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Patna,(BiharTimes): Meet local chap Kamalji Sahay, the MD and Chief Executive Officer (CEO) of Star Union Dai-ichi Life Insurance Co Ltd (SUD Life), a joint venture of the Bank of India, Union Bank and Dai-ichi Mutual Life Insurance company of Japan.
Sahay, who hails from Patna, has the credit of conceiving a financial product, which could enable the “property-rich but cash-poor” elder citizens to lead a life of dignity and comfort in their twilight years. |
  Under, what is called, Reverse Mortgage-Enabled Annuity Scheme, senior citizens can get regular monthly income for life from SUD Life by mortgaging their house to a bank. On the elderly couple’s demise, the property passes on to the bank.
With life expectancy rising and sons and daughters migrating to greener pasture in India or abroad the scheme is an instant hit.
Sahay, who has done his schooling from the Patna High School, Gardanibagh and did his graduation in English from Patna College and PG in the same subject from Patna University, is also credited with catapulting SUD Life as the fastest-growing life insurance company in India.
When the life insurance industry has recorded a negative growth rate of 21.8 per cent year-on-year in premium up to July 2011, SUD Life recorded a 32.7 per cent increase in the number of policies sold between July 2010 and July 2011.
Talking to BiharTimes he said between April and October 2001, SUD Life registered a growth of 22 per cent in premium collection and 55 per cent in the number of policies sold. It has also fulfilled the rural obligations. While the insurance regulator mandates nine per cent business from rural areas in the second year of operation of a life insurance firm, it has achieved 24 per cent rural business. During 2010-11, it covered about 71,000 people through group insurance. In the current year, 40,000 people from rural areas have already been covered and it hopes to cover a lakh by the time the fiscal ends.
He further said that SUD Life aims at a slot in the club of top 10 life insurance companies in the financial year 2011-12. In two years of operation, it has collected Rs 1,300 crore as premium with Rs 758 crore of it coming in 2010-11 alone. Till October this year, it has done fresh business worth Rs 320 crore by selling 70,000 policies, a growth of 56 per cent in policies and 22 per cent in premium income.
Within two and a half years of operation, the asset under management (AUM) stands at Rs 2100 crore, he added.
He asked the customers that before thinking of investment, consider insurance. For, insurance is a tool to safeguard the happiness of family through long-term planning.
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