HDFC Standard Life Insurance

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HDFC Standard Life Insurance- Overview

HDFC Standard Life Insurance, also known as HDFC Life, is one of the top private life insurers in India. It deals in both group and individual insurance products and solutions and is JV of Standard Life PLC and Housing Development Finance Corporation Limited (HDFC).

HDFC is among the top Indian companies when it comes to housing finance and Standard Life is a well known financial services company from the UK.

72.37 percent of the insurer's shares are owned by HDFC Ltd and Standard Life (Mauritius Holding) Ltd holds 26% of the shares. The remainder of the equity is owned by others.

Following are the associate companies of HDFC Life:

  • HDFC Limited
  • HDFC Bank
  • HDFC Mutual Fund
  • HDFC Sales
  • HDFC ERGO General Insurance
  • HDB Financial Services
  • HDFC Securities
  • HDFC Trustee Company Ltd.
  • HDFC Investments Ltd.
  • GRUH Finance Ltd.
  • HDFC Holdings Ltd.
  • HDFC Developers Ltd.
  • Credit Information Bureau (India) Ltd
  • HDFC Property Ventures Ltd.
  • HDFC Securities
  • HDFC Ventures Trustee Company Ltd.
  • HDB Financial Services
Apart from HDFC Bank, the bancassurance partners of HDFC Life are Indian Bank and Saraswat Bank.

HDFC Standard Life Insurance Awards

Following are the various awards won by HDFC Life in 2012:

Award Provider/Award Ceremony
CFO 100 Roll of Honour
Silver Award for Excellence in Life Insurance My FM Star of the Industry Awards Excellence in Life Insurance
Gold Category Award Century International Quality ERA Award
Winner for Customer and Brand Loyalty in "Insurance Sector-Life" 5th Loyalty Awards 2012 - Insurance Sector (Life)
Model Insurer 2012 Celent Model Insurer Global Award
Life Insurer of the Year Award Bloomberg UTV Financial Leadership Awards
Best Product Innovation Award Indian Insurance Award 2012
BestPrax Benchmark 2012 Award BestPrax Benchmark
One of the top 50 "Best Companies to Work" Great Places to Work Institute, and Economic Times
Business Superbrand India 2010-11 Business Superbrands Council


HDFC Standard Life Insurance Management

The following dignitaries make up the board of HDFC Life:

Name Designation
Deepak S Parekh Chairman of HDFC Life, and Chairman and Director of HDFC Limited
Renu S Karnad Managing Director of HDFC Limited
Nathan Parnaby Chief Executive, Europe & Asia, Standard Life
Gautam R Divan
Ravi Narain Managing Director and CEO of National Stock Exchange Limited
SA Dave Chairman of Centre for Monitoring Indian Economy
Micheal G Connarty Alternate Director, Standard Life
Vibha Padalkar Executive Director and Chief Financial Officer of HDFC Life
Keki M Mistry Vice Chairman and Chief Executive Officer of HDFC Limited
David Nish Chief Executive, Standard Life PLC
Norman Skeoch Chief Executive, Standard Life Investments
Ranjan Pant
AKT Chari Director
Gerald E Grimstone Chairman, Standard Life
Amitabh Chaudhry MD and CEO, HDFC Life


Apart from Amitabh Chaudhry, and Vibha Padalkar the management team of the insurer may be enumerated as below:

Name Designation
Anup Rau Senior Executive Vice President
Sanjay Tripathy Executive Vice President
Srinivasan Parthasarathy Chief Actuary and Appointed Actuary
Subrat Mohanty Senior Vice President
Prasun Gajri Chief Investment Officer
Sanjeev Kapur Executive Vice President
Rajendra Ghag Executive Vice President


HDFC Standard Life Insurance Financial Details

Some important financial details of HDFC Life may be enumerated as below:

Domain Figure in INR thousands
Income from gross interest, rent, and dividend 120,128
Profit on redemption and sale of investments 14,489
Other income 1
Expenses not directly linked to the insurance business 15,187
Contribution to policyholders' fund 28,479
Profit/(loss) before taxation 90,375
Provision for taxation 5,222
Profit/(loss) after taxation 85,153


HDFC Standard Life Insurance Products

The products offered by HDFC Life can be categorized into term plans, savings and investment plans, children's plans, health plans, and women's plans. They may be further enumerated as below:

Term Plans

  • HDFC Click 2 Protect
  • HDFC Loan Cover Term Assurance Plan
  • HDFC Term Assurance Plan
  • HDFC Home Loan Protection Plan
  • HDFC Premium Guarantee Plan

Children's Plans

  • HDFC Children's Plan
  • HDFC SL YoungStar Super Premium
  • HDFC SL YoungStar Super II

Women's Plans

  • HDFC Life Smart Woman Plan

Savings and Investment Plans

  • HDFC Life Sampoorn Samridhi Insurance Plan
  • HDFC SL New Money Back Plan
  • HDFC Endowment Assurance Plan
  • HDFC Single Premium Whole of Life Insurance Plan
  • HDFC SL Crest
  • HDFC Assurance Plan
  • HDFC SL ProGrowth Super II
  • HDFC Savings Assurance Plan
  • HDFC SL ProGrowth Flexi
  • Endowment Gain Insurance Plan
  • HDFC Life ProGrowth Plus
  • ClassicAssure Insurance Plan
  • HDFC SL ProGrowth Maximiser
  • HDFC Immediate Annuity
  • HDFC Life Invest Wise Plan

Health Plans

  • HDFC SurgiCare Plan
  • HDFC Critical Care Plan

Group Plans

  • Group Term Insurance Plan
  • Group Leave Encashment Solution
  • Group Variable Term Insurance Plan
  • HDFC SL Group Savings Plan
  • Group Gratuity Solutions
  • HDFC SL Group Traditional Plan

HDFC Standard Life Insurance News



HDFC Life has on September 17 appointed Vibha Padalkar, its chief financial officer, as its executive director. She had joined the organization in 2008 as a chief financial officer and it is learnt that she will serve in that designation as well.

Amitabh Chaudhry, the Managing Director and Chief Executive, has informed the media that Padalkar has played a crucial role in helping the insurer achieve some important milestones including implementing SAP at all the offices and reporting as per IFRS.

According to Chaudhry, she has also been instrumental in setting up a risk management system for the entire organization. He also stated that Padalkar has led the insurer's attempts to make certain tax changes that can manage their cost ratios and make an impact on the industry on the whole.

Padalkar has previously worked for Pricewaterhouse Coopers, WNS Global Services, and Colgate-Palmolive.

HDFC Standard Life Insurance Office Network

HDFC Life has approximately 500 branches in different parts of India and operates in more 900 towns and cities across the country. It also has a liaison office at Dubai. It also has a commendable network of financial consultants who have helped it create a firm presence in the present fiscal markets.

HDFC Standard Life Insurance Contact Details

The contact details of HDFC Life may be enumerated as below:

HDFC Standard Life Insurance Company Limited
13th Floor, Lodha Execlus
Apollo Mills Compound,
NM Joshi Road, Mahalaxmi
Maharashtra,
Mumbai - 400011

Last Updated on 09/25/2012

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