HDFC Standard Life Insurance
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
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
| >> More About Insurance |
About Insurance
