HDFC Life Insurance Company, also known as HDFC Life, is among India’s leading life insurance providers. HDFC Life is headquartered in Mumbai, Maharashtra. The company is primarily known for its various life insurance and term insurance plans. The life insurance company is jointly promoted by Indian housing finance giant Housing Development Finance Corporation (HDFC) and UK-based global investment firm Abrdn, formerly known as Standard Life Aberdeen. The history of the company can be traced back to 1997 when HDFC was set up to finance clients for the purchase or construction of residential properties across India. In 2000, HDFC and Abrdn came together to form a joint venture namely HDFC Standard Life Insurance Company. After receiving approval from the Insurance Regulatory and Development Authority (IRDA), the company started operations in 2000. 2012 was a significant year for HDFC Life when it established HDFC Pension Management Company, a wholly-owned subsidiary. In 2016, in order to operate its reinsurance business, HDFC Life established HDFC International Life and Re Company in the UAE. HDFC Life issued its Initial Public Offer (IPO) in 2017. The company rebranded in 2019 and changed its name to HDFC Life Insurance. In 2022, the company merged with life insurance provider Exide Life. Exide Life Insurance Company now functions as a subsidiary of HDFC Life. As of March 2022, HDFC Life has a massive network of branches and agents. The company operates 372 branches and other distribution touch points via multiple new tie-ups and partnerships. Its partners include several NBFCs, micro Finance Institutions and small finance banks. Promoters, HDFC Ltd. and Abrdn hold 47.8% and 3.7% respectively in HDFC Life as of March 2022. The company had a workforce of 22,059 as of March 2022 with over 50 million policyholders.
Products and services
HDFC Life offers group and individual life insurance solutions in the areas of pension, protection, investment, savings, annuity and children. Savings insurance plans offered by the company include HDFC Life Fixed Maturity Plan and HDFC Life Sanchay Par Advantage among others. Its retirement insurance plans include HDFC Life Systematic Retirement Plan, HDFC Life Pension Guaranteed Plan and HDFC Life New Immediate Annuity among others. HDFC Life YoungStar Udaan and HDFC Life Click 2 Invest are some of the child insurance plans offered by HDFC Life. The company also offers optional rider benefits catering to a diverse range of customer needs.
Listing
Shares of HDFC Life are listed on BSE and NSE. HDFC Life is a part of multiple indices like Nifty 50, Nifty 500, S&P BSE Sensex 50 etc.
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