Star Union Dai-ichi Traditional Plans

Star Union Dai-ichi is a joint venture company established in 2009. The company is also called SUD Life and is a pact between Bank of India, Union Bank of India and Japan’s foremost life insurance company Dai-ichi life holdings.

Dai-ichi life holdings company was founded in Japan in 1902. Presently the company has risen to the position of the second-largest life insurance company in Japan.

Star Union Dai-ichi traditional plans and new-age plans are widely available in the country through the company’s network of more than 11 thousand bank branches. The company and its branches cater to over 64 million customers throughout the country.

SUD Life is among the largest life insurance distributors in India. Star Union Dai-ichi traditional plans have good reach in rural areas through more than 1950 regional rural branches.

Star Union Dai-ichi traditional plans and new-age plans cover almost the entire gamut of protection and security insurance segment offers. SUD Life has made a strong footprint through customer commitment and service.

List of Star Union Dai-ichi Traditional Plans

Star Union Dai-ichi traditional plans offered under savings plan, protection plans, retirement plans, wealth plans, child plan and group insurance plans are as follows:

Type of plan Plan products Plan objectives
     
SUD Life savings plans  Guaranteed money back plan 
  • Life insurance
  • Savings accrua
  • Money growth
  • Maturity benefits
Praptee plan 
Adarsh plan 
Ayushman plan 
Samriddhi plan 
Sanchay plan 
  Aakshay plan   
     
SUD Life protection plan  Abhay plan  Life cover (pure or with premium return option)
     
SUD Life retirement plans  Life Assured income plan 
  • Life insurance
  • Retirement pay out benefits
Guaranteed pension plan 
Immediate Annuity plus 
   
SUD Life wealth plans  Wealth Builder 
  • Life insurance· Investment in units
  • Guaranteed and unguaranteed money pay out
Wealth creator 
Life century plus 
Life century star 
     
SUD Life child plan  Aashirwad plan  Child security and future
     
SUD Life group plans     
Term plans  Pradhan mantra Jeevan Jyoti beema yojna  Micro life insurance
Group term insurance plans  Employer-employee, Non employer-employee life insurance
Credit Life plan  New Ashiana Suraksha  Home loan insuranceMortgage insurance
Sampoorna loan Suraksha All types of loan insurance
     
Group retirement benefit plan  Retirement benefit for employer-employee groups Employee family financial stability and security
Group Rider  Accidental benefit riders   Make cover more inclusive

Star Union Dai-ichi Traditional Plans Description

Star Union Dai-ichi traditional plans include in its gamuts are SUD Life savings plan, SUD Life protection plan, SUD Life retirement plans, SUD Life wealth plans, SUD Life child plan and SUD Life group plans.

  • SUD Life Savings Plan

    Under savings plan SUD Life offers several products to suit the preferences of different investors. SUD Life savings plans include Guaranteed money-back plan, Praptee, Adarsh, Ayushman, Samriddhi, Sanchay and Aakshey saving plans.

  • Guaranteed Money Back Plan

    SUD life’s GMB plan can be opted by those who seek interim payouts for their short term financial requirements. The investor gets regular payouts after every five years of the policy. Apart from regular payouts, the plan also provides maturity benefits as a guaranteed lump sum. The plan also pays the death sum assured amount to family members in the event of the demise of the policyholder.

    SUD Life GMB Plan Benefits:

    • Guaranteed 200% of annualized premiums interim payout every five years
    • Yearly guaranteed additions to fund up to 6% of annualized premium
    • Guaranteed maturity lump sum amount at the end of the policy tenure
    • Maturity benefits inclusive of sum assured amount+ accrued additions
    • Guaranteed death benefit sum assured in case of policyholder’s demise

    SUD Life GMB Plan Key Features:

    • Policy tenure options of 10, 15 and 20 years
    • 10 years fixed payment term
    • Monthly, quarterly, half-yearly and yearly mode of premium transfer
    • Rs 3 lacs to Rs 10 crores sum assured options
    • The eligibility age for policy 13 years to 50 years
    • Policy maturity age maximum of 70 years
    • Premium rates calculated on the basis of per Rs 1000 sum assured

    (Premium rates range between Rs 76.85 to 95.33 depending on PT and entry age)

  • SUD Life Praptee Plan

    Praptee plan is a life insurance plan as well as non-linked, non participating money back protection and savings plan. The plan yields increasing payouts every three years.

