• HDFC Life Insurance - Compare and Buy Life Plans to Secure your Family

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    HDFC Life Insurance is one of the top firms in the private life insurance industry in India. Similar to most top companies in the market, the company offers different varieties of life insurance plans for its customers. In additional to various individual plans, the company also offers various group life insurance plans and add-on covers for its customers. The online policies offered by the company can be purchased anytime through the official website of HDFC Life. If you wish to secure the financial situation of your loved ones, you must take a look at the policies offered by HDFC Life before taking a final decision. Let’s take a detailed look at various aspects of HDFC Life Insurance and how it is beneficial for customers.

    Highlights of HDFC Life Insurance Updated on 17 Sep 2019

    Percentage of Grievances Solved 99.97%
    Claim Settlement Ratio 97.80%
    Group Death Claims 99.27%
    Percentage of Claims Rejected 0.29%
    Solvency Ratio 1.92 (for the quarter ended March 2018)

    Products and Services offered by HDFC Life:

    HDFC Life has a massive roster of insurance products, with each of them catering to the insurance needs of a wide demographic of Indians. Currently, the firm has over 29 individual products, 9 group products, and 8 optional riders. Below is a list of all the products HDFC Life offers:

    Protection Plans Health Plans Retirement Plans Savings and Investment Plans Women’s Plans YoungStar Children’s Plans Rural and Social Plans Retirement Solution Protection Solutions NRI Insurance Plans Riders Other Plans
    HDFC Life Click2Protect Plus HDFC Life Easy Health Plan HDFC Life Assured Pension Plan HDFC Life Capital Shield HDFC Life Smart Woman Plan HDFC SL YoungStar Super Premium HDFC Life YoungStar Udaan HDFC LIfe Group Pension Plan HDFC Life Group Jeevan Suraksha Plan HDFC Life Click 2 Protect Plus - Term plan HDFC Life Income Benefit on Accidental Disability Rider Shaurya by HDFC
    HDFC Life Cancer Care Plus HDFC Life Click2Retire HDFC Life Click2Invest - ULIP HDFC Life Click2Protect Plus HDFC Life YoungStar Udaan HDFC Life Unit Linked Pension Plan HDFC Life Group Term Insurance Plan HDFC Life Children Udaan - Child plan
    HDFC Life Personal Pension Plus HDFC Life Sanchay HDFC Life Youngstar Super Premium HDFC Life Group Variable Employee Benefit Plan HDFC Life Group Credit Protect Plus Insurance Plan HDFC Life Click2Invest - ULIP investment plan
    HDFC Life Super Pension Plus HDFC Life Super Income Plan HDFC Life Pension Super Plus HDFC Life New Group Unit Linked Pension Plan HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana HDFC Life Personal Pension Plan - Retirement plan
    HDFC Life Single Premium Pension Super Plan HDFC Life Uday
    HDFC Life Guaranteed Pension Plan HDFC Life Sampoorn Nivesh
    HDFC Life New Immediate Annuity Plan HDFC Life Super Savings Plan
    HDFC Life ClassicAssure Plan
    HDFC SL Crest
    HDFC Life ProGrowth Plus
    HDFC SL ProGrowth Flexi
    HDFC Life ProGrowth Super II
    HDFC Life Sampoorn Samridhi Plus
    HDFC SL ProGrowth Maximiser

     

    • HDFC Life Protection Plans:

      Protection plans offered by HDFC Life are basically term plans and are available at a relatively lower cost. They help individuals secure their family's’ future even if they pay small premiums each year. At present, HDFC Life has just one protection plan available for its customers. It is as follows:

      • HDFC Life Click2Protect Plus
    • HDFC Life Health Plans:

      HDFC Life also has a few health insurance plans in its portfolio, which help policy buyers secure the medical expenses of their family members. Here are the health plans offered by HDFC Life:

      • HDFC Life Easy Health Plan
      • HDFC Life Cancer Care Plus
    • HDFC Life Retirement Plans:

      Retirement plans help individuals to set up a corpus which they can make use of at the time of their retirement. This again requires the policyholder to pay a certain premium for a period mentioned in the policy they have chosen. In the retirement plan section, HDFC Life has two policies available. They are as follows:

      • HDFC Life Assured Pension Plan
      • HDFC Life Click2Retire
      • HDFC Life Personal Pension Plus
      • HDFC Life Super Pension Plus
      • HDFC Life Single Premium Pension Super Plan
      • HDFC Life Guaranteed Pension Plan
      • HDFC Life New Immediate Annuity Plan
    • HDFC Life Savings and Investment Plans:

