Star Union Dai-Ichi Life Insurance

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With a rich history of banking and insurance, Star Union Dai-Ichi Life Insurance offers insurance plans to meet different needs. Fret not when you choose a plan from SUD Life, for it has a 100% record when it comes to grievances settled.

Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life) is a joint venture of Bank of India, Union Bank of India and Japanese insurance firm Dai-ichi Life.

Star Union Dai-Ichi Life provides a wide range of insurance products that cater to various types of customers and clients from different parts of the country and from various economic and social backgrounds. Through the nationwide network and 48 million strong banking customer base of Bank of India and Union Bank, SUD Life has a wide distribution network of more than 1564 branches that make life insurance plans accessible to rural areas.

Key Highlights of Star Union Dai-ichi Life Insurance:

The journey of life is full of all kinds of surprises. For this reason, having a financial partner by your side is important, not only for protection but also to help you fulfill all your dreams. With its expertly designed suite of life insurance products, Star Union Dai-ichi Life Insurance is the partner that you are looking for, who will be by your side through all stages of life. With their wide array plans designed not just for individuals but also for groups, SUD is the one stop solution for those looking to provide financial protection to their family, want to plan for their child’s future, wish to save for their retirement or wish to maximize their wealth.

Types of Life Insurance Policies Offered By Star Union Dai-ichi:

Star Union Dai-Ichi offers a wide range of life insurance products designed not just for individuals but also for groups. For individuals, the plans included are child plans, protection plans, retirement plans, savings plans and wealth plans. For groups, SUD offers credit life plans, group accidental benefit rider plans, retirement plans and term plans.

Star Union Dai-ichi Individual Plans:

For individuals, Star Union Dai-Ichi offers a number of plans which fulfill a number of purposes like providing financial protection, maximization of wealth, saving for retirement and planning for their children’s future.

Star Union Dai-ichi Protection Plans:

Premier Protection Plan: This is a pure term plan with low premiums over fixed tenures, and high Sum Assured benefits.

Plan Basic Sum Assured Tenure (Policy Term)
Star Union Dai-ichi Premier Protection Plan Rs 25 lakh to Rs 100 crore 10 years to 30 years

Star Union Dai-ichi Savings Plans:

These are plans that not only give you the advantage of having life insurance cover but also the advantage of having a plan that provides for long term savings. The plans offered under this scheme are:

  • Jeevan Ashray - A simple savings plan that provides interests on the premium investments, apart from death benefits to the loved ones in case of the insured’s unfortunate demise.
  • Guaranteed Money Back Plan - A savings plan that provides guaranteed payouts after every 5 years to the insured. Maturity and death benefits are also applicable.
  • Jeevan Safar Plus - A traditional life insurance plan that guarantees 125% sum assured apart from additional bonuses accumulated during first 5 years of policy term, as well as death and maturity benefits.
  • Ayushmaan – SUD Life Ayushmaan is a non-linked deferred participating plan which comes with lump sum benefits, guaranteed additions and bonuses while also providing lifelong protection.
  • Aadarsh – SUD Life Aadarsh is a limited premium non-linked non-participating endowment life insurance plan which is accompanied by a Guaranteed Maturity Benefit and a short premium payment term, along with an built-in additional accidental death benefit.
Plan Basic Sum Assured Tenure (Policy Term)
Star Union Dai-ichi Guaranteed Money Back Plan (withdrawn) Rs 3 lakh to Rs 10 crore 10 years, 15 years or 20 years
Star Union Dai-ichi Jeevan Ashray (withdrawn) Min – Rs 2 lakh; Max – Rs 50 lakh 15 years & 20 years (Regular & 10 years Limited Pay); 20 years (15 years Limited Pay)
Star Union Dai-ichi Ayushmaan Can be chosen Can be chosen
Star Union Dai-ichi Aadarsh Choice between Rs 50,000, Rs 3 lakh & Rs 5 lakh 10 years (fixed)

Star Union Dai-ichi Wealth Plans:

Star Union Dai-ichi wealth policies are plans that make sure that your life is insured against the unlikely event of your demise and at the same time provide you with an avenue to increase your wealth. The plans offered are:

