Star UnionSrtar Dai-ichi Life launches Dhan Suraksha Express and Defined Growth Endowment Plan

FOR IMMEDIATE RELEASE
Hyderabad, Andhra Pradesh, India, Republic of (Free-Press-Release.com) May 4, 2011 -- Star Union Dai-chi Life (SUD Life) today announced that it has become the first Life Insurance Company in India to accumulate over 1329 cores 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:

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.
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/- p.a 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.

Defined Growth Endowment Plan: With a view to cater to the needs of risk averse customers who are unwilling to invest in ULIPs, Star Union Dai-ichi Life is launching a new plan on traditional endowment platform with guaranteed and loyalty additions. This is the 4Th traditional plan launched by the company (apart from the two pure term plans). This plan guarantees growth of savings during the policy term in a systematic manner. The death cover /benefit also increases as the policy term progress. The main features of the plan are:

01.The policy holder would be knowing on the very date of taking policy, how much he would receive on the maturity date.
02. Guaranteed addition every year (increasing every 5 yrs). Loyalty additions on maturity.
03. Minimum sum assured Rs. 100,000 and Maximum sum assured Rs. 50,00,000/-
04. Available between ages 12 years and 60 years.
05. Policy term 15, 20, and 25 years.
06. Attachable riders: (a) Accidental death & Total permanent disability and (b) Critical illness Benefit Rider.
07. 2% discount on premium rates for female lives.

08. Policy loan available after 3 years.
09. High sum assured rebate is also available for sum assured above Rs. 10 lacs.

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 inspite 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.

Defined Growth Endowment Plan     Dhan Suraksha Express     hyderabad     insurance