Expressnews
Virudhunagar, Tamil Nadu: A thoughtful financial decision taken by Mr Naveen, a startup entrepreneur of the Virudhunagar–Aruppukottai region of Tamil Nadu, has underscored the importance of loan protection insurance in safeguarding families against unforeseen circumstances.
Mr Naveen had availed a loan from Union Bank of India and opted for a credit life insurance policy under Star Union Dai-ichi Life Insurance’s (SUD Life) Sampoorna Loan Suraksha Plus plan, with an insured amount of approximately ₹1.39 crore.
As per the policy structure, the claim benefit of approximately ₹1.39 crore was primarily utilised towards settling the outstanding loan liability with the lending institution. Of this, around ₹1.36 crore was used to clear the loan account, ensuring that the repayment burden did not pass on to the family. The remaining eligible amount of around ₹3.3 lakh was paid to the nominee, Ms Nithya Lakshmi, in accordance with the policy terms.
Commenting on the case, Mr Abhay Tewari, MD & CEO of Star Union Dai-ichi Life Insurance, said, “Financial planning involves not only asset creation but also protecting loved ones from future uncertainties.” He also noted that credit life insurance can help preserve a family’s financial stability by ensuring that outstanding debts do not become an additional burden during difficult times.
The case serves as a reminder of the role insurance can play in comprehensive financial planning. For the family, a decision made at the time of taking a home loan helped provide financial security when it was needed most.
SUD Life honored 99.01% of the individual life Insuranceclaims received in FY 25-26, reflecting its commitment to delivering prompt financial assistance, with a growing proportion of claims being met within the defined timelines. Notably, more than two-thirds (68%) of all intimated claimswere decisioned and settled within 48 hours of intimation, highlighting the company’s focus on timeliness, efficiency, and customer-centric servicing approach.
