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Star Union Dai-Ichi Life Insurance

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Star Union Dai-Ichi Life Insurance

Overview
Star Union Dai-ichi Life Insurance Co. Limited is a joint venture entity formed by the Union Bank of India, Bank of India and Japanese insurance giant Dai-ichi Life. The latter is the second biggest insurance company in Japan and both Bank of India and Union Bank of India are two of the country’s largest public sector banks with a network of 11000 branches nationwide.

The company offers insurance products like child, endowment, pension and ULIP based plans to customers. There are plans for customers across various segments. The company can also tap into an emerging base of 64 million customers.

Star Union Dai-Ichi Life Insurance at a glance
  • Building trust though 11,000 + bank branches.
  • Vision to be a trustworthy lifelong insurance partner for all sections of society
  • Dai-ichi Life Insurance has in force premiums of $54 billion
  • Assets of $484 billion (as on 31st March 2016, on a consolidated basis)

Star Union Dai-ichi Life Insurance Co. Limited Pension Plans
There are several pension plans offered at Star Union Dai-ichi Life Insurance Co. Limited and the Guaranteed Pension Plan is a product which helps you get regular pension after retirement to pursue your dreams. There are guaranteed additions, vesting benefits upon retirement, and assured payout in case of death, investment period flexibility and easy enrollment among other features.

Documentation needed to apply for Star Union Dai-Ichi Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

Star Union Dai-Ichi Pension Plans
  • SUD Life Assured Income Plan: SUD Life Assured Income Plan is a pension plan that offers freedom to choose a guaranteed tax free supplementary income for future. The plan ensures a strong financial protection for your family for any uncertainties.
  • SUD Life Immediate Annuity Plus: SUD Life Immediate Annuity Plus is a non-Linked and non-participating individual immediate annuity plan. The plan allows for a regular stream of income as per the plan option chosen.
  • SUD Life Guaranteed Pension Plan: SUD Life Guaranteed Pension Plan is a non-linked non participating deferred pension product that helps you to plan for your life, post retirement.

1: SUD Life Assured Income Plan: SUD Life Assured Income Plan is a pension plan tailor made to offer financial protection in the sunset years of life. The plan offers guaranteed tax free annual income in future to meet your growing needs.

Advantages and Benefits
  • Guaranteed tax free annual income in future to meet your growing needs
  • Get all your premiums back at the end of policy term
  • Immediate lump sum as well as regular income to the family in case of uncertainties
Features Description
Age at entry 8 to 55 years
Maximum age at maturity 75 years
Payout period 10, 15, 20 or 25 years
Annual Payout Rs. 24000 to Rs. 50,000,00
Premium Payment Term 10 or 15 years
Premium Payment Mode Yearly, Half Yearly, Quarterly or Monthly
Deferment period 0 or 5 years
Policy Term Premium Payment Term + Deferment Period (if any) + Payout Period 
Maturity Benefit Return of all premiums 
Death Benefit Death Sum Assured$ + Additional Annual payouts (as chosen by you) + Scheduled Annual Payouts (as chosen by you) 

2: SUD Life Immediate Annuity Plus: SUD Life Immediate Annuity Plus offers regular stream of income as per the plan option chosen. The policy comes with a Minimum Purchase Price- Rs. 1 Lakhs for a single one time premium payment.

Advantages and Benefits
  • Lifelong income with 2 Plan Options to choose from.
  • Plan Option A-Purchase Immediate Annuity either from your savings or from the policy proceeds of any Deferred Pension Plan (issued by SUD Life)/National Pension Scheme. Choose from 10 Annuity options.
  • Plan Option B-Purchase Immediate Annuity from the proceeds of Reverse Mortgage loan offered by any approved financial institution as mentioned in the Gazette of India. Choose from 2 Annuity options.
Features Description
Age at entry Plan Option A
Minimum- In case of purchase of annuity with policy proceeds from any of SUD Life deferred pension plans, the minimum entry age of annuitant is 0 Years. In case of purchase of annuity with policy proceeds from any other deferred pension plans or from policy holder’s savings (i.e. through Open Market Purchase Option) the minimum entry age of annuitant is 45 Years.
Maximum- 99 Years.
Plan Option B
Minimum- For policies purchased through Reverse Mortgage Loan: 60 Years age last birthday.
Maximum- 99 Years age last birthday.
Annuity Options Plan Option A- 10 Annuity options to choose from
  • Life Annuity
  • Life Annuity with Return of Purchase Price
  • Increasing Life Annuity with Return of Purchase Price
  • Joint Life Annuity (50%)
  • Joint Life Annuity (100%)
  • Joint Life Annuity (50%) with Return of Purchase Price
  • Joint Life Annuity (100%) with Return of Purchase Price
  • Annuity certain for 10 years
  • Annuity certain for 15 years
  • Annuity certain for 20 years
Plan Option B- 2 Annuity options to choose from :
  • Life Annuity with Return of Purchase Price
  • Joint Life Annuity (100%) with Return of Purchase Price/li>
Minimum Purchase Price Rs. 1 lakhs
Premium Payment Term Single
Annuity Payment Mode Yearly, Half-yearly, Quarterly, Monthly

3: SUD Life Guaranteed Pension Plan: SUD Life Guaranteed Pension Plan offers Vesting benefit at retirement with Assured pay-out in case of demise and guaranteed additions.

Advantages and Benefits
  • Flexibility to choose investment period
  • Vesting benefit at retirement
  • Guaranteed additions
Features Description
Minimum Vesting Age 55 years (age last birthday)
Maximum Vesting Age 70 years (age last birthday)
Age at Entry 35 to 65 years (age last birthday), subject to minimum and maximum vesting age
Policy Term 5, 10, 15, 20 years
Premium Payment Term (PPT) Single, 5 years, 10 years, 15 years
Premium Payment Modes Single, Monthly, Quarterly, Half Yearly and Yearly
Minimum Premium Single Premium: Rs.1,00,000
5 Year Limited Pay: Rs.30,000
10 Year Limited Pay: Rs.20,000
15 Year Limited Pay: Rs.20,000
Maximum Premium Rs. 5 Crores (Single/ Annual)