Rozella5628: made some entry initial version.

2026-04-10T09:13:21Z

made some entry initial version.

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{{short description|Indian insurance company}}
{{Use dmy dates|date=May 2025}}
{{Use Indian English|date=May 2025}}
'''Star Union Dai-ichi Life Insurance''' is an insurance company with headquarters in [[Mumbai|Mumbai, India]]. It was founded in 2007 and began operations in 2009 as a joint venture between [[Bank of India]], [[Union Bank of India]], and [[Dai-ichi Life]], a [[Japan]]ese [[life insurance]] firm.<ref name="People Matters w669">{{cite web | title=How Star Union Dai-ichi Life Insurance (SUD Life) enhanced employee experience | website=People Matters | url=https://www.peoplematters.in/site/interstitial?return_to=%2Farticle%2Fhcm-hrms-hris%2Fhow-top-insurer-sud-life-enhanced-people-management-with-darwinbox-32969 | access-date=2023-11-16}}</ref> It offers a range of services including investments plans, retirement plans and protection plans.<ref name="Desk 2023 b565">{{cite web | last=Desk | first=PF | title=SUD Life Century Gold plan: Decide premium payment on your own terms | website=Financialexpress | date=2023-01-11 | url=https://www.financialexpress.com/money/insurance-sud-life-century-gold-plan-decide-premium-payment-on-your-own-terms-2944205/ | access-date=2023-11-16}}</ref><ref name="Bhaskaran 2015 u373">{{cite web | last=Bhaskaran | first=Deepti | title=Product crack: SUD Life Assured Income Plan | website=mint | date=2015-06-04 | url=https://www.livemint.com/Money/fqC6Zog0P8cxmKzoDfLHSI/Product-crack-SUD-Life-Assured-Income-Plan.html | access-date=2023-11-16}}</ref> It has been regulated by the [[Insurance Regulatory and Development Authority|Insurance Regulatory And Development Authority]] of India as one of the 25 leading life insurance companies in India.<ref name="Maheshwari 2023 p339">{{cite web | last=Maheshwari | first=Rashi | title=Life Insurance Companies In India | website=Forbes Advisor INDIA | date=2023-04-04 | url=https://www.forbes.com/advisor/in/life-insurance/life-insurance-companies-in-india/ | access-date=2023-11-15}}</ref>

== History ==

Star Union Dai-ichi Life Insurance was incorporated in September 2007 and commenced operations in February 2009 with Rs. 420 crores in funding from its founding promoters.<ref name="Network 2020 f782">{{cite web | last=Network | first=BFSI | title=Union Bank of India broadens Insurance distribution channels post-merger | website=Elets BFSI | date=2020-07-03 | url=https://bfsi.eletsonline.com/union-bank-of-india-broadens-insurance-distribution-channels-post-merger/ | access-date=2023-11-16}}</ref><ref name="icra.in s657">{{cite web | title=Star Union Dai-ichi Life Insurance Company Limited ICRA Rationale Report | website=icra.in | url=https://www.icra.in/Rationale/ShowRationaleReport?Id=105261 | access-date=2023-11-15}}</ref> The company operates in the following segments; life insurance, [[annuity]]<ref name="Chourasia 2023 l728">{{cite web | last=Chourasia | first=Aashish | title=Star Union Dai Ichi Life Insurance Presents Life Insurance Matters | website=Moneycontrol | date=2023-06-30 | url=https://www.moneycontrol.com/news/videos/trends/features/star-union-dai-ichi-life-insurance-presents-life-insurance-matters-10881551.html | access-date=2023-11-16}}</ref><ref name="Anon. t261">{{cite web | title=Pension Fund Regulatory and Development Authority Annual Report | url=https://www.pfrda.org.in/writereaddata/links/final%20pfrda%20ar%201718%20enge56b2aa9-609b-407f-8100-d71cc1e6fa9c.pdf | access-date=2023-11-15}}</ref> [[pension fund]] and [[unitised insurance fund]].<ref name="Standard 2015 q933">{{cite web | title=Star Union Dai-ichi Life expects 30% growth in new premiums in FY16 | website=business-standard.com | date=2015-09-22 | url=https://www.business-standard.com/article/finance/star-union-dai-ichi-life-expects-30-growth-in-new-premiums-in-fy16-115092201016_1.html | access-date=2023-11-16}}</ref><ref name="Bureau 2016 h780">{{cite web | title=SUD Life launches new critical illness plan | website=BusinessLine | date=2016-03-03 | url=https://www.thehindubusinessline.com/money-and-banking/sud-life-launches-new-critical-illness-plan/article21418065.ece1 | access-date=2023-11-16}}</ref>

