HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC) and UK based financial firm Standard Life plc..
HDFC Life is one of the leading life insurance companies in India and currently has 27 retail and 8 group products in its portfolio. The company offers a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings and Health, along with Children’s and Women’s Plans.
With over 414 branches spread over 900 cities and towns, HDFC Life has one of the widest reaches among new insurance companies in India.
Key Highlights of HDFC Life Insurance
1 Crore Life Cover
Get 1 Cr Life cover @₹ 18*/day
Claim Settlement Ratio
Claim-settlement ratio of 90.50% for year 2014-2015
Grievances Resolved
93.01% Grievances Settled for year 2014-2015
To be eligible for HDFC Life insurance
You should be at least 18 years old
You should be less than 65 years old
You should be either Salaried, Self- employed, a professional or have your own business
HDFC Life insurance at a Glance
A maximum tenure of 40 years
Min Sum Assured: Rs 25 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an HDFC Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
HDFC Standard Life Insurance Plans Details
- HDFC Life Insurance Term Plans:
- HDFC Life Click 2 Protect Plus - This policy ensures a life cover of Rs.1 crore at a very nominal monthly premium. Enjoy tax benefits as well as Life Stage Protection Feature. Avail several flexible options to choose from to customize the policy according to your requirements. This term plan can be availed online too.
- HDFC Life Click 2 Protect - Get a life cover of Rs.2 crore with a very nominal monthly premium. Enjoy tax benefits as well as EMI options (for HDFC credit card holders). Also enjoy an enhanced medical cover. This term insurance plan can be availed online too.
- HDFC Life Endowment Plans:
- HDFC Life ClassicAssure Plus: This is an investment cum insurance plan that allows your money to grow while ensuring a guaranteed benefit to the policy holder.
- HDFC Life Super Savings Plan: A long-term regular savings endowment plan that provides flexibility to choose the policy term and offers an additional sum assured in case of death.
- HDFC Life Sanchay: HDFC Life Sanchay is a non-participating, traditional plan that offers guaranteed benefits. The plan has limited period as policy terms. If all the premiums are paid then the guaranteed maturity benefit can be anywhere between 220%-325% of the sum assured.
- HDFC Life Super Income Plan: Super Income plan is a money-back policy that is a participating plan which offers guaranteed benefits as well as bonuses and is best suited for individuals with a regular income.
- HDFC Life Sampoorn Samridhi Plus: This is a limited period endowment plan from HDFC Life, one of the largest private life insurers in India. This plan is available in two varieties – endowment and endowment with whole life. These plans come with the option for extended coverage up to 100 years under the whole life package. Customers can choose policy tenure between 15 to 40 years, and comes with a built-in accidental death rider which provides additional sum assured.
- HDFC Life Uday: An insurance plan aimed to provide increased benefits on future savings through bonuses and additions while also providing the sum assured along with said bonuses as a maturity benefit and death benefit.
- HDFC Life Insurance Retirement Plans:
- HDFC Life Personal Pension Plus - This pension plan from HDFC provides you with an assured 101% of the sum assured in case of death. Also, the plan allows you to choose from a wide range of tenure. EMI option is available for HDFC credit card holders.
- HDFC Life Pension Super Plus - This plan offers an assured 101% of all premiums paid. There is flexibility to choose tenure and guaranteed regular income in case annuity is purchased.
- HDFC Life Single Premium Pension Super Plan - This pension plan is a unit-linked, single premium plan that assures you get to generate a substantial corpus post retirement.
- HDFC Life Guaranteed Pension Plan - Guaranteed Pension Plan from HDFC guarantees an addition of 3% of sum assured on each premium year completion. A flexible policy term can be chosen. The plan has only a single life basis of availing.
- HDFC Life New Immediate Annuity Plan - This is a traditional pension plan that lets you choose an annuity and earn a regular income post your retirement. The plan ensures guaranteed income for as long as you or your spouse is alive.
