The private life insurer, having completed 26 months in the insurance business, is a fairly new entrant in the Life insurance sector. The total premium collection since its inception is Rs 1323.89 crores. The major contributor to this has been its premium collections of Rs 936.70 crores during FY 2010 – 2011.
Kamalji Sahay, CEO of Star Union Dai-ichi Life (SUD Life), said that they have set a target to turn profitable within 5 years of commencement of business. He added that operating expense ratio of SUD Life is expected to be below 15 per cent of the total premiums and the company is expected to maintain its low cost operation model.
Star Union Dai-Ichi Life has insured 3,53,994 lives under its various Group Schemes and has exceeded the mandatory condition of 9 per cent of rural business set by the regulator. The insurer uses the strong network of more than 5400 offices of Bank of India and Union Bank of India to its advantage.
The 3 new products launched by Star Union Dai-Ichi Life are Defined Benefit Endowment, Dhan Suraksha 3 and Dhan Suraksha Premium 3. Apart from these 3 policies, the insurer offers Traditional life insurance plans, Annuity plans, Unit-linked plans (Ulips) with Critical illness and Accidental riders.