    SUD Life Praptee Plan Benefits

    • Every three-year payout as money back
    • Money-back payouts based on a percentage of basic sum assured
    • Choice of three PPT as 6, 8, 10 years payment terms

    SUD Life Praptee Plan Key Features

    • Rs 2.5 lakh minimum basic sum assured
    • Rs 100 crores maximum basic sum assured
    • Policy term choice 8, 12 and 15 years
    • Premium payment terms 6, 8 and 10 years
    • Policy entry age is 8 years to 50 years
    • Policy maturity age is 68 years
    • Premium rates calculated per Rs 1000 sum assured

    (Ranges from Rs 142.53 to Rs 260.26 based on PT/PPT/entry age)

  • SUD Life Adarsh Plan

    Adarsh plan by SUD Life is an endowment life insurance plan. The plan has limited premium payment plan and a non-linked, non-participating plan. The plan includes an additional cover of the accidental death benefit. Guaranteed maturity sum assured is paid to the policy holder at the end of the policy tenure.

    SUD Life Adarsh Plan Benefits

    • Accidental death sum assured is twice amount of death sum assured amount
    • Policyholder and members get life cover of 10 years for fixed PPT of 5 years
    • Tax benefits can be availed for plan prevailing u/s 80 C and 10 D of IT Act 1961

    SUD Life Adarsh Plan Key Features

    • Rs 50 K, Rs 3 lacs, Rs 5 Lacs basic sum assured options
    • Fixed policy term of 10 years and premium payment term of 5 years
    • MQHY premium payment mode options
    • Policy entry age eligibility 8 years to 55 years
    • Policy maximum maturity age 65 years
    • Premiums based on basic sum assured option

    (Annual premiums range between Rs 7960 to Rs 89945 based on BSA amount and entry age)

  • SUD Life Ayushman Plan

    AYUSHMAN plan by SUD Life is non-linked deferred participating plan designed to provide lifelong financial protection as well as lump sum benefits. Under the plan devise money grows with time through guaranteed additions and bonuses. Bonuses are non-guaranteed additions to fund corpus and are added whenever declared.

    SUD Life Ayushman Plan

    • The plan offers life-long protection feature
    • Survival benefits are paid as lump sum
    • Guaranteed additions @ 3 % of BSA are paid out at the end of first 5 years of policy
    • Simple revisionary bonuses are attached after policy completes 6 years
    • Investors can opt for policy riders for additional financial security
    • The investor receives stipulated plan benefits on survival till policy term end

    (After receiving all due maturity benefits investor gets extended life cover amount equal to BSA for remaining life period)

    SUD Life Ayushman Plan Key Features

    • Sum assured options from Rs 1.5 lacs to Rs 100 crores
    • Policy term options of 15, 20,25 and 30 years
    • Regular PPT with MQHY transfer modes
    • Policy entry age eligibility 18 years to 50 years
    • Policy maturity age 70 years
    • Premium rates are calculated on per Rs 1000 sum assured

    (Above premium rates range between Rs 38.82 to Rs 87.75 based on SA, PT and entry age)

  • SUD Life Samriddhi Plan

    Samriddhi plan by SUD Life is an individual non-Linked deferred participating savings life insurance plan. The plan is devised to build investor savings and grow savings with guaranteed additions and non-guaranteed bonus additions. The accidental death benefit is inbuilt in the plan.

