Star Union Dai-ichi life insurance (SUD Life) is a 3-way joint venture between Japanese insurance giant Dai-ichi, Union Bank of India, and Bank of India.
SUD Life was founded in 2009 and currently operates over 15000 branches in India. The majority of its insurance business is handled within the bank branches of Union Bank and Bank of India, respectively. As of 2021, The company has a total of over 64 million customers.
This article will be discussing the following aspects of SUD Life insurance:-
The company has an authorized capital of 250 Cr, with the following shareholding pattern:-
Mr. GIRISH KULKARN is the company’s Managing Director and CEO, followed by Mr. KIMIHISA
HARADA (Deputy CEO & CFO), Mr. Abhay Tewari (JOINT PRESIDENT & CHIEF ACTUARY), Daiju Saski (Chief Risk Office). The complete list can be found here.
The company offers an abundance of insurance products to its clientele. Their products are broadly classified into the following:-
Let us decompress these plans further and get into the details of each SUD Life insurance plan.
SUD Life protection Plans or term plan comprises of 2 products, they are:-
SUD Life Saral Jeevan Bima plan is the company’s standard term insurance plan. It provides life insurance coverage to individuals in case of an unfortunate demise of the policyholder. The policy provides a lump sum amount in the event of the policyholder’s death.
This plan provides more flexibility compared to the Saral Jeevan Bima plan, as it offers lump sum payment, monthly payment, or a combination of the two In the event of the policyholder’s unfortunate demise. It also provides substantially greater coverage compared to their Saral Jeevan Bima plan
According to the Population Census held in 2011, there are over 10 crore senior citizens in India. This number is expected to rise to over 17 crores by 2026. As the number of elderly increase in the country, so do their post-retirement financial requirements. SUD Life provides 3 retirement plans for the elderly. They are:-
The company’s Life Assured Income Plan provides a unique blend of benefits to the policyholder. The plan provides financial security to the insured by way of annual payouts plus it provides a life cover to the policyholder in case of an unforeseen death. The plan also guarantees that the company will return all of the premium paid to the policyholder on maturity.
The SUD Life Guaranteed Pension Plan provides many of the benefits of SUD Life Assured Income Plan, along with additional benefits like No medical checkup and flexible payment options.
The company also provides a host of ULIP-type plans that are linked with the financial market. These plans provide the potential for greater returns through exposure to the stock market, along with general death benefits, incase of unfortunate demise of the policyholder. Plans include:-
The Wealth Builder Plan provides Unit-linked maturity benefits along with death benefits in case of untimely death. The premium payment structure is very simple. The insured only needs to pay a single one-time premium to enroll in this policy.
The SUD Life Wealth Creator Plan provides benefits similar to the Wealth Builder Plan, along with the opportunity to invest in 2 specialized investment strategies.
Star Union Dai-ichi provides 6 savings plans to augment your income sustain your lifestyle. They are:-
This plan advertises “guaranteed happiness every 5 years”. This means the company will provide 200% of your paid premium back to you every 5 years as a survival benefit. This policy pays the policyholder 200% of his or her premium back every 5 years and also provides a death benefit to the holder. This policy provides a balance between savings and security.
The company’s Praptee Plan assures increasing payouts every 3 years, guaranteed maturity benefits, and also provides a death benefit for the policyholder.
This plan provides a cumulative lump sum amount at the end of the policy term with additional bonuses.
SUD Life Sanchay Plan is a low-ticket (minimum sum insured INR 90000) life cover plan. This plan provides ease of enrollment as the company does not require you to undergo a medical test before buying the policy. The holder will receive a maturity benefit of 150% of the premium paid during policy maturity.
Their Samriddhi Plan provides life cover along with accidental coverage to the policyholder. This plan also provides guaranteed additions and bonuses. The holder will receive all the benefits on maturity or death.
his plan provides an extended life cover (up to 95 years) along with guaranteed cashback and maturity benefits.
The Aadarsh Plan is a short-term savings plan offered by SUD Life. The plan provides maturity benefits, life coverage, and accidental coverage. An additional advantage of this plan is that in case of accidental death, the sum assured is doubled.
The company currently provides a single-child plan. It is a non-Unit-linked endowment plan.
This plan ensures that there is no compromise in your children’s lifestyle, education, and wellbeing even in the event of the policyholder’s death. The plan provides guaranteed benefits at maturity, flexible payout options, and guaranteed additions.
The company has proven itself to steadily increase its claim settlement ratio in the last 5 years
Claim settlement ratio
1800 266 8833
+91 22 7196 6200
You can download the requisite SUD Life claim forms based on the type of claim you want to make.
The company generally opens up a large number of job positions throughout the year. You can view the complete list of job listings here.
In case you wish to surrender your policy and make a partial withdrawal, you can download the surrender form, fill it and send it across to the designated officer at the company.
Are you looking for a new SUD Life insurance policy or a policy renewal? Reach out to us and let us assist you.