About HDFC Life

HDFC Life is one of India’s leading long-term life insurance solutions provider offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Retirement, Savings, Investment, and Health. The company also offers Women’s Plans to meet specific needs of women.

Customers have the added advantage of customizing plans, by adding optional benefits called riders, at a nominal price. The company currently has 24 retail and 7 group products in its portfolio, along with 9 riders.

HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India’s leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom. HDFC Ltd. holds 72.37% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in the joint venture, while the rest is held by others.

HDFC Life continues to have the widest reach with about 414 branches in India touching customers in over 900 cities and towns. The company has also established a liaison office in Dubai. The company has a strong presence in its existing markets with a strong base of Financial Consultants.

Customer Service

In FY 2015, the Company strengthened its service recovery cell for better customer retention. It adopted a new approach, the emphasis of which was on service experience, quality resolution, process improvement by eliminating non-value add processes and process recovery to prevent recurrence of failures.

The new framework has resulted in a 57% reduction in complaints month-on-month since September 2014. Majority of our complaints are now resolved in 24 hours. Through use of customer verification calling process, the Company is ensuring Business Quality which has resulted in right on-boarding of new policyholders. The initiative has led to 50% reduction in free lookins.

With the objective of providing customer convenience and improving efficiency the company has enabled multiple modes of payments viz. Online Mode, Hdfc Life Branches, Axis Bank, Yes Bank, MP Online, AP Online, Automated Voice-Guided Payment, Maha online, Bill Pay, By Post or Courier and CSC.

The company’s online presence has helped in increased online usage and the online collection today stands at 17%. Other service initiatives such as Missed Call, SMS fund alerts were initiated to better the overall customer experience. Missed call and SMS has been a huge success with a large number of customers using this facility.

The Company set out on a journey of increasing operational rigor during the year. There are multiple initiatives focused on ‘First Time Right’ at customer interaction touch points. Proactive quality checks of web-portal, call listening, mystery checks of services provided to be ahead of the curve to know the fallouts and raise red flags were introduced. This coupled with Service Delivery Assurance and concurrent audit frameworks across service points and back-end processes resulted in predictive and improved service delivery.

The Company established new payment avenues for customers convenience like M-swipe launched in 100 branches. Similarly, the number of banks on net banking increased from 38 to 57. The Company also tied up with MAHA online, AP online and Common Service Centre (CSC).

In case of CSC, customers can pay premium through 1.3 lakhs CSC centres across the country.

In FY 2016 the Company aims to develop a CSAT framework for measurement of customer experience across touch points backed by a robust audit framework. The Technology Enabled Business Transformation (TEBT) program for customer service is expected to go live in FY 2016, and ensure greater agility, integration and customer-friendliness.

Rural and Social Sector Business

The Company maintains a dedicated focus on undertaking rural and social business, and its products and processes are tailored to support these businesses and the needs of the customers in this segment.

As part of its overall business, the Company has achieved prescribed regulatory targets of social and rural business, as follows:

  • Rural business – Prescribed 20% of overall business; achieved – 22.82%
  • Social business – Prescribed 55,000 Social lives; achieved – 9,98,574 Social lives.

Financial Highlights

The Company earned a profit after tax of Rs 786 Crs for FY 2015, registering an increase of 8% over previous year with profits from a strong back book off-setting new business strain resulting from robust growth.

Capital and Solvency Ratio

The Company has been sufficiently capitalised and has not made any capital calls in the last 4 years. The increasing bottomline over the period of time has helped the Company to be self-sufficient and capable of harnessing the growth opportunities by making relevant investments. The overall share capital is at ` 2,160 Crs including a share premium of Rs 165 Crs. The net worth has increased considerably growing by 31% in FY 2015.

The Company maintained a healthy solvency ratio of 196% as on March 31, 2015, as against a regulatory requirement of 150%.

AUM and Fund Performance

Assets under Management for the Company stood at Rs 67,047 Crs as on March 31, 2015, registering an increase of over 33% versus previous year. The investment debt-equity mix has stabilized over the recent years.


The Company continued to win awards and recognition in various coveted Industry forums across several domains like Business Excellence and Quality, Marketing, Information Technology, Finance, Human Resource, Business Intelligence and Corporate Social Responsibility.

Some of the distinguished awards from the total 22 awards that the Company won, includes the prestigious ICAI award from the Institute of Chartered Accountants of India for Excellence in Financial Reporting for the annual report of FY 2014, 10th India Business Leader Award 2014 in CSR category, TDWI Best Practices Award for Business Intelligence, National Gold Award for Excellence in Cost Management by the Institute of Cost Accountants of India, and Finnoviti 2015 award that salutes the spirit of Innovation for MyMix.