Star Union Dai-chi Life Insurance Co Limited (SUD Life), a joint venture of Bank of India, Union Bank of India and Japan-based Dai-ichi Life Insurance, is planning to nearly double its manpower to 3,000 by the end of 2014 to achieve its target of becoming the top five players in the insurance industry.
“We aim to be among the top five companies in the next 5-6 years. We currently have 1,850 employees across the country, and will take the number to 3,000 to support our growth target,” GV Ramana, vice-president (distribution), Star Union Dai-chi Life, told mediapersons here on Wednesday.
Launching its new nonparticipating traditional endowment plan — Dhan Suraksha Platinum — here, Ramana said, “Star Union, now present across 8,000 branches, would add another 500 by March end.”
Dhan Suraksha Platinum targets high net worth individuals, enabling them to capitalise and benefit on their tax savings. The plan has a single premium payment option.
It allows one-time investment for which a guaranteed amount is paid at the end of 10 years. It provides an assured benefit and a maturity benefit at the end of the term with tax benefits. The minimum premium payable under the product is Rs 1 lakh, and the maximum Rs 1 crore.
The last day to buy the policy is March 31. The company is targeting to sell 50,000 policies and collect around Rs 500 crore premium in the next three months, he added.