www.sudlife.in TH YEAR TH YEAR F ir st ca r H ig h e ro n E d u c a ti TH YEAR TH YEAR Se co nd H om e F a m il y H o li d a y GUARANTEED HAPPINESS EVERY FIVE YEARS. Star Union Dai-ichi’s A TRADITIONAL MONEY BACK PLANPROTECTION CUM SAVINGS PLAN 142N036V01 Star Union Dai-ichi Life Insurance Company Limited Trademark used under licence from respective owners. STAR UNION DAI-ICHI’S GUARANTEED MONEY BACK PLAN A TRADITIONAL MONEY BACK PLAN FOR YOUR PROTECTION CUM SAVINGS Long term goals are always a priority for us, and while we work towards securing them, there are moments along the way where some cash inflow would surely help – be it your family holiday or your child’s college applications. Star Union Dai-ichi’s Guaranteed Money Back Plan makes this possible by providing cash payouts at regular intervals leading up to the lump sum benefit along with guaranteed annual additions. WHY STAR UNION DAI-ICHI’S GUARANTEED MONEY BACK PLAN? • 200% of annualised premium* paid in lump sum every five years (survival benefit). • Guaranteed additions every year, paid at policy maturity (or in case of death, if earlier). • In case of death, the entire sum assured is payable irrespective of survival benefits already paid. • Premium rebate for higher sum assured. • Limited premium payment term of only 10 years. • Tax deductions on the premiums paid and benefits received, as per the extant tax laws. BENEFITS: • SURVIVAL: 200% of annualised premium* will be paid on survival up to the policy anniversaries specified below: Policy Term (in years) Policy Anniversaries 10 5th 15 5th, 10th 20 5th, 10th, 15th • MATURITY: Sum assured (less survival benefits already paid) along with guaranteed additions accrued during the policy term will be paid. • DEATH: Entire sum assured plus the guaranteed additions accrued till date will be paid to the nominee and the policy will terminate thereafter. *Excluding taxes and extra premiums, if any. HOW DOES THE PLAN WORK? • Choose your policy term and sum assured based on your savings and protection needs. (The eligibility criteria are provided in the ‘Eligibility Limits’ section for your reference.) • The premium amount will be based on the policy term and sum assured chosen by you, as well as your age. In case you have opted for a sum assured of `5 Lakh and above, the tabular premium rates will be lower. Even higher rebates are available for higher sums assured. • On every 5th policy anniversary before the end of the policy term, you will receive a survival benefit of 200% of your annualised premium*. • At maturity (end of the policy term) you will receive the sum assured less survival benefits already paid along with guaranteed additions accrued throughout the policy term paid in a lump sum. • To enjoy the full benefits of your plan, all you have to do is to pay the premiums regularly for 10 years. • You have the option to pay your premiums in yearly, half-yearly, quarterly or monthly modes. • In case of death of the life assured during the policy term, your nominee will receive the sum assured and accrued guaranteed additions. • Risk will commence on the later of date of clearance of instrument of initial premium and underwriting acceptance of risk. ELIGIBILITY LIMITS: You become eligible for this plan upon meeting the age criteria mentioned below. Choose a suitable sum assured and policy term as per the following limits: Age of the Life Assured at Entry Minimum: 13 years (age last birthday) Maximum: 50 years (age last birthday) Maximum Age of the Life Assured at Maturity 70 years (age last birthday) Policy Term 10 / 15 / 20 years Premium Payment Term 10 years Sum Assured* Minimum: Rs. 3,00,000 Maximum: Rs. 10,00,00,000 Premium Payment Modes Yearly, half-yearly, quarterly or monthly. Monthly is allowed through ECS / SI only *Sum Assured should be in multiples of 1000. FEATURES AND OPTIONS UNDER THIS PLAN: • GUARANTEED ADDITIONS: Guaranteed additions (based on your policy term as shown in the table below) will accrue every year, throughout the policy term. The accrued amount will be payable with the final benefit paid on maturity (or in case of death, if earlier). Policy Term 10 years 15 years 20 years Guaranteed Addition 4% of Annualised premium* 5% of Annualised premium* 6% of Annualised premium* *Excluding taxes and extra premiums, if any. • POLICY LOAN : Policy loan is not available against this policy. • MODAL FACTOR : Based on the premium payment frequency chosen by you, the premium payable will be multiplied by the modal factor given below: Premium Payment Mode Modal Factor Yearly 1 Half-yearly 0.5125 Quarterly 0.2625 Monthly 0.0885 • HIGH SUM ASSURED REBATE: Rebates on high sum assured are available on the tabular premium rates are as given below: High Sum Assured Rebate on Tabular Premium Rates Sum Assured `3 Lakh to less than 5 Lakh Nil `5 Lakh to less than 10 Lakh `2 p.a. per Thousand Sum Assured `10 Lakh to less than 25 Lakh `3 p.a. per Thousand Sum Assured `25 Lakh and above `4 p.a. per Thousand Sum Assured THINGS YOU NEED TO KNOW: Who is the life assured? Life assured is the person, on whose life the plan has been taken. You could take the plan on your life or purchase the policy to cover the life of your near and dear ones. Who is the policyholder? A policyholder is the person who holds the