- HDFC Life Click2Retire - The HDFC Life Click2Retire is an online retirement plan offered by HDFC. This is a unit linked insurance plan and offers you a number of benefits such as tax benefits, death benefits, vesting benefits and surrender benefits. The policy term offered by the plan is 15 to 35 years.
- HDFC Life Insurance Child Plans:
- HDFC Life Youngstar Udaan - This children’s plan from HDFC ensures guaranteed payouts at each and every significant milestone of your child’s life.
- HDFC SL YoungStar Super Premium - The Youngstar Super Premium plan by HDFC is essentially a ULIP plan that takes care of all the important financial milestones in your child’s life like education, marriage, buying a house and so on.
- HDFC Savings and Investment Plans:
- HDFC Life Click2Invest ULIP - This is an investment plan from HDFC that is available online and is a unit-linked plan which offers life insurance cover.
- HDFC SL Crest - This is a short-term investment plan which aims to enable you achieve your short-term financial goals. The plan offers flexibility to choose sum assured and there is no higher limit on the maximum premium that can be paid.
- HDFC Life ProGrowth Plus - This is an insurance sum savings plan that enables you to enjoy the life cover option along with the flexibility to create your own investment options.
- HDFC Life Sampoorn Nivesh - A simple life insurance plan with multiple life covers with varying returns and return of premiums as maturity benefit on the survival of the policyholder till the end of the policy term. Additional loyalty additions are also provided.
- Income fund
- Balanced fund
- Blue chip fund
- Opportunities fund
- Life option (death benefit)
- Extra life option (death benefit + accidental death benefit)
- Life and health option (death + critical illness benefits)
- Extra life and health option (death + critical illness + accidental death benefits)
- Life and disability option (death + accidental total and permanent disability benefits)
- Extra life and disability option (death + accidental death + accidental total and permanent disability benefits)
- Life and health and disability option (death + critical illness + accidental total and permanent disability benefits)
- Extra life and disability and health option (death + accidental death + critical illness + accidental total and permanent disability benefits)
Life Protection Plans from HDFC Life are focused at providing insurance cover to your loved ones in case of any unforeseen sudden events. Securing your family’s future is top priority for most people. These plans aim to ease your stress regarding your responsibilities towards your family. Below are the protection plans offered by HDFC Life which are offering 1 crore life insurance policy.
Below are some best HDFC Life Insurance endowment plans:
Retirement plans are financial products that offer you the ability to plan and save for your future when the income gets to go down as a person gets retired. These plans take care that you do not need to compromise your lifestyle due to shortage of funds in the later stages of your life.
Everybody wants to get the best for his/her children. In today’s unpredictable world, our child’s future and its security is the single most important thing on our minds day and night. HDFC Life Child Plans ensure that your children are well protected and provided for even if due to unfortunate reasons you are not around anymore. Some of the children’s plans offered by HDFC Life are –
These plans from HDFC Life are supposed to address the twin goals of insurance cover as well as investment. So you get to save as well as a part of your money goes into the share market so as to enable you earn more returns out of your premium amount. Following are the savings and investment insurance plans offered by HDFC Life.
HDFC SL ProGrowth Flexi: The HDFC SL ProGrowth Flexi is a savings cum unit linked insurance plan (ULIP). Customers can choose between life option (death benefit) and extra life option (death benefit + accidental death benefit). Customers also get the option to choose between income fund and balanced fund as per their risk aversion.
Death benefits are paid out as the higher of sum assured and the total fund value. On maturity of the product, you will receive the fund value as lump sum or as settlement option. There is flexibility in choosing and switching between fund options. Tax benefits are applicable under Section 80D of the IT Act, 1961.