      People these days are always looking to save and invest at the same time. To cater to such individuals, HDFC Life has introduced a number of policies that help individuals get the dual benefit of saving and investing. The policies offered by the company include:

      • HDFC Life Capital Shield
      • HDFC Life Click2Invest - ULIP
      • HDFC Life Sanchay
      • HDFC Life Super Income Plan
      • HDFC Life Uday
      • HDFC Life Sampoorn Nivesh
      • HDFC Life Super Savings Plan
      • HDFC Life ClassicAssure Plan
      • HDFC SL Crest
      • HDFC Life ProGrowth Plus
      • HDFC SL ProGrowth Flexi
      • HDFC Life ProGrowth Super II
      • HDFC Life Sampoorn Samridhi Plus
      • HDFC SL ProGrowth Maximiser
    • HDFC Life Women’s Plans:

      HDFC Life also has a few women-specific insurance plans, which help women secure their future by paying a premium every year. These plans include:

      • HDFC Life Smart Woman Plan
      • HDFC Life Click2Protect Plus
      • HDFC Life Youngstar Super Premium
      • HDFC Life Pension Super Plus
    • HDFC Life YoungStar Children’s Plans:

      The firm also offers a few children-related policies, which help family-oriented individuals secure their children's future. The plans offered under this category are as follows:

      • HDFC SL YoungStar Super Premium
      • HDFC Life YoungStar Udaan
    • HDFC Life Rural and Social Plans:

      HDFC Life also has an insurance plan that is specifically designed keeping in mind the requirements of rural populace.This plan offers stable returns as well as insurance cover for the customers. It is as follows:

    While the aforementioned list lists out individual products, HDFC also offers group plans for protection and retirement purposes.

    • HDFC Life Group Retirement Solutions

      • HDFC LIfe Group Pension Plan
      • HDFC Life Unit Linked Pension Plan
      • HDFC Life Group Variable Employee Benefit Plan
      • HDFC Life New Group Unit Linked Pension Plan
    • HDFC Life Group Protection Plans

      • HDFC Life Group Jeevan Suraksha Plan
      • HDFC Life Group Term Insurance Plan
      • HDFC Life Group Credit Protect Plus Insurance Plan
      • HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana
    • HDFC Life NRI insurance Plans:

      Apart from all the health and other such plans, HDFC Life also has plenty of products in its portfolio dedicated to non-resident Indians. These plans are spread across various categories. They include:

      • HDFC Life Click 2 Protect Plus - Term plan
      • HDFC Life Children Udaan - Child plan
      • HDFC Life Click2Invest - ULIP investment plan
      • HDFC Life Personal Pension Plan - Retirement plan
    • HDFC Life Riders

      Currently, HDFC Life offers only one rider. It is:

      • HDFC Life Income Benefit on Accidental Disability Rider
    • Other Plans offered by HDFC Life:

      Apart from these plans listed above, HDFC Life also has a plan that is especially dedicated to people serving in the armed forces. The plan is as follows:

      • Shaurya by HDFC

    Awards Won by HDFC Life:

    Ever since HDFC Life began in the year 2000, it has won plenty of awards and accolades due to its contribution to the insurance market sphere.Below is a list of some of the awards the company has won:

    • Finnoviti 2016 - For its Cancer Care product
    • Golden Peacock Innovative Product Award 2015 - For the launch of Click2Invest, a low cost ULIP plan
    • DL Shah National Award -
    • ISQ
    • NIQR Annual Competition on Six Sigma
    • Frost & Sullivan
    • Inspiring Workplace Award 2015- Insurance Sector
    • IDC Insights Awards
    • CIO 100 India - Mobility Maven Special Award
    • CeBIT India - Digital Transformational Leaders
    • Data Security Council of India (DSCI) - Infosec Award
    • PC Quest - Best IT Implementations - 2016
    • BW CIO 3.0 Award - Mobility
    • BW CIO 3.- Award - BFSI
    • ABP News - Stars of the Industry Awards - Banking & Financial Services
    • DataQuest Business Technology Award - 2016
    • Dynamic CISO Summit & Excellence Awards
    • Infosec Maestros
    • CIO 100 International -2015

    Company Location - Where you can find HDFC Life Offices?

