HDFC Standard Life Insurance Company
As per the Insurance Regulatory and Development Authority of India (IRDAI), India will be the sixth-largest insurance market within a decade, leapfrogging Germany, Canada, Italy and South Korea.
HDFC Standard Life Insurance Company was established in 2000 as a JV between Housing Development Finance Corporation Limited (HDFC Ltd) and Standard Life Aberdeen. It was the first private company to get a license from IRDAI in 2001. As of March 2019, the company was providing 38 individual and 11 group insurance products. After strong period of growth, the company completed its initial public offer (IPO) in 2017. HDFC Life continues to benefit from its presence across the country with 414 branches and additional distribution touchpoints through several partnerships. The partnerships comprise 265 bancassurance partners including NBFCs (Non-Banking Financial Companies), MFIs (Micro Finance Institutions), SFBs (Small Finance Banks), etc. and 39 partnerships within non-traditional ecosystems.
Currently the company has the largest share in new business among private life insurers.
- Leading private sector life insurers in India
- Sold 915.10 thousand policies in FY22
- 498 branches and more than 11,200 partner branches
- Net premium stood at Rs. 61,959 crore (US$ 7.42 billion) in FY24
HDFC Life – Sar utha ke jiyo!
| Year | Milestone |
|---|---|
| 2023 |
HDFC Life Policyholders can now pay premiums with NPCI's UPI 123PAY HDFC Life Insurance Company consolidated net profit rises 14.76% in the December 2022 quarter |
| 2022 |
HDFC Bank to invest Rs 120 crore in Go Digit Life for 9.94% stake |
| 2021 |
In September 2021, HDFC Life Insurance Co. Ltd. announced the acquisition of Exide Life Insurance Co. Ltd. for Rs. 6,687 crore (US$ 896.85 million) to strengthen its position as one of the leading private insurers in India. In August 2021, HDFC Life introduced HDFC Life Saral Pension, a, non-linked single premium, to provide life-long guaranteed annuity rates at the time of purchase. In January 2021, HDFC Life launched its latest flagship term product ‘Click 2 Protect Life’, which is a non-linked, non-participating, individual term plan to cater to the changing needs of individuals in the different stages of life |
| 2020 |
In November 2020, HDFC Life and HDFC Ergo have teamed up to launch a combi product ‘Click 2 Protect Corona Kavach’ to provide financial protection package to customers. In September 2020, HDFC Life and YES BANK Limited entered into a Corporate Agency (CA) arrangement to offer life insurance solutions to the bank’s customers. In June 2020, HDFC Ergo tied up with tech firm Tropogo to offer commercial drone owners and operators third-party liability cover for property damages and physical injuries from flying machines |
| 2017 |
AUM crossed Rs. 900,000 crore (US$ 13.82 billion); completed successful IPO |
| 2014 |
Dividend declared by the company for the first time |
| 2012 |
Company turned profitable |
| 2011 |
Incorporated the Subsidiary, HDFC Pension |
| 2010 |
Assets Under Management (AUM) crossed Rs 200000 crore (US$ 4.37 billion) |
| 2007 |
Crossed 500,000 policies |
| 2004 |
Launched unit linked funds |
| 2003 |
Crossed 100,000 policies |
| 2001 |
First private life insurer to receive license from IRDAI |
Partners
