Star Union Dai-Ichi Life Insurance, a leading player in the Indian insurance industry, is committed to providing comprehensive life insurance solutions that protect individuals and their families against unforeseen circumstances. With a strong focus on customer-centricity, innovation and financial expertise, SUD Life Insurance has established itself as a trusted partner in protecting life and securing a future. This page explores the various aspects of Star union dai-ichi Life Insurance, including its history, product offerings, customer-centric approach, commitment to social responsibility, etc.
Company Overview
Star Union Dai-ichi Life Insurance (SUD Life) is a joint venture between two major public sector banks in India, Bank of India and Union Bank of India, and Dai-ichi Life Holdings, a multinational insurance company from Japan. Established in 2009, the company has grown rapidly and has earned a reputation for its strong financial stability, ethical practices and customer-centric approach. Sud Life Insurance operates with a mission to provide reliable and affordable life insurance solutions to individuals nationwide.
SUD Life boasts an extensive network comprising over 15,000 bank branches, serving a customer base exceeding 9.2 million individuals. This vast distribution footprint positions SUD Life as one of India's leading life insurance providers. The Bank of India and Union Bank of India have sponsored specific Regional Rural Banks, granting SUD Life access to over 1,950 branches. This strategic advantage enables SUD Life to offer life insurance products in rural regions, catering to the insurance needs of individuals residing in these areas.
Dai-ichi Life, founded in 1902, is the second-largest life insurance company in Japan and is among the top ten global life insurers. Renowned for its deep understanding of products, exceptional asset management expertise, and robust operational capabilities in overseeing life insurance operations, Dai-ichi Life has earned a strong reputation in the industry.
Star Union Dai-ichi Life Insurance (SUD Life Insurance) Awards and Accolades
Star Union Dai-ichi Life Insurance (SUD Life) has received several awards and accolades for its excellence in the insurance industry. Here are some notable achievements:
- Star Union Dai-ichi Life Insurance (SUD Life Insurance) was awarded the “APAC Gartner Innovation Awards” by Gartner Inc in 2020.
- Star Union Dai-ichi Life Insurance (SUD Life Insurance) was awarded the “National Award for Excellence in Corporate Governance” by the Institute of Companies Secretaries in January 2020.
- Star Union Dai-ichi Life Insurance (SUD Life Insurance) was awarded the “Golden Peacock Award for Excellence in Corporate Governance” by the Institute Of Directors (IOD) in October 2017.
- Star Union Dai-ichi Life Insurance (SUD Life Insurance) was awarded the “Claims Leader Service Award” by Indian Insurance Awards in 2017.
- Star Union Dai-ichi Life Insurance (SUD Life Insurance) was awarded the “Corporate Governance Excellence Awards” by ASSOCHAM in 2015.
- Star Union Dai-ichi Life Insurance (SUD Life Insurance) was awarded “Life Insurance Company of the Year” by Indian Insurance Awards in February 2015.
- Star Union Dai-ichi Life Insurance (SUD Life Insurance) was awarded the “Claims Service Leader Award” by Indian Insurance Awards in 2015.
- ABP News awarded Star Union Dai-ichi Life Insurance (SUD Life Insurance) “Company with Highest Claim Settlement” at BFSI Awards in 2015.
- ABP News awarded Star Union Dai-ichi Life Insurance (SUD Life Insurance) “Best Life Insurance Company in Private Sector” at BFSI Awards in 2015.
- Star Union Dai-ichi Life Insurance (SUD Life Insurance) was awarded the “Bancassurance Leader of the Year Award” by Indian Insurance Awards in 2014.
Star Union Dai-ichi Life Insurance (SUD Life Insurance) Company Specification
Below mentioned are the key specifications of Star Union Dai-ichi Life Insurance (SUD Life Insurance) company.
| Particular | Specifications |
|---|---|
| Claim Paid Percentage (2021-22) | 91.41% |
| Branches in India | 15000+ |
| Solvency Ratio (2021-22) | 1.93 |
| Market Share (2021-22) | 4,136.80 crore |
*Data has been sourced from the annual report of IRDAI 2021-22
Key Features of Star Union Dai-ichi Life Insurance (SUD Life Insurance)
Star Union Dai-ichi Life Insurance (SUD Life Insurance) puts customers at the center of its operations and aims to provide a hassle-free and personalized experience. Star Union Dai-ichi Life Insurance (SUD Life) offers several key features that set it apart in the insurance industry. Here are some notable features of SUD life insurance:
Comprehensive Product Portfolio
Star Union Dai-ichi Life Insurance (SUD Life Insurance) offers a comprehensive portfolio of insurance products to meet the diverse needs of individuals and families. These include term insurance, savings and investment, and child and retirement plans. The wide range of offerings ensures customers can choose a policy that best suits their needs.
