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 products accessible to rural areas.
Key Highlights of Star Union Dai Ichi Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 80.73% for year 2015-2016
95.42% Grievances Settled for year 2015-2016
To be eligible for Star Union Dai Ichi Life Insurance
You should be at least 18 years old
You should be less than 60 years old
You should be either Salaried, Self- employed, a professional or have your own business
Star Union Dai Ichi Life Insurance at a Glance
A maximum tenure of 30 years
Min Sum Assured: Rs 25 Lakhs
Max Sum Assured: Rs 100 Crore
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Star Union Dai Ichi Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Star Union Dai-ichi Life Insurance Plans In India
The company offers its customers a wealth of products to choose from. All these products have been designed to meet the insurance needs of both individuals and groups of individuals. Some of the products offered by them are mentioned below.
- Star Union Dai-ichi Life Insurance Protection Plans
These are plans that are meant to provide protection to the financial future of your family in the unfortunate event that something terrible were to happen to you. The plans on offer under this scheme are:
- Premier Protection Plan:This is a pure term plan with low premiums over fixed tenures, and high Sum Assured benefits.
- Star Union Dai-ichi Saving 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.
- Star Union Dai-ichi Wealth Plans
These 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.
- Star Union Dai-ichi Life Insurance 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.
- 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.
- 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.
- 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.
Star Union Dai-Ichi Life Insurance FAQs:
- Q. How to check my Star Union Dai-Ichi Life Insurance policy status?
- A.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
- Offline Modes of payment:
- 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.
- 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.
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).
10th 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.
24th 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%.
3rd 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.
28th 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.
7th May 2015
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017