Star Union Dai-ichi Life (SUD Life) on Wednesday introduced two new product offerings, one in the unit-linked insurance product (ULIP) segment, Dhan Suraksha Express, and another in the traditional category, Defined Growth Endowment Plan. It also announced that it has accumulated over Rs.1,329 crore of new business premium in just over two years of its operations.
“We procured Rs.758 crore new business premium during 2010-11, registering a growth of 46 per cent over the previous year. Total premium income (including renewal premium) of the company was Rs.933 crore, which was 76 per cent up over the previous year.
“We have sold 97,730 individual policies and covered over 3.5-lakh lives under group schemes. We have also exceeded our mandatory commitments under social and rural business obligations prescribed by the regulator,” SUD Life Managing Director and CEO Kamalji Sahay told journalists here.
He said the company started business with just Rs.250 crore of capital contributed by the three promoters, Bank of India, Union Bank of India and Japan's Dai-ichi Life Insurance. However, the company has not required fresh capital infusion in spite of being one of the fastest growing companies.
Innovative offerings
“With our increasing success we have also continued to add value to our customers by providing them a bouquet of innovative product offerings.
“For SUD Life, customer satisfaction and product innovation are the two key drivers and our results for the year are reflection of our commitments to our goals,” Mr. Sahay added.
