Star Union Dai-ichi Life Insurance is planning to infuse an additional capital of Rs 850 crore in the next five years to expand its business operations for insurance products.
Star Union Dai-ichi Life is a joint venture between Bank of India, Union Bank and Dai-chi Mutual Life.
The insurer plans to add Rs 100 crore this month, taking the total initial investment to Rs 250 crore.
The company is hoping to market its products through 5,000 branches across the country. It currently sells through 1,500 branches.
The insurer is also planning to introduce three new schemes in the current fiscal, targeting the uninsured in the unorganized sectors in the rural and semi-rural areas. It has so far introduced six schemes