Tailored Solutions
Star Union Dai-ichi Life Insurance (SUD Life Insurance) understands the unique insurance needs of each individual. Hence, the company provides customized solutions tailored to the needs of the clients while ensuring optimum value and coverage.
Digital Services
Star Union Dai-ichi Life Insurance (SUD Life Insurance) leverages technology to provide seamless and convenient customer services. Customers can easily access policy-related information, pay premiums and initiate claims through its user-friendly website and mobile app.
Transparent Practices
Star Union Dai-ichi Life Insurance (SUD Life Insurance) believes in maintaining transparency in all its operations. The company ensures clear communication about policy terms, benefits and claim procedures, enabling customers to make informed decisions.
Dedicated Customer Support
Star Union Dai-ichi Life Insurance (SUD Life Insurance) has a dedicated customer support team that can address customer queries, provide assistance and guide them through the insurance process.
Flexible Coverage Options
Star Union Dai-ichi Life Insurance (SUD Life Insurance) offers flexible coverage options, allowing customers to customize their policies based on their financial goals and risk appetite. With various riders and add-ons, customers can enhance their coverage to meet specific needs like critical illness, accidental death and disability.
Customer-Centric Approach
Star Union Dai-ichi Life Insurance (SUD Life Insurance) adopts a customer-centric approach, keeping policyholders' needs and satisfaction at the forefront. The company strives to provide personalized services, transparent communication and speedy claim settlement to ensure a seamless experience for its customers.
Strong Distribution Network
Star Union Dai-ichi Life Insurance (SUD Life Insurance) boasts a strong distribution network, leveraging partnerships with leading banks, including Bank of India and Union Bank of India. This vast network ensures the wide availability of its insurance products and services in various regions, including rural areas.
Financial Strength and Stability
Star Union Dai-ichi Life Insurance (SUD Life Insurance) exhibits strong financial stability backed by its parent companies, Dai-ichi Life Insurance Company Limited and Bank of India. The strong financial foundation of the company ensures the safety and reliability of the investments and claims of its policyholders.
Commitment to Social Responsibility
Star Union Dai-ichi Life Insurance (SUD Life Insurance) actively engages in Corporate Social Responsibility (CSR) initiatives focusing on education, health care and community development. The company strives to positively impact society by empowering individuals and contributing to the well-being of communities.
Expertise and Experience
Star Union Dai-ichi Life Insurance (SUD Life Insurance) benefits from the collective expertise and experience of its parent companies. Dai-Ichi Life Insurance Co., Ltd., one of Japan's largest life insurance companies with a long history, brings valuable insight and best practices to SUD Life's operations.
Social Responsibility
Star Union Dai-Ichi Life Insurance (SUD Life Insurance) strongly believes in giving back to society and actively contributes towards social causes. The company regularly engages in Corporate Social Responsibility (CSR) initiatives focused on education, healthcare and community development. Sud Life Insurance strives to positively impact society by empowering individuals and creating opportunities for growth and welfare.
