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Private insurer HDFC Life, a joint venture between HDFC Ltd and Standard Life, is looking at a near 15 per cent growth in first year premium this fiscal.
The company had reported a first year premium collections of Rs 3,341 crore last year. This includes single premiums collected.
According to Sanjay Tipathy, Senior Executive Vice- President (Marketing, Product, Digital and E-Commerce), HDFC Life, the company is targeting to grow around 2 to 2.5 times of the GDP in FY-16.
“We are targeting a 15 per cent growth in first year premium collections. Ideally the growth should be around 2-2.5 times the projected GDP growth,” he told media persons.
The company’s total premium collections grew by 23 per cent in FY-15 to Rs 14,830 crore and the Mumbai-headquartered insurer reported a net profit of Rs 786 crore during this period (FY-15).
HDFC Ltd has a 70.64 per cent in the company; with Standard Life have 26 per cent stake. The Azim Premji Trust owns about 0.9 per cent in HDFC Life.
Cancer Care Offerings
Tripathy, who was in the city to launch the “HDFC Life Cancer Care” health plan, said the company has sold around 25,000 of these cancer care policies over the last two weeks. The policy was launched on May 18.
Annual premium size stood at around Rs 1,800 (per policy) mostly in the age group of 35-40.
HDFC Life claims it to be the first such cancer care related offering in the market. “We target to sale aroumd 2,00,000 cancer care policies by the end of this fiscal,” he added.
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