Star Union Dai-ichi Guaranteed Money Back Plan 2024 Benefits, Features, Details, Reviews

Star Union Dai-ichi Guaranteed Money Back Plan – Our objective as responsible individuals is to ensure our financial future. While we pursue our drawn out monetary objectives, there are different occasions in life when some money inflow can be of extraordinary assistance. It could be used to pay for college applications, a much-needed family vacation, the down payment on your first car, etc.

As a result, Star Union Dai-ichi has developed the Guaranteed Money Back Plan, which provides you with regular payouts at predetermined intervals to help you meet these requirements. This is a standard money-back plan that helps you meet your short-term financial goals while also protecting your financial future with guaranteed lump sum payments. The advantages aren’t just for you; they also apply to your family.

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Star Union Dai-ichi Guaranteed Money Back Plan 2024

Star Union Dai-Ichi offers a traditional savings and money-back guarantee with its Guaranteed Money Back Plan. Every five years, the policyholder is eligible for a guaranteed lump sum survival benefit equal to 200 percent of the annual premiums under this plan. In addition, the insurer will pay the nominee the entire sum assured amount, including the accrued guaranteed additions, in the event of the life assured’s untimely death.

Your age, policy term, and sum assured will all influence your premium. Policyholders who select a sum assured of at least Rs. 5 lakh are eligible to receive a rebate and a discount on their premiums. In addition, you can upgrade your base policy by purchasing the SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional as well as the SUD Life Family Income Benefit Rider – Traditional. Benefits from taxes will apply in accordance with the law.

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Star Union Dai-ichi Guaranteed Money Back Plan

Star Union Dai-ichi Guaranteed Money Back Plan 2024 Details

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Eligibility – Who is the Guaranteed Money Back Plan for?

Many people are wondering who the guaranteed money back plan is for. The short answer is that it is available to anyone who signs up for a trial or monthly subscription. However, there are some restrictions – like being over the age of 18 and having a valid credit card – that you’ll need to meet in order to be eligible. So if you’re interested in trying the service, make sure you’re familiar with the eligibility requirements before signing up.

You must ensure that you meet the insurer’s pre-defined eligibility requirements before purchasing the Guaranteed Money Back Plan.

ParametersCriteria for eligibility
Minimum age at entry13 years
Maximum age at entry50 years
Maximum age at maturity
  • 10-Year Policy Term: 60 years
  • 15-Year Policy Term: 65 years
  • 20-Year Policy Term: 70 years

Sum Assured and Premium Range – What you get and what it costs?

Here at Sum Assured, we believe that every driver deserves the best possible driving experience. That’s why we offer a wide range of premium products – from insurance to car rentals. But just how expensive is it to be a Sum Assured driver? And what are the different types of products we offer? Read on to find out!

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Sum Assured

When you buy a policy, you will be required to select your maximum amount guaranteed. You will need to make sure that you choose the best amount after taking into account your family’s needs, liabilities, and other factors because your coverage is for the sum assured amount, which is what you or your nominee will be paid for. Your assured sum should be sufficient for you and your family in the future, regardless of what happens.

Minimum Sum AssuredRs.3 lakh
Maximum Sum AssuredRs.10 crore

Premiums*

In order to take advantage of the protection provided by your insurance policy, you must regularly pay a certain amount of money to the insurer known as the premium. Normally, a few elements are connected to your top notch sum. The following table lists some specifics about your policy’s duration and the methods of premium payment:

Policy Tenure
  • 10 years
  • 15 years
  • 20 years
Premium Payment Term10 years
Premium Payment Mode
  • Annual
  • Bi-Annual
  • Quarterly
  • Monthly
Premium AmountPremiums will vary based on policy buyer’s age, sum assured, and the policy tenure

Plan Coverage: What exactly is covered by the Guaranteed Money Back Plan?

When you’re shopping for insurance, it’s important to understand what the Guaranteed Money Back Plan covers. This plan is designed to provide you with peace of mind by guaranteeing that you’ll be reimbursed if you incur a covered loss. What are the specific types of losses that are covered? Find out in this blog post, which will answer all of your questions.

Survival BenefitThe insurer will pay a survival benefit equal to 200% of the annual premium if the life assured member survives the specified policy anniversaries.

  • Policy Term of 10 Years: Benefits will be paid out on the policy’s fifth anniversary.
  • 20-Year Policy Term: Benefits are due on the 5th and 10th anniversary.
  • On the 5th, 10th, and 15th policy anniversaries, benefits are paid.
Maturity BenefitAt the policy’s end, the policyholder will receive the entire sum assured, including the Guaranteed Accrued Additions and any survival benefits they have received up to that point.
Death BenefitThe insurer will pay the nominee the entire sum assured and the accrued guaranteed additions in the event of the life insured’s premature death. After the death benefit is paid, the policy ends. SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – Traditional

It is prudent to purchase this rider to shield one’s family from the financial consequences of an accident. The insurer will reimburse the nominee for the entire Rider Sum Assured in the event of the policyholder’s accidental death. Additionally, the life assured may claim up to ten biannual installments if the accident results in a permanent disability. The Rider Sum Assured will be multiplied by ten percent for each installment. There is a minimum guarantee of Rs. 10,000 and a maximum guarantee of Rs. 50 lakh.

