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.
|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)|
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|
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 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:
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:
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 also has a few women-specific insurance plans, which help women secure their future by paying a premium every year. These plans include:
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 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.
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:
Currently, HDFC Life offers only one rider. It is:
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:
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:
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 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.
|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%|
|Azim Premji Trust||18,951,361||0.95%|
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|
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).
The claim settlement procedure is pretty standard for HDFC Life. Here’s how the claim settlement process works:
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:
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
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 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 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 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 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
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
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
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
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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