- 0.1 Key Features
- 0.2 Advantages Star Life’s Bright Child Plan
- 0.3 Product Specifications of Star Life Bright Child Plan?
- 1 Star life Bright Child Plan Policy Details?
- 1.1 What is Covered by the SUD Life Bright Child Plan in Terms of Coverage?
- 1.2 Riders/Add-On Plans: Additional Coverage Under the SUD Life Bright Child Plan?
- 1.3 Eligibility Criteria for star life bright child plan?
- 1.4 Best Features of star life bright child plan?
- 1.5 Assured Child Benefits
- 1.6 Career Endowment or Wedding Endowment Plan Options
- 1.7 High Sum Assured Rebate
- 1.8 How Can I Check the Current Status of My Claim?
- 1.9 Star Life Bright Child Plan: What is the Policy Cancellation Process?
- 1.10 Which Documents do I Need to Submit to File a Claim?
- 1.11 How do I Register a Claim?
Star Union Dai-Ichi’s (SUD) Bright Child Plan Life is a classic savings-and-protection-based life insurance policy. Risk cover for the full amount assured is given to the policyholder under this plan. Future premium payments are forfeited in the event of the policyholder’s death during the policy’s term, and the resulting death benefit is given to the nominee.
- A willingness to change
- modes of premium payment.
- modes of premium payment.
- Time of Grace
- Free-Look Sights
- Reduced Insurance Payments
- Surrenders to policy
- Revival/Reinstatement of Policy
- A child’s death
- Policy Termination
Advantages Star Life’s Bright Child Plan
Here are a few of Star Union Dai-ichi Bright Child’s main advantages
Benefits for Children: Depending on the plan option you select at the beginning, your child may be eligible to receive benefits for Children regardless of whether you are alive or not.
Benefit Booster: At the conclusion of the policy’s term, Benefit Booster will be paid. The amount is determined by the plan option you have chosen as well as the age of your child at the time the policy began. The table below demonstrates this.
Death Benefit: The company will pay the death benefit to the nominee or appointed person if the life assured (parent) passes away during the policy term. Moreover, all upcoming premiums will be eliminated. As previously agreed, the child’s “Child Benefits” will also be paid.
Tax Benefit: Regardless of your state of health, you are still eligible for tax benefits under the current tax laws, such as tax deductions on premiums paid and benefits received.
Product Specifications of Star Life Bright Child Plan?
You must first select the life insurance option that, in your opinion, will be most beneficial for the future of your child as well as the size of the corpus you will need (basic sum assured). Your children’s “Child Benefits” and death benefits will depend on the Plan Option and the basic sum assured. Simply make sure you pay the premiums in accordance with your policy schedule in order to reap the full benefits of your plan. You have the option of paying your premiums on time for a fixed period of 10 years or on a regular basis until your child turns “18 years” old. Installments can be made in yearly, Half-Yearly, Quarterly, or Monthly intervals
Star life Bright Child Plan Policy Details?
Everybody is concerned about rising living expenses and inflation, 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 choice because it offers two plan options, an assured child benefit, A death benefit, and a booster benefit. Additionally, by adding more riders, the policy can be improved. The following riders can be added for a small additional fee.
● Accidental Death and Permanent Total Disability Benefit Rider for SUD Life
● Family Income Benefit Rider for SUD Life
What is Covered by the SUD Life Bright Child Plan in Terms of Coverage?
Depending on the selected plan option, child benefits will be paid whether the life-assured member is alive or not.
Optional Wedding Endowment Plan (Age in Percentage of Amount Assured to be Paid)
Option for a career endowment plan (percentage of the amount guaranteed that will be paid
50% and the Benefit Booster
30% and the Benefit Booster
Depending on the child’s age at enrollment and the selected plan option, the Benefit Booster will be paid at the conclusion of the policy tenure.
The Benefit of Death
The insurer will pay a death benefit equal to the highest of the following if the life assured passes away unexpectedly while the policy is in effect
● 10x Annual Premium
● 105 percent of the total premiums paid as of the death date
● Benefit Upon Maturity, or
● Primary SUM Assured
Riders/Add-On Plans: Additional Coverage Under the SUD Life Bright Child Plan?
The following riders are available for purchase by policyholders to increase the protection provided by this plan.
Traditional SUD Life Accidental Death and Total & Permanent Disability Benefit Rider – You will receive an additional benefit if you have an accident while the policy is in effect if you choose this rider. If the policyholder dies accidentally, up to 100% of the rider sum assured will be paid. The life assured member will be qualified to receive 10 half-yearly installments, each of which will be equal to the Rider Sum Assured times 10%, if the accident results in a permanent disability. The annualized premium for this rider ranges from ₹ 8 to ₹ 71,300, respectively
SUD Life Family Income Benefit Rider-Traditional – By adding this rider to the base policy, the family of the life assured is assured a set monthly income for ten years following the policyholder’s passing. 10% of the rider sum assured will be paid out annually to the policyholder’s family as a benefit. The guaranteed rider sum cannot be less than ₹ 1 lakh or greater than ₹ 50 lakh.
Exclusions :- What the SUD Life Bright Child Plan Doesn’t cover – Suicide is permitted under SUD Life’s Bright Child Plan. No benefit will be paid by the insurer if the policyholder dies by suicide within a year of purchasing the policy or a year after renewing/reviving the policy. In this situation, the insurer’s obligation to the nominee is limited to 80% of the total premiums paid throughout the policy’s term.
Tax Benefits – Tax benefits are available under the current laws of Sections 80C and 10(10D) of the Income Tax Act of 1961. There may be sporadic modifications to tax laws made without notice. So make sure to talk to a tax expert.
