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SUD Life Protect Shield Plus logo

SUD Life Protect Shield Plus

Introduction to SUD Life Protect Shield Plus

SUD Life Protect Shield Plus is a term insurance plan offered by Star Union Dai-Ichi Life Insurance Company, also known as SUD Life Insurance Company. It will pay your family a sum of money as a death benefit, in case your death happens during the term of the policy. Using a term insurance plan, you can get a very large cover, for a very nominal premium (almost 1000X). This makes the product one of the most essential additions to your financial portfolio if you have dependents who rely on your income for their expenses.

beshak ratings
INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: SUD Life Protect Shield Plus

This product is reasonably priced compared to other products in the market. However, it doesn’t offer many limited pay options or allow you to choose important features/benefits like increasing cover, critical illness coverage or choose how your family receives the claim payout. Further, as per our research, the insurer has received a higher number of claim settlement complaints as well as policy purchase complaints, suggesting a poor track record in terms of both purchase and claims service experience. 

Pros & Cons: SUD Life Protect Shield Plus

  • arrow Fairly priced in comparison to other products in the market
  • arrow Not many Limited Pay options available, to speed up payments
  • arrow Doesn't offer the option to automatically increase your claim amount, with time
  • arrow No option to customize claim payout
  • arrow No option to exit the plan while it is still active and receive a refund of premiums
  • arrow Critical illness rider is not available
  • arrow Received higher number of complaints on claim settlement compared to other insurers
  • arrow Received higher number of complaints during policy purchase compared to other insurers

About Star Union Dai-ichi Life Insurance Company Limited

Star Union Dai-ichi Life Insurance Company Limited logo

SUD Life, also known as Star Union Dai-Ichi Life Insurance, is a life insurance company in India. The company was founded in 2009 and is a joint venture between two of India's leading public sector banks, Bank of India and Union Bank of India, and Dai-ichi Life Holdings, a leading life insurance company in Japan. The company is headquartered in Mumbai the CEO/MD of SBI Life is Mr. Abhay Tewari.

Founded in
2009
JV Partners
Bank of India and Union Bank of India, and Dai-ichi Life Holdings
Turnover (GWP)
1,677.30 Crores
Number of Policies
31,098
Number of Claims
20,386

Detailed Product Specs & Rating: SUD Life Protect Shield Plus

Claims Experience 1.4/5 star green
Customer Service 3.7/5 star green
Product Benefits 1.1/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
88.65%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.34%
How complex is the Claim Form?
The longer, the more hassles during claims
Moderately Long
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
96.07%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
91.41%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
220%
Personal relationship manager for claims
Not Available
Can you track claims online?
Yes
Dedicated toll-free for claims service
Available
Separate Claim Form for above 3 Years Claim
Not available
Home pickup of Claims
Not Available

Compare SUD Life Protect Shield Plus with top term life plans

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