HDFC Life Insurance

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About HDFC Life Insurance

Be Insured, Be Assured, Be aware!

HDFC Life insurance Company Ltd. is a one-stop solution for everyone. It is one of the leading life insurance companies headquartered in Mumbai and 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

awards
  • 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 now the question arises why HDFC Life insurance policies should be considered over others. So while choosing an insurance plan the first thing to consider is the price as every individual has a different affordability capacity. However, it may lead to compromising on several factors regarding the financial security of one's family. Therefore, it is crucial to compare different plans from different companies to make an informed and beneficial decision.

To help you find the best and reliable company, we at PolicyX have shortlisted top life insurance companies based on certain factors such as market share, solvency ratio, and claim settlement ratio. After intensive research, we have ranked HDFC Life Insurance company at the 2nd top position based on its annual premium. Let's explore all the key features to know better about the company.

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

Solvency Ratio of HDFC Life Insurance 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.

While buying an insurance product, the customers should always compare the key factors with other companies to get a clear picture of all the insurers, their industry position, and offerings.

Solvency Ratio of HDFC Life Insurance and other life insurers 2019-20

Solvency Ratio of HDFC Life Insurance and other life insurers 2019-20

A policy is of no use if the policyholder does not receive the death benefit or the payment gets delayed for several months or years. It is always advised to check the solvency ratio to have an idea about the company's current financial position in the market.

Quarterly Solvency Ratio of HDFC Life Insurance FY 2019-20

Quarterly Solvency Ratio of HDFC Life Insurance 2019-20

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

2 Market Share

Market share provides information about the business volume and is a good parameter to judge any company's growth in terms of its annual gross premium collected in a year.

HDFC Life Insurance held approximately 6.64% of the market share of the sector's total life insurance premiums in the financial year 2020. It has shown significant growth in its annual premium over the past few years i.e., from 2016-20. 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

Annual Gross Premium of HDFC Life Insurance 2016-20

Before choosing a life insurance company, the main concern is: Why select this insurer? So, for your better understanding, we have compared the HDFC Life insurance company with other private-sector insurers. HDFC Life Insurance has the largest annual gross direct premium. If market share is one of the factors you are taking into consideration, then this is the ideal company for you.

Annual Gross Premium of HDFC Life Insurance and other life insurers

Annual Gross Premium of HDFC Life Insurance and other life insurers

To provide you more clarity of the company's performance over the last few years, we have prepared a pie chart that shows a comparison between the market share of the top 3 life insurance companies based on their annual premium.

Market Share of HDFC Life Insurance 2016-17

Market Share of HDFC Life Insurance 2016-17

Market Share of HDFC Life Insurance 2019-20

Market Share of HDFC Life Insurance 2019-20

As per the graph, HDFC Life Insurance company commands the highest market share of 6.64% in comparison to other life insurers such as SBI Life (6.3%) and ICICI Prudential (4.8%).

Note: Market share is only calculated for the private insurers excluding the data of LIC, a public sector insurer.

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 easier it is for your dependents to claim the insurance when you are not with them. 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 over the last few years.

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

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

The sum assured covered by HDFC Life Insurance has increased significantly in recent years due to loyalty towards customers and increased focus on protection sales.

If you are considering CSR as one of the important parameters for selecting an insurance company, then it is very important to compare this factor with other life insurers.

Claim Settlement Ratio (CSR) of HDFC Life Insurance and other life insurers 2016-20

Claim Settlement Ratio (CSR) of HDFC Life Insurance and other life insurers 2016-20

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. Moreover, it also has a strong base of financial consultants.

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

Solvency Ratio1.91
Annual Gross Premium 2019-2017238.45 Crores
Market Share (in %)6.64%
Claim Settlement Ratio (CSR)99.07

Products Offered By HDFC Life Insurance

Buying Life insurance without reading the fine print may lead to future surprises. HDFC Life Insurance offers various insurance products ranging from term to child plans with amazing features and benefits. These plans are highly customised and come with affordable premium rates, catering to all the medical and healthcare needs of the customers. The different products offered by the company are:

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

HDFC Life Insurance Plans

HDFC is the first choice for millions of people due to its loyalty and claim settlement ratio. It not only provides lifelong financial protection but also pledges to give timely coverage in case of an illness.

We are presenting to you the different plans offered by HDFC Life insurance.

