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.
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 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 over the last two financial years.
|For FY2015 (In Crores)||For FY 2016 (In Crores)|
|-||ULIPS||Traditional||Sum Total||ULIPS||Traditional||Sum Total|
|Withdrawals and surrenders||6,121||879||7,000||4,992||794||5,786|
|Total Claims Paid||6,489||1,745||8,234||6,613||1,629||8242|
Here’s another table that gives you a clear idea of HDFC Life’s claim settlement ratio from 2009-10 to 2014-15. 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:
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.
26th May 2017
HDFC Life Insurance Co Ltd recently launched a new online term insurance policy called Click2Protect 3D Plus. The unique thing about this term insurance plan is that it packs in 9 options and will be a financial cushion to provide your dependants with much needed financial aid in the unfortunate event that you may no longer be around to provide for them. Customers can choose between the base policy version or the payout version, as is convenient for them and explore the options under each.
25th May 2017
HDFC Life, a leading private life insurer, is moving back to its plan of entering the initial public offering (IPO) zone, which was decided sometime last year. They are switching back to its old plan as it is taking very long for them to receive approvals from relevant authorities for a merger with Max Life.
The delay in the merger started after the Insurance Regulatory and Development Authority of India (IRDAI) forwarded the request for the merger to the attorney general (AG) in order to get proper consent.
The IRDAI had initially agreed for the amalgamation. During the last phase, the insurance regulator mentioned that the merger can be problematic as it should not happen between an insurance company and a holding company. Here, Max Financial Services is the holding company of Max Life Insurance.
Recently, it was reported that this proposal had been rejected by the AG without any explanation. This is why HDFC Life decided to stick to its earlier decision of doing an IPO.
24th May 2017
HDFC Life, one of the leading insurance providers in the country today, announced the launch of an email bot, the first of its kind in the industry. The bot, named SPOK, can automatically read, understand, categorise, and respond to customer emails that are sent to the insurance company. The bot is also capable of prioritising emails based on the content. The response will be sent by SPOK within milliseconds, stated HDFC Life in a press release.
This initiative is expected to enable HDFC Life to respond to user queries in a more efficient and consistent manner. The exercise will also help in creating a deeper insight on the needs of the customer, and identifying patterns in customer interaction. HDFC Life will hence, be able to anticipate and address customer issues faster, while the customer service team will receive the bandwidth to focus more on customer satisfaction activities.
HDFC Life is in partnership with Senseforth, a startup that offers enterprise bots designed on its AI platform, for the venture.
23rd May 2017
Leading private sector life insurance provider, HDFC Life Insurance all set to launch 3 new products under the health insurance segment in 2017, for which it is expecting approval from the IRDA. The insurer is also awaiting its merger with another leading insurance provider, Max Life. In the last financial year, HDFC recorded a total premium income of Rs 19,445 crore. Out of this, Rs.8696 crore came from new business premium (individual and group). The insurer recorded a growth of 19% and 34% respectively.
18th May 2017
HDFC Life Insurance Co. has been ever so close to the second spot in the private life insurance industry over the past two years. In March 2017, however, the company consolidated its second spot as it created a wider gap against ICICI Prudential which happens to be its closest rival. Srinivasan Parthasarathy, the chief actuary of HDFC Life told the Times of India about the performance of the company, adding more matter on its IPO plans.
HDFC Standard Life recorded premium bookings worth Rs.8696.21 crore, which was more than the Rs.7863.40 crore recorded by ICICI Prudential. The company remains focussed on its merger with Max Life Insurance, and as soon as the merger completes, the company will be looking at listing. April 2018 is when the company expects to complete the merger and begin IPO listing.
17th May 2017
HDFC Life revealed that it has now partnered with Catholic Syrian Bank in a bancassurance tie-up in an effort to distribute its life insurance products to the customers of the private lender. Through the partnership with Catholic Syrian Bank, HDFC Life is expected to provide some of its leading life insurance, pension plans and health insurance products to the 1.5 million customers across all its branches, who have been loyal to Catholic Syrian Bank.
Amitabh Chaudhry, the CEO and Managing Director of HDFC Life said, “We are proud to announce our partnership with Catholic Syrian Bank, our first bank partnership in Kerala. In keeping with our endeavour to increase our reach and access customers across geographies, this partnership would enable us to offer our products to over 1.5 million customers of Catholic Syrian Bank across Kerala and other states.”
16th May 2017
HDFC Life has partnered with Rubique to provide technology enabled solutions to individuals and SMEs. As per the terms of the agreement, HDFC will be able to offer its products through the digital platform of Rubique. This partnership will allow the company to increase its outreach to customers and strengthen its online activities. The company will be hosting its life insurance, health insurance, and automobile insurance in the digital marketplace, making it a one-stop solution. According to Rubique, the partnership aims to provide a unified and advanced customer experience in the insurance realm.
12th May 2017
HDFC Life reported an 8% rise in their net profit at Rs 274 crore for the fourth quarter which ended on March 31, 2017. HDFC Standard Life Insurance Company (HDFC Life) is a non-listed joint venture subsidiary of Housing Development Finance Corporation (HDFC) Ltd. They are associated with the Britain's Standard Life. In a BSE filing, Housing Development Finance Corporation (HDFC) Ltd stated that the company witnessed strong growth in individual WRP of 26 percent in Q4 FY17 after witnessing slowdown in two previous quarter. They further stated that During January-March, its total premium grew by 18 percent.
4th May 2017