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Benefits of Star Union Dai-ichi Life Insurance
Star Union Dai-ichi Life Insurance is a joint-venture between Dai-ichi Life Holdings, a Japanese insurance company, and two premier nationalised banks in India, Bank of India, and Union Bank of India. This combined entity is one of the latest entrants into the insurance sector in India. However, it has a tremendous reach, as is evident from the 64 million-plus customers in its fold. Star Union Dai-ichi Life Insurance offers an excellent range of insurance products to suit the individual needs of its clients. The policies include protection plans, savings plans, child plans, retirement plans, wealth plans, and group plans.
Star Union Dai-ichi Life Insurance Benefits
Star Union Dai-ichi Life Insurance offers a range of benefits to its customers, some of which are as follows.
1. Range of Products to Suit Every Customer Demand: Star Union Dai-ichi Life Insurance has a presence in almost every state in India because its partnering institutions have one of the largest banking networks across the country. The customer’s demands keep changing, depending on their geographical presence. Star Union Dai-ichi Life Insurance has specific tailor-made products to cater to this diverse clientele.
2. Excellent Claim Settlement Ratio: Generally, the true worth of the insurance company depends on the way it handles the insurance claims. Star Union Dai-ichi Life Insurance is amongst the most popular insurance companies in India because of its excellent claim settlement ratio of 96.96% in 2019-20.
3. Customer-Friendly Policy Servicing Process: Star Union Dai-ichi Life Insurance protects the customer's interest at every stage of the policy servicing. The customer gets a free-look period extending up to 15 days from the receipt of the policy. The customer can return the policy and claim a refund of the premium paid during this period. The customer services extend right up to the claims procedure, one of the most user-friendly processes in the insurance industry.
4. Complete Transparency: Star Union Dai-ichi Life Insurance offers extreme clarity in its services to its customers. The customer has the facility to apply for the life insurance policy and pay the premiums online. The renewal procedure is hassle-free with the company informing the customer much in advance to get the policy renewed on time.
5. Flexible Payment Options: Star Union Dai-ichi Life Insurance offers a range of flexible payment options where policyholders can opt to pay online, as well. One can opt for single lump-sum payments or in monthly instalments, depending on their preferences.
Latest News on Daiichi Life Insurance
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Claim Process at Star Union Dai-ichi Life Insurance
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.
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FAQ About Star Union Dai-ichi Life Insurance
What distinguishes Star Union Dai-ichi Life Insurance from other insurance companies?
One of the crucial benefits of Star Union Dai-ichi Life Insurance is its excellent reach. The company reaches out to its more than 64 million customers through the 11,500 plus branches. It also allows a range of flexible payment options.
What are the different types of plans offered by Star Union Dai-ichi Life Insurance?
Star Union Dai-ichi Life Insurance offers a range of customer-friendly insurance plans, like protection plans, child plans, savings plans, wealth plans, group plans, and retirement plans.
What are the different aspects of customer service offered by Star Union Dai-ichi Life Insurance?
Besides offering attractive premium payment options, Star Union Dai-ichi has an excellent grievance redressal system where the company provides the facility to customers to submit their complaints online. As the company is sensitive to its customer's needs, it offers easy escalation options if they are not satisfied with the response.
Is it possible to revive a lapsed Star Union Dai-ichi Life Insurance policy?
One can revive their lapsed Star Union Dai-ichi Life Insurance within six months from the period of the first unpaid premium by paying the due premiums, along with applicable interest. However, suppose more than six months have elapsed since the first unpaid premium. In that case, the policyholder should undergo medical tests and revive the policy by paying the due premiums with applicable interest.
Can I pay the premium for my Star Union Dai-ichi Life Insurance plan online?
Yes, you can log in to the portal and pay the Star Union Dai-ichi Life Insurance policy premium online.