HDFC Life Insurance

HDFC Life Insurance

HDFC Standard Life Insurance Company is a private company providing long term insurance services to the customers. This company was founded in the year 2000 by Hasmukhbhai Parekh and it head-quartered in Mumbai, India. This company provides employment to more than 13,771 employees and has a presence in over 980 cities spread across India. It also has a wide network of more than 400 branches that cater to all the insurance related needs of the customers. It key products includes pension, savings, health, investment, and a wide range of plans catering to the needs to children and women. These products sum up to a total of 37 retail products with an additional 8 group products. It also offers extra optional rider benefits to the customers and it totals to 9. The company also holds a representative office outside India in Dubai. It has also become the first life insurance company to offer pension plans to the new customers under new IRDA regime by launching two pension plans namely HDFC Life Pension Super Plus and HDFC Life Single Premium Pension Super.

HDFC Life Insurance Plans - Eligibility Criteria's

HDFC Life Insurance - Types of Plans

HDFC Standard Life has a range of life insurance plans ranging from Term plans to Unit Linked Plans with great features and benefits. All these plans come at competitive rates of premiums and meet all types of requirements of the customers. The range of plans offered by the company includes:

• Protection plans
• Retirement plans
• Health plans
• Savings and investment plans
• Young star plans
• Woman’s plans

Let us take a look at the various types of plans.

HDFC Life Insurance Protection Plans

Also called Term Plans; these plans provide life insurance coverage of a large amount at very reasonable prices so that customers can secure their families against the possibility of their untimely death. The company offers one type of term plan which is also available online. The plans are:

HDFC Life Click to Protect Plus

This plan is a financially affordable term insurance plan that provides coverage for up to 75 years and also offers an additional accidental cover benefit. The tax benefit is also offered under Section 80C* and it prolongs the cover on life in case of a birth of a child as well as marriage.

HDFC Life Insurance Retirement Plans

HDFC Standard Life offers different types of retirement plans also called pension plans which take care of the income post retirement by regular flow of annuity payments for as long as the annuitant is alive. The variety of retirement plans offered by HDFC Standard Life are as follows:

HDFC Life Personal Pension Plans

This is a plan taken on a single life basis with easy EMI options and flexible premium frequency options. The investments can be selected anywhere from 10 to 40 years tenure and also offers an assured benefit of about 101% of the paid premiums at the time of death or also vesting.

HDFC Click to Retire ULIP

This is an online Unit Linked Plan (ULIP) offering assured vesting benefits with a wide option of premium payment like regular, limited or single pay. This plan can be started as early as 18 years and also provides tax benefits under Section 80C and Section10(10A) of the Income Tax Act 1961.

HDFC Life Pension Super Plans

This is a unit linked pension-plan that offers benefits to the customers post their retirement. It involves extra premium distribution rate of 102.5% from the 11^th year onwards and also includes vesting benefits on maturity. It helps the customers to choose the term of the policy on their own wish with flexible retirement date and also guaranteed income on the annuity purchased through them.

HDFC Life Single Premium Pension Plans

It is a unit-linked single premium policy plan that helps the customer in getting income post retirement. It involves the benefits of vesting on maturity with an extra advantage of flexibility to choose single premium with an option to opt for top-up premiums. It also guarantees regular income on the purchased annuity and offers freedom to plan the retirement date suitable to the customer.

HDFC Life Guaranteed Pension Plans

This in a one of a kind plan that helps the customers to save and develop their retirement fund that can be used post retirement. It provides assured benefit of 3% of the assured sum each year with premium payment tenure of 5, 7, and 10 years. The term of the policy ranges from 10 to 20 years and is taken on a single life basis.

HDFC Life New Immediate Annuity Plan

This plan is a non-linked traditional annuity plan that provides financial independence by offering assured income even after retirement for as long as the customer as well as their spouse lives. It offers a host of annuity options with the flexibility to choose from the different annuity options like monthly/quarterly/half-yearly/or annually.

