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Star Union Dai-ichi unveils six products

MUMBAI: Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life), a joint venture between Bank of India, Union Bank of India and Dai-ichi Mutual Life Insurance Company, on Tuesday unveiled six new policies under group and individual insurance categories and also announced strengthening its IT structure with revamp of its existing corporate website, and launch of three new additional portals.

Among the six new products launched, three products under group plan include group leave encashment plan, group gratuity scheme and reverse mortgage loan — annuity plan. The individual plans launched include instant endowment plan, pure term plan and premier protection plan.

SUD Life Instant Endowment Plan — An individual in age group of 18- 49 years can buy this policy. As the name suggests, the procedure to avail of this plan has been kept simple, particularly keeping in mind today’s fast pace life. Like most of the SUD Life Insurance Plans, SUD Life Instant Endowment Plan comes with accidental death and total and permanent disability benefit rider. The other special features of this plan are guaranteed surrender value and 2 per cent rebate for women on the tabular premium.

SUD Life Pure Term Assurance Plan — This is a term insurance plan, with sum assured ranging from Rs. 5 lakh to Rs. 24.99 lakh. Individuals in the age group of 18 to 60 years can avail themselves of this policy with the term ranging from 5 to 25 years. The sum assured is in multiples of Rs. 1,000. This plan also comes with accidental death and total and permanent disability benefit rider.

SUD Life Premier Protection Plan — The premium rate is comparatively lower as compared to SUD Life Term Assurance Plan in view of the distinctively higher life expectancy and health care enjoyed by the people in the upper segment of the society. This plan is particularly designed for companies for KMI/ Partnership and HNIs (high networth individuals), who desire higher security for their future. With the policy term ranging from 5 to 25 years, the minimum sum assured for this plan is Rs. 25 lakh.

Individuals in the age group of 18 to 60 years can avail themselves of this policy. This policy also comes with accidental death and total and permanent disability benefit rider.

SUD Life is also revamping its existing customer website to make it user friendly. Besides SUD Life is also launching its three new portals, namely, customer portal, employee portal and distribution portal.

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