Savings
2024-05-14 4 Min read
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Accumulating wealth and securing one’s future are common goals that most people have. For this, you may often indulge in various strategies, such as saving and investing, aiming to amplify financial growth. Building wealth, however, involves prudent saving and informed decisions. Keeping in mind the uncertainties of life, you need financial products that can ensure stability and security, especially in unforeseen circumstances. This is where life insurance comes in.
Life insurance forms the cornerstone of financial planning, providing security for loved ones. The right investment policy can safeguard you and your loved ones against uncertainties, offering financial stability in times of crisis. An endowment plan, which is a type of life insurance policy, can foster wealth growth by combining protection and savings. While fostering disciplined savings with potential returns, such policies offer a lump sum payout upon maturity and/ or in case of the demise of the insured individual. With tax advantages and a secured future, endowment insurance serves as a robust tool for wealth augmentation.
A Deep Dive into Flexible Endowment Plan Investments like Star Union Dai-ichi Life Insurance Century Gold:
An endowment policy is a life insurance plan that allows you to invest your money in a safe and disciplined way. While endowment insurance plans can be varied, typically, the plan offers a maturity benefit and a death benefit in case the insured individual dies during the term of the policy. You receive the maturity amount when the policy term comes to an end. This corpus that you have built over the years can help you fulfil all types of long-term goals.
Now that you have understood the basics of an endowment plan, let us take a look at the Star Union Dai-ichi Life Insurance Star Union Dai-ichi Life Insurance Century Gold plan. Read on as we discuss how this plan allows you to boost your wealth and what makes this plan one of the best endowment policies in India.
Now that you have understood the basics of an endowment plan, let us take a look at the Star Union Dai-ichi Life Insurance Star Union Dai-ichi Life Insurance Century Gold plan. Read on as we discuss how this plan allows you to boost your wealth and what makes this plan one of the best endowment policies in India.
Star Union Dai-ichi Life Insurance Star Union Dai-ichi Life Insurance Century Gold – Boosting Wealth with Flexibility
A non-linked, non-participating life insurance plan, SUD Life Star Union Dai-ichi Life Insurance Century Gold, focuses on savings as well as protection. Engineered to secure future savings, it offers guaranteed returns. Considered to be one of the best saving schemes, allows you the benefits of insurance and investment in the same policy.
1. Customised to your needs
Star Union Dai-ichi Life Insurance is a guaranteed savings plan that understands that every investor has different needs, and thus, the expectations from the plans may vary from person to person. Star Union Dai-ichi Life Insurance Century Gold is a customised solution tailored to offer the best features. Depending on your financial plan, you can choose any of the two plan options offered by the policy:
● Goal Sure
● Edu Sure.
2.A security blanket for your family
The Star Union Dai-ichi Life Insurance Century Gold plan is among the best saving schemes. It provides a safety net, ensuring that in the event of your untimely demise, your loved ones receive a lump sum or regular payments that can help them mitigate financial hardships. Both the plan options, Goal Sure and Edu Sure, offer a suitable death benefit that can offer you peace of mind, assuring a stable future for the family during challenging times.
While Goal Sure endowment insurance option offers a lump sum death benefit payable immediately after the death of the insured, with Edu Sure, the death benefit is payable in three parts
● MLump sum amount on death
● MMonthly income benefit
● MLump-sum benefit at the end of the policy term.
3.Flexible premium paying term
Every investor has the option to choose between 4 different premium paying terms, which can be 5, 6, 8 or 10 years. The policy term of this endowment policy, that you choose can be between 15 to 22 years, depending on the PPT that you choose1. Depending on the plan that you have in mind, you can opt for coverage for a specific term. And if all goes well, you can receive the maturity amount for your long-term goal.
Apart from a flexible premium paying term, you can make use of the following features:
● You have the choice to pay the policy premium on a monthly/ quarterly/ half-yearly or yearly basis
● You are given a grace period of up to 30 days to pay your premium1
● If you pay the policy premiums at least for the first two policy years and then no premiums are paid your policy will become a Reduced Paid-Up policy.