Type of PlansHDFC Life Insurance Plans
TermHDFC Life Click 2 Protect life
HDFC Life Saral Jeevan Bima
Click 2 protect Corona Kavach
Click 2 Protect Health
SavingsHDFC Life Sanchay Plus
HDFC Life Sanchay Par Advantage
HDFC Life Sanchay
HDFC Life Sampoorna Samridhi Plus
HDFC Life ClassicAssure Plus
HDFC Life Super Income Plan
HDFC Life Uday
HDFC Life Pragati
ULIPHDFC Life Click 2 wealth
HDFC Life Click 2 invest
HDFC Life SLProgrowth flexi
HDFC Life Sampoorna Nivesh
HDFC Life ProGrowth Plus
HDFC Life SL ProGrowth Super II
HDFC Life SL Crest
HDFC Life Capital Shield
Pension/RetirementHDFC Life Pension Guaranteed Plan
HDFC Life Guaranteed Pension Plan
HDFC Life New Immediate Annuity Plan
HDFC Life Assured Pension Plan - ULIP
HDFC Life Personal Pension Plan
HDFC Life Click 2 Retire
ChildHDFC Life SL Youngstar Udaan
HDFC Life Cancer Care
HDFC Life Easy Health
HDFC Life Youngstar Super Premium
WomenHDFC Life Click 2 Protect life
ComboHDFC Life Sanchay Maximiser

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 following steps:

Documents Required for Smooth Claim Process

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

Documents Required for Smooth Claim Process

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

HDFC Life Insurance Review

HDFC Life Insurance Company has a good Claim Settlement Ratio (CSR) of 99.07, indicating a smooth and hassle-free claim settlement process. With a healthy solvency ratio and annual gross premium, the company is performing very well in the insurance industry. If you are looking for a life insurance plan, HDFC Life plans are ideal and worth buying for the financial security of your family members.

FAQs

1. I have insurance cover from my organization. Do I still need a term plan?

The insurance from your company will last as long as you remain in the organization. Once you leave, the insurance coverage won't be valid. Hence, it is better to opt for a term plan irrespectively.

2. How does HDFC Life deem a life assured as critically ill?

The life assured will be considered critically ill if (s)he is diagnosed by at least two independent medical practitioners who specialize in the treatment of such illness. Furthermore, the assured life must have high chances of death within 6 months as per their opinions.

3. With HDFC Life Click 2 Wealth, can I invest in Bond Fund and Liquid Fund?

Yes. With a Systematic Transfer Plan, you can invest a fixed amount of monthly installments in any one of the following funds: Blue Chip Fund, Equity Advantage, Discovery Fund, Opportunities Fund, Balanced Fund, or Diversified Fund.

4. How is the Cash Bonus payable calculated under the HDFC Life Sanchay Par Advantage plan?

Cash Bonus payable = Cash Bonus Rate x Annualized Premium

5. How is the Guaranteed Addition calculated for the HDFC Life Sampoorn Samridhi Plus Plan?

  • 3% p.a. for 15-19 years of the policy term.
  • 4% p.a. for 20-24 years of the policy term.
  • 5% p.a. for 25 or more years of the policy term.

6. What is the premium allocation charge?

There is a premium-based charge, which after deducting from your premium is used to buy units. The percentage of your premium that is utilized to buy units is called the Premium Allocation Rate. This charge is guaranteed for the entire term of the policy

7. What is the severity group considered in the case of the First Heart Attack under HDFC Life Cardiac Care?

First Heart Attack comes under Group A of High Severity Condition.

8. What is the starting premium rate and payment frequency for HDFC Life Smart Woman Plan?

The starting premium for HDFC Life Smart Woman Plan is Rs 24,000 per year and the only payment frequency is an annual mode.

9. What all factors should be considered before buying an HDFC Life Insurance Plan?

Learn about your insurance requirements

Different insurance plans address different financial needs. The selection of plans depends on your life goals and styles that help you achieve a financially secure and happy life.

Determine your Coverage amount

One should determine the amount of coverage carefully as it depends on his/her future financial requirements as well as on the inflation factor.

Get insured at early ages

Age is considered one of the important factors for calculating premiums. Earlier you avail insurance, the younger you are, the lesser the premium rates. So it is always better to start early to secure your future for the long-term with a low-cost cover.

Understand Terms and Conditions

Read the insurance product brochure carefully before buying as most plans have certain T&Cs under which the benefits are withheld. Be aware of all the exclusions.

Provide Truthful Information

Ensure that the details you provide to the HDFC Insurance company should be true. Providing wrong or false information may lead to the rejection of your claim application form.

Buying Online

HDFC Life Insurance offers an online mode for purchasing policies that are quite fast and convenient. With this mode, all charges are transparent with no hidden information, and minimum paperwork is required.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4/5 (14 Total Rating)

June 24, 2021

Rahul Maheshwari

Chandigarh

I am very much satisfied with insurance plan. I bought a child plan for my son and i think we atre secured with a right company

April 29, 2021

Ravi Sharma

Guwahati

It s been a long i m using hdfc term insurance. The service is very good and commendable. Good going hdfc.

April 29, 2021

Himani Rajan

Dehradun

Really happy with my decision. One of my dear friend told me about hdfc and i must say click 2 protect life plan is very good.

June 24, 2021

Kamla Singh

Chennai

I bough HDFC life insurance - Investment plan a year ago. The company s customer care is quite good. They guide well and resolve queries quickly

April 29, 2021

Rahul Agnihotri

Kanpur

HDFC is a reliable and a trusted company. Thdey solved my query very easily. I am really satisfied with their services and products

Last updated on 21-06-2021

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