Star Union Dai-ichi Life, a joint venture between Bank of India, Union Bank of India, and Japan’s Dai-ichi, has registered a growth of 73.21 percent during the financial year 2010 – 2011.
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 the commencement of business. He added that the operating expense ratio of SUD Life is expected to be below 15 percent of the total premiums and the company is expected to maintain its low-cost operating 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 percent of rural businesses set by the regulator. The insurer uses the strong network of more than 5400 offices of the 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, and Unit-linked plans (Ulips) with Critical illness and Accidental riders.
