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SUD Life Insurance: Overview
Star Union Dai-ichi Life Insurance, founded in 2009, is a joint venture between two public sector banks, Union Bank and Bank of India, and a Japanese insurance partner, Dai-ichi Life Holdings. SUD offers various life insurance plans, including term, savings, wealth, child, and retirement plans, covering every aspect of financial requirements. Star Union Life Insurance Company has a PAN India presence with 15,000 bank branches, of which 1,950 branches are in rural areas, making insurance accessible for rural people. Dai-ichi Life, founded in Japan in 1902, established itself as one of the top ten global life insurers with a strong presence in the insurance business. With over 10 million customers worldwide, Star Union Life Insurance Company is a leading insurance provider.
SUD Life Insurance ensures to look after your insurance needs by offering:
- Affordable plans
- Tax benefits
- Wide range of plans
- 24/7 customer services
Features of SUD Life Insurance
Let's understand the features of SUD Life Insurance plans in detail:
- PAN India Presence: Star Union Dai-ichi Life Insurance has a PAN India presence with a strong network of 15,000 partner bank branches. For queries or claims, you can visit the nearest branch.
- Annual Premiums: According to IRDAI reports, SUD Life Insurance received total annual premiums of ₹5,746.37 crore in 2022-23.
- Claim Settlement Ratio: SUD Life Insurance Company has a claim settlement ratio of 97.42%, as per IRDA reports 2022-23. This ratio indicates the number of claims settled by insurance companies out of the total claims received in a particular financial year.
- Solvency Ratio: Star Union Life Insurance has a good solvency ratio of 2.2. It is important to consider the solvency ratio as it helps assess the insurer's financial stability, ensuring hassle-free claim settlements. As per IRDA, an insurer must maintain a solvency ratio of 1.5.
Exclusions of SUD Life Insurance Plans
- Death due to a pandemic such as COVID-19 or Ebola will not be covered by the company.
- Death due to indulging in any type of adventure sports.
- Death due to consumption of drugs or alcohol.
- Death due to any pre-existing disease not disclosed at the policy's inception.
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive only the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Benefits of SUD Life Insurance Plans
Explore the numerous advantages provided by the insurer below.
Death Benefit
Upon the unfortunate demise of the life insured during the policy term, SUD Life Insurance pays the death benefit, which is the highest of: 110 times the annual premiums, the guaranteed death benefit, or 105% of total premiums paid.
Maturity Benefit
If the life insured survives the entire policy tenure, SUD Life Insurance pays the guaranteed maturity benefit to the nominee.
Tax Benefit
Premiums paid for SUD Life Insurance are eligible for tax benefits as per the Income Tax Act, 1961.
Secure and Authentic
SUD Life Insurance company is among the most trusted insurance companies in India. This provides clients with peace of mind and confidence regarding the security of their funds.
Riders Available with SUD Life Insurance Plans
| Name of the Rider | Benefits |
|---|---|
| SUD Life Family Income Benefit Rider | The SUD Life Family Income Benefit Rider - Traditional provides income to your family in the event of your unfortunate demise. |
| SUD Life Accidental Total & Permanent Disability Rider | This rider is offered as an add-on benefit to the base plan. It provides an extra lump sum if the policyholder passes away due to an accident or suffers total permanent disability. |
Documents Required to Purchase SUD Life Insurance Policy
Here is the list of documents required to buy SUD Life Insurance Plans:
- Photo ID Proof: Any one of the following: Passport, Aadhaar Card, PAN Card, Driving License.
- Age Proof: Any one of the following: Passport, Aadhaar Card, PAN Card, Driving License.
- Address Proof: Any one of the following: Utility Bill, Passport, Voter ID, Ration Card.
- Medical Records: Medical records of the policyholder (if requested).
- Income Proof: Any one of the following: Bank Statement, last three months' salary slips (for salaried individuals).
How to Calculate Premiums
- Step 1: Visit the SUD Life Insurance Company official website and scroll down to the end of the page.
- Step 2: Click on the 'Buy Online' tab under Popular Links.
- Step 3: Click on the 'Know More' tab.
- Step 4: Now, click on the 'Calculate' tab at the top right corner of the page.
- Step 5: Fill in the required details, and click on the 'Calculate' tab. Once the payment is made, a confirmation will be sent to your registered email address.
How to File SUD Life Insurance Claims?
Every claimant/nominee is assigned a dedicated Claims Relationship Officer who assists through the entire process. The life insurance claim settlement process at SUD Life Insurance involves the following three steps:
Online Process
- Claim Intimation: Inform the company about the incident via various channels: by writing an email to SUD Life at [email protected], calling the toll-free number (1800-103-7766), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided upon successful registration of the claim.
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Document Submission: You must submit the necessary documents requested by the insurer to process the claim.
In case of natural death: death claim form, death certificate, original policy documents, claimant's identity & residence proof, medical records, and account details of the nominee.
In case of accidental death: the same documents with two additional ones: FIR and post-mortem report.
- Claim Settlement: Once SUD Life receives your claim, they will verify all the details. They may also request additional documents if required. SUD Life will send a claim reference number after verifying the submitted documents.
Offline Process
SUD Life insurance claim settlement procedure can be reported by visiting the local SUD Life Insurance Branch Office. For details of SUD Life Insurance branches, you can visit their website and locate the nearest branch. You must submit the essential documents at the branch so that your claim can be processed.
How to Port Your Policy
- Step 1: Fill out the form given at the top of this page with the necessary details.
- Step 2: Select your income and city. Click on 'Proceed'.
- Step 3: Update your education and occupation details.
- Step 4: Choose your preferred plan and click on 'Buy this plan'.
- Step 5: Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, a confirmation will be sent to your registered email address.
Conclusion
SUD Life Insurance is a reputable provider in the Indian life insurance market, offering a diverse range of products that cater to different customer needs, including term insurance, endowment plans, ULIPs (Unit Linked Insurance Plans), and retirement plans. For more details on life insurance products, contact PolicyX.com at the toll-free number 1800-4200-269 or email us at [email protected].