HDFC Life Insruance Health Plans

The rising cost of medicine has mandated the coverage of a health plan to take care of any medical expense which might arise if an individual suffers from any medical contingency. The company issued various types of health insurance plans which are mentioned below:

HDFC Life Cancer Care Plan

This plan is a best-in-class and comprehensive Cancer insurance policy that helps the customer as well as their family to remain financially and mentally stable in case of Cancer diagnosis and at an Early Stage and also Major Cancer. It generally involves three options like Silver, Gold and Platinum and an added advantage of premium waiver of cancer diagnosis at an early stage. Under platinum option, a monthly income is provided in case of major cancer. The plan issuance process is simple without undergoing any medical check-ups.

HDFC Life Health Assure Plan

it is a comprehensive plan which reimburses all the medical expenditures incurred in case of hospitalization. These plans are generally of two types namely Individual and Family Floater Plan with two major options to choose from like Gold and Silver Option. Even after the claim is made, it guarantees the customers of premium for 3 more years and the cover gets doubled after 3 claim free years. The reimbursement process is trouble-free and also offers cashless claim service.

Savings & Investment Plans by HDFC Life 

These plans provide the facility of saving and wealth creation while at the same time providing life insurance benefit in case of unfortunate death. The plan also earns tax reliefs and as such is great for creating good savings corpus. The range of saving plans offered by the company include:

HDFC Life Click2Invest Plans

This is a type of online unit-linked plan that provides insurance coverage on life. It has 8 fund options with a structure that is non-chargeable.

HDFC Life Sanchay

It is a non-participating traditional plan with a premium payment term of 5, 8 and 10 years. The policy term ranges between 15 to 25 years and offers added advantage of 8% or 9% of sum assured on maturity.

HDFC Life Super Income Plan

This is a participating regular income plan with an assured income for 8 to 15 years ranging from 8% to 12.5% of the sum assured on maturity.

HDFC SL Crest

This is a unit-linked insurance investment plan without any limit on maximum premium and offers the benefit of free of cost distribution of assets. Easy EMI options are also available in these plans that it can be taken up by filling a small medical form consisting of questions.

HDFC Life ClassicAssure Plus

This plan is both an investment and insurance plan that helps the development of the money to meet future requirements. The premium payment term ranges from 7 to 10 years and easy EMI facility is also available.  Assured bonus and insurance coverage is also provided throughout the total term of the policy.

HDFC Life Super Savings Plan

This is a type of long-term investment plans that meets the requirements of the customers’ near and dear ones when they are absent. This plan is taken on a single life basis and easy EMI option is also available.

HDFC Life ProGrowth Plus

This plan is both savings as well as insurance plan that channelizes the savings of the customers efficiently and thus provides life cover. A host of funds namely Income Fund, Balanced Fund, Blue Chip Fund, Opportunities Fund are available with easy EMI options.

HDFC SL ProGrowth Super II

This is a both savings and insurance unit linked plan that helps the customers to enjoy long-term savings. The premium payment is done annually and is a trouble-free process with an option to choose the assured sum multiple.

HDFC SL ProGrowth Flexi

This is a savings-cum-insurance unit-linked plan that helps the customer in providing financial stability to their loved ones. It involves two benefit options namely Life Option and Extra Life Option with the freedom to choose sum assured multiple from the range of 10 to 40 of the annual premium.

HDFC Life Sampoorna Samriddhi Plus

It is a limited period endowment plan with a policy term less than 5 years. The plan offers profit by taking into account the bonuses from the 1^st year. It also offers tax benefits.

HDFC Life Sampoorna Nivesh Plan

This is a special insurance as well as investment plan that aim at optimizing the investments of the customers. The investment term ranges from 10 to 25 years with 3 benefit options to choose from. Extra benefit of 8 different fund options is also provided to the customers.

HDFC Life Invest Wise Plan

It is a single premium unit-linked plan that helps the customers to form savings and safeguard financial stability. It is offered at a fixed policy term of 15 years with an assured sum fixed at 110% of the single premium. The amount of the maximum single premium is limitless.

HDFC Life Uday Plan

This plan involves assured bonuses and additions with an additional; benefit of offering lump sum to the relatives of the plan-holder in case of their death. It involves minimum monthly premium as low as Rs. 500 and annual premium of Rs. 5000.The plan issuance process is also very easy and simple.

HDFC Life Child Insurance Plans

These plans are built with the sole aim of securing the child’s future against the unfortunate death of the parent. The company offers two types of child plans which are:

HDFC SL YoungStar Super Premium

This plan helps the customers to develop funds in order to meet different needs of the children like education, marriage, house or car that might arise in the future. It offers 4 types of funds with limitless maximum premium amount. It also offers flexibility of tenure and sum assured.