Individual Life Insurance Plans Offered By Star Union Dai-ichi Life Insurance (SUD Life Insurance)
Star Union Dai-ichi Life Insurance (SUD Life Insurance) offers a range of life insurance plans designed to meet the diverse needs of individuals and families. Here are some of the leading individual life insurance plans provided by SUD Life:
Protection Plans
 |
SUD Life Saral Jeevan Bima |
Coverage Benefits
- Life Cover
- Multiple Premium Payment Term
- Tax Benefits
Eligibility Criteria
Entry Age: 18-65 Years
Maximum Maturity Age: 70 Years
|
SUD Life Protect Shield |
Coverage Benefits
- Life Cover with Return of Premium
- Life Cover with Critical Illness
- Tax Benefits
Eligibility Criteria
Entry Age: 18-55 Years
Maturity Age: 33 to 80 Years
|
SUD Life Protect Shield Plus |
Coverage Benefits
- Death Benefit
- Tax Benefit
- Multiple Premium Payment Options
Eligibility Criteria
Entry Age: 18-60 Years
Maturity Age: 23 to 80 Years
Retirement Plans
|
SUD Life Assured Income Plan |
Coverage Benefits
- Guaranteed Annual Income
- Multiple Premium Payment Term
- Tax Benefits
Eligibility Criteria
Entry Age: 8-55 Years
Maximum Maturity Age: 75 Years
|
SUD Life Guaranteed Pension Plan |
Coverage Benefits
- Guaranteed additions
- Vesting benefit at retirement
- Tax Benefits
Eligibility Criteria
Entry Age: 35-65 Years
Maturity Age: 55 to 70 Years
|
SUD Life Immediate Annuity Plus |
Coverage Benefits
- Lifelong Income
- Tax Benefit
- Single Premium Payment Mode
Eligibility Criteria
Minimum Entry Age: 45 Years
Maximum Maturity Age: 99 Years
|
SUD Life Saral Pension |
Coverage Benefits
- No limit on the maximum annuity
- Loan Facility Available
- Tax Benefits
Eligibility Criteria
Entry Age: 40-80 Years
Maximum Maturity Age: No Limit
Saving Plans
|
Star Union Dai-ichi Guaranteed Money Back Plan |
Coverage Benefits
- Maturity Benefit
- Death Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 13-50 Years
Maximum Maturity Age: 70 Years
|
Sud Life - Praptee |
Coverage Benefits
- Money Back Benefits
- 3 Different Premium Payment Terms
- Flexible-Premium Payment Term
Eligibility Criteria
Entry Age: 08-50 Years
Maximum Maturity Age: 68 Years
|
Sud Life Aadarsh |
Coverage Benefits
- Tax Benefit
- Multiple Premium Payment Term
- Multiple Sum Assured Option
Eligibility Criteria
Entry Age: 08-55 Years
Maximum Maturity Age: 65 Years
|
Sud Life Aayushmaan |
Coverage Benefits
- Extended Life Cover
- Lump Sum Benefit
- Lifelong Protection
Eligibility Criteria
Entry Age: 08-50 Years
Maximum Maturity Age: 70 Years
|
Sud Life Samriddhi |
Coverage Benefits
- Simple Reversionary Bonus
- Maturity Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 08-55 Years
Maximum Maturity Age: 70 Years
|
Pos Sud Life Sanchay |
Coverage Benefits
- Fixed premium payment term of 10 years
- No Medical Test Required
- Multiple Premium Payment Term
Eligibility Criteria
Entry Age: 18-45 Years
Maximum Maturity Age: 55 Years
|
SUD Life Akshay |
Coverage Benefits
- Guaranteed Cashback
- Cash Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 25-50 Years
Maximum Maturity Age: 95 Years
|
Sud Life Century Royale |
Coverage Benefits
- Loan Facility Available
- Tax Benefit
- Life Cover for 45 Years
Eligibility Criteria
Entry Age: For 7 pay: Minimum age – 18 years Maximum age – 55 years
For 12 pay: Minimum age – 18 years Maximum age – 50 years Maturity Age: 95 Years
|
Sud Life Fortune Royale |
Coverage Benefits
- Income Benefit
- Lumpsum Benefit
- Child Future Secure
Eligibility Criteria
Entry Age: 30 days to 55 Years
Maturity Age: 18 to 80 Years
|
Sud Life Century Gold |
Coverage Benefits
- Guaranteed Maturity Benefit
- Death Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 91 days to 60 Years
Maturity Age: 18 to 80 Years
Wealth Plans
|
Sud Life E-Wealth Royale |
Coverage Benefits
- Double Tax Benefits
- 8 Fund Options
- Option to increase Premium Payment Term and Policy Term
Eligibility Criteria
Entry Age: 30 Days
Maturity Age: 18 to 75 Years
|
Sud Life Elite Assure Plus |
Coverage Benefits
- Accidental Death Benefit
- Monthly Payouts
- Multiple Premium Payment Term
Eligibility Criteria
Entry Age: 18 Years to 55 Years
Maturity Age: 71 Years
|
Sud Life Century Plus |
Coverage Benefits
- Guaranteed Maturity Benefits
- Accident and Disability Riders
- Tax Benefit
Eligibility Criteria
Entry Age: 8 Years to 50 Years
Maturity Age: 66 Years
|
Sud Life Wealth Creator |
Coverage Benefits
- Flexibility to Change Premium Payment Term
- Return of Mortality Charges
- Tax Benefit
Eligibility Criteria
Entry Age: 8 Years to 55 Years
|
Sud Life Century Star |
Coverage Benefits
- SUD Life Accidental Death and Total & Permanent Disability Benefit