4.Guaranteed additions
The guaranteed additions that the policy accrues during the policy term are also an added advantage. These additions will accrue and be attached at the end of each policy year once the premium-paying term ends. For example, in a 20-year policy where the premium paying term is 10 years, the additions will start accruing from the 11th year and will continue for the entire policy tenure1.
5.Tax benefits
Star Union Dai-ichi Life Insurance Century Gold is an ideal option when it comes to tax planning for salaried employees. For the premium that you pay towards the Star Union Dai-ichi Life Insurance Century Gold plan, you can get tax advantages of up to INR 1,50,000 under Section 80C of the Income-tax Act, 1961 Under Section 10 (10D) of the Act, the policy payouts can be tax-free.
While its long list of benefits includes a guaranteed death benefit, tax exemptions, flexible premium paying terms, and disciplined savings, the maturity benefit is probably its most striking feature. Let us understand how the Star Union Dai-ichi Life Insurance Century Gold plan, which is a guaranteed savings plan, works towards boosting your wealth.
30-year-old school teacher Mohit Mahajan invests in the SUD Star Union Dai-ichi Life Insurance Century Gold. The policy details he chooses are as follows:
Mohit has chosen a PPT of 10 years. As soon as he pays his last premium, from the 11th year, he will start receiving the Guaranteed Additions, which will continue for the entire policy tenure of 20 years. Let us see how the policy will perform under the different plan options1:
Maturity Benefit
Take a look, by paying a premium of INR 10 lakhs, Mohit can build such a significant corpus for his future.
Death Benefit
Suppose Mohit dies in the 7th year of the policy after paying INR 7 lakhs as the premium. His wife, Sarita Mahajan, is his nominee, and she will receive a death benefit in the following ways:
Being a goal-based guaranteed savings plan, Star Union Dai-ichi Life Insurance Century Gold aids in accumulating a substantial corpus, payable as a lump sum at policy maturity. Such an investment policy caters to diverse financial goals, be it funding your children’s higher education or a child plan for their wedding, buying your dream house, renovating your home, reinvestment, or maybe as a source of income in your second innings. The flexibility of this endowment policy allows you to utilise the maturity amount based on your unique needs and desires.
1. Customised to your needs
Star Union Dai-ichi Life Insurance is a guaranteed savings plan that understands that every investor has different needs, and thus, the expectations from the plans may vary from person to person. Star Union Dai-ichi Life Insurance Century Gold is a customised solution tailored to offer the best features. Depending on your financial plan, you can choose any of the two plan options offered by the policy:
● Goal Sure
● Edu Sure.
2.A security blanket for your family
The Star Union Dai-ichi Life Insurance Century Gold plan is among the best saving schemes. It provides a safety net, ensuring that in the event of your untimely demise, your loved ones receive a lump sum or regular payments that can help them mitigate financial hardships. Both the plan options, Goal Sure and Edu Sure, offer a suitable death benefit that can offer you peace of mind, assuring a stable future for the family during challenging times.
While Goal Sure endowment insurance option offers a lump sum death benefit payable immediately after the death of the insured, with Edu Sure, the death benefit is payable in three parts
● MLump sum amount on death
● MMonthly income benefit
● MLump-sum benefit at the end of the policy term.
3.Flexible premium paying term
Every investor has the option to choose between 4 different premium paying terms, which can be 5, 6, 8 or 10 years. The policy term of this endowment policy, that you choose can be between 15 to 22 years, depending on the PPT that you choose1. Depending on the plan that you have in mind, you can opt for coverage for a specific term. And if all goes well, you can receive the maturity amount for your long-term goal.
Apart from a flexible premium paying term, you can make use of the following features:
● You have the choice to pay the policy premium on a monthly/ quarterly/ half-yearly or yearly basis
● You are given a grace period of up to 30 days to pay your premium1
● If you pay the policy premiums at least for the first two policy years and then no premiums are paid your policy will become a Reduced Paid-Up policy.
4.Guaranteed additions
The guaranteed additions that the policy accrues during the policy term are also an added advantage. These additions will accrue and be attached at the end of each policy year once the premium-paying term ends. For example, in a 20-year policy where the premium paying term is 10 years, the additions will start accruing from the 11th year and will continue for the entire policy tenure1.
