Star Union Dai-Ichi Life Insurance launches the Reverse Mortgage Loan- Annuity Plan
SUDLIC grants a boon to Senior Citizens
Following a glamorous event at the Habitat Center, New Delhi on 10th December 2009, Star Union Dai-ichi Life Insurance Co. Ltd., a joint venture between Bank of India, Union Bank of India and the Dai-ichi Mutual Life Insurance Company launched a new product Reverse Mortgage Loan- Annuity Plan, befitting the senior citizens, in auspicious presence of Shri Namo Narayan Meena, the Honorable Union Minister of State for Finance.
Reverse Mortgage Loan- Annuity Plan aims to provide financial security to senior citizens who have assets but not enough liquidity to lead a life with dignity. This plan is particularly helpful to those senior citizens whose children have migrated abroad, and do not wish to depend on them, but desire to lead their lives independently.
Senior citizens can approach Central Bank of India, which is the partner bank of Star Union Dai-ichi Life Insurance Co. Ltd., to avail a reverse mortgage loan against their existing property. The Bank will act as a master policy holder for the property and buy the citizens a group annuity from Star Union Dai-ichi Life Insurance. The senior citizens do not have to repay this loan and in case the legal heirs wish to retain back the property they need to repay the loan amount to the bank with the accrued interest on it. This plan is also helpful for retired professionals, as they can lead their lives respectfully even after retirement.
Reverse Mortgage Loan- Annuity Plan can be availed, by the senior citizens who have completed 60 years of age and above, in yearly, half-yearly, quarterly and monthly installments. There are two options to receive the annuity. Through the first option, the senior citizens can receive the stated annuity throughout their life time and the amount will be cease thereafter. Through the second option, senior citizens will receive comparatively lower annuity, which will be adequately compensated for by the return of the original purchase price to their legal heirs thereafter.
About Star Union Dai-ichi Life Insurance Co. Ltd.
Star Union Dai-ichi Life Insurance Co. Ltd incorporated with the Registrar of Companies, Maharashtra on 25th September, 2007. The company received license from Insurance Regulatory and Development Authority (IRDA) on 26th Dec 2008. The launch of the company was announced in presence of Home Minister of India- Shri P. Chidambaram on 9th February 09. Soon after its launch, in 43 working days, Star Union Dai-ichi Life Insurance had collected around Rs. 65 crores of Business.
Star Union Dai-ichi Life Insurance has a capital stake of 51% by BOI, 26% by Dai-ichi Life and 23% by Union Bank. The Company has authorized capital of Rs. 250.00 Crores.
Star Union Dai-ichi Life Insurance aims to reach out to the people of India with a wide range of need-based, affordable insurance products and contribute towards a financially secure future for all sections of Society. In the financial year 2009-10 the company has already issued Rs. 216 crores of premium. The business target of the company is to achieve Rs. 600 crores of Issuance by 09-10, which would make it one of the fastest growing Insurance Company in Indian private sector.
Star Union Dai-ichi Life has best insurance, IT, finance and investment resources to ensure that it soon earns a prominent position in insurance sector.
Star Union Dai-ichi Life, with the strength of the domestic partners in the Indian Financial Sector coupled with the Dai-ichi Lifes 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. Other products of Star Union Dai-ichi Life Insurance are available through branches of Bank of India and Union Bank of India.