chennai riding on the back of strong growth private insurer star union daiichi today said it aims to collect a total premium of rs 1700 crore in the current financial year last year we reported around rs 1200 crore premium this year we are expecting it to be rs 1700 crore star union daiichi life insurance vice president southern region d krishnamurthy told reporters after unveiling dhan suraksha platinum plan stating that the company had posted 50 per cent growth despite a negative 22 per growth in the insurance industry he said achieving the target was possible because of their respective banks strong base in the country both bank of india and union bank of india are 100 years old and daiichi is japans largest insurance firm we are yet to tap the potential he added star union daiichi life insurance company is a joint venture of bank of india union bank of india and daiichi life insurance japan bank of india holds a majority stake of 48 per cent while union bank and daiichi life insurance have 26 per cent each krishnamurthy said the company plans to introduce four more products under the life insurance portfolio and are waiting for the insurance regulators approval for the launch he said they issued over one lakh policies last year and aim to disburse three lakh policies this year on the new plan launched today star union daiichi life insurance deputy ceo m nakamura said the closed ended scheme comes with one timepremium payment a hassle free benefit it is very interesting and attractive product it offers very easy and convenient payment structure he said the plan is also subject to tax benefit under section 80c and 10 10d of the income tax act 1961