All About Star Union Dai-ichi Life COVID-19 Benefit Rider
Updated On May 27, 2021
Table of Contents
Riders are an important tool to enhance the protection provided by your base insurance policy. They add to the features and benefits of your existing insurance policy at a fraction of the cost. They become even more necessary for special circumstances like COVID-19. This is because they are specially designed to cater to the increased financial needs that may arise due to such situations. The Star Union Dai-ichi Life COVID - 19 Benefit Rider is a financial instrument that you should consider getting.
Benefits of the Star Union Dai-ichi Life COVID - 19 Benefit Rider
The Star Union Dai-ichi Life COVID - 19 Benefit Rider pays out some important benefits. These benefits are subject to a Waiting Period of fifteen days, from the date of the risk, before they are paid out. If the policyholder travels to a foreign country, they are also subject to the fifteen-day Waiting Period, regardless of the date of the risk commencement or the duration of their stay.
-
Hospitalisation/Quarantine Benefit
The Star Union Dai-ichi Life COVID - 19 Benefit Rider pays out this benefit which is equal to the 25% of the Rider Sum Assured, in case the policyholder tests positive. The test results must be from a Government Authorised Diagnostic Centre. The benefit can be paid out only once during the entire policy term and does not immediately terminate afterwards. The rider can be kept active for the death benefit.
-
Death Benefit
Under this benefit, 100% of the Rider Sum Assured is paid out. This is in case the policyholder dies from COVID-19 and the diagnosis and death certificate is from a Government Authorised Diagnostic Centre. This is subject to the fact that the rider was in force at the time of the death of the policyholder.
Eligibility for the Star Union Dai-ichi Life COVID - 19 Benefit Rider
Check out the following information to see whether you are eligible to get the Star Union Dai-ichi Life COVID - 19 Benefit Rider.
Eligibility Parameters |
Eligibility |
|
Entry Age |
Minimum- 18 years Maximum- 55 years |
|
Maximum Maturity Age |
58 years or the maturity of the base insurance policy, whichever is lower |
|
Policy Term |
3 years, given that it should not extend the policy term of the base term |
Conclusion
The Star Union Dai-ichi Life COVID - 19 Benefit Rider is an extremely beneficial benefit in the current global scenario. It will substantially help you, as well as your family members to bear the costs that might occur due to being affected by COVID-19.
Also read
What Are Riders In Life Insurance Plans?
How To Choose The Right Life Insurance Riders?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
