Star Union Dai-ichi's Guaranteed Money Back Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Star Union Dai-ichi's Guaranteed Money Back is a traditional plan which offers regular payouts after every five years. This plan allows you to fulfill your short-term financial goals and ensures financial stability of your future with guaranteed lump sum at maturity.
Product Description
- 200% of annualised premium* paid in lump sum every five years (survival benefit).
- Guaranteed additions every year, paid at policy maturity (or in case of death, if earlier).
- Premium rebate for higher sum assured
- In case of death, the entire sum assured is payable irrespective of survival benefits already paid.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Regular payouts after every five years to fulfill short-term financial goals
- Limited premium payment term of only 10 years.
Eligibility Criteria
| Eligibility Criteria | |
| Age at Entry (Min) | 13 years (age last birthday) |
| Age at Entry (Max) | 50 years(age last birthday) |
| Max age of Maturity | Age 60 years last birthday for policy term 10 |
| Age 65 years last birthday for policy term 15 | |
| Age 70 years last birthday for policy term 20 | |
| Min Sum Assured | Rs. 3,00,000 |
| Max Sum Assured | Rs. 10,00,00,000 |
| Notes: * Sum Assured should be in multiples of 1000 | |
| Mode Available | Yearly, half-yearly, quarterly or monthly. Monthly is allowed through ECS / SI only |
| Policy Term | 10 / 15 / 20 years |
| Premium Paying Term | 10 years |
OneInsure App Benefits
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | Sum assured (less survival benefits already paid) along with guaranteed additions accrued during the policy term will be paid | |||||
| Survival Benefit | 200% of annualised premium* will be paid on survival up to the policy anniversaries specified below | |||||
| Policy Term (in years) | Policy Anniversaries | |||||
| 10 | 5th | |||||
| 15 | 5th, 10th | |||||
| 20 | 5th, 10th, 15th | |||||
| Death benefit | Entire sum assured plus the guaranteed additions accrued till date will be paid to the nominee and the policy will terminate thereafter. | |||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Additions | Guaranteed additions (based on your policy term as shown in the table below) will accrue every year, throughout the policy term. | |||||
| Policy Term | 10 years | 15 years | 20 years | |||
| Guaranteed Addition | 4% of Annualised premium* | 5% of Annualised premium* | 6% of Annualised premium* |
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| Notes -: Excluding taxes and extra premiums, if any | ||||||
| Policy loan | Policy loan is not available against this policy | |||||
| Modal factors for Instalment Premium | Mode of Payment | Factor | ||||
| Yearly | 1 | |||||
| Half yearly | 0.5125 | |||||
| Quarterly | 0.2625 | |||||
| Monthly | 0.0885 | |||||
| High Sum Assured Rebate | Sum Assured | High Sum Assured Rebate on Tabular Premium Rates | ||||
| Rs. 3 Lakh to less than 5 Lakh | Nil | |||||
| Rs. 5 Lakh to less than 10 Lakh | Rs. 2 p.a. per Thousand Sum Assured | |||||
| Rs. 10 Lakh to less than 25 Lakh | Rs. 3 p.a. per Thousand Sum Assured | |||||
| Rs. 25 Lakh and above | Rs. 4 p.a. per Thousand Sum Assured | |||||
| Lapse | If you have not paid three full years’ premium, within the grace period, your policy will lapse | |||||
| Life cover ceases and no benefits are paid under a lapsed policy. | ||||||
| Reduced Paid-Up | If three full years’ premiums are paid and thereafter at any point of time premiums are discontinued, policy will acquire reduced paid-up status | |||||
| However, future guaranteed additions will cease and future survival benefits will not be paid after policy is made paid-up. | ||||||
| Paid-up maturity benefit | ||||||
| Paid-up sum assured + guaranteed additions already accrued – survival benefits already paid (if any). | ||||||
| Paid-up death benefit | ||||||
| Paid-up sum assured + guaranteed additions already accrued | ||||||
| Notes :- Once this is Paid ( Paid-up maturity benefit or Paid-up death benefit , the policy will terminate. | ||||||
| Revival | You can revive your policy (lapsed and reduced paid-up) by sending a revival request within two years from the date of first unpaid premium. | |||||
| You will need to pay the unpaid premiums, with interest (currently at the rate of 9% compounded annually | ||||||
| You have to bear the cost of medical examination required, if any. | ||||||
| Once revived, all benefits under the policy, as given under Benefits on Page 1 will be restored | ||||||
| Surrender | Your policy will acquire surrender value if three full years’ premiums are paid. | |||||
| Surrender benefit paid, will be higher of the minimum guaranteed surrender value and special surrender value. | ||||||
| Guaranteed Surrender Value | Minimum guaranteed surrender value = Guaranteed Surrender Value + Surrender Value of the Guaranteed Additions already accrued to the policy | |||||
| Guaranteed Surrender Value Factor x Total premiums paid (up to the date of surrender, excluding taxes and extra premiums if any) less Survival Benefit paid, if any |
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| Guaranteed Surrender Value Factors | ||||||
| Policy Year | Policy Term | |||||
| 10 | 15 | 20 | ||||
| 1 | 0% | 0% | 0% | |||
| 2 | 0% | 0% | 0% | |||
| 3 | 30% | 30% | 30% | |||
| 4 | 50% | 50% | 50% | |||
| 5 | 50% | 50% | 50% | |||
| 6 | 50% | 50% | 50% | |||
| 7 | 50% | 50% | 50% | |||
| 8 | 70% | 60% | 60% | |||
| 9 | 90% | 65% | 65% | |||
| 10 | 90% | 70% | 65% | |||
| 11 | 0% | 75% | 70% | |||
| 12 | 0% | 80% | 70% | |||
| 13 | 0% | 85% | 75% | |||
| 14 | 0% | 90% | 75% | |||
| 15 | 0% | 90% | 80% | |||
| 16 | 0% | 0% | 80% | |||
| 17 | 0% | 0% | 85% | |||
| 18 | 0% | 0% | 85% | |||
| 19 | 0% | 0% | 90% | |||
| 20 | 0% | 0% | 90% | |||
| Special Surrender Value | Your policy will be terminated and no further benefits will be paid under the policy after we have paid you the surrender value. |
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Add-ons
Not Available
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Tax Benefits
Income tax benefits are available under Section 80C and Section 10(D) of Income Tax Act, 1961.
Claim Process
Know Claim Process of Star Union Dai-ichi's Guaranteed Money Back Plan
Company Overview
Star Union Dai-ichi (SUD) Life Insurance is a joint venture between Bank of India, Union Bank of India and Dai-ichi Life, the second largest life insurance company of Japan. SUD’s focus is on offering insurance products best suited for customers from various strata's of society and geographies. The company has won many awards including the one for ‘Highest Claim Settlement’ at BFSI Awards, in February 2015
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