    Below is a tabular column which lists out HDFC Life offices located in major metropolises across the country:

    State Branches No. of Offices Customer Care Number
    Andhra Pradesh Anantapur 1 1860 267 9999
    Bhimavaram 1 1860 267 9999
    Chittoor 1 1860 267 9999
    Vijayawada 1 1860 267 9999
    Assam Guwahati 2 1860 267 9999
    Bihar Patna 2 1860 267 9999
    Chandigarh Chandigarh 1 1860 267 9999
    Chattisgarh Raipur 1 1860 267 9999
    Delhi Delhi 13 1860 267 9999
    Goa Panaji 1 1860 267 9999
    Gujarat Ahmedabad 4 1860 267 9999
    Gandhinagar 1 1860 267 9999
    Haryana Gurgaon 1 1860 267 9999
    Himachal Pradesh Shimla 1 1860 267 9999
    Jammu and Kashmir Jammu 1 1860 267 9999
    Srinagar 1 1860 267 9999
    Jharkhand Ranchi 1 1860 267 9999
    Karnataka Bangalore 6 1860 267 9999
    Mysore 1 1860 267 9999
    Kerala Kochi 3 1860 267 9999
    Madhya Pradesh Bhopal 2 1860 267 9999
    Indore 3 1860 267 9999
    Maharashtra Mumbai 10 1860 267 9999
    Nagpur 3 1860 267 9999
    Pune 5 1860 267 9999
    Navi Mumbai 3 1860 267 9999
    Manipur Imphal 1 1860 267 9999
    Meghalaya Shillong 1 1860 267 9999
    Mizoram Aizawl 1 1860 267 9999
    Nagaland Dimapur 1 1860 267 9999
    Odisha Bhubaneswar 3 1860 267 9999
    Pondicherry Pondicherry 1 1860 267 9999
    Punjab Ludhiana 1 1860 267 9999
    Patiala 1 1860 267 9999
    Rajasthan Jaipur 4 1860 267 9999
    Udaipur 1 1860 267 9999
    Sikkim Gangtok 1 1860 267 9999
    Tamil Nadu Chennai 7 1860 267 9999
    Coimbatore 1 1860 267 9999
    Telangana Hyderabad 5 1860 267 9999
    Tripura Agartala 1 1860 267 9999
    Uttar Pradesh Ghaziabad 2 1860 267 9999
    Lucknow 7 1860 267 9999
    Noida 1 1860 267 9999
    Azamgarh 2 1860 267 9999
    Uttarakhand Dehradun 2 1860 267 9999
    West Bengal Arambagh 2 1860 267 9999
    Burdwan 2 1860 267 9999
    Kolkata 7 1860 267 9999

    HDFC Life - Board of Directors and Shareholding Patterns:

    HDFC Life has a number of esteemed members that form a part of the company’s board of director, who serve at varying capacities. Below is a list of names and the roles they are fulfilling.

      • Mr. Deepak S. Parekh - Non-executive Chairman
      • Sir Gerry Grimstone - Non-executive Director
      • Mr. Keki M Mistry - Non-executive Director
      • Mr. Norman Keith Skeoch - Non-executive Director
      • Ms. Renu Sud Karnad - Non-executive Director
      • Dr. J J Irani – Independent Director
      • Mr. AKT Chari – Independent Director
      • Mr. Prasad Chandran – Independent Director
      • Mr. Vish Vishwanathan – Independent Director
      • Mr. Sumit Bose – Independent Director
      • Mr. Ranjan Mathai – Independent Director
      • Mr. Ketan Dalal – Independent Director
      • Ms. Vibha Padalkar - Managing Director and Chief Executive Officer
      • Mr. Suresh Badami – Whole-time Director
      • Mr. James Aird – Alternate Director
      • Mr. Rushad Abadan – Alternate Director
    List of entities and their shareholding patterns
    Name of Shareholder No. of Equity Shares owned % of Equity Held
    Housing Development Finance Corporation Limited (HDFC) 1,229,760,125 61.63%
    Standard Life 2006 (Mauritius Holdings) 518,668,224 26.00%
    Escrow Account# 179,539,209 9.00%
    Azim Premji Trust 18,951,361 0.95%
    Others 48,368,619 2.42%
    Total 1,995,288,138 100%

    HDFC Claim Settlement Ratio

    HDFC Life has one of the highest claim settlement ratios of all the insurance companies in the country. Here’s a table that lists out the claims settled by the company during the fiscal year 2017-18:

    No. of claims received No. of claims approved Claim settlement ratio
    12,566 12,289 97.80%

    Here’s another table that gives you a clear idea of HDFC Life’s claim settlement ratio from 2009-10 to 2017-18. This statistic was made available by Insurance Regulatory Authority of India (IRDA).

