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| key_people = [[Vibha Padalkar]]<br />(MD & CEO)
| key_people = [[Vibha Padalkar]]<br />(MD & CEO)
| industry = [[Financial services]]
| industry = [[Financial services]]
| products = [[Life insurance]]<br />[[Investment management]]<br />[[Credit (finance)#Consumer credit|Consumer finance]]
| products = {{ubl|[[Life insurance]] |[[Term life insurance]] |[[Unit-linked insurance plan]] |[[Endowment policy]] |[[Money-back policy]] |[[Whole life insurance]] | [[Retirement plans]] }}
| revenue = {{decrease}} {{INRConvert|67891|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 = {{profit}} {{INRConvert|101482|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 = 2022
| revenue_year = 2024
| operating_income = {{decrease}} {{INRConvert|1512|c}}<ref name=pls/>
| operating_income = {{profit}} {{INRConvert|531|c}}<ref name=pls/>
| income_year = 2022
| income_year = 2024
| net_income = {{decrease}} {{INRConvert|1326|c}}<ref name=pls/>
| net_income = {{profit}} {{INRConvert|1574|c}}<ref name=pls/>
| net_income_year = 2022
| net_income_year = 2024
| assets = {{Increase}} {{INRConvert|230734|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 = {{Increase}} {{INRConvert|302687|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 = 2022
| assets_year = 2024
| equity = {{Increase}} {{INRConvert|13497|c}}<ref name=bls/>
| equity = {{Increase}} {{INRConvert|14666|c}}<ref name=bls/>
| equity_year = 2022
| equity_year = 2024
| num_employees =
| num_employees =
| homepage =
| foundation = {{start date and age|df=y|2000}}
| foundation = {{start date and age|df=y|2000}}
| location = [[Mumbai]], India
| location = [[Mumbai]], India
| subsid =
| subsid =
| website = {{official URL}}
| 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/>
| parent = [[HDFC Bank]] (50.39%)<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 |access-date=9 December 2020 |archive-date=17 May 2021 |archive-url=https://web.archive.org/web/20210517134259/https://www.hdfclife.com/about-us/hdfc-life-introduction |url-status=dead }}</ref>
}}
}}


'''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 it was 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>
'''HDFC Life Insurance Company Limited''' ([[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 headquartered in [[Mumbai]], offering individual and [[group insurance]] services. The company was incorporated on 14 August 2000.<ref name="HDFC Life Reference2">{{cite news |title=HDFC Life IPO opens today; 9 key things to know about HDFC group's first 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 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>


== History ==
== History ==
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 of 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" />
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 of 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" />


HDFC Life obtained the certificate of commencement of business on 12 October 2000 and a certificate of registration from [[Insurance Regulatory and Development Authority of India]] (IRDAI) to undertake the life insurance business on 23 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 obtained the certificate of commencement of business on 12 October 2000 and a certificate of registration from [[Insurance Regulatory and Development Authority of India]] (IRDAI) to undertake the life insurance business on 23 October 2000.<ref name="HDFC Life Reference6" /> HDFC Life has 467 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|archive-url=https://archive.today/20131205095703/http://articles.economictimes.indiatimes.com/2012-01-26/news/30666698_1_hdfc-life-standard-life-policy-holders|url-status=dead|archive-date=5 December 2013|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" />
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" />


In Feb 2023, HDFC Life has launched a mini web series, "The Missing Dhula," educating on the importance of life insurance and creating awareness.<ref>{{Cite web |date=2023-02-28 |title=HDFC Life Teaches Importance Of Life Insurance With New Web Show 'The Missing Dhula' |url=https://www.indiatimes.com/worth/hdfc-life-the-missing-dhula-594495.html |access-date=2023-03-21 |website=IndiaTimes |language=en-IN}}</ref>
In Feb 2023, HDFC Life launched a mini web series, "The Missing Dhula," educating on the importance of life insurance and creating awareness.<ref>{{Cite web |date=2023-02-28 |title=HDFC Life Teaches Importance Of Life Insurance With New Web Show 'The Missing Dhula' |url=https://www.indiatimes.com/worth/hdfc-life-the-missing-dhula-594495.html |access-date=2023-03-21 |website=IndiaTimes |language=en-IN}}</ref>

