Star Union Dai-ichi Life Insurance Company Limited
Star Union Dai-ichi Life Insurance (SUD Life), founded in the year 2009, is a joint venture between India’s two leading public sector banks – Bank of India and Union Bank of India and Dai-ichi Life, one of the leading life insurance companies in Japan. Dai-ichi Life is Japan’s second-largest life insurance company and is also one of the world’s top ten life insurance companies.
With a vision to be a trustworthy lifelong insurance partner, Star Union Dai-ichi Life Insurance combines the product knowledge, superior asset management skills, and strong operational capabilities of Dai-ichi Life with the customer-centric commitment and banking network of Bank of India and Union Bank of India, to make the partnership a leading player in the insurance sector of India.
Why choose Star Union Dai-ichi Life Insurance?
- UBI, BOI & Dai-ichi back SUD Life. They are pioneers in the banking and insurance industry and possess great expertise in delivering financial solutions that match customer’s needs.
- Star Union Dai-ichi Life Insurance has one of the largest life insurance distribution networks in India. They serve their customers through a massive network of 15,000 bank branches and the 1950 regional rural banks sponsored by Bank of India and Union Bank of India, which help people in remote areas also get access to insurance needs.
- The insurance plans of SUD Life are tailor-made to help accomplish customer’s life goals, such as child education, life protection, retirement, future savings, investment growth, etc., thereby providing a simple approach towards financial planning.
Important Facts about Star Union Dai Ichi Life Insurance:
- SUD Life has a network of 15,000 bank branches across India serving more than 9.2 million customers.
- The claim settlement ratio of the Star Union Dai-ichi Life Insurance is 96.9% for FY19-20
- The total premium income of SUD Life increased by 16% to Rs 2310.4 crores in the FY 2019-20
- In 2020, the company received – Gartner Innovation award (APAC) for pan-India distribution through geospatial analytics & Best Governed Company from Institute of Company secretaries.
Types of Life Insurance products offered by Star Union Dai Ichi Life Insurance
SUD Life provides a comprehensive list of products under their portfolio that are aimed to serve the customers’ protection and saving needs.
- Term Plans: This is the most affordable and classic form of life insurance that does not burn a hole in your pocket because of low premiums. The coverage extended is also quite high that provides financial security to the family members in case of any unfortunate events like the policyholder’s death. The term insurance plans from SUD Life provide flexibility to choose between life cover and life cover with the return of premiums.
- Retirement Plans: Star Union Dai Ichi Life Insurance’s retirement plans provide guaranteed income after the policyholder’s retirement in the form of a lump sum or regular payment to assist their future needs.
- Savings Plans: Are you looking to save money and still get insurance benefits? SUD life’s savings plans are the best choice to take care of your short-term savings through money-back assurance and long-term insurance protection.
- Wealth Plans: These policies enable to build wealth over a more extended period along with multiple payout options and provide additional protection to the insured in the form of insurance. A variety of wealth builder plans that include money back, endowment, unit-linked options are available with Star Union Dai Ichi Life Insurance.
- Children Plans: The child plans of SUD Life aim to create a bright future for the child, even if you are not around anymore. There is flexibility to choose from 5 multiple payout options and guaranteed benefits at the time of maturity. Not only this, but these plans also qualify for tax benefits under Section 80C & Section 10 (10 D) of the Income Tax act.
More information on the features, eligibility, and premium rates of the above-mentioned plans from Star Union Dai Ichi Life Insurance, can be known by visiting iiflinsurance.com.