Star Union Dai-ichi Life Insurance Launches SUD Life Guaranteed Pension Plan

         Creates a robust financial kitty and security for post-retirement life

         Lump sum amount at retirement that generates lifelong income*

         Hassel free enrolment - no medicals

         Offers guaranteed returns for upto 20 yrs*

         Option available both in single premium and limited period premium modes

by Shrutee K/DNS

Mumbai, May 13, 2016: SUD Life (Star Union Dai-ichi Life Insurance Co. Ltd.), a joint venture between Bank of India, Union Bank of India and the Japan-based Dai-ichi Life, launched, its SUD Life Guaranteed Pension Plan that creates a robust financial kitty for post-retirement life and gives financial independence too.

SUD Life Guaranteed Pension Plan is a deferred pension plan that helps creates a guaranteed corpus and ensures policyholders and their family members receive a regular pension after retirement. It provides a lump sum amount at retirement which can be invested in an annuity helping policyholders generate lifelong income to meet their planned and unplanned financial needs in the golden years.

Announcing the launch of the new pension plan, Girish Kulkarni, Managing Director and Chief Executive Officer of SUD Life Insurance said, “Retirement planning has become a crucial step for growing India. The number of Indians over the age of 60 has hit an all-time high, accounting for 8.6 percent of the country’s 121 crore population – jumping to 35.5% from 7.6% in 2001 to 10.3% in 2011*. This is almost twice the rate at which the overall population grew.”

What’s adding to the urgency of insuring ones retirement is the development of nuclear family structures. While earlier, one would depend on the extended joint family system where the young earned and the elderly took care of the family with those earnings; this is no longer the case.

Mr. Kulkarni further added, “SUD Life Guaranteed Pension Plan helps our customers to plan for their life post retirement – be it starting a new venture, pursuing a hobby, travelling across the world or just enjoying time with family and friends. It helps them meet their planned as well as unplanned financial needs by providing a retirement corpus.”

An important feature of the plan is its hassle free enrolment process, as there are no medical requirements.  A person can choose the policy term as well as the premium payment term based on his/her current life stage and retirement needs. The minimum age at entry is 35 years and maximum age at entry is 65 years provided age at vesting is not more than 70 years. The plan has the option for single premium as well as limited premium paying term.

On policyholder’s death, the nominee gets the higher of either the sum of all premiums paid that have grown at an annual rate of 6 percent per annum compounded till the end of the policy month following the date of death or 105 percent of all premiums paid, whichever is higher. The nominee can choose either to receive annuity pay-outs from the death benefit partly or in full or withdraw the lump sum amount.

The policyholder can pay his/her regular premium on monthly, quarterly, half-yearly and yearly mode based on his need and income flow.

Apart from the benefit of a comfortable retirement life, the new pension plan also enjoys tax benefits as per prevailing tax laws. Hence, premiums paid are eligible for tax benefits under Section 80C and on commuted amount received under Section 10(10A) (iii) of the Income Tax Act 1961.

SUD Life Guaranteed Pension Plan is available across 10,000 Bank of India and Union Bank of India branches. It will also be promoted through SUD Life advisors across the country.

About SUD Life

Headquartered in Mumbai, SUD Life, with a paid-up share capital of INR 420 crore, is one of the country's youngest life insurance companies. It is promoted by two of India's largest public sector banks - Bank of India and Union Bank of India along with Dai-ichi Life of Japan. Bank of India holds a 48 percent stake in SUD Life, while Union Bank of India and Dai-ichi Life hold a 26 percent stake each. 

Our underlying philosophy of “We Mean Life”, makes us we believe that insurance is a feeling of complete assurance, which can be attained only when we focus on every intricate detail. It’s investment of your life into a proposal that makes things better for you, financially speaking.

Today SUD Life is present in across the country through over 10,000 Bank of India and Union bank branches. The Company has declared its first maiden profit of INR 12.87 crore in FY 2014-15.