Star Union Dai-Ichi targets 1,700 cr premium this fiscal

Riding on the back of strong growth, private insurer Star Union Dai-Ichi today said it aims to collect a total premium of Rs 1,700 crore in the current financial year.

"Last year, we reported around Rs 1,200 crore premium. This year, we are expecting it to be Rs 1,700 crore," Star Union Dai-ichi Life Insurance Vice President (Southern Region) D Krishnamurthy told reporters after unveiling 'Dhan Suraksha Platinum' plan.

Stating that the company had posted 50% growth despite a -22% (negative) growth in the insurance industry, he said achieving the target was possible because of their respective banks strong base in the country.

"Both Bank of India and Union Bank of India are 100 years old and Dai-Ichi is Japan's largest insurance firm. We are yet to tap the potential," he added.

Star Union Dai-Ichi Life Insurance Company is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life Insurance, Japan.

Bank of India holds a majority stake of 48%, while Union Bank and Dai-Ichi life insurance have 26% each.

Krishnamurthy said the company plans to introduce four more products under the life insurance portfolio and are waiting for the insurance regulator's approval for the launch.

He said they issued over one lakh policies last year and aim to disburse three lakh policies this year.

On the new plan launched today, Star Union Dai-Ichi Life Insurance Deputy CEO M Nakamura said the closed ended scheme comes with one time-premium payment, a hassle free benefit.

"It is very interesting and attractive product. It offers very easy and convenient payment structure," he said.

The plan is also subject to tax benefit under Section 80C and 10 (10D) of the Income Tax Act 1961.