Life insurance reported strong (26-47%) growth in individual annualised pre...
In a move to penetrate remote rural markets in Uttar Pradesh, Star Union Dai-ichi (SUD) is on a mission to tie-up with the Regional rural banks (RRB). Star Union Dai-ichi is a joint venture between Bank of India (BOI), Union Bank of India and Dai-ichi Mutual Life Insurance Company of Japan. BOI and Union Bank are the two leading Public sector banks in India, having a strong nationwide network of over 5400 offices.
To achieve this goal of making its presence in the remotest regions of U.P, SUD has tied-up with Aryavart Gramin Bank which is a joint undertaking of Government of India, Uttar Pradesh Government and Bank of India. It has 306 branches and operates in 6 districts namely Lucknow, Barabanki, Farrukhabad, Hardoi, Kannauj and Unnao in U.P. With this strategic alliance, SUD will be able to make a foothold in rural areas of U.P.
SUD has an array of Life Insurance products including traditional products and Unit Linked Insurance Plans (ULIPs). Kamalji Sahay, CEO and MD of SUD Life Insurance, mentions that they are in the process of joining hands with another RRB in eastern U.P