HDFC Standard Life Insurance
Sar utha ke jiyo!
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| Private company | |
| Traded as | : : HDFCLIFE |
| Industry | Insurance Services |
| Founded | 2000 |
| Headquarters | Mumbai, India |
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Area served
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India |
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Key people
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Mr. Amitabh Chaudhry, Ms. Vibha Padalkar. |
| Products | Insurance |
| Total assets | ₹74,200 crore (US$11 billion) (2016) |
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Number of employees
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15,819 |
| Website | www.hdfclife.com |
HDFC Life (HDFC Standard Life Insurance Company) is a long-term life insurance provider with its headquarters in Mumbai, offering individual and group insurance.
It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India's leading housing finance institution and Standard Life Aberdeen PLC, leading well known provider of financial savings & investments services in the United Kingdom. On August 14, 2015 HDFC Ltd. entered into a share sale agreement with Standard Life to sell a 9.00% stake in HDFC Life to the latter. The transaction is subject to receipt of regulatory approvals. Post the completion of the above transaction, HDFC will hold 61.65% stake in HDFC Life and Standard Life’s stake will increase to 35.00%, with rest to be held by others.
HDFC Life has about 398 branches and presence in 980+ cities and towns in India. The company has also established a liaison office in Dubai.
HDFC Life distributes its products through a multi channel network consisting of Insurance agents, Bancassurance partners (HDFC Bank, Saraswat Bank, RBL Bank), Direct channel, Insurance Brokers & Online Insurance Platform.
HDFC Life's products include Protection, Pension, Savings, Investment, Health along with Children and Women plans. The company also provides an option of customizing the plans, by adding optional benefits called riders, at an additional price. The company currently has 29 retail and 8 group products, along with 7 optional rider benefits (as on 31 May 2016).
The MD & CEO of the company is Amitabh Chaudhry, ED & CFO is Vibha Padalkar, Chief Actuary & Appointed Actuary is Srinivasan Parthasarthy, Prasun Gajri is the CIO & Rajendra Ghag heads the human resources as Chief HR Officer.
The Insurance Regulatory and Development Authority (IRDA) was constituted in 1999 as an autonomous body to regulate and develop the insurance industry. The IRDA opened up the market in August 2000 with the invitation for application for registrations. HDFC Life was established in 2000 becoming the first private sector life insurance company in India.
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Wikipedia