Star Union Dai-ichi Life launches a high tax saving endowment plan, Dhan Suraksha Platinum

Star Union Dai-chi Life (SUD Life) announced the launch of its newest non-participating traditional endowment plan, Dhan Suraksha Platinum; a one of a kind insurance solution targeted at high net worth individuals enabling them to capitalize and benefit on their tax savings.Â

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The product is targeted at those consumers looking to ensure a significant life protection cover along with the alternate option of earning returns on their investment.

Dhan Suraksha Platinum has been designed to ensure the security of one’s family and a means to build up one’s savings. The plan allows you to make a one-time investment for which a guaranteed amount is paid at the end of ten years.

In case of unfortunate death during this period, a guaranteed death benefit is paid to the policyholder that amounts to five times of the premium paid.

Commenting on the launch of their latest product offering, Kamalji Sahay, MD & CEO, Star Union Dai-ichi Life Insurance Co. Ltd. said, “Dhan Suraksha Platinum is a unique plan that has a strong combination of Guranteed savings for your future and guaranteed protection for your loved ones.

Given the current state of markets and overall economy you would certainly not want to experiment anymore with your hard earned money through speculative products and securities. Moreover, all this comes with just one- time premium payment, hence making it a true hassle free benefit.”

This single premium endowment plan offers the following benefits:

• Guaranteed maturity Benefit at the end of the policy term
• Death benefit: An amount equal to five times the single premium paid
• One time premium payment
• Guaranteed benefit on maturity
• Higher maturity benefit for high premium policies

Star Union Dai-ichi has guaranteed that a policyholder can avail of a personal loan against this policy by assigning the policy document as collateral. The maximum amount of loan that can be availed is 75% of the surrender value at the time of taking the loan. This plan is also subject to tax benefits on the premium invested under Section 80C and a tax break on the plan benefits received under Section 10 (10D).

Mr. Sahay further added, “With strong domain expertise, SUD Life is fast moving up in the league table and as on FY year till Nov 2011 results published by IRDA, SUD Life has moved to 10th position on Gross Premium basis among private life companies.”