Star Union Dai-ichi Jeevan Safar Plus Plan 2024 Benefits, Features, Details, Reviews

 Key Features

• Policyholders can choose to pay their premiums over the course of the policy’s term or for a limited ten-year period.
• The policyholder has the option of making premium payments on a monthly, quarterly, half-yearly, or annual basis, depending on how convenient it is for them.
• This plan provides policyholders and their families with financial protection by providing Maturity and Death Benefits.
• The customer’s choice of Basic Sum Assured determines whether a high Sum Assured discount is available.
• The policy’s Guaranteed Additions, Simple Reversionary Bonus, and Terminal Bonus all contribute to customers’ increased wealth generation.

Benefits

• If the insured person is still alive when the policy comes to an end, the Maturity Benefit is paid out.
• The Minimum Guaranteed Sum Assured, accrued Guaranteed Additions, Simple Reversionary Bonus, and Terminal Bonus, if any, are paid to them.
• The nominee receives the Death Benefit, which consists of the Death Sum Assured in addition to the Guaranteed
• Additions and Bonus that have been accrued up until the policy year in which the insured died.
• For the first five policy years, Guaranteed Additions are added at the end of each policy year.5% of the Basic Sum Assured is the Guaranteed Addition.
• According to Income Tax Act sections 80(C) and 10 (10D), premiums paid as well as Death and Maturity Benefits are eligible for tax benefits.

Product Specification

Details About Premium

Policy Details

Grace period: All dues must be paid in full and without interest within 30 days of the premium’s due date. If payments are made on a monthly basis, this period is cut down to 15 days.

Lapse: The policy will expire if the due premiums are not paid within the Grace Period of three years. Once the policy expires, there will be no more life insurance and no benefits will be paid.

Policy Termination or Surrender Benefit: This arrangement obtains Give up Worth on the finishing of three full approach a long time with the arrangement that all expenses were paid. The first of the following occurs when a contract is terminated: on the payment of the Maturity, Death, or Surrender Benefits. In addition, it expires if three years’ worth of premiums are not paid and it is not revived during the Revival Period.

Free Look Period: The policy can be reviewed within a limited 15-day free look period beginning on the date the documents were received. If the policy was sold through distance marketing, this period is extended to thirty days.

Inclusions

• If the policy has reached its surrender value, a loan can be obtained for it. A maximum of 80% of the Surrender Value must be included in the loan amount.

Additional Features or Riders

• The recovery of a slipped by strategy is conceivable on the off chance that the policyholder presents a composed solicitation for reestablishment inside a time span of a long time from the date of the primary neglected premium.

Exclusions

• If the insured person, regardless of whether they were sane or insane at the time, kills themselves within a year of receiving policy coverage, the term insurance cover is null and void. Only 80% of the premiums paid will be refunded by the company. If the insured person takes their own life within a year of their last reinstatement, the same applies. The company will refund the higher of the Surrender Value on the date of death or 80% of the premiums paid up until the date of death if the policy is still in effect.

Documents Needs

An “Application form” with proof of identity, a bank account, an address, and a recent photograph must be filled out by the policyholder. In some cases, income evidence may be required.

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