Star Union Daiichi 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.
Key Features
There are no additional riders available in this plan:
Benefits
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.
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 |
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.
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 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.
Eligibility
| 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 | |
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 + 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 policyLoan facility is not available in this plan.