==Products and 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 categorized 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 exclusively 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. The Deputy Managing Director is Suresh Badami. The Chief Financial Officer is Niraj Shah. The Chief Investment Officer is Prasun Gajri. Vibhash Naik heads human resources, admin and learning & development.<ref>{{cite web|title=Bloomberg Businessweek|url=http://investing.businessweek.com/research/stocks/private/people.asp?privcapId=8707653|archive-url=https://archive.today/20130118145758/http://investing.businessweek.com/research/stocks/private/people.asp?privcapId=8707653|url-status=dead|archive-date=18 January 2013|access-date=31 August 2012}}</ref>


==Corporate history==
==Corporate history==
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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.
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>
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|archive-url=https://archive.today/20120707154003/http://articles.economictimes.indiatimes.com/2010-08-31/news/27611588_1_service-brands-canara-bank-tata-indicom|url-status=dead|archive-date=7 July 2012|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.
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 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|date=5 July 2013 |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 became profitable in fiscal 2012, posting annual profit of Rs 271 crore. 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" />
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" />
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==Associated companies==
==Associated companies==
HDFC Life's associated companies include [[Housing Development Finance Corporation|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.
HDFC Life's associated companies include [[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.

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

2022 - January - Acquisition of [[Exide Life Insurance]], after approval from [[Competition Commission of India]] and [[Insurance Regulatory and Development Authority of India]].

2021 - September - Took 100% stake in [[Exide Life Insurance]]

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 to the bank's customers.

June- Partnered firm HDFC Ergo tied up with tech firm Tropogo with the 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. 100,000 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 first 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 dividends to shareholders and its AUM crosses Rs 50000 crore.<ref name="HDFC Life Reference6" />

2012- The 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 India's Best Companies to Work report.<ref name="HDFC Life Reference9" />


==References==
==References==
{{Reflist}}
{{Reflist}}

==External links==
*{{official}}


{{HDFC Group}}
{{HDFC Group}}
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[[Category:Financial services companies based in Mumbai]]
[[Category:Financial services companies based in Mumbai]]
[[Category:Life insurance companies of India]]
[[Category:Life insurance companies of India]]
[[Category:Insurance companies of India]]
[[Category:Financial services companies established in 2000]]
[[Category:Financial services companies established in 2000]]
[[Category:NIFTY 50]]
[[Category:NIFTY 50]]

Latest revision as of 22:59, 21 October 2024

HDFC Life Insurance Company Limited
HDFC Life
Company typePublic
ISININE795G01014
IndustryFinancial services
Founded2000; 24 years ago (2000)
HeadquartersMumbai, India
Area served
India
Key people
Vibha Padalkar
(MD & CEO)
Products
RevenueIncrease ₹101,482 crore (US$12 billion)[1] (2024)
Increase ₹531 crore (US$64 million)[1] (2024)
Increase ₹1,574 crore (US$190 million)[1] (2024)
Total assetsIncrease ₹302,687 crore (US$36 billion)[2] (2024)
Total equityIncrease ₹14,666 crore (US$1.8 billion)[2] (2024)
ParentHDFC Bank (50.39%)[3]
Websitewww.hdfclife.com Edit this at Wikidata

HDFC Life Insurance Company Limited (d/b/a HDFC Life)[4] is a long-term life insurance provider headquartered in Mumbai, offering individual and group insurance services. The company was incorporated on 14 August 2000.[5][6]

History

[edit]

The company is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India's leading housing finance institutions and Abrdn, a global investment company.[5] As of 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.[5] The remaining equity is held by public shareholders.[5]

