Last Updated on October 10, 2023 by BFSLTeam BFSLTeam
Established in the year 2000, HDFC Life Insurance Company Limited has firmly established itself as a leading provider of life insurance solutions in India. It offers a wide range of individual and group insurance solutions, including Annuity, Savings, Investment, Pension, protection and Health.
As we embark on this informative journey, we will explore HDFC Life’s history, significant achievements, subsidiaries, acquisitions, and its range of products. So, join us as we navigate the world of financial security with HDFC Life Insurance Company Ltd. in a formal and straightforward manner.
Table of Content
- 1 About HDFC Life Insurance Company Ltd.
- 2 Overview of HDFC Life Insurance Company Ltd.
- 3 HDFC Life Insurance Company Ltd. History
- 4 Major Subsidiaries of HDFC Life Insurance Company Ltd.
- 5 Major Acquisitions by HDFC Life Insurance Company Ltd.
- 6 Products/Brands Under HDFC Life Insurance Company Ltd.
- 7 Conclusion
About HDFC Life Insurance Company Ltd.
| Aspect | Details |
| Founder | Housing Development Finance Corporation Limited |
| Industry Type | Life Insurance |
| Year of Establishment | 2000 |
| Headquarters | Mumbai, Maharashtra, India |
| Key People | Ms. Vibha Padalkar (MD & CEO) |
| Parent Company | HDFC Bank Limited |
| Branches | 498 |
| Total Employees | 32,448 |
| Market Cap | ₹1.37 trillion |
| Countries | India and its presence in GCC and the broader MENA region |
Overview of HDFC Life Insurance Company Ltd.
HDFC Life Insurance Company Ltd. is a leading life insurance solutions provider in India. With a commitment to offering a range of individual and group insurance solutions, the company meets various customer needs including Protection, Pension, Savings, Investment, Annuity, and Health. HDFC Life’s extensive portfolio includes more than 60 products and optional riders, each tailored to diverse customer requirements. A significant change occurred on July 1, 2023, when, as a result of the merger between HDFC Ltd. and HDFC Bank, the bank assumed the role of the company’s promoter. The name ‘HDFC’ in the company’s name/logo now belongs to HDFC Bank Limited.
HDFC Life stands strong with a nationwide presence, having its own extensive network of branches along with additional distribution touch-points through several partnerships, encompassing banks, NBFCs, MFIs, SFBs, brokers, and new ecosystem partners. The company counts over 300 distribution partnerships and a robust base of financial consultants, ensuring its services and products are readily accessible to customers across the country.
The company’s infrastructure investment in property, furniture, office equipment, and IT, which amounts to ₹78.4 crore, highlights its commitment to ensuring seamless operations and superior customer service across its 498 branches throughout the nation. The significant nationwide presence of HDFC Life highlights its dedication to providing reliable and accessible insurance solutions to its diverse customer base, ensuring financial security and peace of mind for all its policyholders.
Also Read: HDFC BANK
HDFC Life Insurance Company Ltd. History
2001: HDFC Life Insurance launched operations as the first private life insurer in India.
2002: It became the first private life insurer to declare a bonus and established a tie-up with HDFC Bank.
2003: The company defined its vision and values, crossed the issuance of 1 lakh policies and welcomed 10,000 Financial Consultants.
2004: HDFC Life Insurance introduced Unit Linked Insurance Policy (ULIP) products.
2005: The company launched its brand tagline “Sar Utha Ke Jiyo!”
2006: An online premium payment facility and dedicated service helpline were initiated.
2007: The company issued 5 lakh policies.
2008: HDFC expanded its distribution to 1 lakh Financial Consultants and grew its employee strength to over 15,000.
2009: The first product in the health segment, Criticare and Surgicare, was launched.
2010: The brand was relaunched as ‘HDFC Life’ with a new logo and identity. Total Assets Under Management (AUM) crossed ₹20,000 crore.
2011: The company established HDFC Pension as a subsidiary, tasked with managing the pension fund business within the framework of the National Pension System.
2012: HDFC Life declared its maiden profit with the total premium for the year crossing ₹10,000 crore.
2013: The company declared its first dividend and launched Click 2 Buy.
2014: New channels like Defence and DSC were launched, and AUM crossed ₹50,000 crore.
2016: The first international subsidiary in the UAE was incorporated, and the company’s total premium for the year crossed the ₹16,000 crore mark.
2017: The company held a successful IPO and listed its shares on BSE & NSE.
2018: AUM crossed ₹1 lakh crore. HDFC International Life & Re received a global rating of BBB from S&P Global.
2019: The corporate name was changed to “HDFC Life Insurance Company Limited”.
2020: HDFC Life became a member of the Nifty 50 Index and insured a record 6 crore lives.
