The company offers a comprehensive range of insurance products catering to both individuals and businesses. For individuals, it provides health, motor, travel, home, and personal accident insurance. For businesses, it offers property insurance, marine insurance, liability insurance, and other specialized products.
HDFC ERGO is known for its customer-centric approach and innovative use of technology. It has implemented AI-driven tools and digital platforms to simplify processes like policy issuance, claims settlement, and customer support. The company boasts a vast network of branches across India and a 24/7 support system to ensure seamless service.
Latest News on HDFC Life
HDFC Life elevates Pritika Shah to Executive Vice President and Head of Marketing and Corporate Social Responsibility.
HDFC Life, one of India’s leading life insurance companies, has announced the promotion of Pritika Shah to Executive Vice President (EVP) and Head of Marketing & Corporate Social Responsibility (CSR). This move comes after the departure of Vishal Subharwal, who previously held the position of Head of Marketing at HDFC Life.
Pritika Shah’s elevation is a significant development, as she will now be responsible for leading the company’s marketing and CSR initiatives. With her new role, Shah will oversee the development and execution of marketing strategies, brand management, and CSR programs aimed at promoting the company’s mission and values.
Shah’s promotion is a testament to her exceptional leadership skills and contributions to HDFC Life. Her experience and expertise in marketing and brand management will be invaluable in driving the company’s growth and success. As EVP and Head of Marketing & CSR, Shah will play a crucial role in shaping the company’s brand identity, building customer engagement, and promoting social responsibility initiatives.
The announcement of Shah’s promotion has been reported by several leading industry publications, including BW Marketing World, ET BrandEquity, Exchange4media, Storyboard18, and MediaNews4U. These publications have highlighted Shah’s new role and responsibilities, as well as her background and experience in the marketing and insurance industries.
HDFC Life’s decision to promote Shah to EVP and Head of Marketing & CSR demonstrates the company’s commitment to recognizing and rewarding talent from within its ranks. The move is also expected to bring fresh perspectives and ideas to the company’s marketing and CSR initiatives, driving growth and innovation in the life insurance sector.
Under Shah’s leadership, HDFC Life is likely to continue its focus on customer-centric marketing, digital transformation, and social responsibility initiatives. The company’s marketing efforts will aim to build stronger connections with customers, promote financial literacy, and support community development programs. With Shah at the helm, HDFC Life is poised to strengthen its brand presence, drive business growth, and make a positive impact on society.
HDFC Life introduces Click 2 Achieve Par Advantage
HDFC Life has launched a new product called HDFC Life Click 2 Achieve Par Advantage, designed to provide individuals with a flexible and secure way to plan for their long-term financial goals. According to Aneesh Khanna, Head of Products & Segments at HDFC Life, the product is tailored to meet the specific needs of individuals at different life stages, taking into account their age, income, and plans for the future. The goal of HDFC Life Click 2 Achieve Par Advantage is to provide a financial safety net that protects individuals’ dreams and aspirations against uncertainties.
The product offers several key features, including the Policy Continuance Benefit (PCB) option, which waives future premiums in the event of the policyholder’s death. In such a scenario, the death benefit is paid out as a lump sum, and future benefits under the plan continue for the nominee or survivor. Additionally, the product offers a choice of death benefit multiples, allowing policyholders to customize their coverage to meet their specific needs. The options include death benefit multiples of 5x, 7x, or 11x.
Another key feature of HDFC Life Click 2 Achieve Par Advantage is the Paid Up Addition option, which allows policyholders to convert partial or entire cash bonuses payable into paid-up additions. These paid-up additions can be encashed at any time during the term of the policy, providing policyholders with a degree of liquidity and flexibility.
Overall, HDFC Life Click 2 Achieve Par Advantage is designed to provide individuals with a comprehensive and customizable life insurance solution that meets their unique needs and goals. With its range of features and options, the product offers a high degree of flexibility and security, making it an attractive option for those looking to plan for their long-term financial future. By launching this product, HDFC Life is reinforcing its commitment to providing innovative and customer-centric life insurance solutions that help individuals achieve their financial goals and protect their loved ones.