HDFC Life YoungStar Udaan

This is a traditional participating insurance plan for parents with maturity benefits like academics, aspirations, career etc. The bonuses are accrued and payable at maturity and also offer tax benefits.

HDFC Life Woman’s Insurance Plans

These plans cater to a wide variety of financial needs and requirement of woman arising at different stages of their lives. The type of plan under this are as follows:

HDFC Life Smart Woman Plan

This is a type of life insurance policy for women that help in the growth of their savings. It offers 4 different fund options and 3 benefit options. It also provides flexibility to choose the assured sum and the policy term ranges from 10 to 15 years.

HDFC Life Group Insurance Plans

HDFC Life also has a variety of group insurance plans which cover all the members of a group under a single policy at lower rates of premiums. The range of group plans offered by the company includes:

• HDFC Life Group Pension Plan
• HDFC Life Group Unit Linked Pension plans
• HDFC Life Group Variable Employee Benefit Plan
• HDFC Life New Group Unit Linked Plans
• HDFC Life Group Term Insurance Plan
• HDFC Life Group Credit Protect Insurance Plan
• HDFC Life Group Credit Protect Plus Insurance Plan
• HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

HDFC Standard Life Insurance - FAQs

Question: How to surrender (cancel) HDFC Life Insurance policy online?

Answer: To submit the deactivation/ cancellation/ surrender request, fill and submit the mandate form of deactivation that is available at the branch of HDFC Life at least fifteen days before the due date. You can also place an Auto Debit Deactivation request by emailing at Service[at]HDFCLife.com from the registered email id that is updated in HDFC Life’s records.

Question: How to check HDFC Life policy status online?

Answer: You can check the status of your HDFC Life Insurance Policy online through any of the following methods:

• Steps when you are registered with HDFC Life:
  • Login to the website of HDFC Life Insurance and select the section with the name ‘Customer Service'.
  • Under this section, click ‘My Account’.
  • You will be redirected to the page wherein you can either use your Client ID, mobile number, or email id with a password for logging in into the portal.
  • You can easily check the status of your policy as soon as you log in to the portal.
• Steps when you are a new user or you are not the registered user of HDFC Life:
  • Go to the official website of HDFC Life Insurance and click the Customer Service section.
  • Click on the ‘My Account' tab provided under this section.
  • Under ‘First Time User’, there is ‘Register’ tab, click this tab.
  • You will be redirected to a new page, wherein you have to provide your date of birth and policy number. After filling these details click the ‘Submit' button.
  • You will get One Time Password (OTP) either on your registered mobile number or email id. Provide this OTP and click the ‘Submit' button.
  • In the next step, you are required to create an answer to one of the secret questions from the available options. This step is included for security purposes. Click the ‘Submit' button.
  • In the next step, create a ‘Password'.
  • As soon as you are done with password creation, you can use your credentials to check your policy’s status.
• Other Methods to Check Your Policy’s Status:
  • You can also check the status of your HDFC Life policy by sending an email to service[at]HDFCLife.com. The NRIs have to send an email to nriservice[at]HDFCLife.com.
  • You can also call on the following number 18602679999 from 10 in the morning to 7 in the evening from Monday to Saturday.

Question: How to withdraw HDFC Life Insurance policy?

Answer: Follow the below steps to make a partial withdrawal from your HDFC Life Insurance policy:

• You need to provide the reason for partial withdrawal and submit the form for the same at the nearest branch of HDFC Life Insurance with the following documents:
  • Original documents of the policy
  • Copy of YPD or CI submitted for the request of withdrawal (it is recommended to carry all the original documents for the verification).
  • Insured's canceled cheque.
  • In case of unavailability of the canceled cheque or if the canceled cheque does not have the pre-printed account number and name of the policyholder, then the passbook copy, bank statement with pre-printed account number and name are required.
  • ID proof like Aadhar card, PAN card, Voter ID, Driving License, etc.
  • Pay-out form.
  • Details of the NRE bank statement reflecting the premiums paid from the NRE account.
  • Current contact details of the policyholder.

Question: How to pay HDFC Life Insurance premium online?

