103.57.252.251 at 10:15, 31 August 2021

2021-08-31T10:15:00Z

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{{short description|Indian life insurance company}}
{{Advert|date=January 2021}}
{{Use dmy dates|date=July 2018}}
{{Use Indian English|date=July 2018}}
{{Infobox company
| name = HDFC Life Insurance Company Limited
| logo = File:HDFC Life Logo.svg
| logo_size = 250px
| trading_name = HDFC Life
| type = [[Public company|Public]]
| traded_as = {{ubl|{{BSE|540777}}|{{NSE|HDFCLIFE}}|[[NIFTY 50|NSE NIFTY 50 Constituent]]}}
| ISIN = INE795G01014
| area_served = [[India]]
| key_people = Vibha Padalkar<br />{{small|(MD & CEO)}}
| industry = [[Financial services]]
| products = [[Life insurance]]<br />[[Investment management]]<br />[[Credit (finance)#Consumer credit|Consumer finance]]
| revenue = {{Increase}} {{INRConvert|1687.70|c}}<ref name=pls>{{Cite web|title=HDFC Life Insurance Company Limited Consolidated Profit & Loss account, HDFC Life Insurance Company Limited Financial Statement & Accounts|url=https://www.moneycontrol.com/financials/hdfclifeinsurancecompanylimited/consolidated-profit-lossVI/HSL01|access-date=2020-08-03|website=www.moneycontrol.com|language=en}}</ref>
| revenue_year = 2020
| operating_income = {{Increase}} {{INRConvert|1313.92|c}}<ref name=pls/>
| income_year = 2020
| net_income = {{Increase}} {{INRConvert|1297.45|c}}<ref name=pls/>
| net_income_year = 2020
| assets = {{Increase}} {{INRConvert|132223.86|c}}<ref name=bls>{{Cite web|title=HDFC Life Insurance Company Limited Consolidated Balance Sheet, HDFC Life Insurance Company Limited Financial Statement & Accounts|url=https://www.moneycontrol.com/financials/hdfclifeinsurancecompanylimited/consolidated-balance-sheetVI/HSL01|access-date=2020-08-03|website=www.moneycontrol.com|language=en}}</ref>
| assets_year = 2020
| equity = {{Increase}} {{INRConvert|6801.03|c}}<ref name=bls/>
| equity_year = 2020
| num_employees =
| homepage = {{url|hdfclife.com}}
| foundation = 2000
| location = [[Mumbai]], [[India]]
| parent = [[Housing Development Finance Corporation|HDFC]]<ref name="hdfclife">{{cite web |title=HDFC Life – One of the Best Life Insurance Companies in India |url=https://www.hdfclife.com/about-us/hdfc-life-introduction |website=www.hdfclife.com}}</ref><br />[[Abrdn]]<ref name=hdfclife/>
}}

'''HDFC Life Insurance Company Ltd.''' ([[Trade name|d/b/a]] HDFC Life)<ref>{{cite news|url=https://www.thehindubusinessline.com/money-and-banking/hdfc-standard-life-insurance-is-now-hdfc-life-insurance/article26028196.ece|title=HDFC Standard Life Insurance is now HDFC Life Insurance|work=thehindubusinessline|access-date=25 January 2019}}</ref> is a long-term [[life insurance]] provider with its headquarters in [[Mumbai]], offering individual and [[group insurance]] services and incorporated on 14 August 2000.<ref name="HDFC Life Reference2" /><ref name="HDFC Life Reference6">{{cite news |title=HDFC Life Insurance Company Ltd. |url=https://www.business-standard.com/company/hdfc-life-insur-21997/information/company-history |access-date=23 April 2021 |publisher=Business Standard India}}</ref>

The company is a joint venture between [[Housing Development Finance Corporation|Housing Development Finance Corporation Ltd]] (HDFC), one of India's leading housing finance institutions and [[Abrdn]], a global investment company.<ref name="HDFC Life Reference2" /> As on 31 March 2020, the promoters; HDFC Ltd. and Standard Life (Mauritius Holdings) 2006 Ltd. hold a 51.69% and 34.75% stake in HDFC Life respectively.<ref name="HDFC Life Reference2" /> The remaining equity is held by public shareholders.<ref name="HDFC Life Reference2" />