    SUD Life Samriddhi Plan Benefits

    • Maturity benefits include BSA and guaranteed and non guaranteed additions

    (Guaranteed additions @ 3% of BSA every year-end for first 3 policy years)

    (Non guaranteed additions include accrued revisionary bonuses and terminal bonus whenever declared)

    • Comprehensive life cover with an accidental death benefit
    • The plan has death sum assured benefits payable to the beneficiary
    • Tax benefits can be claimed for the plan u/s 80 C and 10 D of IT Act

    SUD Life Samriddhi Plan Key Features

    • Basic sum assured Rs 3 lacs to Rs 1 crores
    • Policy term choice of 15, 20, 25 and 27 years
    • Policy payment tenure of 10 or 15 years
    • MQHY modes for premium payment transfer
    • Entry age eligibility 8 years to 55 years
    • The maximum maturity age for policy is 70 years
    • Premium rates are calculated per Rs 1000 BSA

    (Ranges between Rs 55.63 to Rs 111.85 as per PT, PPT and entry age)

  • SUD Life Sanchay Plan

    Sanchay plan by SUD Life is a non-participating, non-linked, individual savings and endowment life insurance plan. The plan is devised to generate a supplementary source of income for the policyholder and family members.

    SUD Life Sanchay Plan Benefits

    • Hassle-free life cover issuance
    • No requirement to clear medical tests
    • Choice of plans with premium range Rs 6K to Rs 60 K
    • 10 years fixed premium payment term
    • Maturity benefit payout as 10 equated annual payments

    (Maturity benefit amount equal to 150% of annualized premium)

    (Payout term of 10 years starts from end of 10 years from 11th year till 20th year)

    SUD Life Sanchay Plan Key Features

    • Minimum basic sum assured Rs 90 K
    • Maximum basic sum assured Rs 9 lacs
    • Fixed policy term of 10 years
    • Fixed policy payment term of 10 years
    • MQHY modes of PPT payment
    • Entry age eligibility 18 years to 45 years
    • Maximum maturity age of policy 55 years
  • SUD Life Akshay Plan

    Akshay plan is an individual, non-linked deferred, participating savings life insurance plan under Star Union Dai-ichi traditional plans offers. The plan is devised to yield life insurance cover and survival benefits regular periodic payouts. The plans also pays out bonuses whenever declared. Bonuses include cash bonuses, compounded revisionary bonuses and terminal bonus.

    SUD Life Akshay Plan Benefits

    • Plan yields guaranteed cash back payout from 16thpolicy year
    • Plan yields yearly cash bonuses if declared from 16thpolicy year
    • Akshay plan has longest life cover till 95 years
    • Maturity benefit payout is assured lump sum and bonus

    (Bonus paid at maturity is compounded revisionary bonus which accrues from 6th year of policy and is paid at maturity)

    • Plan is eligible for tax benefits u/s of IT Act 1961

    SUD Life Akshay Plan Key Features

    • The plan has maturity benefits and survival benefits and death benefits
    • Policy entry age eligibility is 25 years to 50 years
    • Maximum maturity age for policy is 95 years
  • SUD Life Protection Plan

    At present, SUD Life offers Abhay plan under its protection plan offers.

  • SUD Life Abhay Plan

    Abhay plan by SUD Life is a non-participating, non-linked term assurance plan with death benefits. The plan offers choice as only a life cover option or a life cover with premium return option. Subscribers can choose between 3 different pay-out options. Subscribers may also opt for accidental death and total and permanent disability riders to make the plan more inclusive.

    SUD Life Abhay Plan Benefits

    • The plan offers flexibility on policy term and premium payment term options
    • Abhay plan offers life covers for 40 years policy tenure

    (Not exceeding maximum maturity age of 80 years)

    • The maximum life cover under the plan can be Rs 100 crores

    Key Features

    • Policy tenure of 15 to 40 years
    • Singular, regular and limited premium payment modes
    • Premium payment term options of 5, 10 and 15 years
    • Minimum sum assured Rs 50 lacs
    • Maximum sum assured Rs 100 crores
    • Policy entry age 18 years to 65 years
    • Maximum maturity age for policy 80 years
    • Premium rates are calculated per Rs 1000 SA

    (Ranges between Rs 0.7439 to Rs 11.6699 as per PT, PPT and entry age)

SUD Life Retirement Plans

SUD Life offers 3 products under its retirement plans

  • SUD Life Assured Income Plan

    Life assured income plan by SUD Life is individual non-linked non-participating savings and endowment life Insurance plan. The plan is devised to generate supplementary income for future after retirement.

