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Tuesday, Aug 13, 2002

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HDFC Life crosses Rs 1,000-cr mark in group insurance

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MUMBAI, Aug 12

HDFC Standard Life Insurance Company's total life cover in its group insurance business has now crossed Rs 1,000 crore as sum assured.

This has primarily been led by the performance in the company's group term insurance plan, said a spokesperson for HDFC Standard Life.

The group term insurance plan, which is aimed mainly at corporate clientele has already found many takers in several multinational corporations, large Indian companies, foreign banks and software companies. At present the number of lives covered under this plan is 11,500.

The group term insurance plan is a one year renewable plan where one master policy issued covers all the members of the group.

The plan can be taken to provide life cover as part of employee benefits, cover the housing or vehicle loan given by employer to employee or as a substitute for the statutory EDLI (subject to approval by RPFC).

The company's Development Insurance plan, is also a group term insurance plan, which is aimed at non-Government organisations (NGOs) and the rural markets. So far through this plan, HDFC Standard Life has covered 7,000 lives, for a sum assured of Rs 7 crore.

The spokesperson for the company said, the target for this year is to triple the business done last year in both the retail and group segments. Last year, the company had insured a total of 44,000 lives, together in group and retail, with a total sum assured of Rs 1,266 crore, earning a premium income of Rs 36 crore.

HDFC Standard Life Insurance Company is a joint venture between HDFC and Standard Life Assurance, a Europe based mutual life assurance company.

HDFC manages Rs 18,000 crore of assets and Standard Life manages $119 billion worth of assets.

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