Life insurance company-Star Union Dai-ichi (SUD Life), has recorded a growth of 23.2% as on 31st July on the premium basis. This year it is Rs. 148.98 crore as against Rs. 120.90 crore as on 31st July 2010.
Star Union Dai-ichi Life Insurance Company Ltd is a joint venture between Bank of India, Union Bank of India, and Dai-ichi Life Insurance of Japan.
Even though the private life insurance sector is registering a negative growth rate of 24.8%, the company has achieved a high growth rate of 23.2%.
The company sold 19,631 policies in 2010, which has increased to 26,049 policies in 2011. The insurer is basically a Bancassurance company at this point and is selling its policies through Union Bank of India, Bank of India, and seven Regional Rural Banks.
SUD Life MD and CEO, Kamalji Sahay said in a statement, "We aim to continuously provide the highest levels of service excellence and to this end our quality initiatives have played a pivotal role. At Star Union Dai-ichi, we constantly explore ways to provide solutions to a wide variety of customers. We recognise and adhere to these evolving trends in customer psychology to provide customised solutions to meet these aspirations."
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