HDFC SL ProGrowth Super II: The HDFC SL ProGrowth Super II is a savings cum unit linked insurance plan (ULIP) that is aimed at providing long term savings to the insured. Terms can be chosen between 15 to 30 years, while customers also receive a choice of four different fund options including:
Apart from this, the savings plan also offers 8 options to choose from:
HDFC Life Invest Wise Plan: This is a single premium unit linked insurance plan (ULIP) that is designed to provide you with savings that will help you out in important stages of your life. Plans are offered for fixed tenure of 15 years with multiple fund choices that can be selected according to your risk appetite.
The sum assured here is fixed at 110% of single premium. The fund value is given out at maturity of the policy. Tax benefits are available under Section 80D of the Income Tax Act, 1961. Minimum and maximum ages at entry is restricted to 45 years and 70 years respectively.
HDFC SL ProGrowth Maximiser: HDFC SL ProGrowth Maximiser is a single premium unit linked insurance plan (ULIP) that provides insurance cover while creating wealth in the short term. Customers receive 4 different fund choices with the option to switch between funds or redirect future premiums. Maturity and death benefits are applicable as per sum assured and fund value accumulated during policy tenure.
This plan provides cover for 10 years and customers can opt for additional single premium top-ups anytime during the policy tenure. Tax benefits are applicable under Section 80D of the Income Tax Act, 1961. Applicants within 14-65 years age group are eligible to apply for the plan.
- HDFC Life Group Pension Plan - This plan is a non-linked participating pension plan that works well to build the superannuation benefit fund of an employee
- HDFC Life Group Credit Protect Insurance Plan - The Credit Protect plan from HDFC is for employers who want to lighten the loan repayment burden of their employees and their families in case of death or critical illness of the employee.
- HDFC Life Group Unit Linked Insurance Pension Plan -This is a unit-linked pension plan designed to manage the superannuation benefits of an employee once he/she retires.
- HDFC Life Group Credit Protect Plus Insurance Plan - This plan is a tailor-made insurance plan for financial institutions so as to protect the families from any loan liabilities in case of demise of the insured member.
- HDFC Life Group Variable Employee Benefit Plan - Earn a guaranteed minimum return of 1% per annum through this plan from HDFC. This is a non-participating, variable insurance plan which offers a flexible and effective way to build a substantial corpus for an employee.
- HDFC Life New Group Unit Linked Plan - A unit linked insurance plan aimed towards adding to the growth of an employee’s funds through a range of 6 debt and equity oriented funds with control on investments through viable switches.
- HDFC Life Group Term Insurance Plan - An insurance plan that allows an employer to provide for insurance to all employees under one life cover and have a hassle-free way of dealing with financial help when required, all at low costs of premiums.
- HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan - A one year renewable group insurance policy to cover all eligible members for a death benefit of Rs. 2 lakh per individual at a premium of Rs. 330 only.
HDFC Life Smart Woman plan is a savings cum unit linked insurance plan (ULIP) available in 10 and 15 years’ tenures. Customers get the option to choose among 4 fund choices which provide investments in long/short/medium term equities and in funds of all market caps. Applicants also receive 3 benefit options including:
- Pregnancy complications
- Female organ cancer diagnosis
- Spouse death (available with Elite plan)
Plans are available in three varieties namely:
- Classic: Basic plan with premium waiver benefit for 3 years.
- Premier: Benefits under Classic plan plus 100% regular cash payout of 3 years’ premium.
- Elite: Benefits under Premier plan plus death of spouse benefit.
Cancer is among the most dreaded diagnoses that a person can receive. The sad reality is that the number of cancer diagnoses in India is on the rise, and so is the cost of treatment through new and varied medical procedures. The fight against cancer is an expensive and agonising struggle, and HDFC Life realises the pain it can cause you, and the strain it can cause to your family’s financial security.
In an effort to fill the need for a comprehensive and truly beneficial insurance policy comes the HDFC Life Cancer Care plan.
It pays out a lump-sum benefit on diagnosis, and covers expenses like out-of-pocket medical expenses, consulting specialists outside your network, experimental treatments, travel and lodging for treatment, etc. that are ignored by other major insurance providers.