==Presence & Distribution==

It obtained the certificate of commencement of business on 12 October 2000 and certificate of registration from [[Insurance Regulatory and Development Authority of India]] (IRDAI) to undertake the life insurance business on 23rd October 2000<ref name="HDFC Life Reference6" />.HDFC Life has 421 branches<ref name="HDFC Life Reference2" /> and is present in 980+ cities,villages and towns in [[India]] and supported by 16,544 employees.<ref name="HDFC Life Reference2" /> The company has also established a liaison office in [[Dubai]].<ref>{{cite news|title=HDFC Life launches first international operations in Dubai|url=http://articles.economictimes.indiatimes.com/2012-01-26/news/30666698_1_hdfc-life-standard-life-policy-holders|access-date=4 December 2013|newspaper=Economic Times|date=26 January 2012}}</ref>

HDFC Life distributes its products through a multi channel network consisting of Insurance agents, [[Bancassurance]] partners ([[HDFC Bank]], [[Saraswat Bank]], [[RBL Bank]]), a Direct channel, Insurance Brokers, [[Microfinance institution|MFI]]s (Micro Finance Institutions), [[Small finance bank|SFB]]s (Small Finance Banks), etc. and 39 partnerships within non-traditional ecosystems<ref name="HDFC Life1">{{cite news |title=HDFC Standard Life Insurance Company {{!}} IBEF |url=https://www.ibef.org/industry/insurance-sector-india/showcase/hdfc-life |access-date=22 April 2021 |publisher=www.ibef.org}}</ref> and an Online Insurance Platform and currently one of the leading financial service providers in [[India]] offering finance in varied sectors like [[housing]], [[banking]], [[life insurance]] and [[general insurance]], [[asset management]] and [[Educational loan|education loans]] and many other products.<ref name="HDFC Life Reference2" />

==Products & Services==

HDFC Life's products include Protection, Pension, Savings, Investment, Health along with Children and Women plans. The company also provides an option of customizing the plans, by adding optional benefits called riders, at an additional price. The Company has categorised its product portfolio covering five principal segments across the individual and group categories namely participating, non-participating protection term, non-participating protection health, other non participating and unit-linked insurance products.<ref name="HDFC Life Reference6" /> The company currently has 37 retail and 11 group products, along with 6 optional rider benefits (as on 24 March 2020).<ref>{{cite web|url=https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo584&flag=1&mid|title=HDFC Life on IRDA|publisher=IRDA|access-date=4 December 2013}}</ref>

* Protection Plans – insurance plans that provide protection and financial stability to the family in case of any unforeseen events.
* Click2Protect life is their online term plan.
* Launched CSC Suraksha to be sold exclusive through the Common Services Centre network.
* Click2Invest is their online ULIP investment plan.
* Health Plan – offers financial security to meet health related contingencies.
* Savings & Investment plans – These plans help in investment to achieve financial goals.
* Retirement plans – financial security for life post retirement.
* Women's plans – plans catering to different financial needs of women.
* Children's plans – plans meant to secure children's future.
* Rural & social Plans – meant specifically for rural customers.
* Click2Retire completed their Click2 portfolio.
* ULIP Investment with more funds.

==Key people==
The [[Managing Director|MD]] & [[CEO]] of the company is Vibha Padalkar, Executive Director is Suresh Badami, Chief Financial Officer is Niraj Shah, Chief Operating Officer is Parvez Mulla, Chief Actuary is Srinivasan Parthasarathy, Chief Investment Officer is Prasun Gajri, Group Head - Distribution Strategy & Alliances is Pankaj Gupta & Vibhash Naik heads HR, Admin and L&D.<ref>{{cite web|title=Bloomberg Businessweek|url=http://investing.businessweek.com/research/stocks/private/people.asp?privcapId=8707653|access-date=31 August 2012}}</ref>

==Corporate History==

The [[Insurance Regulatory and Development Authority]] (IRDA) was constituted in 1999 as an autonomous body to regulate and develop the insurance industry. The IRDA opened up the market in August 2000 with the invitation for application for registrations. HDFC Life was established in 2000 becoming the first private sector life insurance company in India.<ref>{{cite web|title=History of IRDA|url=http://www.irdaindia.org/hist.htm|publisher=IRDA|access-date=4 December 2013}}</ref>

