HDFC Life Insurance

HDFC Life insurance Company Ltd. was founded in the year 2000. This long-term life insurance provider offers both individual and group insurance policies. The insurance company has 421 branches and is present in around 980+ towns and cities in India. It even has its own liaison office in Dubai. It deals with a wide range of products such as Pension, Protection, HDFC Life Savings & Investment, Child, Women, and Health plans. In the financial year 2018-2019 alone, HDFC Life insured over 5.1 crores of lives and was awarded the Best Life Insurance Company at the BFSI Awards 2018.

Awards and Recognition

• HDFC Life Insurance company won the 'Project Evaluation & Recognition Program' for Policy Loans in the service sector.
• The company was recognized as a 'Great Place to Work' for the 10th time and was amongst India's 'Top 75 Best Workplaces' in BFSI 2020.
• HDFC Life was awarded the 'Most Innovative Insurer - Life Category' award, at the FICCI Insurance Industry Awards 2020.
• HDFC's 'Click2Protect 3D Plus' plan was selected as the winner of the Best Term Plan of the Year 2020 category award by the jury of The Business Today - Money Today Financial Services Awards.
• The innovations team of the company won the award for their 'FaceSence' project in the BFSI category.
• Minister of State for Finance & Corporate Affairs-GOI awarded HDFC Life's Swabhimaan initiatives with the 'Change Maker Award 2020'.
• The company received the 'ICAI Silver Award' for excellence in Financial Reporting for the company Annual Report 2018-19 in the Life Insurance category.
• National Award 2012- for excellence in the cost management.

Key Features of HDFC Life Insurance

There are several Life insurance plans available in the market but one must choose an Insurer & Insurance policy as per the needs & requirements. Therefore, it is crucial to compare different plans from different companies to make an informed and beneficial decision.

We at PolicyX.com have listed some of the key features of the company such as its claim settlement ratio, solvency ratio, market share, etc for your clearer understanding.

Take a look below to get an insight into the company's performance and choose your HDFC Life Insurance plans:

1 Solvency Ratio

The solvency ratio is one of the important criteria that should be taken into consideration while selecting an insurer to buy a policy.

The solvency ratio measures the ability of an insurer to meet its prolonged debt obligations and other financial commitments. In other words, it determines whether the cash flow is meeting the company's short and long-term liabilities or not. IRDAI has made it mandatory for all the insurers to have a healthy solvency ratio of at least 1.5 (Solvency margin - 150%). The solvency ratio of HDFC Life Insurance is 1.91 that fulfills the IRDAI's set standards.

Let's take a look at the graph below for a better understanding.

Solvency Ratio of HDFC Life Insurance as per IRDAI for FY 2016-20

Let's understand this with an example.

When you buy a life insurance policy, you are required to pay regular premiums so that in any kind of unfortunate event, you can file a claim to receive the financial coverage from the company. To do so, the insurer must be in a good financial position. This is where the solvency ratio comes into play. The company's solvency ratio helps you assess the settling of insurance claims.

The below mentioned graph represents the Quarterly Solvency Ratio of HDFC Life Insurance FY 2019-20.

Quarterly Solvency Ratio of HDFC Life Insurance FY 2019-20

If you want to check the solvency ratio of life insurers, refer to the IRDAI Annual Reports.

2 Market Share

Market share provides information about the business volume and helps you to analyse company's growth in terms of its annual gross premium collected in a year.

As per the IRDAI Annual Reports, in the financial year 2016-17, the annual premium of the company was Rs. 8,696.36 Crores that increased to Rs. 17,238.45 Crores in FY 2019-20.

Annual Gross Premium of HDFC Life Insurance 2016-20

For your better understanding, we have compared the HDFC Life insurance company with other private-sector insurers.

3 Claim Settlement Ratio

This is the percentage of life insurance claims paid out of the total claims filed in a financial year. The higher the ratio, the better it is. HDFC Life Insurance's claim settlement ratio is at 99.07% for the financial year of 2019-20. While checking the claim settlement ratio, it is also important to check the total number of claims settled.

