Star Union Dai-ichi Life launches two product offering Dhan Suraksha Express and Defined Growth Endowment Plan and announces their year end results
Star Union Dai-chi Life (SUD Life) today announced that it has become the first Life Insurance Company in India to accumulate over 1329 crores of New Business Premiums in its first 26 months of business operations. Star Union Dai-ichi Life has launched two latest product offerings, one in the unit linked insurance product (ULIP) segment, Dhan Suraksha Express & another in the traditional category.
- (1888PressRelease) May 08, 2011 - Bangalore - Star Union Dai-chi Life (SUD Life) today announced that it has become the first Life Insurance Company in India to accumulate over 1329 crores of New Business Premiums in its first 26 months of business operations. On this memorable occasion, Star Union Dai-ichi Life has also launched its two latest product offerings, one in the unit linked insurance product (ULIP) segment, Dhan Suraksha Express and another in the traditional category, Defined Growth Endowment Plan.
The company has procured Rs.758.00Crs new business premium during 2010-11, thus registering a growth of 46% over the last financial year. The total premium income (including the renewal premium) of the company was Rs. 933crs. This was 76% growth over last year. The company has sold 97,730 individual policies and covered 353,994 lives under group schemes. The company has exceeded its mandatory commitments under social and rural business obligations prescribed by the regulator.
The company has been ranked 12TH among 23 life insurers (up from 15Th position in March 10) for the year F.Y.2010-2011. Other key highlights of performance are as follows:
1. 7Th Position in the industry for Group business contribution in double digit i.e. 22% of total premium by end of F.Y. 2010-11.
2. SUD Life market share in the private industry has been augmented to 1.93% by end of F.Y.2010-11 from 1.35% in March'10 and 0.15% in March'09.
The business generated by Star Union Dai-ichi Life is primarily through its Bancassurance partners who have played a pivotal role in the distribution of its products. The company has tied up with Bank Of India, Union Bank of India, and seven Regional Rural Banks (RRBs) for business development. It has also launched its first agency channel in Patna towards the end of the last financial year. It is expected that this channel will contribute around 10% of total business by March 2012.
Dhan Suraksha Express ULIP Plan:
After the last regulatory changes in ULIPs, the minimum ticket size under ULIP Plans had gone up beyond the reach of lower income segments. We at Star Union Dai-ichi Life have come up with a 'Lower ticket sized & highly affordable ULIP Plan' which offers an excellent combination of insurance cover with simplified investment solutions. The main features are:
1. Fixed policy term of 10 years.
2. Minimum ticket size of Rs 15,000/- per annum and Maximum ticket size of 1, 00,000/- p.a.
3. Insurance cover = Fund Value + Sum Assured.
4. Only two funds to choose from (a) Growth Fund and (b) Express Balanced Fund
5. Moderately lower allocation charges.
6. Available for ages between 8 years to 60 years.
7. Attachable riders: (a) Accidental Death & Total Permanent disability, and (b) Critical Illness benefit rider.
The company started business with just Rs. 250 crores of capital contributed by the three promoters. However, the company has not required fresh capital infusion in spite of being one of the fastest growing companies. This has been made possible because of the country's remarkable economic growth within which this company has conducted business. Its operating expenses are among the lowest in the industry. The company is likely to figure among the best companies on the basis of Death Claim settlement. Last year the company settled 90% of all claims intimated.
Commenting on the occasion of the announcement of their yearend results and the launch of their new products Mr. Kamalji Sahay, MD & C.E.O of SUD Life said "We are happy to report that our company has grown from strength to strength with every passing month and has consistently outperformed itself. With our increasing success we have also continued to add value to our customers by providing them a bouquet of innovative product offerings. For Star Union Dai-ichi Life, customer satisfaction and product innovation are our two key drivers and our results for the year are reflection of our commitments to our goals".
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