Star Union Dai-ichi Life Insurance (SUD Life) is bullish on the upcountry market, especially Uttar Pradesh, Bihar and Jharkhand for growth.
The company said rising per capital income in the hinterland coupled with increasing awareness about insurance sector would continue to fuel the growth of insurance products.
“These are basically rural-dominated markets with low premium products quite popular here. For a bancassurance company like us, they are very important markets,” SUD Life vice president (operations and customer service) Sanjay Dhavalikar told Business Standard here.
He was in town for the launch of SUD Life endowment plan, Dhan Suraksha Platinum targetted at the upper middle class and high net worth individuals.
The plan allows one-time investment for which a guaranteed amount is paid at the end of 10 years. SUD Life has guaranteed that policy-holder can avail a personal loan against this policy by assigning the policy document as collateral.
The plan provides an assured benefit and a maturity benefit at the end of the policy term with tax benefits. Meanwhile, the company is targetting total premium income of Rs 1,075 crore this fiscal, up from about Rs 950 crore last year. “We are growing by 58 per cent with about 3 lakh policies already sold,” he said.
SUD Life with market share of 2.8 per cent is placed 10th among private life insurers in India. It is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life Insurance, Japan.