Answer: There are many options by which you can pay the premium of your HDFC Life Insurance policy online. The first option is to go to the website of the company and logon. Alternatively, you can download the mobile app of the company and pay the premium from it. :

• To pay the premium directly:
  • Choose the ‘Premium Payment' option to make payment.
  • A pop-up appears on the screen illustrating the process of premium payment, click ‘Proceed’.
  • You will then be needed to provide the details like policy number, premium installment, date of birth, etc. While providing the details, make sure you have entered the correct details.
  • Give the ‘Captcha code', select the ‘I Agree' option and click ‘Submit'.
  • The next step shows the number of policies for which the premium has to be paid and the total amount of premiums. Click ‘Check & Pay' for making the payments.
  • You will be given three options to make the payment – 1) through internet banking, e-wallet, debit card, credit card, or American Express card, 2) Axis Pay UPI, or 3) UPI of Standard Charted Bank.
  • Select the option through which you want to make the payment.
• To pay through the customer portal: This process needs you to get yourself registered on the website. If you have registered yourself already, then login through your credentials for making the payments. However, if you are not registered, then click ‘Register Now’ or go to the ‘Sign Up’ link. There you will have to provide your basic information such as premium, policy number, date of birth, etc. After getting yourself registered, logon for making the payments.
  • Login to your account by providing your registration details.
  • After logging in, click ‘Online Payments’ which will take you to the portal of premium payment.
  • Choose the policies for which you want to make the payments and then click ‘Check & Pay’.
  • The portal then asks you to confirm all your details like your mobile number, premium amount, email id, etc again. After confirming these details, click ‘Check & Pay’.
  • Select the payment gateway for completing the transaction.

Question: How to get the premium receipt of HDFC Life?

Answer: You can contact HDFC Life Insurance Company at any of its touchpoints or can download a receipt of premium from My Account's ‘E-Service' section. You can even place a request for premium receipt via the IVR of HDFC Life by following the instruction and selecting option 2 >> Request>> and then Press 1.

Question: How to know the fund value of HDFC Life Insurance?

Answer: Get the details of the fund value, due date, the premium amount of your HDFC Life Insurance policy by giving a missed call:

• Dial 08000006609 from the registered mobile number.
• Let the call be disconnected by itself.
• You will get an SMS on your registered mobile number with all the needed details.

Question: How to stop auto-debit from HDFC Life?

Answer: To deactivate the mandate auto-debit from your account and stop the payment of the premiums, follow the below steps:

• Drop an email having a subject line as ‘Need to Deactivate auto-debit – Policy Number <Policy No>' to Service[at]HDFCLife.com.
• Go to the nearest branch of HDFC Life and fill the deactivation form of the ECS mandate.

Question: How to link aadhaar with HDFC life insurance?

Answer:  As per the recent guidelines of IRDAI and Indian Government, linking your Aadhaar Card number with the insurance policy is compulsory. Below are the steps to link your HDFC Life Insurance policy with Aadhaar Card:

• Step 1: Login to your HDFC account by following this link – https://myaccount.Hdfclife.com/
• Step 2:Select the ‘Update Aadhaar' option in the ‘My Policy' section.
• Step 3: Provide your policy number and number of your Aadhaar Card and click ‘Submit’.

The Aadhaar Card number can also be updated by visiting the nearest branch of HDFC Life.

Question: How to change the address in HDFC Life Insurance policy online?

Answer: Follow the below steps to change the address in your HDFC Life Insurance policy online:

• Step 1: Visit hdfclife.com and select the ‘My Account' section.
• Step 2:Login by using your client id and password.
• Step 3: You will be redirected to the main page of your account. Under the ‘My Profile' section, select ‘Change in Communication Address'.
• Step 4:Update the communication address and click ‘Submit’. Your service request number is generated and is shown under the ‘Success Message' box, click ‘OK'.
• Step 5:Verify your provided current address by uploading address proof. Select the address proof and provide the details. A message for successful document update pops-up, click ‘OK’.
• Step 6: Now click the ‘Interaction History’ tab to check the status of your generated request.

Question: What is the policy renewal process?