Other Benefits – How you can save with the SUD Life Bright Child Plan –
● Channels for customer care: In the event that they need assistance, customers must be able to easily contact the insurer.
● CSR Initiatives: The insurer actively encourages all of its staff members to take part in the various CSR projects being run.
● Diverse Product Portfolio: To meet the varying insurance needs of the Indian population, the insurer offers a diverse product portfolio.
● The insurer has made it simple for members to pay their premiums through both online and offline channels, adding to their convenience
Why you should buy the Bright Child Plan from Star Union Dai-Ichi Life Insurance?
Everybody is concerned about rising living expenses and inflation, 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. It is a wise decision because the policy offers two plan options, an assured child benefit, a death benefit, and a booster benefit. Additionally, by adding more riders, the policy can be improved.
Documents Required on Star Life Bright Child Plan
● PAN Card
● Voter ID
● Electric City Bill
● Driving License
● Aadhar Card
Eligibility Criteria for star life bright child plan?
|Defining Characteristics||Eligibility Requirements|
|1. Entry-level Minimum Age||● Life Assured Member Age: 19 |
● Day 1/0 years old
|2. Age limit for entry||● 45 years old Life Assured Member |
● Payment Term for a 10-Year Premium 7 Years
● Premium Payment: 8 Years until Child Turns 18
|3. Highest age at maturity||● Member with Life Insurance- 69 Years|
● 24 Years Yours
|4. Life Assured and the Child must be at|
least one year apart in age
|● Member with Life Insurance- 69 Years|
● 24 Years Yours
Best Features of star life bright child plan?
The traditional protection and savings life insurance plan SUD Life Bright Child seeks to realize the aspirations of your child. This strategy makes sure that your child has the best possible start in life, whether that be through a successful marriage or a higher education. By purchasing this plan, you are guaranteed coverage for the full amount of the death benefit and the specified child benefits, as well as a future premium waiver.
Under This Plan, Two variants are available
● Fund your child’s important educational milestones with a career endowment.
● Fund your child’s education and your dream wedding with a wedding endowment.
Assured Child Benefits
A specific sum of money that you will receive from the insurer is known as the sum assured. You are protected up to the Sum Assured. The sum assured must be selected by potential policy buyers when they buy the insurance policy. The fact that your premiums are correlated with your sum assured must be kept in mind, though. The following is a list of the minimum and maximum sums assured for this policy.
|Assured Minimum Amount||Assured Maximum Amount|
|₹ 5,00,000 (₹.5 Lacks)||₹.5,00,00,000 (₹.5 crore)|
Career Endowment or Wedding Endowment Plan Options
As for the Career Endowment Option
- At age 21, 20% of the basic sum insured is due.
- 50% of the basic sum insured is due when the child turns 18 years old.
- With Benefit Booster, 30% at age 24.
For the Option of a Wedding Endowment
- At the age of 18, 20% of the basic sum insured is due
- At age 21, 30% of the basic sum insured is due
- 50% plus Benefit Booster at the age of 24.
Enjoy Benefit Booster – The Benefit Booster, which is a sum paid at the conclusion of the policy term, is determined by the child’s age when the policy was purchased. For children who are 0 to 1/2 to 6/7 to 8 years old at the time of entry for the career endowment option, the rates are 15%/10%/1%. When choosing the wedding endowment option, children who are between the ages of 0 and 1/2, 6 and 7 years old, and 8 years old pay 25%, 20%, and 10% of the total amount. A portion of the Basic Sum Assured makes up the Benefit Booster.
High Sum Assured Rebate
● The death benefit is paid out right away to the nominee in the unfortunate event that the life insured
passes away during the policy’s term. Future premiums are not due. Depending on the plan option
selected, the Child Benefits will remain in place and be payable.
● The death benefit will be paid out in the amount that is greater of 10 times the annual premium, 105% of
all premiums paid, the Guaranteed Maturity Benefit, or the basic sum assured (amount guaranteed to be
paid out in full upon death).
● The following benefits are payable in the unfortunate event that the child beneficiary dies after the life
insured has passed away.
● If the beneficiary passes away prior to the start of the child benefits, the discounted value of all
future benefits, discounted at 8% per year, is payable to the beneficiary’s legal heirs, and the
contract is immediately terminated.
● If the beneficiary passes away before the child benefits begin, the contract is immediately
terminated and the legal heirs receive the discounted value of all remaining benefits,
discounted at an annual rate of 8%.
How Can I Check the Current Status of My Claim?
Go to the insurer’s or insurance company’s official website. To file a claim, go to the website’s home page and
click the “Lodge a Claim” icon. Choose the ‘Track Claim Status’ option. Then click “Submit” after entering the
necessary information, such as your customer ID, policy number, phone number, etc.
Star Life Bright Child Plan: What is the Policy Cancellation Process?
Yes. Under specific circumstances outlined by the company, you may surrender your policy. One can
check out their official website for more information.
Which Documents do I Need to Submit to File a Claim?
1. Completely completed and signed claim form.
2. certificate for the initial policy.
3. Local government-issued death certificate.
5. reports of the autopsy.
6. An overview of hospital discharge.
7. KYC records, such as a beneficiary’s address proof and a photocopy of their identification.
8. Bank statement and a copy of the cancelled check.
How do I Register a Claim?
● Form of Claim Completed (Provided by Insurance Company)
● Official death certificate
● legal document.
● Documents describing any assignments or re-assignments.
● In the event that the policy is not assigned or nominated, legal proof of ownership.
● Execution and observation of the discharge type