Chennai, March 3 (IANS): Private life insurer Star Union Dai-ichi Life Insurance Company Ltd., on Thursday announced the launch of its new critical illness policy SUD Life "AAROGYAM".

In a statement, the company said the new policy is a non-linked non-participatng health insurance plan that pays the sum assured chosen as a lump sum amount in case the life insured is diagnosed with any of the listed 40 critical illnesses.

The new health plan guarantees a fixed rate of premium for first five policy years, the company said.

According to Girish Kulkarni, managing director and chief executive officer, the policy provides lump sum benefit irrespective of actual medical cost.

The new policy will be available across 10,000 Bank of India and Union Bank of India branches.

The life insurer is a three-way joint venture between Bank of India, Union Bank of India and Dai-ichi Life of Japan.

Bank of India holds a 48 percent stake, while Union Bank of India and Dai-ichi Life hold a 26 percent stake each.