    Year 2009-10 2010-11 2011-2012 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
    Settlement Ratio 91% 95% 96% 96% 94% 91% 95% 98% 98%

    How to Settle a Life Insurance Claim with HDFC Life - Claim Documentation and Process:

    The claim settlement procedure is pretty standard for HDFC Life. Here’s how the claim settlement process works:

    • The policyholder/nominee needs to send in a duly filled Claim Request Form.
    • Along with the claim request form, the beneficiary must also submit various documents like policy details, death certificate (for death claims), proof of address, proof of identity, police FIR (for accident claims), etc.
    • If the documents submitted to the company are good enough, a decision is made and the claim is settled.
    • However, on the off chance that the documents provided are not adequate, the company will send a notification to request the additional documents.
    • If the claim is rejected even after providing all the required documents, a proper communication is established to explain the reasons that led to the rejection of the plea.

    Documents Required for Claim Settlement:

    To make it easier for claimants, HDFC Life has listed out all the documents required during the claim settlement process. These documents are as follows:

    • For natural death:
      • Death claim form with NEFT details
      • Certificate of death issued by relevant authority/government
      • Original policy document
      • Identity and residential proof of the claimant
      • Medical documents relating to death and past illnesses
    • For unnatural death (Suicide/Accidental death/ Murder)
      • Death claim form with NEFT details
      • Certificate of death issued by relevant authority/government
      • Original policy document
      • Identity and residential proof of the claimant
      • Police inquest report, FIR, and Panchnama
      • Post mortem report

    News About Life Insurance

    • HDFC Life Insurance Gains After a Strong First Quarter

      HDFC Life Insurance Company recently rose to around 2.42% to an approximate amount of Rs.502.35. The results for the same were announced on 23 July 2019. Commenting on the quarter’s performance, the company’s CEO said ‘We have recorded stellar topline growth, with strong traction witnessed across savings, protection and retirement solutions whilst maintaining our focus on profitability. Our diversified distribution mix coupled with product innovation has helped us address niche customer segments and emerging profit pools. We have witnessed strong growth in key indicators of economic value generated by our business viz. new business margins at 29.8% and operating return on embedded value at 19.9%. We have stepped up our efforts within the protection and retirement space, which we expect would fuel our growth across market cycles. Our digital capabilities put us in a good position to maximize the tremendous potential of the life insurance industry’'.

      26 July 2019

    • Airtel offers HDFC Life Insurance plan with Rs.249 prepaid plan

      The telecom major, Bharti Airtel, has partnered with HDFC Bank to offer free life insurance along with its Rs.249 prepaid plan that offers unlimited calls and daily internet of 2GB. The term insurance plan provided by HDFC Life Insurance is for a sum assured of Rs.4 lakh. Once the recharge is done, the individual has to enrol for the insurance scheme through the Airtel app, SMS, or a retailer. Once done, the insurance cover will get renewed automatically for subsequent recharges.

      Through this partnership, the mobile network company offers a life insurance policy that charges only about Rs.9 per day. The complete application process is done digitally and can be delivered within a few minutes. No paperwork and no medical examination are required for the person to be covered under the plan. The life cover can be availed by anybody in the age group of 18 to 54 years. One can visit the nearest Airtel retail store or use the MyAirtel app to get the life cover.

      The Airtel-HDFC partnership allows customers to use the digital platforms of both the companies and Airtel’s reach to make it easy for people across India, especially rural Indians, to get a life cover.

      14 May 2019

    • HDFC Life sees healthy growth in FY 2018-19

      HDFC Life is one of the top-notch life insurance companies in India and the company has posted solid growth for the fiscal year 2018-19. The growth has been witnessed in terms of margin improvement and premium collection. The firm has seen a year-on-year growth of 24% in total premium, 32% in new business premium, and 16% in renewal premium. The individual annualized premium equivalent (APE) has increased by 13 per cent amounting to a sum total of Rs.6,260.

      The insurance major has seen a major increase in term protection APE and annuity APE. Therefore, the company is expected to improve its product profile, given its protection and annuity business potential, paving the way for profitability. The return ratios of the company also remain good. During the same year i.e. FY 2018-19, the new business margin increased from 23.2% to 24.2%. The operating expenses rose by 30 basis points to 13.5% on account of product innovation, distribution channel, and digital platforms.

      According to a report by Swiss Re, India has a high life protection deficit of 92% when compared with other Asian countries. This means that for every $100 that need to be spent on protection, only $8 is being spent by the common man.

      30 April 2019

    • HDFC Life OFS subscribed 1.07 times on the second day

      HDFC Life Insurance offer for sale (OFS) was subscribed 1.07 times on the second day. The insurer’s issue received bids for 1.06 crore shares against the retail quota of 99.5 lakh shares. There was a total of 16.4 crore institutional bids made against the non-retail quota of 8.95 crores.