By 2001, the company had its 100th customer, strengthened its employee force to 100 and had settled its first claim. HDFC Life launched its first TV advertising campaign 'Sar Utha Ke Jiyo' in 2005.
In 2006, a study conducted by the Brand Equity – Economic Times had put HDFC Life at 29th rank in the most trusted Indian Brands amongst the Top 50 Service Brands of 2010.<ref>{{cite news|title=Top 50 Service Brands|url=http://articles.economictimes.indiatimes.com/2010-08-31/news/27611588_1_service-brands-canara-bank-tata-indicom|access-date=4 December 2013|newspaper=Economic Times|date=31 August 2010}}</ref>

The [[Insurance Regulatory and Development Authority]] (IRDA) gave accreditation to HDFC Life for 149 training centres housed in its branches to cater to the mandatory training required to be given as well as for other sales training requirements in 2009.

In 2012, it is the first private life insurance company to bring back pension plans under the new regulatory regime, with the launch of two pension plans – HDFC Life Pension Super Plus and HDFC Life Single Premium Pension Super, operating the pension fund business under the National Pension System and is the second largest private pension fund management company in India in terms of assets under management and subscribers in Fiscal 2017<ref name="HDFC Life Reference6" />.<ref>{{cite web|title=HDFC Life launches two pension plans in June|url=http://www.moneycontrol.com/news/business/hdfc-life-launchestwo-pension-plansjune_911496.html|publisher=Money Control|access-date=4 December 2013}}</ref> The company turned profitable in fiscal 2012 posting annual profit of Rs 271 crore and in December 2013 it declared a maiden dividend for its shareholders and in 2014 the company's Assets Under Management (AUM) crossed Rs 50000 crore mark.<ref name="HDFC Life Reference6" />

In the year 2016,Standard Life Mauritius increases its stake in the HDFC Life from 26% to 35% and in Fiscal 2016 the latter establishes the first international subsidiary in the UAE, HDFC International to operate the reinsurance business which signs reinsurance treaties for two distinct lines of individual life business and enters into arrangements to offer reinsurance services for group and credit life schemes and expects the pension and reinsurance business to help them diversify its sources of revenue and profitability in future years.<ref name="HDFC Life Reference6" />

By 2017,it was country’s third-largest private sector life insurance company<ref name="HDFC Life Reference6" /> with 16.5 percent share of total private sector premiums for the Financial Year 2017 and fourth largest in the life insurance industry based on premium earned and had 66,372 individual agents across India, comprising 6.8 percent of total private agents in the Indian life insurance industry and entered into 125 banking tie-ups including HDFC Bank giving it access to a huge branch network.<ref name="HDFC Life Reference4">{{cite news |title=HDFC Standard Life IPO: Here’s All You Need To Know |url=https://www.bloombergquint.com/ipos/2017/11/06/hdfc-standard-life-ipo-heres-all-you-need-to-know |access-date=23 April 2021 |publisher=BloombergQuint |date=6 November 2017 |language=en}}</ref>

Till 2019, the insurance firm had insured 21.6 million lives in both individual and group segments, and has one of the highest margins in the business, with 24.3 per cent in 1st half of financial year 2019 and is regarded as one of the most consistent life insurance firms delivering efficient returns on operating Earning Value(EV) of 20 per cent for the last three consecutive financial years.<ref name="HDFC Life Reference9">{{cite news |last1=Unnikrishnan |first1=C. H. |title=HDFC Life: From Strength To Strength |url=http://www.businessworld.in/article/HDFC-Life-From-Strength-To-Strength/04-01-2019-165791/ |access-date=14 May 2021 |publisher=BW Businessworld |date=4 January 2019 |language=en}}</ref>

==Associated Companies==

HDFC Life's associated companies include HDFC Ltd, [[HDFC Bank]], [[HDFC International Life and Re]] Company Limited, HDFC Pension,<ref name="HDFC Life1" /> HDFC MF, HDFC Sales, [[HDFC ERGO General Insurance Company|HDFC Ergo]], [[HDB Financial Services]] (HDBFS), HDFC Securities, HDFC RED,<ref>{{cite web|title=Official Website of HDFC RED|url=http://www.hdfcred.com}}</ref> HDFC Ventures Trustee Company, GRUH Finance, HDFC Trustee Company, HDFC Developers, HDFC Property Ventures, HDFC Investments, Credit Information Bureau (India) Ltd.