Answer: Below are the steps to renew your HDFC Life Insurance policy:

• Step 1: Login by using your client id and password.
• Step 2: Choose the policy that is due for renewal. Click ‘Pay Renewal Premium Now’.
• Step 3:Select the option for payment – Debit/ Credit Card or NEFT.
• Step 4: Authenticate and confirm the payment details and then get the payment receipt printed.

Question: What is HDFC Life’s claim settlement process?

Answer: The first and the foremost thing to settle a claim is to inform the company about the claim by filling the form of the claim that is easily available on the website of HDFC Life. Alternatively, you can as well intimate the HDFC Life company regarding the claim by emailing on the below email address:

service[at]HDFCLife.com 

• A representative of the company guides you on the required documents for processing the claim. Do not forget to check the document list that should be submitted on the website of the company as per the type of claim.
• For faster claim settlement, send all the required documents to the HDFC Life Insurance Company as early as possible.
• The company generally maintains to process all the claims within 24 hours for most of the policies that are more than three years from the inception date.

HDFC Life Insurance - Latest News

HDFC Life Insurance Designates Columbus as its New Search Agency

HDFC Life Insurance has appointed Columbus India, a digital marketing agency from Dentsu Aegis Network, as its new search agency. The company won the account by winning a multiagency pitch and will be managed by the agency’s Mumbai office.

In the assignment given to the Columbus India, it will use it’s expertise to manage the Search mandate for HDFC Life Insurance. Speaking on the new appointment, the Executive Vice President – Digital marketing & eCommerce, HDFC Life Insurance, Vishul Subharwal, said that the organisation is happy about the new collaboration. The agency will handle both of the SEO and SEM accounts of the life insurance company.

The life insurance brand is looking forward to work with the expert team of the agency to strengthen their market leading position and grow the company’s revenues at the best possible costing in the highly competitive insurance market. The agency is looking forward to help the insurance giant get maximum returns on their advertising expenditures.

Chief executive officer of Columbus India, Anurag Gupta, says said that it’s a privilege for the agency to get an opportunity to work with a leading brand like HDFC Life Insurance. In the new engagement, the agency will work towards enabling HDFC Life Insurance to grow its customer base and stay ahead of its peers.

HDFC Bank Q3 net profit surged 20% on higher net interest income

HDFC one of the biggest private sector banking and financial services companies in India has surged up by 20.1% in profits by the end of the quarter of December 2017. This has been accompanied with a slight rise in their asset quality and has experienced a strong loan growth.

The net profit of the Bank has risen to Rs. 4,642.60 crore for the third quarter from Rs. 3,865.33 crore.

As per the estimates of 17 analysts of Bloomberg, HDFC Bank was likely to post their net profit at Rs. 4,706.90 crore.

The core income of the bank, i.e. the Net Interest Income generated by giving loans has risen by 24.1% which sums up to Rs. 10,314.34 crore, in comparison to Rs. 8,309.09 crore in the previous year. Other incomes earned was at Rs. 3, 869.17 crores from Rs. 3,142.67 crore a year ago.

Contingencies and provisions have risen to Rs. 715.78 crore from Rs. 115.38 crore, up by 88.81%, a year ago. On a quarter-on-quarter basis, this decreased by 8.45% from Rs. 1,476.19 crore.

The gross non-performing assets of the bank have increased by 57.4% to Rs. 8,234.88 crore, at the end of the quarter in December.

HDFC board has given its consent to the insurance unit for the IPO plan

Standard Life raised its stake in its life insurance joint venture with HDFC to 35 %. The same was achieved buy the company by buying 9 per cent additional shares from HDFC. The company paid Rs. 1,705 Crore to HDFC for the transaction. After the deal, the HDFC Standard Life Insurance Company was valued at Rs. 18,500 Crore.

The Board of HFC Ltd. has sanctioned the plan to sell out the shares of HDFC Standard Life Insurance Company to public.

This verdict has made HDFC Standard Life Insurance Company the first Indian insurance company to initiate the procedure for IPO (Initial Public Offering).

The company stated in a regulatory filing that the board meeting held on 18th April approved up to a 10 per cent stake sale in HDFC Life.

According to the Mistry, HDFC had been planning to raise funds through its JV in life insurance for quite some time. The company was just waiting for a board approval which has now been granted.

