Star Union Dai-chi Life, the Indian life insurer, has launched an endowment plan aimed at high net worth and upper middle income individuals.

Dhan Suraska Platinum targets clients in the high tax bracket and requires a minimum premium amount of Rs1 lakh (= Rs100,000 = $1,900). The long-term plan offers a return at the end of ten years and includes a two per cent additional benefit on a single premium of Rs5 lakh to Rs40.90 lakh and three per cent for Rs50 lakh and above. This will be available until March 2012. 

"Dhan Suraksha Platinum is a unique plan that has a combination of guaranteed savings for future and guaranteed protection. We are targeting to sell about 30,000 policies amounting to about Rs300 crore [= Rs3 billion] premium," Kamalji Sahay, managing director and chief executive of Star Union Dai-ichi, told local reporters at a briefing.

Star Union Dai-Ichi Life is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life Insurance, Japan.