plan. The policyholder may or may not be the life assured. A policyholder must be at least 18 years old at the time of entry into the plan. Who is a nominee? A nominee is the person who receives the death benefit in case of the life assured’s demise. The nominee is chosen by you, the policyholder. In case your nominee is a minor, you have to choose an adult as an appointee who receives the benefits under the plan and holds the same till the nominee attains 18 years of age. SAMPLE BENEFIT ILLUSTRATION: For 30 years of age, policy term of 10 years and sum assured of `5,00,000: Policy Year Age at the end of the Policy Year (in years) Annualised Premium at the beginning of the Policy Year (excl. of service tax and cess) 1 2 3 4 5 6 7 8 9 10 31 32 33 34 35 36 37 38 39 40 44,365 44,365 44,365 44,365 44,365 44,365 44,365 44,365 44,365 44,365 Amount in ` Guaranteed Benefits Death Survival Maturity Benefit Benefits Benefit at during the during the the end of the Policy Term Policy Term Policy Term 0 0 501,775 0 0 503,549 0 0 505,324 0 0 507,098 0 88,730 508,873 0 0 510,648 0 0 512,422 0 0 514,197 0 0 515,971 4,29,016 0 517,746 In preparing this benefit illustration, it is assumed that the life assured is a healthy individual. The above premium is exclusive of service tax and education cess, which are payable in addition. TERMS & CONDITIONS: • GRACE PERIOD: In case you have missed paying your premium by the due date, we will allow a grace period of 30 days from the date of the unpaid premium. The grace period will be 15 days in case of monthly mode. In case of non-payment of premiums during the grace period your policy will be in force and death benefit will be paid as defined earlier in this brochure after recovering the unpaid premiums due during policy year of death. • LAPSE: If you have not paid three full years’ premium, within the grace period, your policy will lapse. Life cover ceases and no benefits are paid under a lapsed policy. • REDUCED PAID-UP INSURANCE: If three full years’ premiums are paid and thereafter at any point of time premiums are discontinued, policy will acquire reduced paid-up status (after the grace period). However, future guaranteed additions will cease and future survival benefits will not be paid after policy is made paid-up. Once your policy is made paid-up, you are eligible for proportionate benefits as given below: • Paid-up maturity benefit: Paid-up sum assured + guaranteed additions already accrued – survival benefits already paid (if any). Once this is paid, the policy will terminate. • Paid-up death benefit: Paid-up sum assured + guaranteed additions already accrued. Once this is paid, the policy will terminate. Paid-up sum assured = (Total number of premiums paid / Total number of premiums payable) * Sum assured • POLICY REVIVAL: • You can revive your policy (lapsed and reduced paid-up) by sending us a revival request within two years from the date of first unpaid premium. • You will need to pay the unpaid premiums, with interest (currently at the rate of 9% compounded annually, the revision of this revival interest rate is subject to approval of IRDA), at the time of revival, and submit satisfactory evidence of continued good health (as per the board approved underwriting rules applicable at that time). You have to bear the cost of medical examination required, if any. • Once revived, all benefits under the policy, as given under Benefits on Page 1 will be restored. • NOMINATION (SECTION 39 OF THE INSURANCE ACT, 1938): Nomination will be done as per Section 39 of the Insurance Act, 1938. You may at any time during the policy term make a nomination for the payment of the benefits under the Policy in the event of death of the life assured. Where the nominee is a minor, an Appointee, who is not a minor, will necessarily be appointed by You to receive the death benefits during the minority of the nominee. Nomination can be made by communicating the same in writing to the Company. The Nominee can be changed by You at any time during the term of the Policy and any such change shall vacate earlier nomination automatically. The Company does not express any opinion on the validity or legality of the assignment or nomination. An assignment cancels a nomination automatically. In absence of the nominee, the Death Benefit will be paid to your legal heir. • POLICY SURRENDER: You can surrender your policy as per conditions mentioned below. Your policy will be terminated and no further benefits will be paid under the policy after we have paid you the surrender value. Your policy will acquire surrender value if three full years’ premiums are paid. The surrender benefit paid, will be higher of the minimum guaranteed surrender value and special surrender value. The minimum guaranteed surrender value is as defined below: Guaranteed Surrender Value + Surrender Value of the Guaranteed Additions already accrued to the policy Whereas, Guaranteed Surrender Value is defined as follow: • Guaranteed Surrender Value: Guaranteed Surrender Value Factor x Total premiums paid (up to the date of surrender, excluding taxes and extra premiums if any) less Survival Benefit paid, if any. The Guaranteed Surrender Value Factors are given below: Policy Term Policy Year 10 15 20 1 0% 0% 0% 2 0% 0% 0% 3 30% 30% 30% 4 50% 50% 