Started in the year 2000, HDFC Life is one of the largest insurance companies in the country with a market share close to 10% of the nation’s life insurance sector. The company is a tie-up between HDFC Ltd., one of India’s largest banks, and Standard Life, a UK-based investment company. Thanks to its one and a half decade long presence, HDFC has 398 offices and over 9,000 distributor centres. With regards to equity distribution of the company, HDFC Ltd. holds about 61.63% while Standard Life holds about 35% of the share. The remaining 4.27% equity if owned by individual investors from across the country.
|Percentage of Grievances Solved||99.89%|
|Claim Settlement Ratio||97.62%|
|Group Death Claims||99.67%|
|Percentage of Claims Rejected||0.33%|
|Solvency Ratio||1.92 (for the quarter ended March 2017)|
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 which 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 2016-17:
|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 2016-17. This statistic was made available by Insurance Regulatory Authority of India (IRDA).
HDFC Life follows a standard procedure in order to settle all life insurance claims applied for by a policyholder. Here’s how the claim settlement process works:
To make it easier for claimants, HDFC Life has listed out all the documents it requires to settle claims. These documents are as follows:
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
Going against the stereotype that youth in general are irresponsible, HDFC Life followed up on their successful campaign, Young and Responsible with their second campaign with the same name. However, the life insurer choose a different path to reach out to their customer base - Music. Well aware of how much of a difference music makes to the lives of those young HDFC Life Insurance joined hands with Universal Music Group to launch the new Young and Responsible campaign. According to CEO Devaraj of EMI and Universal Music Group, he said that music a pulse which connects with youth, and is an effective medium to spread awareness about responsibility - aligning with the goal of HDFC Life Insurance. According to a researcher, he said that today’s youth are even smarter and responsible that their previous generations. He said that the campaign of HDFC Life Insurance will youth make the right decisions and more importantly, make responsible financial decisions when they are in their prime years.
16 November 2018
HDFC Standard Life Insurance, which is the largest life insurance company in India by market value, is expecting to see faster growth in comparison to the industry average during the coming quarters due to the robust sale of non-participating protection plans.
Ms. Vibha Padalkar, the MD and CEO of the HDFC Standard Life, has said that the company should continue to grow at a faster pace in comparison to the growth of the industry. As on September 2018, the Indian life insurance sector grew 16.2% on the individual annualised premium equivalent basis.
HDFC Standard Life’s protection business, which makes up of 7% of the insurer’s total business mix, contributed about 28% to the collection of new business premiums during the half-year that ended in September 2018. The private-sector life insurance company’s investment income reduced by 56% in the linked portfolio as a result of market volatilities.
25 October 2018
HDFC Life has announced a net profit of Rs.286.98 crore for the second quarter of the current fiscal year. For the second quarter, the company reported a 20.3% rise in net profit compared to the same period of the previous year. This growth is prompted by strong growth in the company’s insurance business.
For this period, the company witnessed a 25.7% growth in net profits on a year-over-year basis. Net premiums totaled Rs.6,777.55 crore during this period. The company’s assets under management during this period increased to Rs.1.13 lakh crore. During this period, the company has also entered into major tie-ups with various entities like Uber, Fullerton India, and Vijaya Bank to distribute its products.
HDFC Life has witnessed a significant growth in the first half of the fiscal year 2019. New premiums for the first half witnessed a 43% growth to Rs.6,020 crore. The company’s net worth during this period increased to Rs.5,410 crore.
24 October 2018
Ms. Vibha Padalkar, who is currently serving as the chief financial officer and executive director of HDFC Standard Life Insurance, is said to be most likely to head the life insurance firm as its new CEO and MD. HDFC Life Insurance’s board members are expected to meet on September 12 to appoint the next MD and CEO of the company, after Mr. Amitabh Chaudhry resignation on Saturday to join Axis Bank.
Ms. Padalkar has been employed with HDFC Life since the year 2008. Prior to joining HDFC Life, she worked with WNS Global Services, Colgate-Palmolive, and PricewaterhouseCoopers. She is also a member of the Institute of Chartered Accountants of India and the Institute of Chartered Accountants in England and Wales.
Ms. Padalkar had a key role to play in HDFC Life’s proposed merger with Max Life, which was later called off, and in HDFC Life’s subsequent listing. HDFC Life is, currently, the most highly valued life insurance firm in India.
11 September 2018
HDFC Bank has recently announced that it will be adopting 30 villages in the flood-hit state of Kerala. The bank has announced that this initiative is part of the lender’s long-term rehabilitation and relief efforts that are aimed at providing aid to people residing in the worst-hit parts of Kerala.
Thus, the lender will be setting up medical camps, rebuilding health centres that were affected by the floods, supporting the reconstruction/renovation of schools, and will also impart necessary skills training to families affected by the flood in an effort to restore their livelihoods.
The bank will be finalising these plans after consulting with the State Government of Kerala. Also, HDFC Bank’s NGO partners in Kerala will provide on-ground assistance during the process.
HDFC Bank has already contributed a sum of Rs.10 crore to the Chief Minister’s Distress Relief Fund (CMDRF). Among its many efforts, the private-sector lender has also waived off late payment fees on EMI payments for credit cards and loans for people residing in the state for the month of August.
31 August 2018
With HDFC looking for the perfect partner to handle their media duties while their digital platform will be handled by Resultrix, HDFC Life has chosen Zenith to do the job and spread the word about their products on general media platforms. As per the exchange4media report, the CEO of Zenith, Tanmay Mohanty, said that the joint venture win is a matter of great pride for us and an extension of our existing, very fruitful digital relationship with HDFC Life. The Zenith teams teams were able to demonstrate an effective ROI-focused, data-driven approach to media. Zenith’s strong suite of tools, proprietary research and analytics will unlock new consumer connections for HDFC Life and will deliver on seamless, integrated communications. Responding to their selection, the Chief Marketing officer of HDFC Life, Pankaj Gupta said that HDFC Life is thrilled to associate with Zenith and believe that it would be an exciting partnership, since Zenith's view on the brand mirrors that of ours. Zenith exhibited fresh thinking and insights on the life insurance category during the pitch. Hope that through its forward-thinking and disruptive approach, Zenith would help us stay ahead of the curve in a dynamic media environment; thereby, deepening our market presence and highlighting our customer-centric value proposition.
23 August 2018
HDFC Life Insurance launched its new flagship product Click 2 Protect 3D Plus which is easily customisable and flexible and comes with nine options covering diseases, death, and disability (3D).
The maximum age of maturity for this plan has been increased from 75 years to 85 years and the policy term increased from 40 years to 50 years. The plan is also offering the option of being provided coverage for lifelong, with the premium payment term increased to 75 years.
The plan will also offer the Critical Illness Plus Rider which will offer a cover of Rs.1.5 crore as compared to earlier Rs.50 lakh it offered.A person can purchase this plan which is available across all its channels and platforms
22 August 2018
HDFC Bank and Max Life have rolled out strategies to make their merger work out in a more effective way. Instead of the planned long-winded manner of listing out HDFC Life on stock exchanges and merging both the companies, the board members chose a direct merger. According to the CEO of HDFC Life, Amitabh Chaudhry, the merger has to meet certain conditions, both from the insurance and tax point of view. The new structure of the merger plan is yet to receive approval from regulatory bodies. HDFC Life in an official statement said that they will first opt for an IPO and then merge both the insurers if the approval process takes too long.
26 May 2017