HDFC Life, a leading life insurance company in India, has witnessed broad-based growth across Tier 1, 2, and 3 cities, driven by higher policy sales and rising average ticket sizes. The company has a diversified product portfolio, including ULIPs, savings, protection, annuity, and group retirements, and is innovating with embedded products and term plans with return of premium. Vineet Arora, Executive Director and Chief Business Officer, HDFC Life, stated that a balanced portfolio and customer-centric innovation are at the heart of the company’s strategy.
The average ticket size of HDFC Life’s products is evolving, with rising affluence levels leading to an increase in ticket sizes and people buying more comprehensive covers. The company has a deep reach with its 2.4 lakh agents and 600 physical branches across India, as well as a significant online presence. The distribution strategy revolves around building a diversified distribution model that is agile and scalable, with a focus on investing in technology to improve the experience of partners and customers.
HDFC Life sees the evolution of its distribution mix over the next 3-5 years as being driven by digital and partnerships, with a growing online presence and investments in digital channels to provide simplified buying journeys and data-driven personalization. The company aims to make life insurance more accessible, relevant, and personalized for every Indian household.
The growth outlook for life insurance in FY26 is expected to be gradual, driven by evolving consumer needs and regulatory support. Despite a slower start to Q1FY26, HDFC Life continues to grow faster than the industry, and the company expects the life insurance industry to regain momentum. The product mix is expected to remain balanced, with a focus on selling what the customer wants and investing in product innovation across all categories.
Overall, HDFC Life is well-positioned for growth, with a diversified product portfolio, a strong distribution network, and a focus on customer-centric innovation. The company is investing in technology and digital channels to improve the customer experience and make life insurance more accessible and personalized. With a growing middle-income segment and rising affluence levels, the demand for life insurance is expected to continue, driving growth for HDFC Life and the industry as a whole.