  • Wealth Builder - A single premium investment plan, with the option to choose among 4 funds. Top-up options, death and maturity benefits are available.
  • Elite Assure Plan - This is a wealth creation plan wherein customers can choose between 5-5-5 or 7-7-7 option (5/7 years premium collection, next 5/7 years incubation, and final 5/7 years repayment respectively). Death, maturity, and guaranteed monthly income benefits applicable.
  • Dhan Suraksha Plus - A ULIP that allows you the flexibility to choose between 4 different types of funds as specified at the time of policy purchase. Maturity and death benefits are applicable.
Plan Basic Sum Assured Tenure (Policy Term)
Star Union Dai-ichi Elite Assure Plan (withdrawn) - 15 years or 21 years
Star Union Dai-ichi Dhan Suraksha Plus Varies with applicant’s age at entry into the policy Min – 10, 12 & 15 years; Max – 20 years
Star Union Dai-ichi Wealth Builder Varies with the applicant’s age at entry into the policy 5 years to 30 years

Star Union Dai-ichi Child Plans:

The future of your child could be uncertain if you were not there to take care of it. To address just this concern the company offers the following insurance plans.

  • Bright Child: A comprehensive plan that provides death and maturity benefits. Two choices of funding are available - Wedding Endowment and Career Endowment. In case of death of insured within policy term, the remaining premium will be waived off and death benefit will be paid out, without affecting the actual funds meant for the child’s future.
  • Aashirwaad – SUD Life Aashirwaad is a non-linked, non-participating endowment plan which offers multiple benefits like 5 maturity payout options, multiple premium payment terms and policy term options, guaranteed maturity benefits and income tax benefits.
Plan Basic Sum Assured Tenure (Policy Term)
SUD Life Bright Child (withdrawn) Min – Rs 5 lakh Max – Rs 5 crore 24 minus the age of the child at Entry
SUD Life Aashirwaad Min – Rs 4 lakh; Max – Rs 100 crore (subject to underwriting policy) Varies with premium payment term of policy

Star Union Dai-ichi Retirement Plans:

If you have ever sat and wondered what you will do for an income once you retire then you need to look into the retirement plans offered by Star Union Dai-ichi Life Insurance.

  • Immediate Annuity Plan - A retirement savings plan that will help you build a retirement corpus that pays out guaranteed annuity after retirement in flexible frequencies.
  • Assured Income Plan – SUD Life Assured Income Plan is a life insurance endowment plan which provides a guaranteed tax-free annual income, immediate lump-sum or regular income to your family in case of an emergency, and a chance to get all your premiums back at the end of the policy term.
  • Guaranteed Pension Plan – SUD Life Guaranteed Pension Plan is a non-linked, non-participating deferred pension plan designed to assist you in meeting your financial needs post retirement.
Plan Basic Sum Assured Tenure (Policy Term)
Star Union Dai-ichi Assured Income Plan (withdrawn) - Premium payment term + Deferment Period + Payout Period
Star Union Dai-ichi Immediate Annuity Plus (withdrawn) - -
Star Union Dai-ichi Guaranteed Pension Plan - Varies with premium payment term.

Other Withdrawn Plans:

  1. SUD Life Jeevan Safar
  2. SUD Life Pure Term Assurance Plan
  3. SUD Life's Instant Endowment Plan
  4. SUD Life Defined benefit Endowment Plan
  5. SUD Life Defined Growth Endowment Insurance Plan
  6. SUD Life Suraksha Kavach Plan
  7. SUD Life Dhan Suraksha 3
  8. SUD Life Dhan Suraksha Premium 3
  9. SUD Life Prabhat Tara 3
  10. SUD Life Dhan Suraksha Express
  11. SUD Accidental and Total and Permanent Disability Benefit Rider
  12. SUD Life Critical Illness Benefit Rider
  13. SUD Life Immediate Annuity Plan
  14. SUD Life Jeevan Safar Plus

Star Union Dai-ichi Group Plans:

Star Union Dai-Ichi also offers a number of life insurance plans designed for groups. These include the credit life plan, retirement plans and term plans.

Star Union Dai-ichi Credit Life Plans:

These are insurance plans that you can take to make sure that if you have taken a loan and something happens to you while that loan is still being repaid, then your family does not have to bear the burden of paying it back. The plans offered under this scheme are:

  • Loan Suraksha - This is a decreasing term insurance plan that offers protection to dependents against any past or future loans taken by the insured. Coverage for joint borrowers is also available.
  • Shiksha Suraksha 2 - Another decreasing term insurance plan, this plan will provide protection to the families of educational loan takers against the risk of the insured’s death during the loan repayment tenure.
Plan Basic Sum Assured Tenure (Policy Term)
Star Union Dai-ichi Loan Suraksha Min – Rs 5 lakh (home/mortgage loan) / Rs 2 lakh (vehicle loan) / Rs 1 lakh (personal/consumer loan); Max – Rs 100 crores 2 years to 30 years (term of loan to be covered)
Star Union Dai-ichi Shiksha Suraksha 2 (withdraw) Min – Rs 25,000; Max – Rs 5 crore 2 years to 30 years (term of loan to be covered)

Star Union Dai-ichi Group Retirement Plans:

Group Retirement Benefit Plan – The SUD Life Group Retirement Benefit Plan is a unique plan designed for employers-employee groups to help them smoothly manage funds for gratuity obligation and leave encashment benefits.

