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Star Union Daiichi Guaranteed Money Back Plan

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Star Union Dai-ichi Guaranteed Money Back Plan
 
Star Union Dai-ichi Guaranteed Money Back Plan is a Non-Participating Money Back Plan. It is a Traditional Plan without Bonus facility.
 
How it works – In this plan, premium needs to be paid for a limited period of 10 years only while the policy continues for the entire policy tenure of 10, 15 or 20 years.
 
There is Guaranteed Additions in this plan which accrues every year as a % of Annual Premium

 

Policy Tenure
Guaranteed Addition
10 years
4% of Annualized Premium
15 years
5% of Annualized Premium
20 years
6% of Annualized Premium
 
This being a Money Back Plan, 200% of the Annualized Premium is paid back every 5 years as Survival Benefit

 

Policy Tenure
Benefit Payable at Survival Benefit at the end of
10 years
5th Policy Year
15 years
5th and 10th Policy Year
20 years
5th, 10th and 15th Policy Year
 
On survival till the end of the Policy Tenure, the Sum Assured + Guaranteed Additions – Survival Benefits already paid is paid to the policyholder as Maturity Benefit and the policy terminates.
 
However, if the Life Insured dies within the Policy Tenure, the entire Sum Assured, irrespective of the Survival Benefits already paid + accrued Guaranteed Additions till date of death is paid to the nominee as Death Benefit and the policy terminates.
 
 
Key Features of Star Union Dai-ichi Guaranteed Money Back Insurance Plan
 
  • It is an Endowment Plan without Bonus facility
  • The Premium Paying Term is only 10 years in this plan irrespective of the Policy Tenure
  • There is 200% of annualised premium paid in lump sum every five years as Survival Benefit
  • There is Guaranteed Additions in this plan  which grows at 4%, 5% or 6% of annual premium every year depending upon Policy Tenure
  • At the end of the Policy Tenure, the remaining Sum Assured less Survival Benefits already Paid + Guaranteed Additions is paid to the policyholder as Maturity Benefit
  • In case of death, the entire Sum Assured is payable irrespective of survival benefits already paid + Guaranteed Additions as Death Benefit to the nominee
  • There is premium rebate for higher sum assured of Rs 5 lakhs or more

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
 
 
 
Benefits you get from Star Union Dai-ichi Guaranteed Money Back Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the entire Sum Assured, irrespective of the Survival Benefit already paid + Guaranteed Additions are paid to the nominee as Death Benefit and the policy terminates.
 
Survival Benefit – 200% of the Annualized Premium is paid every 5 years and the policy continues

 

Policy Tenure
Benefit Payable at Survival Benefit at the end of
10 years
5th Policy Year
15 years
5th and 10th Policy Year
20 years
5th, 10th and 15th Policy Year
 
 
Maturity Benefit – On survival till the end of the policy tenure, the basic Sum Assured + Guaranteed Additions – Survival Benefit already paid 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 Guaranteed Money Back Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
3 lakhs
10 crores
Policy Term (in years)
10, 15
20
Premium Payment Term (in years)
10
Entry Age of Life Insured (in years)
13
50
Age at the end of Premium Paying Term (in years)
-
70
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
 
 
Sample illustration of Annualised Premium of Star Union Dai-ichi Guaranteed Money Back Plan
 

The below illustration is for a healthy male opting for a Policy Term of 20 years and Sum Assured Rs 10,00,000

 

Sample Premiums Star Union Daiichi Guaranteed Money Back Plan

 

Additional Features & Benefits of Star Union Dai-ichi Guaranteed Money Back Plan
 
Riders – There are no additional riders available in this plan:
 
 
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 + Guaranteed Additions would be payable.
Guaranteed Surrender Value= Guaranteed Surrender Value Factor X Total premiums paid till date of Surrender - Survival Benefit already paid, if any
The Surrender Value Factor is mentioned in the Policy Document.
 
You want a loan against your policy – Loan facility is not available in this plan.

 
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