Star Union Dai-ichi life insurance (SUD Life)

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:-

• SUD Life shareholding pattern
• SUD Life management team
• SUD Life insurance products
• SUD Life claims settlement ratio
• SUD Life customer care number
• SUD Life Forms
• SUD Life insurance careers
• SUD Life surrender form

SUD Life shareholding pattern

The company has an authorized capital of 250 Cr, with the following shareholding pattern:-

• Dai-ichi Life Holding: 45.94%
• Union Bank of India: 25.10%
• Bank of India: 28.96%

SUD Life management team

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.

SUD Life insurance products

The company offers an abundance of insurance products to its clientele. Their products are broadly classified into the following:-

• Protection plans
• Retirement plans
• Wealth Plans
• Savings Plans
• Child Plans

Let us decompress these plans further and get into the details of each SUD Life insurance plan.

SUD Life Protection plans

SUD Life protection Plans or term plan comprises of 2 products, they are:-

1. SUD Life Saral Jeevan Bima plan
2. SUD Life Abhay plan.

SUD Life Saral Jeevan Bima 

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.

• Maximum Coverage: Rs 25 Lakhs
• Minimum and maximum entry age:18-65 years
• Maximum maturity age: 75 years
• Payment terms: Single, regular, 5 years and 10 years
• Policy brochure

SUD Life Abhay 

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

• Maximum Coverage: 100 crores
• Minimum and maximum entry age:18-65
• Maximum maturity age: 80 years
• Payment terms: Annual premium, single premium, or Limited premium
• Policy term: Max 40 years
• Policy brochure

SUD Life Retirement Plans

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:-

• SUD Life Assured Income Plan
• SUD Life Guaranteed Pension Plan
• SUD Life Immediate Annuity Plus Plan

SUD Life Assured Income Plan 

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.

• Maximum annual payout: 50 lakhs
• Minimum and maximum entry age:18-55
• Maximum maturity age: 75 years
• Payment terms: Annual premium, single premium, or Limited premium
• Policy term: Max 35 years
• Policy brochure

SUD Life Guaranteed Pension Plan 

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.

• Minimum and maximum entry age:35-65
• Maximum maturity age: 70 years
• Payment terms: Annual premium, single premium, or Limited premium
• Policy brochure

SUD Life Wealth Plans (Unit Linked Life Insurance Plans)

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:-

• SUD Life Wealth Builder Plan
• SUD Life Wealth Creator Plan

SUD Life Wealth Builder Plan

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.

• Minimum and maximum entry age:8-60
• Maximum maturity age: 70 years
• Payment terms: single premium
• Policy Term: 5-30 years
• Minimum Premium: 1 Lakh

SUD Life Wealth Creator Plan 

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.

• Minimum and maximum entry age:8-55
• Payment terms: Flexible
• Max premium: Rs 100 Crores

SUD Life Savings Plans

Star Union Dai-ichi provides 6 savings plans to augment your income sustain your lifestyle. They are:-

• SUD Life Guaranteed Money Back Plan
• SUD Life Praptee Plan
• SUD Life Aayushmaan Plan
• SUD Life Sanchay Plan
• SUD Life Samriddhi Plan
• SUD Life Akshay Plan
• SUD Life Aadarsh Plan

SUD Life Guaranteed Money Back Plan

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.

• Minimum and maximum entry age:13-50
• Payment terms: annual, quarterly, bi-annually, and monthly
• Max sum insured: Rs 10 Crores
• Maturity age: 70
• Max Policy Term: 20 years

SUD Life Praptee Plan

The company’s Praptee Plan assures increasing payouts every 3 years, guaranteed maturity benefits, and also provides a death benefit for the policyholder.

• Minimum and maximum entry age:8-50
• Payment terms: annual, quarterly, bi-annually, and monthly
• Max sum insured: Rs 100 Crores
• Maturity age: 68

SUD Life Aayushmaan Plan

This plan provides a cumulative lump sum amount at the end of the policy term with additional bonuses.

• Minimum and maximum entry age:18-50
• Payment terms: annual, quarterly, bi-annually, and monthly
• Max sum insured: Rs 100 Crores
• Maturity age: 70

SUD Life Sanchay Plan

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.

• Minimum and maximum entry age:18-45
• Payment terms: annual, quarterly, bi-annually, and monthly
• Max sum insured: Rs 9 Lakhs
• Maturity age: 55

SUD Life Samriddhi Plan

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.

• Minimum and maximum entry age:8-55
• Payment terms: annual, quarterly, bi-annually, and monthly
• Max sum insured: Rs 1 crores
• Maturity age: 70

SUD Life Akshay Plan

his plan provides an extended life cover (up to 95 years) along with guaranteed cashback and maturity benefits.

• Minimum and maximum entry age: 25-50
• Payment terms: annual, quarterly, bi-annually, and monthly
• Maturity age: 95

SUD Life Aadarsh Plan

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.

• Minimum and maximum entry age:8-55
• Payment terms: annual, quarterly, bi-annually, and monthly
• Maturity age: 65
• Max sum insured: Rs 5 Lakhs

SUD Life Child Plans

The company currently provides a single-child plan. It is a non-Unit-linked endowment plan.

SUD Life Aashirwaad 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.

• Minimum and maximum entry age:18-50
• Payment terms: annual, quarterly, bi-annually, and monthly
• Maturity age: 70
• Max sum insured: Rs100 Crores

SUD Life claims settlement ratio

The company has proven itself to steadily increase its claim settlement ratio in the last 5 years

SUD Life customer care

SUD Life Forms 

You can download the requisite SUD Life claim forms based on the type of claim you want to make.

SUD Life insurance careers

The company generally opens up a large number of job positions throughout the year. You can view the complete list of job listings here.

SUD Life surrender form 

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.