Star Union Dai-Ichi Life Insurance Company Limited (SUD Life) was established on 2009 and it is a joint venture between two of India’s leading public sector banks, Bank of India and Union Bank of India, and Dai-Ichi Life Holdings, a leading life insurance company in Japan.
|COMPANY TYPE||Private Ltd|
|Managing Director & CEO||Shri Girish Kulkarni|
|Foreign Partner||Dai-Ichi Life Holdings – a leading life insurance company in Japan Bank of India and Union Bank of India – India’s leading public sector Bank|
|Covering range of People||64 million+ people covered|
|Contact Details||Toll-free : 1800 266 8833 Telephone: +91 227196 6200 Website : www.sudlife.in Mail : firstname.lastname@example.org SMS : ‘SUD’ to 56677888|
|Latest Claim Settlement Ratio||96.7% (FY 2019-20)|
|Asset Under Management||8488.55 Crore as on March 31st 2019|
|Solvency Ratio||250% as on 31st MAR 2019|
|Vision||To be Trustworthy Lifelong Insurance Partner|
|Philosophy||Converting Transactional Relationships into Subscriptional Relationships|
|Year of start||2009|
|IRDAI registration No||142|
|Corporate Office||Star Union Dai-Ichi Life Insurance Company Limited 11th Floor, Vishwaroop IT Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400703.|
1) SUD Life Abhay – Term Plan
2) SUD Guaranteed Money Back Plan – Savings Plan
3) SUD Life Aadarsh – Savings Plan
4) SUD Life AAshirwaad – Child Plan
5) SUD Life Guaranteed Pension Plan
6) SUD Life Wealth Builder Plan
|Awards & Recognitions||
1) National Award for Excellence in Corporate Governance 2020
2) Best compliance Framework of the year 2019 award
3) CMO Confluence & Corporate Awards 2019, INSURANCE ALERTSS – Emerging Life Insurance Company Award
4) Golden Peacock Award for Excellence in Corporate Governance by Institute of Directors (IOD), 2017
5) Claim Service Leader Award by India Insurance Awards, 2017
|Social Media Links||
Twitter : twitter.com/SUDLifeIN
Facebook : facebook.com/sudlifeinsurance
OPERATIONS OF SUD LIFE
The company has a robust collective network of 11,000+ bank branches catering to more than 64 million customers. SUD Life has one of the largest life insurance distribution footprints in India.
Bank of India and Union Bank of India have sponsored select Regional Rural Banks, which provide SUD Life access to more than 1950 branches that make life insurance products available in rural areas.
The joint venture of Dai-Ichi was established in 1902 and it is the second largest life insurance company of Japan. Also, Dai-Ichi is one of the top ten life insurers globally, renowned for sound product knowledge, superior asset management skills, and strong operational capabilities to manage life insurance businesses.
SUD’S COMMITMENT TOWARDS CUSTOMER
At SUD, customers are their primary priority. They are committed to providing insurance products that serve their customer’s unique needs across various strata of society and geographies.
The promoters of SUD Life have a long-term commitment towards their customers and stakeholder. These strengths and values have been inherited by SUD Life, as they make their way to becoming the next rising star in the Indian life insurance business, promising exceptional value to all.
BANK OF INDIA
Bank of India was founded on 7th September, 1906 and was under private ownership and control till July 1969, when it was nationalized along with 13 other banks.
At beginning the bank had only one office at Mumbai and having a paid-up capital of Rs.50 lakh and 50 employees. But today the bank has a strong national presence and sizable international operations. In business volume, the bank occupies premier position among nationalized banks.
The bank has 5016 branches across India that are controlled through 54 Zonal offices. At present, the bank has overseas presence in 22 foreign countries spread over 5 continents – with 60 offices including 5 Subsidiaries, 5 representative office and 1 joint venture, at key banking and financial centers viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.
UNION BANK OF INDIA
Union Bank of India was founded on 11 November 1919 with its headquarters in Mumbai, being inaugurated by Mahatma Gandhi, in the year 1921. The Bank now operates through over 4318 branches across the country and has shown a steady profit during 96 years of its operations.
VARIOUS SERVICES OF UNION BANK
Union Bank has been playing a very proactive role in the economic growth of India and it extends credit for the requirements of different sectors of economy including industries, exports, trading, agriculture, infrastructure, and the individual segments.
Through this diversified portfolio resources are mobilized through current, savings and term deposits and through refinance and borrowings from abroad. The bank has large clientele base of over 5.4 crores.
STRENGTH OF UNION BANK
On technology front, 100% of the branches are computerized. It has also introduced core banking solution with connectivity between branches.
Many innovative products are developed using the technology platform to offer an array of choices to transactions.
Union Bank is backed by a dedicated team of over 36,000 staff, who distinguish themselves with their customer centricity, willingness to learn and adherence as a caring organization where people enjoy their work and relationship with customers.
The company was founded in 1902 as Japan’s First mutual life insurance company (“The Dai-Ichi Life Insurance Company). After Dai-Ichi life demutualized and was listed on the Tokyo Stock Exchange in 2010, it shifted to holding structure in 2016 (“Dai-Ichi Life Holdings, Inc.”).
Dai-Ichi Life Group is one of the world’s largest life insurance group, with in force premiums of $48 billion and assets of $ 504 billion.
The company has rich experience and competencies in the life insurance business, especially in areas such as product development, asset management and underwriting. “Dai-Ichi” in the Japanese language means “First”, which is derived from its founding philosophy of “always putting the customer first”.
The group is active in 8 countries in the international life insurance business: India, Japan, United States of America, Australia, Vietnam, Cambodia, Indonesia and Thailand.
Dai-Ichi group has opened its Asia Pacific region head office in Singapore and North America Regional office in New York. Since its foundation in 1902, it has always placed the customer first. The philosophy continues to guide their group as it moves forward.
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