SUD Life Insurance
  • SUD Life Insurance Details
  • SUD Life Plans
  • Buying SUD Life Insurance Plans
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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, Bank of India, and a Japanese insurance partner Dai-ichi Life Holdings. SUD offers various life insurance plans including term, saving, 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 1950 branches are in rural areas making insurance accessible for rural people. Dai-chi Life was founded in Japan in 1902 and established itself as one of the top ten life insurers globally with a good hold over the insurance business. With over 10 million customers around the world Star Union Life Insurance Company is one of the leading insurance companies.

SUD Life Insurance ensures to look after your insurance needs by offering:

why-choose

  • Affordable plans

  • Tax benefits

  • Wide range of plans

  • 24/7 customer services

 

Key highlights of SUD Life Insurance

To get more insight into SUD Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:

Solvency Ratio

SUD Life Insurance has a Solvency Ratio of 2.2 as per the IRDAI annual report 2022-23. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.

Features of SUD India Life Insurance

There are various features to the SUD India Life Insurance Life Insurance Plan. Let's understand each of them in detail:

  • PAN India Presence - Star Union Daichi Life Insurance has a PAN India presence with a strong network of 15,000 partner bank branches. If you have any queries or want to raise a claim you can visit the nearest branch.
  • Annual Premiums - According to IRDAI reports, SUD Life Insurance received total annual premiums of Rs 5746.37 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. The claim settlement 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 necessary to look for the solvency ratio as it helps you assess the insurer's financial stability so that your claims are settled hassle-free. As per IRDA, an insurer must have a solvency ratio of 1.5.

Benefits of SUD Life Insurance Plans

There are multiple benefits of SUD Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.

Death benefit

Upon the unfortunate demise of the life insured during the policy term, SUD India Life Insurance pays the death benefit upon the highest of the following: 110 times of annual premiums, guaranteed death benefit, 105% of total premiums paid.

Maturity benefit

Once the life insured survives the whole policy tenure, SUD India Life Insurance pays the guaranteed maturity benefit to the nominee.

Tax benefit

All the premiums paid for SUD India Life Insurance can be used for claiming 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 ensures clients peace of mind and provides them with confidence regarding maximum security for your funds.

Tired of Pushy Sales? Get Insurance, Your Way Tired of Pushy Sales? Get Insurance, Your Way

Rider Benefits You Can Avail With SUD Life Insurance Plans

Here are the rider options you can avail with SUD Life Insurance Plans to enhance your coverage:

Maternity Benefit Rider

SUD Life Family Income Benefit Rider

Star Union Dai-ichi Life brings you Family Income Benefit Rider - Traditional, which provides income to your family in the event of your unfortunate demise.

Maternity Benefit Rider

SUD Life Accidental Total & Permanent Disability Rider

SUD Life Accidental Total & Permanent Disability Rider will be offered as an add-on benefit to the base plan. This rider provides an extra lump sum if the policyholder passes away due to an accident or gets total permanent disability. 

Documents Required to Purchase SUD India Life Insurance Policy

Here is the list of documents required to buy SUD India Life Insurance Plans:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy SUD Life Insurance Plans?

SUD Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Life Insurance
  • 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, you will get a payment confirmation at your registered email address.

Life Insurance
  • Step 1

    Visit the SUD India 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 tab 'Know More'.

  • Step 4

    Now, click on the tab 'Calculate' at the top right corner of the page.

  • Step 5

    Fill in the required details, and click on the tab 'Calculate'. Once the payment is made, you will get a payment confirmation at your registered email address.

Why Choose PolicyX.com?

Don't just take our word for it - check out what our happy customers say about us!

All my claims were rejected for 3 years. Then, I received a text from PolicyX team, who noticed that my claims hadn't been settled. They managed to get my claims settled, totalling ₹4.5 L. I really appreciate the efforts of the PolicyX advisors for their support in settling my claims.

Ravindra Singh

I highly appreciate the help of the PolicyX team for settling my claim of Rs. 5 Lakhs with zero deductions. I took a policy online from them in March 2024. As a customer, it's been a great experience throughout the process.

Priti varshney

I'm very satisfied because my claim of over ₹2 L has been settled as a result of your team effort. However, I was very upset with the insurer, who delayed the claim for almost 2 months. But with your support and interaction, the claim was settled within 30 days & I appreciate it a lot.

Nisha Mary

I bought my health policy from PolicyX, and so far, it's been a very pleasant experience with the team. I really appreciate the help for renewing my health policy. I look forward to continuing my relationship with PolicyX and recommend it to everyone.

Ajay Shah

PolicyX has been a savior during a medical emergency in my family recently. My wife was admitted in the hospital, and the insurance company declined my claim request. The PolicyX team handled the situation very well and I received the claim right on time.

Vijay Rathod

I purchased a health plan for the very first time and the support by PolicyX is commendable. They helped me with the paperwork, explained the policy details to me with patience and supported me at every step of policy buying. A big thanks to you guys.

Uma Mahajan

How to File SUD Life Insurance Claims?

Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim Settlement process at SUD Life Insurance involves the following three steps:

Online Process

Your Occupation
1

Claim Intimation

Inform the company about the incident via various channels-either by writing an email to SUD Life at claims@SUDLife.com, 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 to you upon successful registration of the claim.

Your Occupation
2

Document Submission

You have to 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 an accidental death: the same documents with two additional ones: FIR and post-mortem report.

Your Occupation
3

Claim Settlement

Once SUD Life receives your claims they will verify all the details. Moreover, they can ask you for any additional documents if required. SUD Life will send you 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 the details of SUD Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.

Your Occupation

Exclusions of SUD India Life Insurance Plans

  • Death due to a pandemic such as COVID-19 or ebola will not covered by the company.
  • Death, due to indulging in any type of adventure sports.
  • Death due to consumption of any type of drugs and alcohol.
  • Death due to any pre-existing disease that isn't mentioned during the start of the policy.
  • If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater. If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death payments. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.

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 helpdesk@policyx.com.

Life Insurance

More Queries?

If you have any more queries regarding SUD Life Insurance Plans, Renewals, or Claim Procedures, contact our insurance experts at:
1800-4200-269 now!

SUD Life Insurance Plans: FAQs

1. What is the full form of SUD Life Insurance?

SUD Life Insurance stands for Star Union Daichi Life Insurance. It is a joint venture between two leading banks- Indian Bank and Union Bank and Daichi Holdings- a Japanese insurance company.

2. How to check the SUD Life Policy Status?

You can check your SUD Life Policy Status by calling, sending mail, or visiting a nearby branch.

3. What plans are offered by Star Union Daichi Life Insurance?

Star Union Daichi Life Insurance offers various plans including Term Plans, Child Plans, Retirement Plans, ULIPs, and Saving Plans.

4. What is the claim settlement process of SUD Life Insurance?

SUD Life follows a simple 3-step claim process- Claim Intimation, Claim Processing, and Claim Decision.

5. What is the free look period in SUD Life Insurance?

A free look period is the period provided by the insurance company to the policyholder to understand the policy they bought. They can cancel their policy in this period without paying charges.

6. What is the benefit of buying SUD Life Policy Online?

Buying a SUD Life Insurance Policy online can help you eliminate middlemen or insurance brokers’ charges.

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varun saxena

Written By: Varun Saxena

I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.

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