Star Union Dai-ichi Life (SUD Life), a joint venture of Bank of India, Union Bank of India and Dai-ichi Life Insurance Co. of Japan, has launched two new products.
Addressing presspersons here on Thursday, D. Krishnamurthy, Vice-President and Regional Manager, South, said Dhan Suraksha Express was the unit-linked insurance product and Define Growth Endowment Plan was the traditional and a low ticket regular premium plan.
Dhan Suraksha provides a choice of two funds — Growth Fund and Express Balanced Fund — for investment to maximise the returns. The minimum age of entry is 8 years and maximum is 60 years, the policy term being 10 years. The minimum and maximum premium under this plan is Rs.15,000 and Rs.1 lakh respectively.
Defined Growth Endowment Plan is the traditional plan which gives guaranteed growth of savings during the policy term in a systematic manner. The minimum sum assured under this plan is Rs.1 lakh and maximum Rs.50 lakh. The policy term is 15, 20, and 25 years.
Mr. Krishnamurthy said SUD Life procured Rs.758-crore new business premium during 2010-11, a growth of 46 per cent over the previous year. Out of this, south contributed Rs.100 crore, he said.
To reach out to more customers, the company was planning to open 12 area offices in major towns in the south in a phased manner, Mr. Krishnamurthy said.
