Star Union Pension Plans – Review, Types, Features, Criteria & more

Retirement is a great time to sit back and relax life. This is only possible if no financial burden stays valid, and as a result no pressure is experienced. Life can be enjoyed to its fullest when all the finances and needs are well accounted for and Star Union Pension Plan provides you a mean.

They provide you well defined Star Union National Pension Scheme that would sort out your way of life in your retirement period. The luxury with which you led your work period and the lifestyle you managed to create would be carried forward with facilitation of Star Union NPS.

We bring forward all the possible Star Union Retirement Plans they offer, so you are well read of its features and benefits.

About Star Union Pension Plans

Star Union provides you an opportunity to lead a life you aspire to, even at your rest period. They provide retirement solutions to their entire client base, to help them stay comfortable in the golden period, as it is meant to. They offer vast range of Star Union Retirement Plans.

Star Union Pension Plan is a presentation of Star Union Da-ichi Life Insurance Company Limited, which is an alliance between Bank of India, Union Bank and Da-ichi Life.

Da-ichi is one of the reputed insurance companies located out of Japan. Its expertise, along with the leading Indian banks, has lead to a successfully and highly weighted collaboration.

They have specified set of plans for their diversified client base. Check out the Star Union Retirement Plans they provide.

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Types of Star Union Pension Plans

If you decide to get associates with this company, you will have two Star Union National Pension Funds plans you can avail from. We have managed to gather all the information for you, in case you plan on avail for any.

Take a look at the features, benefits, and eligibility criteria’s of the Star Union NPS plans.

• Assured Income Plan
• Immediate Annuity Plus Plan

Find out other NPS Scheme in India

SUD Life Assured Income Plan – By Star Union Pension Plans

People who aspire to have guaranteed income can choose to go for this traditional Star Union Pension Plan. Check out the features as provided.

• This Star Union NPS comes along with survival benefits, which are catered at the beginning of every year, which is after the premium payment term is over, or the period as chose by the holder. The holder is also asked to choose the payout amount when the policy is availed for.
• Vesting benefits of this Star Union NPS Scheme are, aggregate of premiums paid, considered as guaranteed benefit. Such an amount would be 10 times as that of annual premium for a term of 10 or 15 years. The contrary is an amount, which is 15 times as that of annual premium for a term of 15 years.
• In cases of death at policy period, death assured sum is payable as stated. Also, annual payouts follow from the year of death, till the actual death entitlement start rolling out. No premiums after the death year are to be provided further.
• On account of discounting, lump sum of payouts can be availed for.
• Sum assured upon death is, higher the annualized premium x 10 or 105% of all the paid premiums.

Eligibility Criteria for SUD Life Assured Income Plan

• Age criteria: 8 to 55 years
• Vesting age: No minimum age and 75 years on the maximum
• Period: 20 to 35 years
• Premium to be paid per year: Varies as per the choice of coverage, age and period
• Return guaranteed annually: Minimum amount is Rs.24,000, whereas the maximum is Rs.50 lakhs
• Payment term: 10 or on the contrary 15 years.
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually

SUD Life Immediate Annuity Plus Plan – By Star Union Pension Plans

For the ones who are in search of a traditional plan, this Star Union National Pension Funds plan would perfectly suit you.

• Holders of the Star Union Pension Plan, need to choose a suitable frequency of payment, i.e. monthly, half yearly, quarterly and annually. Right after the purchase price is paid for, the payouts will start rolling as per the chosen frequency.
• This Star Union National Pension Scheme holder will be given the option of choosing from two type of plans, referred to as plan A and Plan B.
• Annuity payment options of Plan A are as follows
• Annuity for life
• Also, Annuity for life plus return of price of purchase
• Return of price of purchase with increasing life annuity
• Guaranteed annuity for a period of 10 or 15 or 20 years, and then payable for life
• Joint life option with 100% annuity paid to the co holder
• Joint life option with 50% annuity paid to the co holder
• Return of price of purchase with Joint life option with 100% annuity paid to the co holder
• Price of purchase to be paid after death and Joint life option with 50% annuity paid to the co holder
• Plan B has an option of annuity for life and return of price of purchase. Also,100% joint life annuity along with purchase price returning is available.
• If the holder is diagnosed with any critical illness, a surrender value would be payable.
• If the holder opts to render Rs.10 lakh or above price of purchase, the company would provide higher annuity payments.

Eligibility Criteria for SUD Life Immediate Annuity Plus Plan

• Age criteria: for existing customer, there is a plan A with no minimum age limit. New customer will be given 45 years for minimum limit of Plan A and 60 years for plan B. All the plans have maximum of 99 years limit.
• Annuity to be given per year: Rs.1200 to existing user and Rs.2933 for new customer, with no maximum limit.
• Price of Purchase: Rs.1 lakh with no maximum limit

Check out more Pension Plans available for Investment

Star Union Pension Plans / Retirement Plans – Conclusion

Performing a routine check, you can form a conclusion of the plan which you would like t avail for. The freedom of choice in context with Star Union Pension Plan selection is upon you. Enquire more of the details from the company executive, by contacting their intermediaries set up.

You can also check out the Star Union NPS Scheme online and easily avail for it, as per your convenience. We hope to have contributed for a part or two.

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