Plan Basic Sum Assured Tenure (Policy Term)
Star Union Dai-ichi Group Retirement Benefit Plan Rs 1,000/per member (fixed) 1 year (renewable)

Star Union Dai-ichi Group Term Plans:

These are plans that can be taken by companies to make sure that the future of the families of their employees is taken care of. The plans offered under this scheme are:

  • Group Term Insurance Scheme - This is a one-year group term insurance plan (renewable) meant to provide cover to groups of people working/operating under a single umbrella, such as company employees, welfare associations and so on. Death benefits are applicable, and profit from investments is shared among the insured.
  • Group Term Insurance Scheme in lieu of EDLI - This is a group term plan that offers life insurance cover to employees working at a firm and covered by Employees Provident Fund. Death benefits and higher life cover compared to EDLI plans are applicable.
  • Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) – This is a 1-year renewable group term insurance scheme which offers affordable life cover to members holding savings bank accounts.
Plan Basic Sum Assured Tenure (Policy Term)
Star Union Dai-ichi Group Term Insurance Scheme in lieu of EDLI (withdrawn) Min – Rs 1,32,000 Max – Rs 10,00,000 -
Star Union Dai-ichi Group Term Insurance Plus Min – Varies depending on the scheme opted for. Max – Rs 50 crore / per member (subject to underwriting) 1 year (renewable)

Other Withdrawn Plans:

  1. SUD Life Group Term Insurance Scheme
  2. SUD Life Group Gratuity Scheme
  3. SUD Life Group Leave Encashment Scheme
  4. SUD Life Group Savings Linked Insurance Scheme
  5. SUD Life Group Superannuation Scheme
  6. SUD Life Ashiana Suraksha Plan
  7. SUD Life Ashiana Suraksha Plus Plan
  8. SUD Life Shiksha Suraksha Plan
  9. SUD Life Paraspar Suraksha Plan
  10. SUD Life Group Accidental Death and Dismemberment Benefit Rider
  11. SUD Life Group Critical Illness Benefit Rider
  12. SUD Life Reverse Mortgage Loan Annuity Plan
  13. Star Union Dai–ichi’s Group Term Insurance Scheme

How to Claim Insurance With Star Union Dai-ichi Life Insurance:

To register a claim with SUD Life, you need follow the steps given below:

Step 1: Death Claim Intimation - The family member/nominee/appointee or assignee of the

life assured individual must inform the insurance company in writing about the death claim. They must also provide the insurer with the set of mandatory documents.

Step 2: Death Claim Processing - The claim documents would be reviewed by the Insurer’s Claim Dept. If required, you must provide any additionally listed or pending Compulsory documents as well. The person who has raised the claim will be kept updated throughout the process.

Step 3: Claim Decision & Communication – The decision taken by the Insurance company’s Claims department will be communicated to the claimant in writing, along with the details of payment made through Electronic Fund Transfer.

Star Union Dai-ichi Life Insurance Claim Settlement Ratio:

Year Claim Ratio
2017 - 2018 92.26%
2016 - 2017 84.05%
2015 - 2016 80.73%
2014 - 2015 94.08%
2013 - 2014 92.86%

Documents Required for Purchasing Star Union Dai-ichi Life Insurance:

In order to purchase a Star Union Dai-Ichi Life Insurance policy, you will be asked to submit certain documents such as your proof of identity, proof of age, proof of income, proof of residence and a copy of your PAN Card.

How to Check Policy Status For Star Union Dai-Ichi Life Insurance:

To check the status of your policy, you can visit the Customer Portal on the Star union Dai-Ichi website, where you will be asked to provide your policy number for reference. Once you have provided that, you can easily view the status of your life insurance policy.

Star Union Dai-ichi Life Insurance Online Payment:

For insurance premium payment, customers have a variety of options to choose from, as is suited to their convenience. They can make payments via net banking, credit cards or debit cards.

Star Union Dai-ichi Life Insurance Premium Calculator:

If you wish to find out the premium amount payable towards your SUD Life insurance policy, it can be easily done by using the premium calculator. For calculating the premium payable amount, you will be required to provide certain details like the term of your chosen plan, your age and the amount of sum assured which you have chosen. Based on this, the tool will calculate the premium amount which you will be paying towards your insurance cover.

