It is really necessary for every individual to start saving some part of their income for the future. But saving is not a solution because everyone wants their savings to increase with time. So you must invest your savings into an investment insurance plan. One such plan is Star Union Dai-Ichi Life Century Plus Insurance Plan that will help you to boost up your savings. This plan gives you maturity benefits and death benefits. There is a limited premium paying term of 5 years in this plan and you can choose the policy term of up to 16 years. So if you find this plan interesting then you must explore the key features of this insurance plan.
Key Features of Century Plus Insurance Plan
- The company gives you multiple options for choosing the sum assured.
- There is a fixed premium paying term of 5 years in this investment insurance plan.
- The flexibility of choosing the premium paying frequency mode in this plan.
- You are allowed to take a loan against the policy in case of an emergency.
- Enjoy tax deductions as per the tax laws while you are computing your yearly income.
- You will get a grace period in this plan if you are unable to make the payment of the premium on time.
Benefits of Century Plus Plan by Star Union
Now you must see the exclusive benefits of this investment insurance plan. These benefits will help you to understand this investment plan better and you can buy it for boosting your savings.
If you successfully survive the policy term then you will get the maturity benefits. The maturity benefits will be equal to the amount that was decided at the time of inception of the policy. Your maturity benefit will depend on the age at which you purchased the policy and the term you have chosen for the policy.
If in case the insured dies during the policy term then the company will pay the highest of the following to the nominee. The insured has to register the nominee’s name at the time of inception of the policy.
- 10 Time of the Annualized Premium
- 105% of the total premiums paid up to the time of death
- Guaranteed Maturity Benefits
- Final amount assured to be paid on death
The value death benefit payable to the nominee will decrease if the insured has skipped any of the premiums in the previous years. The annualized premium will not include taxes, rider’s premium, underwriting extra premiums, and loadings for modal premiums.
The premium of the Star Union Dai-Ichi Life Century Plus Insurance Plan is affordable and it starts from Rs.1 Lac per annum. You can choose the mode of paying the premium as per your convenience. The company also accepts the digital payment of premiums.
The company will give you a grace period of 15 days and 30 days if in case you are unable to pay the premium on the due date. You will get a grace period of 15 days if you are paying the premium on a monthly basis and the grace period will increase to 30 days if you are paying the premium on a yearly basis, quarterly basis, and half-yearly basis.
Loan Against Policy
The company allows you to take a policy loan in case of an emergency. You have the option to take a loan against your policy only if your policy has acquired a surrender value. The amount of the loan will be 70% of the Surrender Value.
Flexibility of Withdrawals
The company gives you the option to withdraw money from the policy from the 11th year. You will get surrender benefits after the 11th year if you make the withdrawals from the policy.
Flexibility of Paying Premiums
You are free to choose the premium paying frequency as per your convenience. The company gives you the option to pay the premium of the policy on a monthly basis, quarterly basis, half-yearly basis, and yearly basis.
Eligibility Criteria of Star Union Dai-Ichi Life Century Plus Insurance Plan
|Minimum Age of Entry||8 Years|
|Maximum Age of Entry||50 Years|
|Maximum Age of Maturity||66 Years|
|Premium Paying Term||5 Years|
|Minimum Policy Term||10 Years|
|Maximum Policy Term||16 Years|
|Minimum Premium of the Policy||Rs.1 Lac|
|Maximum Premium of the Policy||Rs.2 Crores (in the multiples of Rs.10000)|
|Premium Paying Frequency||Monthly, Yearly, Half-Yearly, and Quarterly|