Dhan Suraksha Platinum has been designed to ensure the security of one’s family and a means to build up one’s savings. The plan allows you to make a one-time investment for which a guaranteed amount is paid at the end of ten years. In case of unfortunate death during this period, a guaranteed death benefit is paid to the policyholder that amounts to five times of the single premium paid.
Star Union Dai-ichi has guaranteed that a policyholder can avail of a personal loan against this policy by assigning the policy document as collateral. The maximum amount of loan that can be availed is 75% of the surrender value at the time of taking the loan. The plan also provides policyholders an assured benefit and a maturity benefit at the end of the policy term. Additionally, this plan is also subject to tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961.
Commenting on the launch of their latest product offering, I.S. Rao, Appointed Actuary, Star Union Dai-ichi Life Insurance Co. Ltd. said, “Dhan Suraksha Platinum is a unique plan that has a strong combination of guaranteed savings for your future and guaranteed protection for your loved ones. Given the current state of markets and overall economy you would certainly not want to experiment anymore with your hard earned money through speculative products and securities. Moreover all this comes with just one- time premium payment, hence making it a true hassle free benefit.”
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 in spite 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.
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 1% of total business by March 2012.
Mr. Rao further added, “With strong domain expertise, SUD Life is fast moving up in the league table and as on FY year till Nov 2011 results published by IRDA, SUD Life has moved to 10th position on Gross Premium basis among private life companies.”
About Star Union Dai-ichi Life Insurance Company Limited
Star Union Dai-ichi Life Insurance Company Limited (SUD Life) is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life Insurance, The Company has been incorporated / registered with the Registrar of Companies, Maharashtra on 25th September, 2007. The Company has been issued the license for undertaking life insurance business in India by Insurance Regulatory and Development Authority (IRDA) on 26.12.2008. The Company has best insurance, IT, finance and investment resources to ensure that it soon earns a prominent position in insurance sector.
Sourced From:Perfect Relations