Given below is a graph that illustrates the increase in the CSR of HDFC Life Insurance company.

Claim Settlement Ratio (CSR) of HDFC Life Insurance 2016-20

Given below is a graph that shows the comparison between HDFC Life Insurance and other top life insurers.

Claim Settlement Ratio of HDFC Life Insurance & other top Life Insurers (2019- 2020)

4 Operating Network

HDFC Life Insurance Company has 420 offices across India and additional distribution touch-points through several new tie-ups and partnerships. Apart from its PAN India presence, it has more than 300 partnerships, comprising traditional partners such as SFBs, MFIs, and NBFCs.

We have summarized the above information in a tabular form. Go through the table carefully before choosing a plan.

Products Offered By HDFC Life Insurance

HDFC Life Insurance offers various insurance products ranging from term to child plans. The different products offered by the company are:

Term Insurance PlansSavings Plan ULIP PlansRetirement Plans Health Plans Child Plans Woman PlansCombo Plans

Term Insurance Plans

If someone wants to ensure the financial stability and full protection of their loved ones in case of an unforeseen demise, then term plans offered by HDFC Life Standard can be their savior. It provides coverage for a certain period of time or years. Hence, if the insured person dies when the policy is active, the nominee will receive the death benefit. 

Savings Plan

HDFC Life Insurance Policy offers Saving plans that offer you several ways to save and grow your money. These saving plans ensure that your investments are systematic and disciplined in order for you and your family to achieve financial goals. 

Retirement Plans

In order to attain financial security after retirement, HDFC Life Standard provides Retirement and Pension plans so that even if your professional income or savings decrease gradually, you won't need to compromise your living standards. Considering the way the cost of living is increasing by the day, retirement plans have become all the more essential for survival. 

Health Plans

HDFC Life policy offers a variety of Health Insurance Plans and Mediclaim Policies to help policyholders meet health-related contingencies. Such plans cover critical illness expenses, hospital expenses, surgical expenses, and so on. 

Child Plans

HDFC Life Insurance company limited brings forth plans to empower your child's dreams, which will help you live as proud parents for the rest of your life

Woman Plans

HDFC Life standard provides necessary solutions that cater to the various financial needs of a woman. The plan is curated to suit a woman's needs at various stages of her life; protection, health, retirement, long-term savings and investments, and child's education. 

Combo Plans

HDFC Life Insurance company limited ensures that with their combo plans one can secure their family's future with lifelong regular income and assured benefits.

HDFC Life Insurance Plans

We are presenting to you the different plans offered by HDFC Life insurance. Take a look at the below section to HDFC Life Insurance plans and choose your ideal plan:

Buying Process Of HDFC Life Insurance Plans

There are two ways through which you can invest in HDFC Life Insurance Policy- via PolicyX.com and the official website of the company. Let's discuss the steps further. Follow the below-mentioned steps to buy your HDFC Life Policy:

How To File a Claim Under HDFC Life Insurance Policy?

HDFC Life allows you to make quicker, simpler, and more efficient claims by using their online platform. To do so, you must follow the subsequent steps:

HDFC Life will contact you with acceptance or rejection of your claim settlement. Meanwhile, if you wish to track your claim, you can do so by clicking on the 'Track Claim' option available on the home page.

Additionally, you can choose to visit the branch by clicking on the branch option in the 'How to Make a Claim' section. It will redirect you to HDFC Life Branch Locator, using which you can find your nearest HDFC Life branch and file for settlement.

Documents Requirement for Smooth Claim Process

To process your HDFC Life plans claim smoothly and efficiently, you need to submit the below-mentioned documents:

Contact Details of HDFC Life Insurance

Company's Address: HDFC Life Insurance Company Limited, Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011.

Customer Care Toll-Free Number: 1800-266-9777

Email: service@hdfclife.​com