- 1 Workings of the Star Union Dai-ichi Bright Child Plan
- 2 Riders for the Star Union Dai-ichi Bright Child Plan
- 3 Extra Protection Provided by the SUD Life Bright Child Plan
- 4 Exclusions – What the SUD Life Bright Child Plan Does Not Include
- 5 Tax Advantages
- 6 Additional Benefits – Savings Opportunities with the SUD Life Bright Child Plan
- 7 Why Should You Purchase the Star Union Dai-Ichi Life Insurance Bright Child Plan?
Your child or children would be your first priority in life if you were a parent. As a responsible parent, it’s crucial that you make the most of your hard-earned money today in order to safeguard your children’s financial future. SUD Life Bright Child ensures that your money grows and is accessible to you when you need it most. The way the plan is set up ensures that there won’t be any hiccups when this comes to paying for their wedding and higher education. Additionally, you will be compensated for the entire sum promised in the terrible event of your death.
Workings of the Star Union Dai-ichi Bright Child Plan
You must first select the life insurance option that, in your opinion, will be most beneficial for your child’s future and the size of the corpus you will need (basic sum assured). The “Child Benefits” and death benefits that your children receive will depend on the Plan Option and basic sum assured.
Just be sure to pay the premiums in accordance with your insurance schedule if you want to take full use of your plan. You have the option of paying your premiums either on a regular basis until your child turns 18 or for a set term of 10 years. It may be paid in annual, biannual, quarterly, or monthly installments.
Riders for the Star Union Dai-ichi Bright Child Plan
The following riders are available for an additional fee:
1. Family Income Benefit Rider for SUD Life
2. Accidental Death and Total and Permanent Disability Rider for SUD Life
Extra Protection Provided by the SUD Life Bright Child Plan
The following riders are available for purchase by policyholders to increase the protection provided by this plan.
SUD Life Traditional Accidental Death and Total & Permanent Disability Benefit Rider. You will receive additional benefit if you have an accident while the insurance is in effect if you choose this rider. In the event of the policyholder’s accidental death, up to 100% of the rider sum assured will be paid. If the accident results in the life assured member’s permanent incapacity, that person will be able to receive 10 half-yearly payments, each of which will be equal to the Rider Sum Assured times 10%. For this rider, the initial and final periodic premiums are ₹. 8
Exclusions – What the SUD Life Bright Child Plan Does Not Include
Suicide prevention is included in the SUD Life Bright Child Plan. No benefit will be given by the insurer if the policyholder dies by suicide within a year of obtaining the policy or a year after renewing/reviving the policy. In this instance, the insurer is only responsible for paying the nominee 80% of the total premiums collected throughout the policy’s term.
Tax incentives are available under the current provisions of Sections 80C and 10(10D) of the Income Tax Act of 1961. It is possible for tax laws to alter occasionally without notice. Therefore, make sure to seek advice from a tax expert.
Additional Benefits – Savings Opportunities with the SUD Life Bright Child Plan
Customer service channels: If clients need assistance, they must be able to easily contact the insurance. A Toll-Free number, a dedicated email address, a landline number, an SMS helpline service, and other options are available for customer service. In case you need to speak with a representative, the insurance also maintains a number of regional offices spread out across the nation
CSR Initiatives: The insurance aggressively encourages all of its staff members to take part in the many CSR projects being run. Health and sanitation, agriculture, employment, education
Diverse Product Range: To satisfy the diversified insurance needs of the Indian population, the insurer offers a diverse product portfolio. Policyholders can make sure that every aspect of their life is protected by choosing from a variety of retail and group plans. on, and other sectors are among the focus areas of the company’s activities, which have begun in a few villages.
Channels for Paying Premiums: The insurer has made it simple for members to pay their premiums both online and offline for increased convenience. The Customer Portal or the website are the two options for policyholders to pay their premiums. Additionally, you can pay your premium using cash, a check.
Why Should You Purchase the Star Union Dai-Ichi Life Insurance Bright Child Plan?
Everyone is concerned about inflation and rising living costs, especially when one’s child’s future is at risk. No matter what may occur tomorrow, the Bright Child Plan from SUD Life is a wise choice for safeguarding your child’s future. The insurance is a wise decision because it offers two plan options, an ensured child benefit, a survivor benefits, and a booster bonus. Additionally, the policy can be improved by adding more riders.
A partnership business between Union Bank of India, Bank of India, and Japan-based Dai-Ichi Life is known as Star Union Dai-Ichi Life. The insurance has a presence throughout India because of its extensive branch network, including in rural areas. The insurer has won a number of notable accolades throughout the years, including the “Best Life Insurance Company in Private Sector” award in 2015 and the “Company with Highest Claims Settlement” award in February 2015. Additionally, according to the company, claims are resolved quickly.