Star Union Dai-ichi Life insurance Customer Care:

From the array of life insurance providers present in India, Star Union Dai-ichi Life Insurance has certainly carved a name for itself owing to the dedicated and responsive customer service which they provide to their customers. The insurer has ensured that maximum focus is laid on customer satisfaction and this alone has enabled SUD Life to be included among the top insurance providers in the country. Insurance can undoubtedly be complicated for many people to understand and the customer support team at Star Union Dai-ichi works to make it easy. The company has set up various channels via which customers can get in touch with the concerned persons and get assistance on all policy related matters, be it grievances, issues, feedback, queries, or anything else. To get immediate assistance, customers can call on the given helpline numbers to get in touch with a customer support executive, or drop an email at the provided email ID. Customers can also get information about SUD Life insurance products by sending an SMS to the company’s designated number and will receive a reply shortly. The insurer has also set up several offices at multiple towns and cities across India where customers can drop in to register their concerns. Besides this, the SUD Life website also offers multiple options using which customers can carry out several policy related requests such as pay their premiums online, calculate their policy premiums, find out the current NAV or human life value, or request to meet and advisor.

Star Union Dai-ichi Life Insurance FAQs:

Q. How to check my Star Union Dai-Ichi Life Insurance policy status?

  • Simply use your username and password to login to their website.
  • You can retrieve all the relevant information as well as details about the policy, here.
  • You can also call the toll free number.
  • Don’t forget to keep the policy number and the date of birth handy.

Q. What are the available modes for payment of premium available for me?

A. There are two basic modes for payment of premium for Star Union Dai-Ichi Life Insurance which have further many options:

  • Online Modes of payment:
  • Debit Card payment
  • Payment through standing instructions or credit card
  • Netbanking
  • Offline Modes of payment:
  • Cash
  • Cheque
  • DD
  • You can pay it yourself at any of the branch office of Star Union Dai-Ichi Life Insurance.

Q. How Do I renew my policy with Star Union Dai-Ichi Life Insurance?

A. You need to use auto direct debit options that can be accessed online with your user id and password login.

Or, you can visit any of the branch offices and get the renewal process with the customer care executives help.

Q. How Does A Claim process take place in Star Union Dai-Ichi Life Insurance?

A.You need to submit the relevant list of documents within a few days of the occurrence. Star Union Dai-Ichi Life Insurance verifies the documents, once received and it may take about 30 days’ time to settle the claims.

The claims are generally settled through NEFT mode or are transferred to the respective branch office.

In case any of further investigations being conducted the time frame might exceed beyond 30 days time.

Q. What is the policy cancellation process?

A.Simply fill up the surrender form available on their website.

Submit in any of Star Union Dai-Ichi Life Insurance branch office with the required cancellation charges. Cancellation process takes around 30 days. You can check your cancellation status online.

Q. How well is Star Union Dai-Ichi Life Insurance doing when it comes to claim settlements?

A. According to our sources the Claim-settlement for Star Union Dai-Ichi Life Insurance is at a ratio of 95.2% from April 2014 - March 2015.

Q. What Type of Life Insurance plans are available with Star Union Dai-Ichi Life Insurance?

A. There are a variety of life insurance plans to choose from in the following categories:

  • Protection Plans
  • Saving Plans
  • Wealth Plans
  • Child Plans
  • Retirement Plan

Q. What is age requirement for applying or an insurance with Star Union Dai-Ichi Life Insurance?

A. The individual should be more than 18 years of age, but less than 60 years of age. However, this is the general take in the plans, and these numbers may vary based on the plan chosen.

Q. What is the right amount of coverage of an individual?

A. This solution to this question varies from person to person and a lot of factors are involved. However, Star Union Dai-Ichi Life Insurance has a calculator which can help get an estimate of the same. This requires the individual to fill in some numerical details and can be accessed on the website.

Q. How do I make the premium payment for Star Union Dai-Ichi life insurance plans?

A. Customers can choose from a variety of online and offline options to make premium payments. Online options include via net banking, credit cards or debit cards. Offline options include via cash (at Bank of India & Union Bank of India or SUD Life branches) or via cheque/DD at any SUD Life branch.

Q. What is the toll free number for contacting Star Union Dai-Ichi life insurance?

A. You can contact representatives of Star Union Dai-Ichi at their toll free number which is 1800 266 8833 and 1800 200 8833.

