Star Union Dai-ichi Life Insurance Company (SUDLIC), which launched its business operations in February this year, has put an insurance target of Rs 600 crore for the current fiscal.
"We are set to achieve insurance target of Rs 600 crore during the financial year 2009-10," its CEO Kamalji Sahai said here today.
Asserting that SUDLIC has made its mark in the field of insurance during the last fiscal, he said with its business operations starting from February 9, 2009, the private insurance company collected a premium of Rs 51.76 crore in this period.
"It is largely due to the combined efforts of the corporate agencies like Bank of India and Union Bank of India, Sahai said.
Sahai said the business during the months of April and May had seen collections of almost Rs 15 crore and the business was expected to take off from June which would enable the company to become India's fastest growing life insurance company.
Star Union Dai-ichi Life Insurance Company is a joint venuture life insurance company promoted by Bank of India, Union Bank of India and Daiichi Mutual Life Insurance Company, Japan.
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Sahai further said the company, within a short span of three months, from receiving the licence, could launch six individual as well as four group term insurance products, along with two riders each which can be clubbed with individual or group products.
SUDLIC was intended to cater to the customers through a mix of traditional as well as unit linked products and has expertise of its foreign promoter Dai-ichi Mutual Life Insurance Company, Japan, which is the number one life insurer in terms of sum assured, he said.
The company, he said, would initially focus on the bank- assurance model to leverage the strength of its Indian promoters and build up the capabilities in terms of technology, products and processes.
SUDLIC would also initiate and nurture and develop other channel for business promotion, he added.