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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.
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:
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.
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.
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)
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.
Solvency Ratio | 1.91 |
Annual Gross Premium 2019-20 | 17238.45 Crores |
Market Share (in %) | 6.64% |
Claim Settlement Ratio (CSR) | 99.07% |
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
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.Â
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.Â
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.Â
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.Â
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
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.Â
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.
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:
Type of Plans | HDFC Life Insurance Plans |
Term | HDFC Life Click 2 Protect life HDFC Life Saral Jeevan Bima Click 2 protect Corona Kavach Click 2 Protect Health |
Savings | HDFC 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 |
ULIP | HDFC 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/Retirement | HDFC 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 |
Child | HDFC Life SL Youngstar Udaan HDFC Life Cancer Care HDFC Life Easy Health HDFC Life Youngstar Super Premium |
Women | HDFC Life Click 2 Protect life |
Combo | HDFC Life Sanchay Maximiser |
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:
Buying process of HDFC Life plans through PolicyX.com
Buying process of Online Insurance HDFC Life insurance plan through HDFC Life official website
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.
To process your HDFC Life plans claim smoothly and efficiently, you need to submit the below-mentioned documents:
For Natural Deaths
For Unnatural Deaths
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
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*Terms and Conditions May Apply
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.
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.
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.
Cash Bonus payable=Cash Bonus Rate x Annualized Premium
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
First Heart Attack comes under Group A of High Severity Condition.
The starting premium for HDFC Life Smart Woman Plan is Rs 24,000 per year and the only payment frequency is an annual mode.
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.
Yes, the plan allows you to customize your online term plan with a choice of 9 plan options. The 9 plan options are divided into two categories - Lump Sum and Lump Sum + Monthly.
You can contact HDFC Life Insurance Company by contacting it through various portals, such as:
(Showing latest 5 reviews only)
September 21, 2021
Sukhi Singh
AllahabadSeptember 20, 2021
Kanak Deol
Chandigarhhad a good discussion with one the agents at policyx,com! i mean the person was deeply knowlegeable and it was very helpful! Will recommned going forward!
September 20, 2021
Surbhi Verma
MysoreI bought the click 2 protect plan to secure myslef...I think policyx did a fab job piking the right plan for me! got a decent bunch of benefits
September 17, 2021
Kanak Goel
MumbaiThis is the second term plan that I m buying from policyx.com. I want to make sure my family has enough after my death so I figured HDFC was a safe bet
September 16, 2021
Kinshuk Chabra
Bhopalwith corona and my brother s death due to it, our entire family was in shock. but I went to personally claim the policy after hs death ...it was policyx which guided me and made sure that process was smooth
Last updated on August, 2021
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very decent customer support at policyx.com! my benefits and features of click 2 retire was detailed and i have no confusion