About Star Union Dai Ichi Life Insurance

Star Union Dai-ichi Life Insurance Company Limited is a collaboration of two Indian banks namely Union Bank of India and Bank of India with the Japanese insurance company Dai-ichi Life. The company offers an array of insurance products that cater to the various requirements of individuals from various economic and social backgrounds. Through its strong banking customer base of both banks, SUD Life has 1564+ branches spread across the country. The wide range of distribution network has made it convenient to access the life insurance plans even in the rural areas as well. With its dedication and quality services, the insurer has made its presence among the renowned life insurance companies in India. The types of life insurance policies offered by the company are as per the expectation of insurance seekers. Let’s take a detailed look at the Star Union Dai Ichi Life Insurance.

Why Choose Star Union Dai Ichi Life Insurance?

  • The life insurance policies of Star Union Dai Ichi protect the entire family of the insured
  • Flexibility in paying the premium with various premium payment options
  • The insurer offers a variety of insurance plans that suit the needs of every age group
  • It ensures quick and hassle-free claim settlement service

Eligibility to Buy Star Union Dai Ichi Life Insurance

  • In order to buy life insurance policies of Star Union Dai Ichi, the minimum eligibility is 18 years old. However, the entry age may vary plans to plans.
  • Any salaried person, professionals and self-employed can apply for Star Union Dai Ichi Life Insurance plans

Types of Plans Offered by Star Union Dai Ichi Life Insurance

The various life insurance plans offered by Star union Ichi Life Insurance Company include:

  • Child Plans
  • Protection Plans
  • Savings Plans
  • Retirement Plans
  • Wealth Plans

These are a blend of term and endowment plans that offer complete protection to the insured and its family in case of an unforeseen event. Let’s know more about these plans:

Star Union Dai Ichi Life Insurance Child Plans

The various child plans of Star Union Dai Ichi Life Insurance Co. help the insured to save a sufficient amount to be utilised for the interest of its child. The saved amount can be used for education, marriage, job or business. These plans include:

Plan Name Eligibility Plan Tenure Sum Assured (INR)
SUD Life Aashirwaad Minimum: 18 years

Maximum: 50 years

10/15/20 years 4,00,000- 1 cr.
SUD Life Bright Child Life Assured: 19-45 years

Child: 0-8 years

24 minus age at entry of the child 5,00,000-5 cr.

Star Union Dai Ichi Life Insurance Protection Plans

The Protection Plans of Star Union Dai ichi Life Insurance helps an individual to cover its family against unforeseen circumstances. It ensures that the financial interests of the family are met in the unfortunate death of the life assured. These plans include:

Plan Name Eligibility Plan Tenure Sum Assured (INR)
SUD Life’s Premier Protection Plan Minimum: 18 years

Maximum: 60 years

10-30 years 25,00,000-1 cr.
SUD Life Family Income Benefit Rider – traditional Minimum: 18 years

Maximum: 60 years

5/30 years 1,00,000-50,00,000
Sud Life Abhay Minimum: 18 years

Maximum: 65 years

15/40 years 50,00,000-100 cr.
Sud Life Accidental Death and Total & Permanent Disability Benefit Rider Minimum: 18 years

Maximum: 65 years

5/47 years 10,000-50,00,000

Star Union Dai Ichi Life Insurance Savings Plans

Be it buying a new home or a brand new car, every individual has different sets of life goals and savings is the foremost step to fulfil these dreams. Star Union Dai-ichi offers a range of savings plans to choose from to start planning for future needs. Savings plans include:

Plan Name Eligibility Plan Tenure Sum Assured (INR)
Star Union Dai-ichi’s Guaranteed Money Back Plan Minimum: 13 years

Maximum: 50 years

10/15/20 years 3,00,000-10 cr.
SUD Life Jeevan Ashray Minimum- 8 years

Maximum- 40 years (Regular Pay)

50 years (Limited Pay)

10/15/20 years 2,00,000-50,00,000
SUD Life AAYUSHMAAN Minimum: 18 years

Maximum: 70 years

15/20/25/30 years 1,50,000-100 cr.
SUD Life AADARSH Minimum: 8 years

Maximum: 65 years

10 years 50,000, 300,000, 5,00,000
SUD Life – Praptee Minimum: 8 years

Maximum: 50 years

12/15/18 years 2,50,000 -100 crs.
SUD Life Samriddhi Minimum: 8 years

Maximum: 55 years

15/20/25 years 3,00,000-1 cr.
POS – SUD Life Sanchay Minimum: 18 years

Maximum: 45 years

10 years 90,000-9,00,000

Star Union Dai Ichi Life Insurance Retirement Plans

These are the blend of annuity and endowment plans that help the individuals to rejuvenate their lives after retirement without compromising on the standard of his/her lifestyle.