Q. Where is the head office for Star Union Dai-Ichi life insurance life insurance located?

A. Their head office is located at the following address:

Star Union Dai-ichi Life Insurance Company Limited

11th Floor, Vishwaroop I.T. Park,

Plot No. 34, 35 & 38,

Sector 30A of IIP,

Vashi, Navi Mumbai – 400703

Q. How can I change the nomination details of my SUD Life policy?

A. If you wish to make any changes to your SUD Life policy, you may do so by contacting the customer care centre where a trained representative will guide you through the process.

News About Star Union Dai-Ichi Life Insurance

  • Star Union Dai-ichi Life aims at clearing its debt by FY18

    With 50% of its Rs.180 crore of accumulated losses already cleared, Star Union Dai-ichi Life aims to clear the remaining amount by the end of FY18. MD and CEO of Star Union Dai-ichi Life, Girish Kulkarni, has stated that the company has recorded a 68% growth in their retail APE (Annualised Premium Equivalent) and renewal premiums were up by 23%. This has fuelled the company’s ability to clear their debts. Kulkarni also stated that the company will not require any additional funding from banks as the company has a solid plan on clearing out the debt by 2018-19. He also said that the company is aimed at paying dividend to various promoters after the debt has been cleared. Now, the company has the intention of becoming a pension fund manager and has expressed this desire to the chairman of the Pension Fund Regulatory and Development Authority (PFRDA).

    10 May 2017

  • Star Union Dai-ichi Life Insurance expecting a growth of 30%

    The joint venture of Union Bank, Bank of India and Japan’s Dai-ichi Life are expecting a growth of 30% in new premiums for the financial year 2015-16. The MD and CEO Girish Kulkarni said they have provided insurance cover for 2 million lives and the growth expected is something they are looking forward to and can handle as well. The scheme Jeevan Jyoti Bima Yojana will spread awareness of the importance of insurance in the country.

    The foreign investor Dai-ichi Life of Japan is also planning to increase their stake in the company from 26 % to 44% with the new insurance act allowing foreign partners to raise the stake up to 49% to the earlier 26% for insurance companies.

    24 September 2015

  • Bank of India to divest part of its stake in Star Union Dai-ichi

    BOI has indicated it is considering divesting 18% of its stake in the life insurance venture Star Union Dai-ichi in favour of Dai-ichi Life, the company’s foreign stakeholder. BOI currently holds 48% in the life insurance company along with Union Bank of India and Dai-ici Life who hold 26% each. The divestment, which is subject to completion of a valuation process to ascertain at what price the shares should be taken over, will reduce Bank of India’s holding to 30%.

    Through this move, Dai-ichi Life’s share will be enhanced to 49% which is the new permissible upper limit for FDI in the insurance sector as per the recently amended insurance norms. There was no indication, however, as to when BOI would offload its stake.

    A number of life insurance companies have been looking to increase their foreign partners’ stakes after the Insurance Bill was recently amended to allow FDI in insurance to 49% from the previous limit of 26%.

    3 June 2015

  • An assured income plan from Star Union Dai-Chi

    Star Union Dai-Chi Life Insurance has launched an assured income plan for individuals who see tax-free regular returns in addition to life cover for themselves. This a non-linked non-participating plan that offers protection for the family in case of unforeseen events like death. The guaranteed supplementary income can be used to support lifestyle/retirement needs. The plan also pays back all the premiums to the insured on maturity. In case of unfortunate death of the insured, the family gets benefitted in three ways—i) A lump sum death benefit payable ii) Additional annual payout at every policy anniversary till the start of scheduled payout date and iii) annual payout after 10, 15, 20 or 25 years as selected at time of enrolling into policy. Flexibility in choosing the premium payment term, the deferment term, the payout period and payout amount are available to the insured. They can also choose between two premium payout terms of 10 and 15 years, and four payout period options of 10,15,20 and 25 years.

    28 May 2015

  • Maiden profit of Rs.12.87 Crore for Star Dai-ichi Life Insurance

    In last six years of operation, Star Dai-ichi Life Insurance has posted its profit of Rs.12.87 Crore for the first time. Last fiscal company registered a total premium of Rs.1135 Crore.

    The company continued on its path of robust growth and customer acquisition amidst challenging market conditions and started registering profit only in its sixth year of operation. According to the company, this substantial growth has been registered as a result of investing more effort in regular and traditional life insurance policies.

    Star Union Dai-ichi Life Insurance is a joint venture between Bank of India, Union Bank of Indian and the Japanese insurance leader Dai-ichi.

    7 May 2015

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