    SUD Life Assured Plan Benefits

    • Guaranteed future income after retirement
    • The investor gets all premiums back after policy term completion
    • Uncertainty backup as an immediate lump sum and regular payouts
    • Plan eligible for IT benefits u/s 80 C and 10 D

    SUD Life Assured Plan Key Features

    • Minimum annual payout sum assured Rs 24,000
    • Maximum annual payout sum assured Rs 50 lacs
    • Policy term  choice 20 yrs to 35 yrs
    • Premium payout term (PPT)  choice of 10 years or 15 years
    • Entry age eligibility 8 years to 55 years
    • The maximum maturity age for the policy is 75 years
    • Premium rates are calculated per Rs 1000 annual payout amount

    (Above ranges between Rs 689 to Rs 2348 as per PT, PPT, and entry age)

  • SUD Life Guaranteed Pension Plan

    Life guaranteed pension plan is an individual, non-linked, not-participating deferred pension product by SUD Life. The plan is devised to supply funds for post-retirement plans like startup fund, hobby fund, world tour fund, and other plans. The plan provides lump-sum retirement benefits.

    SUD Life Guaranteed Pension Plan Benefits :

    • Money growth through guaranteed additions
    • Death sum assured payout in event of demise
    • No medicals hassle-free policy enrollment
    • The plan offers several investment period options
    • The plan offers vesting benefits at retirement

     SUD Life Guaranteed Pension Key Features :

    • Policy term (PT) choice of 5, 10, 15 and 20 years
    • Single PPT or 5, 10 or 15 years PPT based on PT
    • Entry age eligibility 35 to 65 years
    • Minimum vesting age of 35 years
    • Maximum vesting age 70 years
    • Policy maturity age 65 years
  • SUD Life Immediate Annuity Plus Plan

    Immediate annuity plus plan by SUD life is an immediate annuity plan for regular income flow post-retirement. The plan is a non-linked, non-participating individual plan.

    SUD Life Immediate Annuity Plus Benefits and Key Features:

    • The plan can be enrolled under any 3 options

    Plan A: An investor can purchase immediate life-long annuity from savings or proceeds of deferred pension plan and make annuity payout choice out of 9 options. If proceeds of deferred pension plan of SUD Life are used to purchase plan then minimum entry age is 0 years. If savings or proceeds of any other deferred pension plan are used to purchase the plan, then minimum entry age is 45 years. Maximum maturity age of plan is 99 years

    Plan B: an investor can buy an immediate life-long annuity from reverse mortgage loan proceeds. The reverse mortgage loan should have been sourced from any approved financial institution mentioned in Gazette of India. An investor can make annuity payout choice out of two options. 60 years is the age eligibility for purchasing plan B. Maximum maturity age is 99 years.

    Plan C: investor can purchase immediate life-long annuity with proceeds of proceeds of NPS. Minimum 45 years is age eligibility for purchasing plan B. maximum maturity age is 99 years.

    • The investor receives annuity payouts in MQHY mode as preferred
    • Minimum yearly annuity payment amount Rs 12000
    • Yearly Annuity rates are based on the purchase price of Rs 1,000 payable on a monthly basis

    (Ranges between Rs 28.70 to Rs 285.21 based on entry age and annuity options)

  • SUD Life Wealth Plans

    SUD Life wealth plan include wealth builder, wealth creator, life century-plus and life century star plans

    SUD Life Wealth Builder Plan Features and Benefits

    Wealth builder plan by SUD Life is a unit-linked life insurance plan. The plan is devised to grow one-time invested money and provide financial backup to the family during uncertainties. The invested money can be topped up with an additional amount if required later.

    • Policy term choice of 5 to 30 years
    • Entry age eligibility 8 to 60 years
    • Maximum maturity age 70 years
    • Minimum one time premium amount Rs 1 lac

    SUD Life Wealth Creator Plan Features and Benefits

    Wealth creator plan by SUD Life is a unit-linked life insurance plan.

    • The plan provides life cover and wealth creation
    • The plan has maturity benefit and death benefit
    • Investments are made as per investor’s changing risk appetite
    • Plan utilized two unique investment strategies and multiple fund options
    • Extra allocation of 1 % of one annualized premium from 11thpolicy year
    • The investor has the flexibility to change PPT
    • Fund switch, partial withdrawal facility and return of mortality charges
    • The plan is eligible for tax benefits under IT act sections
    • Entry eligibility age is 8 years to 55 years
  • SUD Life Century-Plus Plan

    Elite assure plus plan is limited premium, non-linked, non participating endowment life insurance plan. The plan includes accidental death benefit cover, and the accidental death benefit is double that of the death benefit. The plan is devised to provide life cover+ accidental death cover + savings buildup+ assured monthly payouts.