      The insurer has offered to sell 7 crore equity shares with the option to sell 2.95 crores equity shares more.

      15 March 2019

    • Standard Life to sell 3.47% stake in HDFC Life Insurance

      Standard Life Mauritius will sell 3.47% of its stake in HDFC Life Insurance via offer-for-sale. Standard Life Mauritius holds a total of 29.23% stake in HDFC Life Insurance and is looking to sell up to 7 crore equity shares equivalent to 3.47% of the total share issued. Standard Life Mauritius can sell 2.95 crore shares more as part of the overall transaction.

      HDFC Life Insurance which was earlier HDFC Standard Life Insurance had changed its name to the current company name in January 2019.

      13 March 2019

    • United Bank of India and HDFC Life make bancassurance pact

      United Bank of India has signed a bancassurance deal with the private life insurance company, HDFC Life. The deal will allow customers of United Bank of India to access products and services offered by HDFC Life. United Bank has branches in major regions of the country as well as rural and semi-urban areas. The bank evaluated 18 different life insurance companies before finally selecting HDFC Life for the bancassurance pact. The MD and CEO of HDFC Life, Vibha Padalkar said that they are happy to enter into this partnership with United Bank. This is the insurer’s third tie-up with a public sector bank this year.

      11 March 2019

    • HDFC Life teams up with UpGrad to launch a new online course on life insurance

      Private life insurance company HDFC Life has teamed up with online education service provider UpGrad to launch a new online life insurance course. This 11-month post-graduate course costs Rs.99,000 and educates students on various aspects of life insurance. Though the course fee is a little expensive, the company notes that students can earn up to Rs.1.1 lakh through internships while learning the course.

      Moreover, all students who get graduated in this course will become a part of the sales team of HDFC Life. Through this program, HDFC hopes to hire talent trained for the job.

      The course consists of two months of online training, two months of on-the-job training, and seven months of internship with HDFC Life. Hence, this course consists of a mix of both online training as well as offline training. If the course is successful, HDFC Life hopes to hire all its frontline sales employees through this process.

      21 February 2019

    • HDFC Life reports 27% increase in net premium for the third quarter

      Private life insurer HDFC Life Insurance has reported a 27% increase in its net premium to Rs.6,897 crore for the third quarter of the current fiscal year. The company attributed this strong performance to the growth of its protection and pension businesses. During this period, the company also reported a 64% growth in its single premium policies to Rs.2,400 crore.

      The company’s overall new business premium, which is a measure of profitability, increased 37% to Rs.3,652 crore for the quarter ended December 2018. The company’s income from protection products increased 29% to Rs.988 crore during this quarter. However, income from investments for the third quarter declined 44% to Rs.2,345 crore. This has been attributed to lower investments in the unit-linked investment portfolio.

      For the third quarter, HDFC Life report a profit after tax of Rs.246 crore, up 18% from the same period of last year. It renewal premium for this period increased 18% to Rs.3,309 crore.

      28 January 2019

    • HDFC Life changes its name to HDFC Life Insurance

      With the motive to match its corporate name to its brand name, HDFC has changed its Life Insurance brand from HDFC Standard Life Insurance to HDFC Life Insurance. The approvals for the change of the brand name came through by the Insurance Regulatory Development Authority of India and the company will now simply be branded HDFC Life Insurance. According to a representative of the insurer, Over the years, specifically after listing of the company on stock exchanges, HDFC Life, as a brand has established itself as one of the most valuable brands in the Indian life insurance sector. He added by saying, with a view to align the corporate name of the company with its brand name, the corporate name has been changed to HDFC Life Insurance. Though they have changed their brand name, the insurer has assured that this will be the only change and no change will affect the functioning of the company.

      21 January 2019

    • HDFC Life reveals technological innovations through mobile apps

      The insurance sector is currently on the verge of a major transformation with many companies adopting mobile technologies to improve customer experience. HDFC Standard Life Insurance is one such company that adopted various technological innovations in its mobile apps. As of now, 70% of sales logins for HDFC Life are done with the help of mobile apps. This is the highest in the industry.

      These changes are incorporated as more and more customers are switching to mobile apps to enjoy a seamless experience. The Mobility 1.0 introduced by the company in the year 2015 provided a complete mobility suite that enabled policy conversion in less than 20 minutes. The upgraded version Mobile 2.0 provided further enhancement of all features along with higher productivity.

      In the future, the company aims to achieve higher proposals of policies through this app and faster policy conversion. In addition to this, the company also aims to reduce its conversion turnaround time with the help of its app.

      11 December 2018

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