During financial year 2010-2011, Star Union Dai-ichi Life (SUD Life) collected new business premiums of Rs 758 crores. Its total premium income for the same period stood at Rs 933 crores which was a remarkable 76% increase over its previous year’s figures.
Star Union Daiichi Life Insurance is jointly promoted by Bank of India, Union Bank of India and Japan’s Dai-ichi. Company MD and CEO, K Sahay, has revealed that the company plans to double its premium income, this fiscal.
The insurer is also looking for expansion in South India and plans to open 12 area offices in Tier II cities over a period of 9 months. These area offices will serve as a back-end support for its customers.
D Krishnamurthy, VP of Southern Region, SUD Life, said that out of the expected Rs 2000 crores in new business premium this fiscal, around Rs 250 crores will be from these offices in South India. In the previous fiscal, out of its new business premium income of Rs 758 crores, almost Rs 100 crores was from the South.
SUD Life is planning a massive expansion of a total of 60 area offices throughout India in the next 9 months. With the strength of the domestic partners in the Indian Financial Sector, Star Union Dai-ichi is already a strong player in the Indian Life Insurance market.
They recently launched 2 new products a Unit-linked insurance plan (ULIP) Dhan Suraksha Express and a traditional endowment policy Defined Growth Endowment Plan. Existing products of Star Union include Annuity plans, Unit-linked plans (Ulips) with critical illness rider and accidental riders, Traditional life insurance plans like term plans and endowment plans.