    The plan has two variants:

    Plan option 5-5-5: investor pays a premium for 5 years, money accumulates for another 5 years, and the investor gets payouts for the next 5 years.

    Plan option 7-7-7: investor pays a premium for 7 years, money accumulates for another 7 years, and the investor gets payouts for the next 7 years.

    Plan key features and benefits:

    • Minimum monthly payout Rs 10,000
    • Maximum monthly payout Rs 10 lacs
    • Policy term choice of 15 to 21 years
    • Premium payment term is 5 or 7 years
    • Entry age eligibility 8 years to 55 years
    • Maximum maturity age is 71 years
    • Annual premium rates calculated per Rs 1000 monthly payout

    (Ranges between Rs 12786 to Rs 18618 as per entry age PT and PPT)

  • SUD Life Century Star Plan

    Century star plan by SUD Life is a limited, non-linked, non participating savings insurance plan.

    Plan Features and Benefits:

    • Protection for the family in the event of the demise
    • Limited PPT of 7 years
    • Withdrawal facility from 13thyear
    • The policy can be surrendered with attractive benefits
    • The plan carries guaranteed maturity benefits
    • Accidental death, total and permanent disability riders
    • Family income benefit rider option
    • The plan is eligible for tax benefits u/s 80C and 10 D
    • Policy term choice of 12 years to 16 years
    • PPT is limited pay for 7 years only through annual modes
    • The minimum sum assured amount is Rs 5 lacs
    • The maximum sum assured amount is Rs 20 crores
    • Entry eligibility age is 8 to 55 years
    • The minimum maturity age is 20 years
    • The maximum maturity age is 71 years

    SUD Life Aashirwad Child Plan

    Aashirwad child plan is a non-linked, non-participating endowment plan by SUD Life.

    Plan features and benefits:

    • The plan has guaranteed maturity benefits
    • Choice of several payout options
    • Policy term of 10 to 20 years
    • PPT of 5 to 15 years
    • MQHY mode of PPF transfer
    • Minimum basic sum assured Rs 14 lacs
    • Maximum basic sum assured Rs 100 crores
    • Entry age eligibility 18 to 50 years
    • Maximum maturity age 70 years
    • Tax benefits u/s 80 C and 10 D
    • Annual premium rates calculated per Rs 1000 BSA

    (Ranges between Rs 76.14 to Rs 235.08 as per PT, PPT and entry age)

SUD Life Group Plans

Group plans by SUD Life include term plans, term insurance plans, credit life plans, and group retirement plan and group riders.

Term Plans

Term plans by SUD Life include Pradhan mantra Jeevan Jyoti bema Yojna and Group term insurance plans.

SUD Life includes Pradhan mantra Jeevan Jyoti bema Yojna features and benefits:

  • One year renewable group term insurance plan
  • Plan provides life cover at low cost to plan members
  • Life cover of Rs 2 lacs
  • Low premium cost of Rs 330 p.a
  • Entry age eligibility 18 to 50 years
  • Maximum maturity age 55 years
  • Auto debit, auto-renewal, savings account linkage facilities

Group Term Insurance Plans Features and Benefits

  • Yearly renewable plan
  • Life cover for group members
  • Cost-effective premium rates
  • Plan flexibility and choice options
  • IT benefits u/s of IT act 1961
  • Medical tests exempted up to free limit cover
  • PPT transfer through MQHY modes
  • Minimum sum assured Rs 5000 per member

(For groups other than Group Term Insurance Scheme, in lieu of employee’s deposit linked insurance)

  • Minimum sum assured Rs 3.62 lakh per member

(For Group term insurance scheme in lieu of employee’s deposit linked insurance)

§ Minimum entry age 18 years

  • Maximum entry age 64 years

(For non employer-employee groups)

  • Maximum entry age 79 years

(For employer-employee groups)

  • Maturity age 80 years

(For employer-employee groups)

  • Maturity age 65 years

(For non employer-employee groups)

SUD Credit Life Plan

Credit life plans by SUD Life are the insurance of loans so that in case of listed uncertainties loan insurer settles the loan with a bank or financial institution. SUD credit life plans include New Ashiana Suraksha, Sampoorna loan Suraksha plans.

