This is a one year renewable group term insurance scheme that provides Life cover at low cost to the members of a particular group.

This policy can be taken up for the members who are engaged in a common economic activity.

Key Features:
Affordable Protection - Life cover with low cost
Profit Sharing – Based on the claims experience under the policy; profits, if any, will be calculated and shared by way of adjustment in the subsequent year’s premium
Hassle-free procedure with no medical tests up to Free Cover Limit
Financial assistance to the family in case of the death of policy holder
Income Tax Benefits under section 80(C) & 10(10D)*

Premium mode:
For Employer-Employee groups – Yearly/half-yearly/Quarterly/Monthly
For Non-Employer-Employee groups – Yearly/half-yearly

Minimum Sum Assured: Rs. 1000 per member

Rider:
Accident Death and Dismemberment Benefit and Group Critical Illness benefit riders are available.

Grace Period:
A grace period of 30 days for all modes except for monthly mode and grace period of 15 days for monthly mode after premium due date is available.

Nomination: Nomination is compulsory under this policy


Union Bank of India Star Union Dai- Ichi’ Group Term Insurance Scheme