SUD Life Insurance T&Cs

Here are some standard terms and conditions in a Star Union Dai-ichi term Insurance policy.

1. Nomination: A nomination is allowed in Star Union Dai-ichi Term Insurance. The policyholder can nominate a person who is eligible to get the policy benefits if the policyholder died before maturity. There is also the option to add another person as a nominee if the nominee dies before the maturity date.

2. Assignment: An assignment is not allowed in term insurance and child insurance policies in Star Union Dai-ichi. This means that the policy benefits cannot be transferred from one person to another.

3. Renew on Time: Renewal of any Star Union Dai-ichi Life Insurance policy is subject to payment of the premiums on time. Renewals can be done via online and offline methods. There is also a grace period which varies according to your premium frequency. If you have a quarterly or half-yearly premium then the grace period is 30 days. If you have a monthly premium then the grace period offered is 15 days.

4. Taxation: All policy payments in Star Union Dai-ichi Term Insurance are subject to Income Tax laws in India. The premium of the policies offer benefits in taxation under Income Tax Section 80 C and 10 D. The premium also contains the cess and all the necessary taxes levied by the government. The maximum premium amount which can be considered for Tax deductions is Rs 1,50,000. Section 10D states that the bonus or the benefits received on the maturity or death benefit of a policy is totally free of taxation.

5. Proper Disclosure: The policyholder should furnish proper evidence regarding age, medical issues (if asked) otherwise the company is open to reducing the policy benefits that would have been received had the right age been provided.

6. Inform Changes: The policyholder should inform the company if there is a change in the occupation, address, contact details, etc.

7. Duplicate Policy Document: If the policy document is lost, the policyholder should inform the company in writing and request a duplicate policy document.

8. Jurisdiction: All T&C Star Union Dai-ichi Term Insurance is governed by and subject to Indian laws. They are subject to change if the Indian laws deem it so.

9. Grievances: In case of any grievances, the policyholder/claimants should follow the grievance redressal procedure also mentioned on the Star Union Dai-ichi website.

10. Exclusive Rights: Star Union Dai-ichi Life Insurance has the exclusive rights to review, revise, delete, or alter the terms and conditions of the policy.