Plan Name Eligibility Plan Tenure Sum Assured (INR)
SUD Life Immediate Annuity Plus 0-99 years (Option A)

60-99 years (Option B)

100% of the purchased price

No maximum limit of purchase

SUD Life Guaranteed Pension Plan Minimum: 35 years

Maximum: 65 years

5/10/15/20 years
SUD Life Assured Income Plan Minimum: 8 years

Maximum: 55 years

20 to 35 years 24,00,000-50,00,000

Star Union Dai Ichi Life Insurance Wealth Plans

These are the ULIP plans which help the life assured to build wealth and protect the family during an unforeseen event. These plans offer investment and insurance benefits where the money is invested in the stock market, bonds, MF schemes. These plans include:

Plan Name Eligibility Plan Tenure Sum Assured (INR)
SUD Life Dhan Suraksha Plus Minimum: 8 years

Maximum: 50 years

10/12/15-30 years Higher of 10xAP (below 45 years age)

 

Higher of 7xAP (Equal to or above 45 years age)

SUD Life Wealth Builder Plan Minimum: 8 years

Maximum: 60 years

5-30 years 1.25 X Single Premium

(below 45 years age)

 

1.10 X Single Premium

(Equal to or above 45 years age)

SUD Life Elite Assure Plus Minimum: 18 years

Maximum: 55 years

15 0r 21 years 10 times of AP

Star Union Dai Ichi Life Insurance Claim Process

The insurer ensures a seamless claim settlement process with the below few steps of claim process:

Step 1: Claim Intimation

In case of a death claim the nominee needs to intimate the insurer about the incident and register a claim. If it is a maturity claim, the insurer itself can register. Depending on the types of claim, the insurer can be notified by approaching the customer care desk of the insurance provider

Step 2: Claim Processing

The nominee or life assured will require filling up a claim form and submitting along with the documents. Upon receiving the claim form and the documents, the insurer will review everything. They may ask for additional documents if required. The applicant will be updated throughout the process.

Step 3: Final Settlement

If the claimant meets the claim requirements, the insurer finally settles the claimed amount and the same will be communicate with the applicant. The payment will be released through electronic fund transfer to the account of the nominee (death claim) or insured (maturity claim)

Star Union Dai Ichi Life Insurance: FAQ’s

What is the process of checking the policy status of Star Union Dai Ichi Life Insurance?

Ans. now you can check your policy status online easily. In order to do so:

Simply login to official website of the insurer using your customer user-ID and password and retrieve all the information you want. You can also call the insurer on their toll-free number for any other assistance as well. Just keep handy your policy number and DOB.

What are the available modes for payment of premium available for me?

Ans. To pay the premium there are two modes available with SUD Life Insurance. The online premium payment modes are:

  • Pay through Debit/Credit card
  • Pay through Net Banking

Offline Modes of payment are

  • Cash
  • Cheque
  • DD

By visiting the nearest branch you can pay it yourself.

What is the procedure of renew a life insurance policy with Star Union Dai Ichi Life Insurance?

Ans. You can renew a life insurance policy either online or offline. To renew online just visit the official website of the insure and follow the below instruction

  • Log in by using user ID and password and go to the renew option
  • Select the type of plan and calculate the premium
  • Pay the LI policy premium through available modes of payment

Or, you can visit any of the branch offices of Star Union Dai Ichi Life Insurance Co. and approach a branch officer to complete the renewal process. Fill up the renewal form and pay the premium by cash or cheque.

How a claim can be initiated with Star Union Dai Ichi Life Insurance?

Ans. in order to experience a hassle-free claim, the insured or the nominee will have to approach the insurer and fill a claim form based on the type of claim. A claim process is incomplete without a proper set of relevant documents. So, one has to be careful while submitting these documents and try avoiding any discrepancy. Upon receiving the claim form with the documents, the insurer will verify the same and if everything goes with the flow, then the claimed amount will be settled by the insurer. The claim amount is usually settled via NEFT transfer to the account of the nominee or in case of maturity claim, to the account of the insured.

How can I cancel a life insurance policy?

Ans. Cancel a LI policy is simple. Just visit a nearest branch of SUD Life Insurance Co. and fill a surrender form. You can also avail the form online. The duly filled form needs to be submitted to any of the SUD branch with the applicable cancellation fee. The status of the policy can be checked online as well. The cancellation process may take a few days depending on the terms of the insurer.

What is the reputation of Star Union Dai Ichi Life Insurance when it is a matter of claim settlement?

Ans. as per the latest update in the year 2016-17, the company has settled 84% of registered claims. It was 95.2% (one of the highest) in the year 2014-15.

What are the types of LI plans offered by Star Union Dai Ichi Life Insurance?

Ans. The insurer offers a variety of life insurance products which include:

  • Protection Plans
  • Saving Plans
  • Wealth Plans
  • Child Plans
  • Retirement Plan

What is the minimum eligibility age to purchase a life insurance policy from Star Union Dai Ichi?

Ans. the minimum eligibility age to apply for a life insurance policy with the insurer is 18 years. Maximum age is 60 years. Anybody with the age group be it salaried, professional orself-employed can apply for the policy.

How much coverage should I opt for?

Ans. As the insurance requirement varies from person to person, the coverage should only be taken after analysing your needs. However, by the help of Star Union Dai Ichi Life insurance calculator you can compare the coverage offered under various plan and opt for the right cover that suits your requirement. To access the calculator you will require visiting the official website and fill the information. Upon submission of required information, the calculator will suggest the quotes based on your requirement. You can select one from them.

How can I make payment of annual premium for life insurance policies of Star Union Dai Ichi life insurance Company?

Ans. You can pay the premiums of your life insurance policy either online or offline. The online option required you to fill a form online and pay the premium via net banking, credit or debit cards while in case of offline payment you will have to visit the nearby branch and pay the premium either by cash or cheque. However, don’t forget to collect the payment receipt.

What is the process of change or update a new nominee in SUD Life Insurance policy?

Ans. In case of a change in nominee or updating a new nominee, the insured should contact the insurer or can ask for the required assistance. He/she can call on the 24×7 helpline number where the customer care executive will guide through the process. One can also refer the policy documents if there is any information related to this.

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