There are 3 plan options available – the Silver, Gold and Platinum plans, with different benefits and premium costs. Premium discounts are available for sum insured options over Rs.10 lakh, and premiums are waived off for 3 years for diagnoses of early stage cancer and carcinoma-in-situ.
Cancer is a sleeping monster that does not allow a person time to be financially prepared when it strikes. The best way to fight cancer is to be prepared, mentally, physically and financially. While taking care of your health and controlling vices is totally up to you, it is always beneficial to have the promise of a huge insurance benefit that will take care of all your expenses and your family’s well-being, should the worst come to pass.
An initiative by HDFC Life to provide specific plans under the gamut of life insurance offerings to defence personnel. The initiative adds on a host of extra perks and benefits that make it an easier option for defence personnel to avail them. Increased serviceability and a unique tracking system for the customers under this initiative makes it easier to file claims and pay premiums anywhere across the nation.
HDFC Life Insurance Co. has an established process through which claims can be made. HDFC Life has an impressive track record of claim settlement with a claim settlement ratio of 96.56% in the financial year 2012-2013, an amount worth upwards of Rs.164.42 crores.
The Life Insurance claim procedure is as follows:
- Claim intimation form / letter must be duly filled up, signed, and submitted to HDFC Life.
- HDFC Life will send a letter to the nominee or title holder of the claim. This letter will contain the required list of documents and details thereof.
- Furnish all necessary documents and submit them for processing at HDFC Life.
- A decision will be taken after the documents are considered and processed, if accepted, payment will be made to the nominee or title holder of the claim.
- If the claim is rejected, a communication will be sent to the nominee or title holder of the claim explaining the reasons as to why the claim was rejected. Common reasons for claims being rejected are as follows:
- Non-fulfilment of policy terms and conditions.
- Non-disclosure of all facts.
The Claim request Form is one of the most important documents that you will need to acquire and diligently fill up. The form requires details like:
- Policy holder’s name.
- Policy number.
- Date of birth.
- Date of death.
- Intimating person’s name and contact number.
- Email ID, address and contact details of those mentioned in the policy as nominees, etc.
Documents required for life insurance claims vary depending on the nature of calamity that entitles a claim – natural death, unnatural death (accident, murder, suicide, etc.), disaster, critical illness.
Documents required in case of natural death:
- Death claim form (includes NEFT).
- Death certificate issued by the government or relevant authority.
- Original Policy Document.
- Proof of ID and Address of the claimant.
- Medical records at the time of death and past illnesses.
Documents required in case of unnatural death:
- Death claim form (includes NEFT).
- Death certificate issued by the government or relevant authority.
- Original Policy Document.
- Proof of ID and Address of the claimant.
- FIR, Police Inquest Report and Panchnama.
- Post mortem report.
Documents required in case of death by disaster or natural calamities:
- Death claim form (includes NEFT).
- Death certificate issued by the government or relevant authority.
- Original Policy Document.
- Proof of ID and Address of the claimant.
Documents required in case of critical illness:
- Critical Illness claim form.
- Medical records (current and past).
- Hospital records, records of diagnostic tests.
- Original Policy Document.
- Proof of ID and Address of the claimant.
It should be noted that HDFC Life reserves the right to ask for additional documents and / or invoices and raise further requirements in all the above mentioned cases.
Tips for Faster Claims Settlement
- Full disclosure of all information.
- Premium payments on time, every time.
- Submitting your NEFT details with a copy of a cheque – to enable direct credit in your account.
- Submitting all the necessary documents in their entirety.
HDFC Standard Life Insurance FAQs
- Q. Can I avail pension benefit with my life insurance plan?
A. Yes, HDFC Life Personal Pension Plus is an insurance plan which offers you pension after retirement. This plan is also eligible for bonuses as a percentage of sum assured on vesting, reversionary bonus, interim and terminal bonus.