HDFC Life obtained the certificate of commencement of business on 12 October 2000 and a certificate of registration from Insurance Regulatory and Development Authority of India (IRDAI) to undertake the life insurance business on 23 October 2000.[6] HDFC Life has 467 branches[5] and is present in 980+ cities, villages, and towns in India and supported by 16,544 employees.[5] The company has also established a liaison office in Dubai.[7]

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, MFIs (Micro Finance Institutions), SFBs (Small Finance Banks), etc. and 39 partnerships within non-traditional ecosystems[8] 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 education loans and many other products.[5]

In Feb 2023, HDFC Life launched a mini web series, "The Missing Dhula," educating on the importance of life insurance and creating awareness.[9]

Corporate history

[edit]

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.[10]

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.[11]

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.[6][12] The company became profitable in fiscal 2012, posting annual profit of Rs 271 crore. 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.[6]

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.[6]

By 2017, it was the country's third-largest private sector life insurance company[6] with a 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.[13]

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 percent in first half of the 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.[14]

Associated companies

[edit]

HDFC Life's associated companies include HDFC Bank, HDFC International Life and Re Company Limited, HDFC Pension,[8] HDFC MF, HDFC Sales, HDFC Ergo, HDB Financial Services (HDBFS), HDFC Securities, HDFC RED,[15] HDFC Ventures Trustee Company, GRUH Finance, HDFC Trustee Company, HDFC Developers, HDFC Property Ventures, HDFC Investments, Credit Information Bureau (India) Ltd.

References

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  1. ^ a b c "HDFC Life Insurance Company Limited Consolidated Profit & Loss account, HDFC Life Insurance Company Limited Financial Statement & Accounts". www.moneycontrol.com. Retrieved 3 August 2020.
  2. ^ a b "HDFC Life Insurance Company Limited Consolidated Balance Sheet, HDFC Life Insurance Company Limited Financial Statement & Accounts". www.moneycontrol.com. Retrieved 3 August 2020.
  3. ^ "HDFC Life – One of the Best Life Insurance Companies in India". www.hdfclife.com. Archived from the original on 17 May 2021. Retrieved 9 December 2020.
  4. ^ "HDFC Standard Life Insurance is now HDFC Life Insurance". thehindubusinessline. Retrieved 25 January 2019.
  5. ^ a b c d e f g "HDFC Life IPO opens today; 9 key things to know about HDFC group's first public offer in 22 years before you subscribe". The Financial Express. 6 November 2017. Retrieved 23 April 2021.
  6. ^ a b c d e f "HDFC Life Insurance Company Ltd". Business Standard India. Retrieved 23 April 2021.
  7. ^ "HDFC Life launches first international operations in Dubai". Economic Times. 26 January 2012. Archived from the original on 5 December 2013. Retrieved 4 December 2013.
  8. ^ a b "HDFC Standard Life Insurance Company | IBEF". www.ibef.org. Retrieved 22 April 2021.
  9. ^ "HDFC Life Teaches Importance Of Life Insurance With New Web Show 'The Missing Dhula'". IndiaTimes. 28 February 2023. Retrieved 21 March 2023.
  10. ^ "History of IRDA". IRDA. Retrieved 4 December 2013.
  11. ^ "Top 50 Service Brands". Economic Times. 31 August 2010. Archived from the original on 7 July 2012. Retrieved 4 December 2013.
  12. ^ "HDFC Life launches two pension plans in June". Money Control. 5 July 2013. Retrieved 4 December 2013.
  13. ^ "HDFC Standard Life IPO: Here's All You Need To Know". BloombergQuint. 6 November 2017. Retrieved 23 April 2021.
  14. ^ Unnikrishnan, C. H. (4 January 2019). "HDFC Life: From Strength To Strength". BW Businessworld. Retrieved 14 May 2021.
  15. ^ "Official Website of HDFC RED".
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