- Surrender Benefit
- Covid-19 Benefit
Eligibility Criteria
Entry Age: 8 to 55 Years
Maturity Age: 20 to 71 Years
|
Sud Life Wealth Builder Plan |
Coverage Benefits
- Maturity Benefit
- Top-up Option
- Tax Benefit
Eligibility Criteria
Entry Age: 8 to 60 Years
Maturity Age: 70 Years
Child Plans
|
Sud Life Aashirwaad |
Coverage Benefits
- 5 Maturity Payout Options
- Multiple Premium Payment Term
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 50 Years
Maturity Age: 70 Years
Group Life Insurance Plans Offered By Star Union Dai-ichi Life Insurance (SUD Life Insurance)
Star Union Dai-ichi Life Insurance (SUD Life Insurance) offers a range of group life insurance plans designed to meet the insurance needs of organizations and their employees. These group insurance plans provide coverage and financial protection to a group of individuals under a single policy. Here are some of the leading group life insurance plans offered by SUD Life:
Credit Life Plans
|
Sud Life Sampoorna Loan Suraksha Plus |
Coverage Benefits
- 5 Benefit Options to Choose
- Life Cover plus Accelerated Critical Illness Benefit
- Life Cover plus Accidental Death Benefit
Eligibility Criteria
Entry Age: 14 Years to 70 Years
Maturity Age: 76 Years
Term Insurance Plans
|
Sud Life Pradhan Mantri Jeevan Jyoti Bima Yojana |
Coverage Benefits
- Auto Debit Facility
- Auto-Renewal
- Discounts in Premium
Eligibility Criteria
Entry Age: 18 Years to 50 Years
Maturity Age: 55 Years
|
Sud Life Group Term Insurance Plus |
Coverage Benefits
- One-Year Renewable Policy
- Multiple Premium Payment Modes
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 79 Years
Maturity Age: 80 Years
Retirement Plans
|
Sud Life Group Retirement Benefit Plan |
Coverage Benefits
- 4 Investment Funds
- Flexibility in Payment of Contribution
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 79 Years
Maturity Age: 80 Years
Group Employee Benefit Plans
|
Sud Life Group Employee Benefit Plan |
Coverage Benefits
- Post Retirement Medical Benefit
- Death Benefit
- Dedicated Service Team
Eligibility Criteria
Entry Age: 18 Years to 79 Years
Maturity Age: 80 Years
Optional Riders Offered under Individual and Group SUD Life Insurance Plans
Under the individual and group life insurance plans offered by Star Union Dai-ichi Life Insurance (SUD Life Insurance), various optional riders are available to enhance the coverage and customize the policy as per the specific needs of the policyholder. These optional riders provide additional benefits and protection beyond the base policy. Here are some of the common optional riders offered by SUD Life Insurance:
Accidental Death Benefit Rider
This rider provides an additional sum assured in case of the death of the policyholder due to an accident. It provides an additional layer of financial security to the policyholder's family in case of an accidental death.
Critical Illness Rider
The critical illness rider provides a lump sum benefit if the policyholder is diagnosed with a specified critical illness listed in the policy. This rider helps cover the high medical expenses associated with critical illnesses and provides financial support during a challenging period.
Disability Benefit Rider
The disability benefit rider offers financial coverage in case the policyholder becomes disabled and is unable to earn an income. It provides a regular income or a lump sum benefit, depending on the terms of the rider, to help the policyholder manage their financial obligations during the disability period.
Waiver of Premium Rider
The waiver of premium rider waives off future premium payments if the policyholder becomes disabled or critically ill as per the terms of the rider. This ensures that the policy remains in force even if the policyholder cannot pay the premiums, thus providing continued coverage.
Income Benefit Rider
The income benefit rider provides a regular income stream to the policyholder's family in case of the policyholder's demise. It ensures that the family receives a steady income to meet their day-to-day expenses and maintain their standard of living.
Covid-19 Benefit Rider
The covid-19 benefit rider mitigates the financial contingencies related to COVID-19 or SARS-CoV-2. The policyholders will get the 25% of the rider sum assured in case of hospitalization and 100% of the rider sum assured in case of the policyholder's death.
Group Accidental Benefit Rider
The Group Accidental Benefit Rider can be attached to any SUD group term insurance plan in which the policyholder will get 100% of the sum assured amount in case of death due to an accident.