2021: The Embedded Value crossed ₹25,000 crore.
2022: Completed the first-ever merger and acquisition transaction in the Indian Life Insurance sector with Exide Life.
2023: The company was featured in the ‘Leadership’ list of the Indian Corporate Governance Scorecard.
Major Subsidiaries of HDFC Life Insurance Company Ltd.
1. HDFC Pension Management Company Limited (“HDFC Pension”)
HDFC Pension Management Company Limited is a fully-owned subsidiary of HDFC Life Insurance Company Limited. It began its operations in August 2013. As of March 31, 2023, the company holds the accounts of nearly 15.2 lakh customers. HDFC Pension is the fastest-growing Pension Fund Manager under the NPS architecture, with a 60% Year-on-year growth in Assets Under Management (AUM), which stands at ₹45,397 crore as of the mentioned date. In the financial year 2019-20, HDFC Pension initiated its operation as a Point of Presence in both retail and corporate National Pension Scheme segments. By the close of the fiscal year 2022-23, the company had established collaborations with over 2,000 Corporations and held more than 2.4 lakh NPS customers.
2. HDFC International Life and Re Company Limited (“HDFC International”)
HDFC International Life and Re Company Limited is making its mark not only in India but also in the Gulf Cooperation Council (GCC) and the broader Middle East and North Africa (MENA) region, having successfully completed seven years of operations. During the fiscal year 2022-23, HDFC International recorded a Gross Written Premium of $17 million, reflecting a 10% growth. It reported a Net Profit of $0.4 million for the same period. Additionally, S&P Global Ratings has consistently assigned its “BBB” insurer public financial strength rating to HDFC International for five consecutive years. The company has received approval to establish a branch in GIFT City, providing an opportunity for further global expansion.
Major Acquisitions by HDFC Life Insurance Company Ltd.
HDFC Life Insurance Company Ltd. expanded its presence by acquiring Exide Life. This strategic move allowed HDFC Life to have a more robust presence in the South Indian market. The company acquired a full 100% stake in Exide Life from Exide Industries by issuing over 8.7 crore shares, totalling to ₹6,687 crore. This significant acquisition has led to Exide Industries holding a 4.1% stake in HDFC Life, symbolising a harmonious and beneficial collaboration between the two entities. This major step underscores HDFC Life’s commitment to growing and strengthening its position in the insurance sector in India.
Also Read: ICICI BANK
Products/Brands Under HDFC Life Insurance Company Ltd.
1. HDFC Life Click 2 Protect 3D Plus
A term insurance plan that provides comprehensive protection at a budget-friendly cost. The plan is versatile with multiple cover options to choose from, each designed to provide different types of protection, including death, disease, and disability. The policy provides financial stability to your family in your absence, ensuring that they can maintain their lifestyle without any financial burden. The plan offers flexibility in premium payments and policy terms, allowing you to tailor the coverage according to your needs and financial capacity.
2. HDFC Life Sanchay Plus
HDFC Life Sanchay Plus is a non-participating, non-linked savings insurance plan. It is designed to guarantee lifelong income to sustain your living standards at different stages of life. The plan ensures that you receive guaranteed returns, thus creating a reliable source of income for your future. This plan is an ideal investment if you are seeking guaranteed benefits along with insurance coverage. It not only assures financial security for your family but also guarantees returns to help you achieve your long-term financial goals.
3. HDFC Life Sampoorn Samridhi Plus
This insurance product is an endowment plan providing extended life coverage and savings. It offers multiple benefits including guaranteed additions, bonuses, and life coverage, ensuring both protection and wealth creation. HDFC Life Sampoorn Samridhi Plus is designed to offer financial protection to your family in case of your untimely demise, along with the benefit of savings for future needs. You have the flexibility to choose the policy term and premium payment term, making it easy to plan your investment according to your financial goals and capabilities.
4. HDFC Life Cancer Care
To address the rising incidence of cancer and the financial burden associated with its treatment, HDFC Life offers a special plan known as HDFC Life Cancer Care. This plan provides a lump sum benefit on the diagnosis of early or major cancer, helping you to manage the treatment expenses without depleting your savings. It provides protection against all stages of cancer, ensuring that you have the necessary financial support to undergo quality treatment and care.
Conclusion
In a world full of uncertainties, HDFC Life Insurance Company Ltd. stands as a reliable partner, offering a range of insurance solutions to secure your financial future. With a rich history, a strong presence, and a commitment to innovation, HDFC Life empowers individuals and families to lead secure and prosperous lives. As HDFC Life Insurance Company Ltd. continues to lead the insurance sector, it not only enriches its own legacy but also adds value to the lives of countless individuals across India. So, move forward with confidence, knowing that HDFC Life is by your side, ensuring your financial dreams become a reality.
