SUD Life Insurance Company Limited
SUD Life Insurance Company Limited is a prominent life insurance company in India, boasting of one of the largest distribution networks in the country. The company is an alliance among Union Bank of India, Bank of India, and & Dai-ichi Life Holdings (a top life insurer in Japan).
Thanks to the sponsorship by the Bank of India and Union Bank of India, SUD Life Insurance Company Limited has gained access to numerous branches of select Regional Rural Banks, allowing it to offer life insurance products even in rural areas.
Founded in 2009, SUD Life Insurance Company Limited pivots towards customer satisfaction. The company is dedicated to crafting insurance solutions that cater to the diverse needs of its customers across different social and geographical backgrounds.
The promoters of SUD Life have demonstrated a strong and unwavering commitment to their customers and stakeholders. With a focus on long-term relationships and trust, they have built a foundation of values that have been inherited by SUD Life Insurance Company Limited As the company charts its path toward becoming the next rising star in the Indian life insurance business, it promises to deliver exceptional value to all its stakeholders.
The company believes in fostering strong partnerships with its agents, employees, and shareholders. By nurturing these relationships, SUD Life aims to create a collaborative environment that fosters growth, innovation, and success.
In the financial year, 2022-23, SUD Life Insurance Company Limited issued 1,94,963 policies and received 92,213 claims.
Awards & Recognition
SUD Life Insurance Company Limited has been recognised with several prestigious accolades and awards -
They have been awarded the “APAC Gartner Innovation” Awards presented by Gartner Inc., 2020 for their outstanding innovation in the insurance sector.
For their disposition to corporate governance, they have been honoured with the “National Award for Excellence in Corporate Governance” by the Institute of Company Secretaries in January 2020.
They have been accoladed with the “Claims Service Leader” Award by India Insurance Awards, 2017 for their dedication towards their customers and effort towards claim settlements.
They have been presented with the prestigious “ Life Insurance Company of the Year” by India Insurance Awards in 2015 for their commitment to life insurance services.
They have been presented with the “Company with the Highest Claim Settlement” by ABP News at the BFSI Awards, 2015 - showcasing their diligence and zeal for serving their customers’ needs well.
For their prestigious work in the private sector, they have been accoladed with the “Best Life Insurance Company in Private Sector” by ABP News at BFSI Awards 2015.
Claim Settlement Ratio
The Claim Settlement Ratio (CSR) is a crucial indicator of an insurance company's competence in managing and resolving claims
In the fiscal year 2021-22, SUD Life Insurance Company Limited accomplished an outstanding Claim Settlement Ratio of 97.42%. This remarkable figure signifies that they have effectively resolved a large majority of the claims they received, instilling a strong sense of trust and assurance among their customers that their claims will be taken care of promptly.
Furthermore, it is worth mentioning that SUD Life Insurance Company Limited achieved an impressive Claim Amount Settlement Ratio of 91.41% in the same period. This ratio indicates the percentage of the claim amount that the company has successfully disbursed to its customers.
By examining an insurance company's claim settlement ratio, you can assess its efficiency in resolving claims. Additionally, it is crucial to review their CSR (Claim Settlement Ratio) trends over the past few years to ensure consistent performance. A company that consistently maintains a high CSR demonstrates reliability and trustworthiness.
The solvency ratio holds significant importance in assessing the financial strength and stability of an insurance company. It showcases the company’s ability to pay claims. As per the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers are required to maintain a minimum solvency ratio of 150%. This ensures that they have adequate financial resources to meet their obligations and maintain their commitments.
As of March 31st, 2023, SUD Life Insurance Company Limited proudly maintains an impressive solvency ratio of 220%. This remarkable figure reflects the company's exceptional financial standing. SUD Life Insurance is completely equipped to seamlessly meet all claim payments and stand by its other obligations with utmost ease.
If you need assistance with your insurance policies or have any questions, SUD Life Insurance’s customer support team is just a phone call away. Simply dial their toll-free number 1800-266-8833 and they will assist you with all your queries.
You can reach out to SUD Life Insurance Company Limited by sending an email to firstname.lastname@example.org for any queries, concerns, etc.
For inquiries, issues, etc. SUD Life Insurance Company Limited provides alternative contact options to connect with them as well -
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