Star Union Dai-ichi Life Insurance (SUD Life Insurance) Plans Buying Process
The process of buying a life insurance plan from Star Union Dai-ichi Life Insurance (SUD Life Insurance) typically involves the following steps:
Buy from "RenewBuy"
- Visit the official site of "RenewBuy."
- Select the "Life Insurance Plan" tab.
- Select the "Best Life insurance companies in India" tab.
- The next tab will show you all the life insurance companies.
- Click on the "Star Union Dai-ichi Life Insurance" tab.
- Select the desired SUD life insurance plan.
- Fill in all the required information.
- Click on "Buy Now".
- Proceed with the payment.
Buy From the Official Website of SUD Life Insurance
- Visit the “Star Union Dai-ichi Life Insurance” official website.
- Click on the “Buy Online” section from the header section.
- The dropdown will show you all the "SUD life insurance Plans."
- Select your desired life insurance plan
- Fill in the required details.
- Click on the "Buy now" button.
- Make the payment, and your life insurance policy document will be sent to your registered e-mail address.
Star Union Dai-ichi Life Insurance (SUD Life Insurance) Claim Process
The claim process for Star Union Dai-ichi Life Insurance (SUD Life Insurance) typically involves the following steps:
-
Intimation of Claim:
In the event of the policyholder's demise or the occurrence of a covered event, the nominee or the policyholder's legal representative should intimate SUD Life Insurance about the claim as soon as possible. Contact the SUD Life customer service by calling on 1800-266-8833 between 09:00 am to 07:00 pm Monday to Saturday or email them at customercare@sudlife.in to initiate the claim process.
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Claim Documentation
SUD Life Insurance will provide you with a list of documents required to be submitted as part of the claim process. These documents may include the original policy document, claim form, death certificate (in case of death claim), medical record (if applicable), identity proof, address proof and any other document specified by the insurer.
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Claim Form Submission
Fill in the claim form correctly and completely. Ensure all necessary information is provided, including details of the policyholder, nominee, cause of death (if applicable), and any other relevant information. Attach the required supporting documents as mentioned in the claim documentation checklist.
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Claim Evaluation
SUD Life Insurance will review the claim form and the submitted documents. They may conduct an investigation or verification process to assess the validity of the claim. This may include contacting relevant parties, verifying medical records or seeking additional information.
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Claim Decision
SUD Life Insurance will take a claim decision based on the evaluation and verification process. If the claim is accepted, the insurer will inform the nominee or legal representative of the policyholder about the settlement amount and settlement method. In case of any additional requirement or query, the insurer will provide guidance and assistance.
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Claim Settlement
SUD Life Insurance will start the settlement process once the claim is accepted. The settlement amount will be paid to the nominee or the legal representative of the policyholder as per the agreed method, such as a lump sum payment or annuity, depending on the terms and conditions of the policy.
Required Documents to File Claim
The documents required to file a claim for SUD Life Insurance are given below:
For Death Claim
- Claim intimation form
- Original policy document
- Copy of death certificate
- Photo identity proof
- Address proof of claimant
- Bank statement or passbook with last 3 months transactions or cancelled cheque
For Critical Illness Claim
- Critical illness claim intimation form
- KYC & bank proof details of the claimant in case of death of the policyholder
- Copy of hospital records (progress sheets, admission notes, discharge/death summary test reports from hospital and clinic)
- Copy of death certificate in case of death of the policyholder
- Activities of daily living by the claimant or the treating/attending physician
- Questionnaires to be filled by the claimant – e.g. hypertension questionnaire, diabetes questionnaire, etc.
- Attending physician statement to be filled by the treating doctor, e.g. For condition claimed due to “heart attack” – will require APS- heart-related
Other Documents
- Copy of hospital records (admission notes, progress sheets, test reports, discharge/death summary from hospital and clinic where life assured was treated)
- Additional documents in case death occurred due to unnatural or accidental death
- Copy of first information report/spot panchanama duly attested by issuing authority
- Copy of viscera report duly attested by issuing authority
- Copy of post-mortem report duly attested by issuing authority
- Newspaper cuttings (if available)
- Copy the final police investigation report
Star Union Dai-ichi Life Insurance (SUD Life Insurance) Contact Details
Star Union Dai-ichi Life Insurance Company Limited
IRDAI Regn. No.: 142
CIN No: U66010MH2007PLC174472
Registered Office: 11th Floor, Vishwaroop IT Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703
Website: www.sudlife.in
Toll-Free No.: 1800 266 8833 [Monday – Saturday; 09:00 AM to 07:00 PM]
