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Knowledge Base Life Insurance Basics HDFC Standard Life Insurance
Tuesday, 25 January 2011 17:50

HDFC Standard Life Insurance

Written by  Yashish Dahiya
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HDFC Standard Life Insurance 


Incorporated in Aug, 2000 HDFC Standard life is one of the leading private life insurance companies in India. HDFC Standard Life is a joint venture between HDFC- India’s housing finance company and Standard plc – United Kingdom’s savings and investment Company. HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) Ltd. holds 26% of equity in the joint venture while the rest is owned by others.

HDFC Life Product Portfolio
HDFC Standard Life has vast portfolio of retirement plans, children plans, term plans, savings investment plans and health plans.

Retirement Plan: With rising inflation, it’s absolutely necessary to make provisions for the future which makes retirement plan an important financial decision. Better known as Pension plan, this plan takes care of financial needs after retirement by investing a part of your savings for limited period. Pension plan provides steady income after retirement and takes care of daily needs. The pension plans offered by HDFC Life are Personal Pension Plan, Immediate Annuity and Pension Maximus.

Child Plan: Parenthood brings responsibilities and no one is better judge of that than you. Child Plan is a plan specifically designed to take care of financial needs of your child. Child plan provides with necessary funds that will take care of child’s education, marriage etc. By investing small portion of your savings you secure the financial end of your child. Child plan of HDFC Life are called SL Youngstar Super II, SL Youngstar Super Premium and Children’s Plan.

Term Plan: A risk plan which provides comprehensive cover for your family in the unfortunate event of untimely demise. A term life insurance plan provides good cover at relatively nominal cost and has no survival benefits. HDFC Life term plans are Term Assurance Plan, Premium Guarantee Plan, Loan Cover Term Assurance Plan and Home Loan Protection Plan.

Investment Plan:
  Popularly known as ULIP, an investment plan invests part of your savings in equity or debt market as per your preference. The objective of investment plan is to give you returns which easily beat the rising costs since the usual returns in a bank are extremely low. ULIP’s offered by HDFC Life are Endowment Assurance Plan, SL Crest, SL ProGrowth Super II, SL ProGrowth Maximiser, SL New Money Back Plan and Single Premium Whole of Life Insurance Plan.


Health Plan: Slightly different from health insurance, health plan provides cover for surgery costs, critical illness. A lump sum is paid irrespective of actual hospital bill. Critical Care Plan and SurgiCare Plan are HDFC health plan.

Distribution Network
HDFC has wide distribution network with 568 branches and has over 200000 Financial Consultants. HDFC Standard Life also has bancassurance partners- HDFC Bank, Saraswat Bank and Indian Bank. HDFC products like HDFC SL Crest, HDFC SL Youngstar Super II, HDFC SL ProGrowth Super II, HDFC SL Youngstar Super Premium and HDFC SL ProGrowth Maximiser are also available online.

Financial Information
The total premium earned for the half year ended September 30, 2010 was Rs 35,909 million. The profit after tax for the same period is Rs 646 million. There have been 1,298 death claims during the period out of which 1,045 claims were settled and 45 claims were rejected.

Marketing Campaigns
HDFC Standard Life Insurance has taken dynamic steps as part of changing brand identity. HDFC Standard life in order to connect to younger target market made a series of changes. HDFC Standard life dropped the “standard” word from their name to make it HDFC Life. HDFC Life also changed their logo depicting more energy, exuberance, vibrancy, dependability in their brand. HDFC Life also pushed their tagline “sar utha ke jiyo” with television commercial, radio ads, print and other communication mediums. The tagline presents the idea of living life with dignity which can be achieved through being self dependent and insurance is part and parcel of the same.

Distinctions
  • HDFC Standard Life has been adjudged one of the Best Companies to Work for in India in 2010. The company participated in the Great Places to Work® study for the first time and ranked first in the insurance category.
  • HDFC Standard Life’s YoungStar Super has been voted ‘Product of the Year 2010’ in the 'Insurance' category by more than 30,000 consumers nationwide across 36 markets. The consumer study on product innovation in India was conducted by A C Nielsen, the leading global research firm.
  • HDFC Standard Life has received the CIO ‘The Ingenious 100 - 2009 Award,’ for ATLAS (Agency Training Licensing and Servicing System). Additionally, the company has received the CIO 100 ‘Security Award 2009’ for pioneering LANDesk Management and Security Suite security implementation and taking its security to a higher level of technological excellence.
  • HDFC Standard Life has received the Diamond EDGE Award 2009 for its mobile workforce portal - Consultant Corner. EDGE - Enterprises Driving Growth and Excellence (using IT) is an initiative by the ,Network Computing magazine to identify, recognize, and honor end-user companies in India that have demonstrated the best use of technology to solve a business problem, improve business competitiveness, and deliver quantifiable ROI to stakeholders.

Management


Amitabh Chaudhry is the MD & CEO of HDFC Life.

Paresh Parasnis is the COO of HDFC Life.

Vibha Padalkar is the CFO of HDFC Life.

Ashley Rebello is the chief actuary and appointed actuary of HDFC Life.

Reach HDFC Life Insurance


Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Telephone: 1800 227 227 (Toll free)

SMS “LIFE” to 57333

 

HDFC Life Product Table

Retirement/Pension Plan

HDFC Personal Pension Plan

Retirement/Pension Plan

HDFC Immediate Annuity

Retirement/Pension Plan

HDFC SL Pension Maximus

Child Plan

HDFC Children’s Plan

Child Plan

HDFC SL Youngstar Super II

Child Plan

HDFC SL Youngstar Super Premium

Term Plan

HDFC Term Assurance Plan

Term Plan

HDFC Premium Guarantee Plan

Term Plan

HDFC Loan Cover Term Assurance Plan

Term Plan

HDFC Home Loan Protection Plan

Savings and Investment Plan

HDFC SL Crest

Savings and Investment Plan

HDFC Endowment Assurance Plan

Savings and Investment Plan

HDFC SL ProGrowth Super II

Savings and Investment Plan

HDFC SL ProGrowth Maximiser

Savings and Investment Plan

HDFC SL New Money Back Plan

Savings and Investment Plan

HDFC Single Premium Whole of Life Insurance  Plan

Savings and Investment Plan

HDFC Assurance Plan

Savings and Investment Plan

HDFC Savings Assurance Plan

Health Plan

HDFC Critical Care Plan

Health Plan

HDFC SurgiCare Plan


 Sources:


HDFC Life Website

 

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