==Historical Moments==

The following are the major steps of the organisation from the date of its inception:<ref name="HDFC Life1" />

2020- November-Launched combi product ‘Click 2 Protect Corona Kavach’ to provide financial protection package to customers in collaboration with HDFC Ergo.

September-Entered into a Corporate Agency (CA) arrangement with [[Yes Bank|YES Bank Limited]] to offer life insurance solutions to the bank’s customers.

June- Partnered firm HDFC Ergo tied up with tech firm Tropogo with plan to offer commercial drone owners and operators third-party insurance liability cover for any property damages and physical injuries arising through flying machines.

2018-Selected as one of the 100 Best Companies for Women in India.<ref name="HDFC Life Reference9" />

2017-Assets under Management(AUM) crossed Rs. 900,000 crore (US$ 13.82 billion);<ref name="HDFC Life Reference5">{{cite news |title=HDFC Standard Life IPO opens today: Should you subscribe? |url=https://www.businesstoday.in/markets/ipo-corner/hdfc-standard-life-ipo-opens-today-should-you-subscribe/story/263416.html |access-date=23 April 2021 |publisher=businesstoday |date=7 November 2017}}</ref> completed successful IPO with planned subscription of Rs 9000 crores.<ref name="HDFC Life Reference2">{{cite news |title=HDFC Life IPO opens today; 9 key things to know about HDFC group’s 1st public offer in 22 years before you subscribe |url=https://www.financialexpress.com/market/hdfc-life-ipo-opens-tomorrow-8-key-things-about-hdfc-groups-1st-public-offer-in-22-years/921286/ |access-date=23 April 2021 |publisher=The Financial Express |date=6 November 2017}}</ref><ref name="HDFC Life Reference1">{{cite news |last1=Modak |first1=Samie |title=HDFC Life's Rs 8,700-cr IPO subscribed 4.8 times |url=https://www.business-standard.com/article/markets/hdfc-life-s-rs-8-700-cr-ipo-subscribed-4-8-times-117110901179_1.html |access-date=23 April 2021 |publisher=Business Standard India |date=9 November 2017}}</ref>

Selected as one of the 100 Best Companies for Women in India.<ref name="HDFC Life Reference9" />

2016-Total premium crosses Rs 16000 crore.<ref name="HDFC Life Reference6" />

2014-First time the company declares dividend to shareholders and its AUM crosses Rs 50000 crore.<ref name="HDFC Life Reference6" />

2012-Company starts earning profits.<ref name="HDFC Life Reference6" />

2011-HDFC Pension,its subsidiary incorporated by Company.<ref name="HDFC Life Reference6" />

2010-Company's [[Assets Under Management]] (AUM) crosses Rs 20000 crore (US$ 4.37 billion).<ref name="HDFC Life Reference6" />

2007-Crosses 5,00,000 total policies under various categories.<ref name="HDFC Life Reference6" />

2004-Started unit linked products and funds.<ref name="HDFC Life Reference6" /> Entered into distribution collaboration with Saraswat Co-operative Bank Limited.<ref name="HDFC Life Reference6" />

2003-Crosses 1,00,000 total policies under various categories and 1000 individual agents.<ref name="HDFC Life Reference6" />

2001-Receives License from [[Insurance Regulatory and Development Authority|Insurance Regulatory Development Authority of India(IRDAI)]] as first Private Insurance Company.

As per the report based on a study conducted by The Economic Times and Great Places to Work Institute,for some years in a row, the company was adjudged one of India’s best companies to work for in the India’s Best Companies to Work report.<ref name="HDFC Life Reference9" />

==References==
{{Reflist}}

==External links==
* [http://www.hdfclife.com/ Official Website]
* [http://blog.hdfclife.com/ Official Blog]

{{HDFC Group}}
{{Insurance in India}}
{{Nifty 200 companies}}
{{NIFTY 50 companies}}

[[Category:Financial services companies based in Mumbai]]
[[Category:Life insurance companies of India]]
[[Category:Insurance companies of India]]
[[Category:Financial services companies established in 2000]]
[[Category:NIFTY 50]]
[[Category:HDFC Group]]
[[Category:2000 establishments in Maharashtra]]
[[Category:Indian companies established in 2000]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]

HDFC Life - Revision history

103.57.252.251 at 10:15, 31 August 2021