HDFC Life New Immediate Annuity plan is a non-linked traditional annuity plan. You get guaranteed income for as long as your partner lives.
- Q. Are there any specific life insurance plans for women?
A. HDFC Standard Life offers HDFC Life Smart Woman Plan which is lets you to choose between a traditional endowment plan and unit-linked insurance plan depending on the risk factors and your ability to take risk.
- Q. Is there any life insurance plans that enables me to save while I can enjoy life cover?
A. HDFC Life Pro Growth Plus is a simple savings cum insurance plan that will let you enjoy life cover and benefit from creating your own investment strategies. This is a ULIP plan and you can make the most of equities by channelizing your savings. With HDFC Life Super Savings plan you can also choose between a traditional endowment plan and a ULIP. The fund invests in a variety of assets to earn returns on your policy, these returns are declared in the form of bonuses. The bonuses once declared are guaranteed.
- Q. Is there any plan that lets me protect my family’s health and secure at the same time?
A. Yes, you can get a comprehensive, pure protection health and medical insurance plan. HDFC Life Health Assure Plan lets you reimburse medical expenses incurring in hospital. You get the flexibility to choose from 2 types of plan and 2 types of plan options and other optional benefits. Your cover will be automatically double after 2 claim free years. You can also avail cashless claim service at the network hospitals.
- Q. Is there any specific plan for life threatening diseases?
A. Yes, HDFC offers HDFC Life Cancer Care which provides financial protection for both early and major stage of cancer. The plan gives you a waiver on premium for the next 3 years on diagnosis of early cancer and an increased benefit where the sum insured increases every year under the gold and platinum option.
- Q. What are the documents required to open a life insurance?
A. You will have to submit the following documents:
- Income proof
- Age proof
- Residence proof
- Identity proof
- PAN card
- If you have to submit other document, you will be notified by the agent.
- Q. If I’m not satisfied with the plan can I return it?
A. Yes, you get a 15 days free look period from the date of receipt of the policy within which you can return the policy.
- If I miss the premium payment, will my policy lapse?
A. Yes, the policy will lapse if you miss making the premium payment but it can be renewed within 2 years from the date that the policy lapses. There are certain cases when you can turn the policy to a paid up policy, check the policy document to see if you have that option.
- Q. What is the claim process of HDFC Life Insurance?
A. The stages of claim process and evaluation are as follows:Submit the claim intimation form.
- HDFC will then send a letter to the nominee or to the title holder to the claim.
- Once the documentation is complete and the information is received, HDFC will take a decision to accept or reject the claim.
- Once the claim application is accepted, the payment will be made to the nominee or to the title holder to the claim.
- The claim application can be rejected because of non-fulfilment of policy term and condition and also because of non-disclosure. If the claim application is rejected, HDFC will communicate with you providing a reason for the rejection.
- Q. What is the claim track record of HDFC Life insurance for the financial year 2013 – 14?
A. HDFC life ensures that the claim application experience is hassle-free and they ensure that the claims are settled faster. HDFC Life has settled 94.01% claims under individual death claims and 100% under group claims. The claim amount that was settled was worth Rs.245.89 crores.
How to Apply HDFC Life Insurance Online
- HDFC Bank Credit Card
- HDFC Recurring Deposit Interest Rates
- HDFC Ergo Car Insurance
- HDFC Ergo Health Insurance
- HDFC Personal Loan
- HDFC Bank Personal Loan Eligibility
- HDFC Bank Personal Loan Interest Rates
- HDFC Home Loan
- HDFC Car Loan
- Hdfc Car Loan Interest Rates
- Hdfc Car Loan Eligibility Calculator
- HDFC Bank Used Car Loan
- HDFC Credit Card
- HDFC Fixed Deposit Rate
- HDFC Bank Debit Card
- HDFC Ergo Two Wheeler Insurance
- HDFC Ergo Home Insurance
- HDFC Bank Education Loan
- HDFC Ergo Travel Insurance
- HDFC Two Wheeler Loan
News About HDFC Life Insurance
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HDFC ERGO’s acquisition of L&T General Insurance approved by CCI.
