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Star Union Daiichi Life Immediate Annuity Plan
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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.
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%
Key Features of Star Union Dai-ichi Life Immediate Annuity Policy
It is an Immediate Annuity Plan without Bonus
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
The Minimum Purchase price is Rs 5,00,000 in this plan
COMPARE THIS PLAN WITH OTHER PENSION PLANS
Benefits you get from Star Union Dai-ichi Life Immediate Annuity Policy
Death Benefit – 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.
Maturity Benefit – Being a pure Annuity Plan, there is no Maturity Benefit in this plan.
Income Tax Benefit – 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.
Eligibility conditions & other restrictions in Star Union Dai-ichi Life Immediate Annuity Policy
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
Sample illustration of Star Union Dai-ichi Life Immediate Annuity Plan
The below illustration is for a 60 year old Annuitant with Rs 5,00,000 as Purchase Price
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
Additional Features and Benefits of Star Union Dai-ichi Life Immediate Annuity Plan
Riders – There is no additional rider in this plan
Annuity Options— 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%
What happens if?
You stop paying the premium – Being a Single Premium Plan, there is no requirement of further payment of premium.
You want to surrender the policy – There are no Surrender Benefits in this plan.
You want a loan against your policy – Loan facility is not available in this plan.