HDFC Life has been recognized as the ‘Next Leader’ on the Indian Corporate Governance Scorecard for 2024, as reported by ThePrint and ANI Press Releases.
HDFC Life, one of India’s leading life insurance companies, has been recognized as a “Next Leader” in corporate governance by Institutional Investor Advisory Services (IiAS) as of December 31, 2024. This recognition is a testament to the company’s commitment to transparency, accountability, and exemplary governance practices. HDFC Life has been featured in this prestigious list for the fourth consecutive year, which assesses the BSE 100 companies based on the Indian Corporate Governance Scorecard framework.
The scorecard framework, developed jointly by IFC, BSE, and IiAS, is based on the G20/OECD Principles of Corporate Governance and has been in use since 2015. HDFC Life’s recognition comes as the company enters its 25th year of operations, highlighting its superior standards of corporate governance. The company’s General Counsel, Chief Compliance Officer, and Company Secretary, Narendra Gangan, expressed delight at being part of this esteemed list, stating that adherence to the highest standards of corporate governance is a way of life for HDFC Life.
The company endeavors to stay true to its commitment towards all aspects of Environment, Social, and Governance (ESG). The recognition is a significant milestone for HDFC Life as it continues its journey of securing the lives of Indian citizens and working towards achieving the industry’s collective goal of “Insurance for All by 2047.” This achievement demonstrates HDFC Life’s dedication to upholding the highest standards of corporate governance, transparency, and accountability, making it a leader in the Indian life insurance industry.
The recognition by IiAS is a reflection of HDFC Life’s unwavering commitment to its stakeholders, including customers, employees, and investors. The company’s adherence to the principles of corporate governance has enabled it to build trust and credibility in the market, contributing to its success over the years. As HDFC Life looks to the future, it remains committed to maintaining the highest standards of corporate governance, ensuring that its operations are guided by transparency, accountability, and a strong sense of responsibility.
Life insurers’ first-year premiums increased by 2% in March and 5.1% in the fiscal year 2025.
The life insurance industry in India has reported a 2% year-on-year increase in first-year premiums for the month of March, with total collections reaching ₹61,439 crore. This growth is a welcome relief after a weak February, which saw a 12% year-on-year decline in premiums. For the entire financial year 2024-25 (FY25), first-year premiums have increased by 5.1% year-on-year.
Among private insurers, ICICI Prudential Life Insurance has reported an impressive 18% rise in March premiums, with its total annualized premium equivalent (APE) increasing by 32% year-on-year. HDFC Life has also reported a 5% growth in March premiums, with a 6% increase in total APE. Axis Max Life has seen a 1% rise in March premiums, with an 11% jump in total APE.
However, not all insurers have reported positive growth. SBI Life has reported an 11% decline in March premiums, although its total APE has risen by 2% year-on-year. LIC, the largest life insurer in India, has reported a 2% increase in March premiums, but its total APE has declined by 4%.
In February, private insurers had reported a 3% rise in premiums, with their 11-month FY25 premium collections growing by 11% year-on-year. Total APE had risen by 8%, while retail APE had increased by 2% during the same period. HDFC Life had reported a 24% year-on-year growth in February premiums, while ICICI Prudential had seen a 5% rise.
The growth in the life insurance industry is a positive sign, indicating that consumers are increasingly seeking protection and savings products. The industry is expected to continue growing, driven by increasing awareness and demand for life insurance products. However, the decline in premiums reported by some insurers, such as SBI Life, is a cause for concern and may be due to various factors, including intense competition and regulatory changes. Overall, the life insurance industry in India is expected to remain competitive and dynamic, with insurers focusing on innovation, customer engagement, and product development to drive growth.
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