Bank of India and Union Bank of India, two leading Public Sector Banks in India and the Dai-ichi Life Insurance Co. Ltd., a leading Japanese Company in the Life Insurance market, have floated a Joint Venture Company, "Star Union Dai-ichi Life Insurance Co. Ltd." for undertaking Life Insurance Business in India.
The Company, has been incorporated / registered with the Registrar of Companies, Maharashtra on 25th September, 2007. The Company has been issued the license for undertaking life insurance business in India by Insurance Regulatory and Development Authority (IRDA) on 26.12.2008. The Company has best insurance, IT, finance and investment resources to ensure that it soon earns a prominent position in insurance sector.
The Company has a capital stake of 48% by Bank of India, 26% by Union Bank of India and 26% by Dai-ichi Life Insurance Co. Ltd. The Company has authorized capital of Rs. 250.00 Crores.
Star Union Dai-ichi Life, with the strength of the domestic partners in the Indian Financial Sector coupled with the Dai-ichi Life’s strong domain expertise is expected, to be a strong player in the Indian Life Insurance market in a short time. The Company offers various products to serve all strata of the society.
Bank of India and Union Bank of India have a strong nationwide network of more than 6900 offices, which shall provide distribution outlets with a wide reach. More than 48 million strong banking customer base of the two banks provides ready scope for cross selling of insurance products. The two banks have strong brand equity, and command high level of trust among their customers and people at large. Additionally the Regional Rural Banks sponsored by the two banks provide more than 1500 branches to tap the life-insurance business in the rural areas.
Dai-ichi Life Insurance Co. Ltd. is a leading player in the Life Insurance Segment in Japan and is one of the top ten Life Insurers in the world and the second largest Life Insurance Company in Japan. Established in 1902, it has more than a century of experience in Life Insurance business. It has sound product knowledge, sharp asset management skills, and strong operational capabilities to manage Life Insurance business, which make Dai-ichi Life the best insurance JV partner on the domain side.
Star Union Dai-ichi Life Insurance Company Ltd. is also committed to providing insurance to rural and weaker / social sectors. Both the domestic partners are in the process of implementing Govt. of India’s initiative of Financial Inclusion and their pan India network of branches gives the Company a natural edge in catering to these sectors effectively.
With the strong brand and commitment of the partners, Star Union Dai-ichi Life Insurance Company Ltd. promises to be a new star on the horizon of the Indian life insurance business, promising value to all stakeholders.
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