HDFC Sells 10 Percent Stake in Life Insurance Division; Becomes First Insurer to Float an IPO

One of India’s largest public sector mortgage lenders, HDFC efficiently operates in financial services across India. HDFC intends to become the first insurance company to float an IPO, thereby taking its life insurance division public. To be precise, the company is looking forward to selling 10 percent stake in HDFC Standard Life Insurance via the projected IPO, whereas the timeline is yet to be given.

With this stake sale, the company is aiming at monetizing the investments while keeping control on its existing majority of stake in the joint venture. At present, HDFC holds about 61.65 percent stake and 35 percent is held by 35 percent stake. The remaining stake in the insurance firm is held by the other shareholders. The execution of 10 percent stake sale could fetch about Rs. 1894.5 crore as per the transaction occurred lately.

By the end of FY’16, the insurance company registered a net profit of Rs. 818 crore while the total income stood at Rs. 17, 954 crore.

HDFC Sells 9% Stake in the JV to Standard Life

HDFC recently sold 9 percent of its stake in HDFC Standard Life to its British partner, Standard Life for over Rs1, 700 crore. This has led to an increase in the foreign investor’s existing share from 26 percent to 35 percent. This stake sale to Standard Life was proposed in August 2015 to happen for the said amount, as the government of India has permitted up to 49 percent FDI in the insurance sector of the country.

Following the receipt of awaited approval, HDFC has successfully completed the stake sale to Standard Life.

The company, in a regulatory filing, once said that it had plans to sell about 17.95 crore shares worth Rs. 1, 705 crore in HDFC Standard Life to its British partner, which comes out to be 9 percent of its existing stake in the JV. As a result of the stake sale, HDFC has got its stake in the JV reduced to 61.65 percent.

Fraudulent claims lead HDFC Life to discontinue policy sales in select localities

Some recent cases of claiming through fraud have been reported in in small towns such as Kubernagar in Gujarat and Ganjam in Odisha. As a result of the same, HDFC Life Insurance Company has restricted its agents from vending policies in more than 60 surrounding areas. This action has been taken with an intention to prevent fraudulent claims.

The company has also barred a number of local hospitals from selling the policies to the people living there. The company has also found out that some serious and intentional administrative lapses in a few medical centres had caused heavy losses to the entire industry. As a consequence those medical centres have been put on the 'watch list'.

Amitabh Chaudhry, CEO at HDFC Life said that the company is now sharing records on employees, distributors, medical centres, and locations and also blacklisted the ones participating in frauds. He also said that the company will either reduce its exposure in these markets or absolutely stop selling insurance.

HDFC Life All Set to Launch #MemoriesForLife Platform

HDFC Life in collaboration with Leo Burnett has created a platform that will allow its customers to create memories for life, allowing them to leave behind not just the money for their loved ones. This digital platform will allow the policyholder to leave digital messages for the family with a particular date and specified.

The platform called #MemoriesForLife has reachability from online and offline platforms media and will soon be launched via an integrated campaign. The idea that works behind this campaign is taken from the understanding of a customer that a lot is left untold while running towards the goal of securing their loved ones’ future.

The #MemoriesForLife platform allows one to record his/her message and define a date and time when that message is supposed to be delivered to their loved ones. HDFC Life commits the successful message delivery. The company has made a strategic move, thereby shifting the transaction space of life insurance to the space of emotions.

HDFC Life Insurance Net Q3 Profit up by 45%

January 20 ,2016 : HDFC Life Insurance Net Q3 Profit up by 45% HDFC Life Insurance recently reported a net profit of Rs. 174 crore, which is about 45% rise in its net profit for the third quarter of the FY 2015-2016. Based on the statistics from the last fiscal, the company reported a net profit of Rs. 120 crore.

HDFC Standard Life Insurance is a joint venture of India’s HDFC (abb. for Housing Development Finance Corporation) and Standard Life from Britain, where 70.65% of the total share is held by HDFC, 26% by Standard Life, and others hold the rest in the equity. Earlier in the second quarter of the FY2015-2015 (particularly in August 2015), HDFC was involved in a deal with Standard Life, aiming at selling its additional 9% share.

The deal will end up leading HDFC’s share to 61.65% and Standard Life’s share to 35%, whereas others’ share will remain intact. A call is yet to be taken by CCEA (abb. for Cabinet Committee on Economic Affairs) on the transfer of 9% share (Rs. 1705 crore) from HDFC to Standard Life in the joint venture.

Net 45% rise of profit this quarter for HDFC Life Insurance

January 29, 2016: The third quarter for HDFC Life Insurance turned out to be a good one. The insurance company along with Standard Life, a British company in their joint venture has reported a 45% rise in the profit that ranges at Rs 174 crore. The same quarter at the last fiscal year saw a profit of Rs 120 crore.

In fact the business premium recorded this year at Rs 1264 crore is down by 8% with respect to the previous year (Rs 1368 crore). And the renewal premium was up by 3% to Rs 2316 crore from the last year review. HDFC Life Insurance commands 70.65% and Standard Life holds only 26% of the equity in this joint collaborative venture. The rest is owned by other holders. The recent agreement in August 2015 states that HDFC will share 9% additional stake to Standard Life. The whole transaction is subjected for the approval of the regulatory authorities.

HDFC Standard Life Opens Reinsurance Subsidiary at Dubai IFC

HDFC Standard Life Insurance recently gave an extension to its insurance business, as the company has incorporated a Dubai IFC-based reinsurance company. A subsidiary of HDFC Ltd, HDFC Life has successfully set up HDFC International Life and Reinsurance Company Ltd (or HILRCL) at Dubai International Finance Centre with USD 12.33 Million as the initial capital.

HILRCL is expected to commence it financial business operations at Dubai quite shortly, aiming at getting the approval of the Authority of Dubai Financial Services after completing the regulatory formalities. The Dubai-based company will operate in the capacity of providing reinsurance to the leading insurance companies and probably rush into managing their contacts across the insurance industry.

HILRCL eventually looks forward to receiving the required approval from the DFSA. Once the approval is received, the company will expand its territory.

HDFC Standard Life Insurance Company mandates Kotak Mahindra and JP Morgan to plan IPO

As revealed by the sources, the biggest mortgage lender of India, HDFC Standard Life, has shortlisted a law firm and some investment bankers to plan its life insurance JV’s IPO (initial public offering). HDFC Standard Life Insurance Company is planning to sell 10 per cent from its stake in the entity which is 61.63% at present. The mortgage lender is probable to raise about Rs. 3,000 Crore from this sale of shares.

As revealed by some sources who don’t wish to be named, while Morgan Stanley, JP Morgan Chase and Company, and Kotak Mahindra Bank are amongst the banks that have been shortlisted to manage the initial public offering, Cyril Amarchand Mangaldas, the renowned law firm, has been chosen to be the lawyer for this primary issue.

HDFC Standard Life didn’t react to an e-mail sent in the morning on 4th May, 2016 looking for a comment on this matter. JP Morgan and Morgan Stanley refused to comment.

HDFC Standard Life, Max Financial Services and Max Life Insurance join hands

The Max Financial services and Max Life Insurance will venture into HDFC Standard Life Insurance which is the biggest merger in the insurance industry so far in India. The company board of director of HDFC Standard Life Insurance and Max Financial Services and Max Life Insurance Company allowed the exclusive and confidential agreement of the three so as to examine their potentiality of providing insurance services by merging into HDFC Life.

Max Financial Services believes that this move would give a combined standard of services with a common agreement on all the ground agreed by the parties in regards to the deal made by the companies. This deal would the on the basis of respected diligence and standard documentation and authorized board, shareholders, insurance regulatory, and the respected National Legislative courts along with the approvals of the third party an per the approvals made. Presently, a FDI of 49% into the insurance sector allowed in India.

HDFC Life Gets into Micro-Insurance Segment

One of the leading insurance companies of the country, HDFC Life Insurance has entered into micro-insurance segment and has launched two products- Jeevan Suraksha and Credit Suraksha that provides security at a nominal cost.

Mr. Sujoy Manna, VP of HDFC life has stated that micro-insurance space has significant potential and HDFC Life is committed to partner with the government’s vision to strengthen the country’s economy. By getting into the partnership with the microfinance institution, the under insured section across the country will be boosted by the private insurer. He further added that the company can get into a lot of profit if it promotes the cooperatives that structure a large part of the unorganized sector.

Manna has also added that the Micro-credit is growing in India and the corresponding demand for the products is going to rise, which will help to manage the financial risks whatsoever.