5.Tax benefits
Star Union Dai-ichi Life Insurance Century Gold is an ideal option when it comes to tax planning for salaried employees. For the premium that you pay towards the Star Union Dai-ichi Life Insurance Century Gold plan, you can get tax advantages of up to INR 1,50,000 under Section 80C of the Income-tax Act, 1961 Under Section 10 (10D) of the Act, the policy payouts can be tax-free.
While its long list of benefits includes a guaranteed death benefit, tax exemptions, flexible premium paying terms, and disciplined savings, the maturity benefit is probably its most striking feature. Let us understand how the Star Union Dai-ichi Life Insurance Century Gold plan, which is a guaranteed savings plan, works towards boosting your wealth.
30-year-old school teacher Mohit Mahajan invests in the SUD Star Union Dai-ichi Life Insurance Century Gold. The policy details he chooses are as follows:
| Annualised Premium | INR 1 lakh per year |
| Premium Paying Term | 10 years |
| Policy Term | 20 years |
Mohit has chosen a PPT of 10 years. As soon as he pays his last premium, from the 11th year, he will start receiving the Guaranteed Additions, which will continue for the entire policy tenure of 20 years. Let us see how the policy will perform under the different plan options1:
Maturity Benefit
Take a look, by paying a premium of INR 10 lakhs, Mohit can build such a significant corpus for his future.
| Goal Sure | Edu Sure |
| Sum Assured on Maturity: INR 16,05,040 Guaranteed Additions: INR 7,00,000 Maturity benefit: INR 23,05,040. | Sum Assured on Maturity: INR 15,73,050 Guaranteed Additions: INR 6,00,000 Maturity benefit: INR 21,73,050. |
Death Benefit
Suppose Mohit dies in the 7th year of the policy after paying INR 7 lakhs as the premium. His wife, Sarita Mahajan, is his nominee, and she will receive a death benefit in the following ways:
| Goal Sure | Edu Sure |
| A death benefit of INR 10,50,000 will be paid out to her in a lump sum. | A death benefit of INR 10,50,000 will be paid immediately after Mohit’s death; Total monthly income of INR 7,80,000, to be paid till the end of the policy term; A maturity benefit of INR 21,73,050 will be paid at the end of the policy term.Total benefits received by the nominee, Sarita Mahajan: INR 40,03,050. |
Being a goal-based guaranteed savings plan, Star Union Dai-ichi Life Insurance Century Gold aids in accumulating a substantial corpus, payable as a lump sum at policy maturity. Such an investment policy caters to diverse financial goals, be it funding your children’s higher education or a child plan for their wedding, buying your dream house, renovating your home, reinvestment, or maybe as a source of income in your second innings. The flexibility of this endowment policy allows you to utilise the maturity amount based on your unique needs and desires.
Conclusion
Acting as a safety net, the Star Union Dai-ichi Life Insurance Star Union Dai-ichi Life Insurance Century Gold plan ensures beneficiaries’ protection, supports long-term goals, and lays a robust foundation for comprehensive financial strategies and peace of mind. This plan, which stands as one of the best endowment policies in India, therefore prioritises safeguarding accumulated savings while ensuring a protective life cover for you and your loved ones.
Disclaimer
Star Union Dai-ichi Life Insurance Company Limited is the name of the Insurance Company and “SUD Life Smart Healthcare” is the name of the plan. Neither the name of the Insurance Company nor the name of the plan in any way indicates the quality of the plan, its future prospects or returns
SUD Life Star Union Dai-ichi Life Insurance Century Gold | UIN: 142N087V02 | A Non-Linked Non-Participating Individual Savings Life Insurance Plan Star Union Dai-ichi Life Insurance Company Limited | IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472
Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.
SUD Life Star Union Dai-ichi Life Insurance Century Gold | UIN: 142N087V02 | A Non-Linked Non-Participating Individual Savings Life Insurance Plan Star Union Dai-ichi Life Insurance Company Limited | IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472
Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.
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