In June 2016, following the deregulation of the foreign ownership limit that took effect in March 2015, Dai-ichi Life decided to purchase an additional 18% stake in SUD from BOI, bringing its ownership in SUD to 44 percent, as a result of deliberation to increase the shareholding.<ref name="mint 2016 r278">{{cite web | title=Bank of India sells 18% stake in insurance JV to partner Dai-ichi Life | website=mint | date=2016-09-26 | url=https://www.livemint.com/Industry/4EoB7vDdyoY88jzGbMN0nK/Bank-of-India-sells-18-stake-in-insurance-JV-to-partner-Dai.html | access-date=2023-11-16}}</ref><ref name="Standard 2016 z807">{{cite web | title=Bank of India sells 18% stake in Star Union Dai-ichi Life | website=Business-standard.com | date=2016-06-22 | url=https://www.business-standard.com/article/finance/bank-of-india-sells-18-stake-in-star-union-dai-ichi-life-116062100334_1.html | access-date=2023-11-15}}</ref><ref name="Bureau 2016 i633">{{cite web | title=Bank of India sells 18% stake in Star Union Dai-ichi Life for ₹540 cr | website=BusinessLine | date=2016-06-21 | url=https://www.thehindubusinessline.com/money-and-banking/bank-of-india-sells-18-stake-in-star-union-dai-ichi-life-for-540-cr/article64328062.ece | access-date=2023-11-15}}</ref> Later in April 2019, BOI solicited non-binding proposals/bids for the purchase of 6,48,739,64 equity shares representing its 25.05% ownership.<ref name="Bureau 2019 a800">{{cite web | last=Bureau | first=FE | title=Bank of India to sell 25.05% stake in life insurance joint venture | website=Financialexpress | date=2019-04-06 | url=https://www.financialexpress.com/business/banking-finance-bank-of-india-to-sell-25-05-stake-in-life-insurance-joint-venture-1539670/ | access-date=2023-11-15}}</ref> The proposed stake sale is part of the bank's efforts to dispose of non-essential assets and raise capital.<ref name="Bhaskaran 2016 x521">{{cite web | last=Bhaskaran | first=Deepti | title=Product crack: SUD Life Guaranteed Pension Plan | website=mint | date=2016-05-25 | url=https://www.livemint.com/Money/h6nC5LzkjJtNsJhw8LxEzK/Product-crack-SUD-Life-Guaranteed-Pension-Plan.html | access-date=2023-11-16}}</ref><ref name="Cafemutual 2023 x999">{{cite web | title=Meet life insurers with healthy renewal premium | website=Cafemutual | date=2023-07-31 | url=https://cafemutual.com/news/insurance/29801-meet-life-insurers-with-healthy-renewal-premium | access-date=2023-11-16}}</ref>

As of August 2021, the company does its business through a distribution network that includes 15,000 bank branches and serves more than 9.2 million clients.<ref name="icra.in s657" /><ref name="Desk 2023 n928">{{cite web | last=Desk | first=PF | title=New Future Generali Long Term Income Plan: Higher guaranteed income for 50 years, tax benefits | website=Financialexpress | date=2023-01-11 | url=https://www.financialexpress.com/money/insurance-new-future-generali-long-term-income-plan-2023-higher-guaranteed-income-for-50-years-tax-benefits-2944276/ | access-date=2023-11-16}}</ref>

In January 2023, the company introduced a new product, the SUD Life century gold, a non-linked, non-participating individual savings life insurance plan with returns and life cover protection.<ref name="Desk 2023 b555">{{cite web | last=Desk | first=PF | title=SUD Life Century Gold plan: Decide premium payment on your own terms | website=Financialexpress | date=2023-01-11 | url=https://www.financialexpress.com/money/insurance-sud-life-century-gold-plan-decide-premium-payment-on-your-own-terms-2944205/ | access-date=2023-11-15}}</ref>

== References ==

{{reflist}}

[[Category:Life insurance companies of India]]
[[Category:Financial services companies based in Mumbai]]
[[Category:Financial services companies established in 2007]]
[[Category:Indian companies established in 2007]]
[[Category:2007 establishments in Maharashtra]]

Star Union Dai-ichi Life Insurance - Revision history

Rozella5628: made some entry initial version.