Star Union Dai-ichi Elite Assure Plan
Star Union Dai-ichi Elite Assure Plan is a traditional life insurance plan that offers financial stability for its policyholders. As it is a savings cum investment policy, it helps build a supplementary future income for its customers, along with providing for the policyholders family and loved ones in the unfortunate event of their passing away.
The policyholder receives a variety of benefits with this policy in the form of a regular monthly income, intermediate annual income and a lump sum at the closure of the policy term.
The policy provides the flexibility to choose from two plan options, plan option 5-5-5 and plan option 7-7-7. In the 5-5-5 plan option, premiums are paid for five years, the money is accumulated for another five years and after the tenth year the policyholder starts receiving payouts during the last five years. The second plan called the 7-7-7 plan option is similar in structure to the 5-5-5 plan, except that the number of years is seven years instead of five.
The policy provides protection and financial stability for the policyholders family, in case of his or her untimely and unfortunate demise.
Details About Premium
Annual premium in Rupees
Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest.
Policy Termination or Surrender Benefit: On the completion of two full policy years, if the premiums have been paid in full then the policy acquires Surrender Value. The Surrender Value payable is higher of the Guaranteed Surrender Value and Special Surrender Value. Termination of the policy occurs at the earliest of the following:
(1) On the death of the life assured
(2) Surrender of the policy.
(3) On the maturation of the policy.
(4) When the policy has lapsed and not reinstated within the revival timeframe.
(5) In case of fraud on the part of the policyholder.
Free Look Period: A limited free look period of 15 days from the date of receiving policy documents is allowed to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing mode. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The premium that was paid will be refunded minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards stamp duty charges.
Lapse: Failure to pay the due premiums within the grace period for the first two full years will cause the policy to lapse. Benefits are not available once the policy has lapsed.
Additional Features or Riders
The revival of a lapsed policy is possible if a written request is submitted by the policyholder within a timeframe of two years from the first unpaid premium. Sufficient evidence of insurability has to be provided to the company, and all due premiums and interest accumulated have to be paid at the time of reinstatement. The cost of any medical examination has to be borne by the policyholder.
If premiums for a minimum of two years have been paid and subsequent payments have not been made, then benefits under the policy are reduced proportionately. This reduction is called Reduced Paid-up Value
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or revival of the policy. The company will refund only 80% of the premiums received, to the nominee.