The Competition Commission of India (CCI) has approved HDFC ERGO’s request to acquire L&T General Insurance, as per the announcement carried out in June. This acquisition amounts to Rs. 551 crores. According to the agreement, HDFC ERGO will be acquiring 100% equity shareholding of L&T General Insurance from Larsen & Toubro (L&T), which is the current shareholder. Both companies had drawn a share sale and a purchase agreement previously in June. The Competition Commission of India (CCI) communicated the approval for the acquisition through a tweet. M&A deals above a certain amount are required to get CCI’s approval.
24th August 2016
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HDFC Sells 9% Stake in HDFC Standard Life Insurance Company
HDFC Bank recently completed selling 9% stake in its Standard Life Insurance Company to its British joint venture partner Standard Life for just more than Rs.1,700 crore. At a BSE filing, representatives of the bank revealed that HDFC is likely to sell almost 18 crore shares in the insurance joint venture and that the price of each share on offer will be Rs.95.
11th April 2016
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HDFC Life Records 45% Higher Quarterly Net Profit in December
HDFC Standard Life Insurance Company has registered a quarterly net profit of Rs. 174 crore in December, up 45 percent from the corresponding period last year.
In a filing to the BSE, HDFC Life said Rs. 1,264 crore was earned as premium from new business in the third quarter, 8 percent less than the Rs. 1,368 recorded in the same period last year. Premium from renewals stood at Rs. 2,316 crore, up 3 percent year-on-year from Rs. 2,254 crore. The total premium in the third quarter rose by 1 percent to Rs. 3,581 crore. Assets under management (AUM) stood at Rs. 71,575 crore in the quarter, 13 per cent higher than last year.
25th January 2016
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HDFC Standard Life’s FDI Proposal Inches Towards Approval
HDFC Standard Life Insurance Company Limited’s proposal involving a Foreign Direct Investment plan of Rs. 1,705 crore has been recommended to the Cabinet Committee on Economic Affairs for approval by the Union government. A proposal by FireFly Networks Ltd. to begin functioning as a Telecom Infrastructure Provider Category-I and to approve the existing indirect foreign investment of 50 percent, has also been approved by the Centre.
The Foreign Investment Promotion Board, which met on December 29, 2015, deferred the decision on four other FDI proposals. It rejected a proposal for fresh funding by Software is Correct Inc. in its Indian subsidiary.
HDFC Standard Life seeks to increase its foreign share from 26 percent to 35 percent by transferring its shares from HDFC, to Standard Life (Mauritius Holdings) 2006 Ltd.
20th January 2016
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HDFC Life Insurance records Rs. 127 crore profit
Housing Development Finance Corporation (HDFC) Ltd. has announced a dividend of Rs. 127 crore from HDFC Standard Life Insurance Company Limited for the quarter that ended December 31, 2015. Apart from this, the organization also earned Rs 57 crore as Profit on Sale of compared to Rs. 113 crore in the corresponding quarter in the previous year.
HDFC also earned income from dividend for the quarter ended December 31, 2015 that amounted Rs. 135 crore compared to Rs. 103 crore in the corresponding quarter of the previous year. Under the loan assignment route, the corporation sold loans amounting to Rs. 1,240 crore in the quarter ending December 31, 2015 to HDFC Bank, in comparison to Rs. 1,234 crore during the corresponding quarter of 2014.
4th January 2016
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Standard Life to increase their stake in HDFC Life from 26% to 35%
After the approval from the Foreign Investment Promotion Board, Standard Life is now all set to increase their stake in HDFC Life from 26% to 35%. The 9% increase will cost Standard Life a whopping Rs. 1, 705 crore, and will be buying 179 million equity shares of HDFC Life. After this deal HDFC Life will hold 65% and Standard Life will hold 35% of the entire company.
