Star Union Dai-ichi Bright Child plan

Key Features

• This policy offers two plan options for the policyholder to prepare for their child’s future. One is the Career Endowment plan option, and the other is the Wedding Endowment plan.
• Even if the person whose life is assured passes away, the Death Benefit is payable immediately to his or her beneficiaries, thus securing the child’s future.
• Policyholders receive Child Benefits of up to 125% of the Sum Assured.
• The policy has a high Sum Assured Rebate from Rs. six lakhs and above.

Benefits

• The policy offers Child Benefits, which are payable regardless of whether the life assured person is alive or not. The Child Benefits differ depending on the plan option chosen by the policyholder.
• Depending on the age of the child at policy inception and plan option chosen, a Benefit Booster is paid at the end of the policy term.
• If the person insured passes away, the nominee/appointee receives the Death Benefit immediately, and all future pending premiums are waived off.
• Tax benefits are available on the premium paid and Death and Maturity Benefits as per sections 80(C) and 10 (10D) of the Income Tax Act.
• The policy provides the flexibility to pay the premiums regularly till the beneficiary attains the age of 18, alternatively the policyholder can choose to pay for a fixed time of ten years.

Product Specification:

Details About Premium

Policy Details

• Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest. This timeframe is reduced to 15 days if payments are being done on a monthly basis.
• Lapse: Failure to pay three years of due premiums within the Grace Period will result in the policy lapsing. The life cover will cease and no benefits are payable once the policy has lapsed.
• Policy Termination or Surrender Benefit: This policy acquires Surrender Value on the completion of three full policy years with the provision that all premiums were paid. Termination occurs on the earliest of the following: on payment of the Surrender Benefit, or Death Benefit (and payment of the last Annual Payout), or Maturity Benefit. It is also terminated on being lapsed by non-payment of two years of premiums and not being revived within the Revival Period.

Additional Features or Riders

• In the unfortunate event of the demise of the child beneficiary, the policyholder may nominate another child as the beneficiary. If there is no other child, the policyholders’ legal heir will be considered the beneficiary.
• The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid premium.

Exclusions

• The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund only 80% of the premiums received. The same is applicable if the person insured commits suicide within one year from the date of last reinstatement. In this case, if the policy is still in force then the company will refund the higher of the Surrender Value on the date of death or 80% of the premiums paid until the date of death.

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof.