Who are the promoters and shareholders of SUD Life?

SUD Life's promoters are Bank of India, Union Bank of India, and Dai-ichi Life Insurance Company Limited (Japan). Bank of India and Union Bank of India are government-owned public sector banks listed on Indian exchanges, while Dai-ichi Life is one of Japan's leading life insurance companies. The JV was established to leverage the banking networks of BOI and Union Bank for insurance distribution.

When was Star Union Dai-ichi Life Insurance established?

SUD Life was established around 2009 when it received its insurance licence from the Insurance Regulatory and Development Authority of India (IRDAI). It was set up as a joint venture between Bank of India, Union Bank of India, and Dai-ichi Life Insurance of Japan to tap India's underpenetrated life insurance market.

What products does SUD Life offer?

SUD Life offers a comprehensive range of life insurance products including term life insurance, unit-linked insurance plans (ULIPs), traditional savings and endowment plans, whole life plans, annuity and pension products, and group insurance solutions for corporates. Products are sold primarily through the branch networks of Bank of India and Union Bank of India across India.

Is SUD Life planning an IPO?

As of available information, SUD Life has not made definitive announcements about an IPO. The life insurance sector in India has seen several IPOs (HDFC Life, SBI Life, ICICI Prudential Life), and SUD Life's institutional promoters could potentially consider an IPO to unlock value, but no confirmed plans have been publicly disclosed.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Star Union Dai-ichi Life Insurance (SUD Life)?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Star Union Dai-ichi Life Insurance (SUD Life) shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Star Union Dai-ichi Life Insurance (SUD Life) Unlisted Share Price | Buy Star Union Dai-ichi Life Insurance (SUD Life) Pre-IPO Shares — wisefolio

Investment Thesis

Star Union Dai-ichi Life Insurance (SUD Life) is a credible mid-tier life insurance JV with strong institutional backing from two Indian PSU banks and a major Japanese insurer. The bancassurance model provides structural distribution advantages, though the company operates in a highly competitive market. At ₹29/share (unlisted), the stock offers exposure to India's growing insurance sector, with potential IPO optionality as a key upside catalyst.

Pros

Strong institutional promoter backing with three major shareholders: Bank of India (public sector bank), Union Bank of India (public sector bank), and Dai-ichi Life Insurance (one of Japan's largest life insurers with global expertise)
Bancassurance distribution model through two public sector banks (Bank of India and Union Bank of India) provides access to millions of bank customers across India at low customer acquisition cost
Dai-ichi Life brings Japanese insurance expertise, risk management practices, and product innovation capabilities to the Indian market

Cons

SUD Life competes in a market dominated by LIC and large private insurers (HDFC Life, SBI Life, ICICI Prudential) which have significantly larger distribution networks and brand recognition
Unlisted status limits capital raising flexibility compared to listed peers who can access equity markets for growth capital
Bancassurance-heavy distribution creates concentration risk; changes in bank partnerships or bank strategy could impact new business volumes

Business Segments

Individual Life Insurance

Term plans, savings plans, ULIPs, and whole life products sold to individual retail customers primarily via bancassurance

Group Insurance

Group term life, group credit life, and group savings products for corporate clients and borrowers of partner banks

Revenue Model

SUD Life generates revenue through first-year and renewal premiums from individual and group life insurance policies. The bancassurance model (distribution through Bank of India and Union Bank of India branch networks) drives new business premium, while the investment income from policyholder funds managed in-house contributes significantly to total income. The company earns profit from mortality, expense, and investment margins.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds9

Growth Plans

India's life insurance penetration improving with rising middle class income and financial awareness post-COVID

Union Bank of India's large branch network (post-Andhra Bank and Corporation Bank merger) significantly expands bancassurance reach

Potential future IPO in line with other life insurance JVs that have listed on Indian exchanges

Industry Tailwinds

Recent Developments

AUM surges 25% to Rs 31,069 Cr; NBI grows 29%

Star Union Dai-ichi Life Insurance reported exceptional FY2024-25 results with AUM reaching Rs 31,069 crore (up 25%), new business premium growing 29%, and renewal premiums rising 17% to Rs 3,964 crore.

FY2024-25

Comparable Companies

CompanyTypeTickerMkt Cap

SBI Life InsuranceListedSBILIFE~1,50,000 Cr

HDFC Life InsuranceListedHDFCLIFE~1,40,000 Cr

ICICI Prudential LifeListedICICIPRULI~75,000 Cr

SBI Life InsuranceListed

SBILIFE · ~1,50,000 Cr

Frequently Asked Questions

Star Union Dai-ichi Life Insurance Company Limited (SUD Life) is a joint venture life insurance company based in Navi Mumbai, Maharashtra. It is a tripartite JV between Bank of India, Union Bank of India (both public sector banks), and Dai-ichi Life Insurance Company Limited of Japan. The company offers a range of life insurance products including term plans, ULIPs, savings plans, and group insurance, primarily distributed through the branch networks of its banking promoters.

About Star Union Dai-ichi Life Insurance (SUD Life)

Star Union Dai-ichi Life Insurance Company Limited (SUD Life) is a joint venture life insurance company promoted by Bank of India, Union Bank of India, and Dai-ichi Life Insurance Company of Japan (Japan's second-largest life insurer). The company leverages the extensive branch networks of Bank of India and Union Bank of India — two of India's largest public sector banks — for its bancassurance distribution model. SUD Life reported remarkable FY2024-25 performance with Assets Under Management (AUM) surging 25% to Rs 31,069 crore (from Rs 24,761 crore), new business premium growing 29%, and renewal premiums climbing 17% to Rs 3,964 crore. The company achieved a Claim Settlement Ratio of 98.84% for individual claims and 98% for group claims — among the highest in the industry. The company's distribution model is primarily bancassurance through Bank of India and Union Bank of India's combined 10,000+ branch network across India. This bank-led distribution provides access to a large savings customer base across urban, semi-urban, and rural India — a key competitive advantage for life insurance penetration. Dai-ichi Life Insurance's technical partnership provides SUD Life with access to sophisticated actuarial models, product development expertise, and global best practices in life insurance. Dai-ichi Life is one of Japan's largest insurance companies with assets exceeding JPY 30 trillion. With AUM of Rs 31,069 crore and strong premium growth, SUD Life is among India's significant private life insurers and potentially positions for an IPO as the life insurance sector sees growing investor interest following the success of LIC's IPO.

Key Milestones

Established circa 2009 as a tripartite joint venture between Bank of India, Union Bank of India, and Dai-ichi Life Insurance Company of Japan

Common questions about unlisted shares

How do I buy Star Union Dai-ichi Life Insurance (SUD Life) unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Star Union Dai-ichi Life Insurance Company Limited

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