2nd January 2016
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HDFC records 2% profit in insurance business
India’s largest private sector bank reported an increase in its net profit for the quarter of September. The consolidated net profit was Rs. 2, 206.51 crore, due to the 2% rise. According to Keki Mistry, vice-chairman and chief executive of HDFC, the profit was boosted because of a strong life insurance business.
The life insurance business witnessed a boost as its net profit increased from Rs. 183.74 crore to Rs. 215.34 crore. General insurance also saw a growth in profit from Rs. 36.27 crore to Rs. 60.53 crore. The company also recorded an overall 18% profit in its other subsidiaries.
2nd November 2015
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Standard Life backs down on Right for Increased Stake in HDFC Standard Life
The foreign promoter of HDFC Life Insurance, British insurer Standard Life, has reportedly given up its right to increase its stake in the Indian joint venture to 49 percent in the future. This is the result of a fresh agreement with its Indian partner HDFC.
While a 9 percent increase in stake will still happen for Standard Life, the insurer will maintain its stake at 35 percent in the joint venture following HDFC Life’s public share offer next year. Since 2000, the British company had 26 percent stake in the joint venture but following the move by the government to allow 49% of ownership to foreign companies, Standard Life subsequently had tried to raise its stake.
While an increase in stake by foreign companies is not the first in the insurance sector, the second largest private life insurer wishes to take things slow and steady with its partner overseas.
24th August 2015
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HDFC Life launches term products for Common Services Centre channel
HDFC Life announced the launch of new sales channel to take life insurance to semi-urban and rural areas. They intend to do this by using the Common Services Centre network. The HDFC Life CSC Suraksha is the term insurance plan that is to be sold through the CSC channel.
HDFC Life’s MD & CEO, Amitabh Chaudhry said that the low cost and simple to understand insurance plan will be sold through CSC agents. This will facilitate the reach to the untouched rural areas. The HDFC Life CSC Suraksha is a non-participating term insurance and its annual premium is as low as Rs.112. The sum assured that the policyholder can opt will range from Rs.30,000 to Rs.2 lakhs. The term ranges from 5 years to 15 years. In case of unfortunate event of death, the nominee will get an amount higher of the sum assured or 10 times annualised premium or 105 percent of the premiums paid till the date of death.
11th August 2015
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Standard Life to Increase Stake in Life Insurance Company to 35%.
HDFC Chairman, Deepak Parekh said that Scottish Partner – Standard Life is keen on increasing the stake in HDFC life insurance to 35 per cent from the current 26 per cent following the new insurance law that raised the foreign holding to 49 per cent.
Parekh further said in the HDFC’s annual general meeting that they haven’t finalised with Standard Life and there is a possibility of an IPO because then there will be a gap of 14 per cent.
HDFC’s Vice-Chairman, Keki Mistry later added that HDFC will announce the hike in the stake once the decision is finalised, which might take up to 4 more weeks. Parekh said that there are certain procedural issues which requires clarity and definition of ‘Indian control and management’ by IRDAI. He said the public issue can happen post the clarification and that an IPO is at least 1 year away.
Parekh added that the company sold 1 per cent of its share to Azim Premji though he wanted more and this sale has helped in price discovery for the unlisted company.
He said that when the IPO happens, existing shareholder will get a stake in the life arm at a premium and drawing a parallel with the IPO of HDFC bank is unfair as the bank was a start-up at the time of the public issue.
He further added that there is no question of an IPO for non-life venture as its foreign partner has already taken the hike in its stake to the increased cap of 49 per cent.
Mistry said that they may consider a merger if it gets exemption on the classification of loans and liabilities of the past.
Parekh was optimistic that the housing finance sector and the affordable housing initiative and smart cities will be of help. He believes that it will at least take 2-3 years for a realty regulator to be operational.
31st July 2015