SUD Life Family Income Benefit Rider – Traditional

In the event that the life assured member dies during the policy term, this rider can assist in providing financial protection for the family. The maximum rider sum assured is Rs. 50 lakh, with a minimum of Rs. 1 lakh. When you purchase the rider, you will be required to select the sum assured. The nominee will receive 10% of the assured sum annually for ten years following the policyholder’s untimely death. The advantage will be payable as a proper month to month pay.

Exclusions – What the Guaranteed Money Back Plan doesn’t cover?

There is a suicide clause in this policy. The insurer will reimburse the nominee for 80% of the total premiums paid by the policyholder if the policyholder, in a sane or insane state, takes their own life within one year of purchasing or renewing the policy. There will be no additional compensation.

Other Key Features – Free-look Period, Surrender Value, Grace Period, etc.

There are a number of other features that are commonly included in Malaysian mutual funds, some of which are listed below. If you’re looking to invest in a Malaysian mutual fund, it’s important to be aware of these key features so that you can make the most informed decision.

Grace PeriodThe insurance company gives you a grace period of thirty days to pay your premium if you don’t pay it by the due date.
Free-Look PeriodIf the terms and conditions of the policy are found to be unsatisfactory, the policy can be returned within the 15-day free-look period.
Policy LapseThe policy will expire if the life insured does not pay at least the first three years’ premiums within the grace period.
Reduced Paid-Up PolicyThe policy will be reduced to a paid-up form if no premiums are paid for at least the first three years and no subsequent premiums are paid.
Surrender ValueIf three full years’ worth of premiums have been paid, the policy will have a surrender value. Your policy’s surrender value will be the greater of the following:

  • The Special Surrender Value, or
  • The Minimum Guaranteed Surrender Value
Revival of PolicyTo revive your lapsed or reduced paid-up policy, you will need to:

  • Submit a written request to the insurer,
  • Pay all due premiums,
  • Pay an interest of 9% p.a. (compounded annually), and
  • Provide a certificate of good health
Guaranteed Additions
  • 10-Year Policy Term: 4% of the Annual Premium
  • 15-Year Policy Term: 5% of the Annual Premium
  • 20-Year Policy Term: 6% of the Annual Premium
Policy LoanNo loan against policy facility is provided to policy members.
High Sum Assured RebateThe insurer will offer a discount on the cost of the premiums for Sum Assured that is greater than or equal to Rs. 5 lakh.
NominationNomination is allowed, as per Section 39 of the Insurance Act, 1938.
AssignmentAssignment is allowed, as per Section 38 of the Insurance Act, 1938.

Tax Benefits

Tax deductions can be claimed on the policy’s premiums and payouts in accordance with Sections 80C and 10(10D) of the Income Tax Act of 1961.Benefits from taxes are subject to the current tax laws, but it’s important to keep in mind that tax laws can change at any time. For more information, make sure to speak with a tax professional.

Other Benefits How you can save with the Guaranteed Money Back Plan?

Looking to save money on your next purchase? Why not consider signing up for the Guaranteed Money Back Plan? This program offers customers a money back guarantee on any order they place, with no questions asked. Plus, you can be sure that you’re getting the best possible deal – thanks to the team’s years of experience in the industry. So what are you waiting for? Sign up today and start saving!

  • Online payment for premiums: You always have the option of paying your premiums through traditional, offline channels, but you can also pay your premiums hassle-free through the insurer’s website. The steps to pay your premiums online are as follows:
  • Go to the official website. On the home page,
  • click the “Pay Online” tab. Enter your date of birth and insurance policy number.
  • Choose a method of payment that works best for you. You can pay with a debit card, credit card, or online banking.
  • Click “Submit” after entering the required payment method information.
  • You will need to make a note of the receipt number and print or save the payment acknowledgement as the final step.

Logging into the Customer Portal is another way to pay for your premiums. The Customer Portal can be accessed by registered users using their user ID and password. On the Customer Portal login page, new users will need to enter their client ID, contact information, policy number, and date of birth to create a user ID. After this, you will receive the password via SMS or email, and you can continue paying your premium.

  • Computerized Premium Adding machine: Before purchasing a policy, prospective customers must first obtain a quote for the premium from the insurer. The premium can be easily calculated on the insurer’s official website. Simply go to the official website, select the appropriate tab, and enter the necessary information.
  • Service to Customers: to contact the insurer via their email address, landline number, toll-free number, and SMS-based helpline channels. The website also includes a list of corporate and regional offices.

Why you should buy the Guaranteed Money Back Plan from Star Union Dai-Ichi Life Insurance?

Members and nominees of the Guaranteed Money Back Plan receive a number of benefits, the most important of which are a substantial survival benefit and a maturity or death benefit. Additionally, the accrued guaranteed additions will contribute to your corpus’s growth. You can customize your policy with additional riders in addition to the benefits that are already included.
One of India’s leading life insurance providers is Star Union Dai-Ichi Life Insurance.

Retail and group insurance policies are among the options offered by the insurer. Everyone is likely to find an insurance policy that fits their needs thanks to the insurer’s extensive product portfolio. The insurance company has more than 64 million customers and has received recognition from a number of different platforms.

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