New Ashiana Suraksha Plan Features and Benefits:

  • Provides insurance cover on the outstanding home loan amount
  • Provides insurance cover on the mortgage loan amount
  • The flexibility of choice over several PPT options
  • Affordable premiums and ample cover on loans
  • Plan can cover during the moratorium period
  • (With or without interest payment option)
  • Option to insure loans of joint borrowers
  • Minimum sum assured Rs 5 lacs
  • Maximum sum assured Rs 100 crores
  • Policy term 10 to 30 years
  • Premium payment term 5,7, 10 years
  • MQHY PPT transfer modes
  • Entry age eligibility 18 to 65 years
  • Maximum coverage of the policy is 75 years

Sampoorna Loan Suraksha Plan Features and Benefits:

  • Insurance for all types of loans

(Including home loan, education loan, vehicle loan and personal loan)

  • Affordable premiums and ample cover for all types of loan liabilities
  • Attractive feature on joint borrowing and liabilities
  • IT benefits u/s 80 C and 10 D
  • Entry age 15 to 65 years
  • Maturity age 75 years

SUD Group Retirement Benefit Plan

SUD group retirement benefit plan is devised for employer-employee groups. The plan provides retirement benefits to members as a lump sum and regular payouts.

Features and Benefits:

  • Helps meet company’s obligations towards employees post-retirement
  • Helps companies motivate employees through family financial security and stability
  • Entry age eligibility 18 to 79 years
  • Maturity age 80 years
  • Minimum investment by member Rs 1 lacs
  • MQHY investment transfer mode
  • The plan includes retirement benefits

(When an employee retires or resigns)

  • The plan includes death sum assured benefits

(Fixed assured sum+ retirement benefit)

  • Applicable tax saver benefits u/s of IT Act

SUD Life Group Rider

SUD group plans can be made more inclusive by opting for group riders

Accidental Benefit Rider Benefits:

  • 100% of the rider sum assured on accidental death up to a maximum of Rs 50 lacs
  • Stipulated percentage of rider sum insured payout on the occurrence of listed events
  • 1-year renewable policy term
  • The minimum basic sum assured per member is Rs 1000
  • The maximum basic sum assured per member is Rs 50,000
  • MQHY modes of PPT transfer
  • Entry age eligibility 18 to 65 years
  • Maximum renewal age 65 years
  • Premium rates are calculated per Rs 1000 SA

(Ranges between Rs 0.29 to Rs 1.36 based on occupational category)

Star Union Dai-ichi Traditional Plans - FAQS

  • Q1. How to choose among Star Union Dai-ichi traditional plans?

    Ans: Investors can make a preferred choice amongst Star Union Dai-ichi plan products. For making the best choice, the investor will have to consider own investment objectives. The investor should also go through plan features and benefits and make decision-based on SA, PPT, PT, eligibility, premium rates, cover amount, payout benefits etc.

  • Q2. How is age eligibility calculated for Star Union Dai-ichi traditional plans?

    Ans: Age eligibility is calculated on last birthday for Star Union Dai-ichi traditional plans. Suppose an investor is 45 years + now and maximum age eligibility is 45 years for the scheme. Then investor is eligible to apply as on last birthday age was 45.

  • Q3. What is guaranteed and non-guaranteed benefits of policy plan?

    Ans: Guaranteed benefits are payable to the investor as a lump sum or regular payouts. Guaranteed benefits are a fixed sum assured amount or a fixed percentage of certain amounts that the company pays to the investor as per policy commitments. Non-guaranteed amounts can be bonuses that are paid only when declared.

  • Q4. What is the advantage of buying a policy early in life?

    Ans: The premium rates are low when the entry age is less. The higher the entry age, the higher are the applicable premium rates. By enrolling for policy at a young age, the maximum cover span can be enjoyed by the insured.