50% 5 50% 50% 50% 6 50% 50% 50% 7 50% 50% 50% 8 70% 60% 60% 9 90% 65% 65% 10 90% 70% 65% 11 0% 75% 70% 12 0% 80% 70% 13 0% 85% 75% 14 0% 90% 75% 15 0% 90% 80% 16 0% 0% 80% 17 0% 0% 85% 18 0% 0% 85% 19 0% 0% 90% 20 0% 0% 90% The Special Surrender Value is arrived at by the Company, using the actuarial basis as approved by the regulator. Your policy will be terminated and no further benefits will be paid under the policy after we have paid you the surrender value. • ASSIGNMENT (SECTION 38 OF THE INSURANCE ACT, 1938): Assignment will be done as per Section 38 of the Insurance Act, 1938. An assignment of the Policy can be made by an endorsement on the Policy itself or by a separate instrument signed in either case by the assignor specifically stating the fact of assignment and duly attested. The first assignment can be made only by You. Assignment shall be effective, from and upon the service of a written notice to the Company together with the endorsement or instrument or a copy thereof duly certified to be correct by both the assignor and the assignee. Assignment will not be permitted where the policy is issued under the Married Women’s Property Act, 1874 and conditions apply to assignments of policies issued to partnerships or Hindu Undivided Families. • SUICIDE CLAUSE: If the Life Assured commits Suicide, whether sane or insane, within twelve months from the Date of Inception of the policy, 80% of the total premiums paid (excluding taxes and extra premium paid, if any), whether sane or insane, will be payable, provided the policy is in-force. In case he / she commits suicide, whether sane or insane, within 12 months from the date of last Revival / Reinstatement, then 80% of the premiums paid (excluding taxes and extra premium paid, if any) till the date of death or the surrender value (if any) as available on the date of death, whichever is higher will be payable, provided the policy in-force. • EXCLUSIONS: Persons working in hazardous occupations will be screened suitably or will be offered the product at higher premium rates commensurate with the extra mortality risk. • FREE LOOK PERIOD: If you are not satisfied with the terms and conditions of the policy, you may return the policy within the free look period by stating the reasons for your objections. The free look period is 30 days from the date of receipt of the policy document, if your policy is purchased through distance marketing* and 15 days from the date of receipt of the policy document, if your policy is not purchased through distance marketing*. You will be entitled to a refund of the amount of premium received by us excluding expenses incurred by us on the policy (i.e., stamp duty, proportionate risk related charges for the period of cover and any expenses borne by us on medicals). All your rights under this Policy shall immediately stand extinguished at the cancellation of the Policy. All your rights under this Policy shall immediately stand extinguished at the cancellation of the Policy. *Distance marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes: (i) Voice mode, which includes telephone-calling (ii) Short Messaging service (SMS) (iii) Electronic mode, which includes e-mail, internet and interactive television (DTH) (iv) Physical mode, which includes direct postal mail and newspaper and magazine inserts and (v) Solicitation through any means of communication other than in person. • SECTION 41 OF THE INSURANCE ACT, 1938: No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer; Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer. Any person making default in complying with the provisions of this section shall be punishable with fine, which may extend to five hundred rupees. • SECTION 45 OF INSURANCE ACT, 1938: No Policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts, which it was material to disclose and that it was fraudulently made by the policy-holder and that it suppressed facts, which it was material do disclose; provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question, merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.” • INCOME TAX BENEFITS: As per the current laws, income tax benefits are available under Section 80C and Section 10(10D) of Income Tax Act, 1961, which are subject to change in tax laws from time to time. Prevailing benefits would be applicable as per the prevailing laws from time to time. Please consult your tax advisor. • SERVICE TAX: Service Tax and CESS as imposed by the Government from time to time will be charged on the premium. ‘Star Union Dai-ichi Life Insurance Company Limited’ is the name of the Insurance Company and ‘Star Union Dai-ichi’s Guaranteed Money Back Plan’ is the name of this plan. Neither the name of the insurance company nor the name of the plan in anyway indicates the quality of the plan, its future prospects or returns. Star Union Dai-ichi Life Insurance Company Limited Corporate Office: 11th Floor, Raghuleela Arcade, Opp. Vashi Railway Station, Vashi, Email ID: firstname.lastname@example.org SUD-BR-06-13-04 Navi Mumbai – 400 703 Contact No: 022 39546300 Insurance is the subject matter of the solicitation. Star Union Dai-ichi Life Insurance Company Limited. Registered Office: Star House, 3rd Floor, West Wing, C-5, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.