy with Death Benefit only and no maturity benefit.
• Accidental Death and Total and Permanent Disability rider benefit available.
• Caters to people with high life cover requirement since the minimum sum assured is Rs 25 lakhs.

• Death Benefit – In case of death of the Life Insured, the nominee gets the chosen sum assured under the plan.
• Maturity Benefit – There is no Maturity Benefit on maturity of the policy, as this is a pure term plan.
• 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

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 26 lakhs and Policy Term = 15 years

Riders – the available rider that is available in this policy:

·         Accidental Death and Total and Permanent Disability rider

You stop paying the premium - If the policy holder stops paying the premium, then the policy would lapse after the expiry of the grace period from the due date of the first unpaid premium. It can however re-instate the policy within 3 years of lapsation by paying up all due premiums with interest. The present rate of interest is 9% p.a.

You want to surrender the policy – Surrender Benefit is available only for Single Premium policies

Surrender Value= 60% of (1- Duration Elapsed/Total Term) X Single Premium

You want a loan against your policy – Loan facility is not available under this policy.