HDFC Stan gets Rs 36-cr premium income

Mumbai: HDFC Standard Life Insurance Company Ltd, which has completed 15 months of operations in March 2002, has said its premium income has more than doubled its target. The premium income amounted to Rs 36 crore against the target of Rs 15 crore.

The company has tied up business worth Rs 1,266 crore in the 15 months and has also declared its second reversionary bonus of 8 per cent per year for single premium policies and 4.25 per cent for regular premium policies.

We have covered 44,311 lives during the period, of which about 32,000 are individual life policies, says HDFC Stan Life managing director and CEO Deepak Satwalekar.

The company has earned Rs 789 crore from its individual life insurance and pension business, of which 20 per cent has come from the HDFC Personal Pension plan, which was introduced in February 2002. Of the individual policies, endowments form 52 per cent, while single premium policies brought in business worth Rs 10 crore, says Satwalekar.

The company has declared a lower interim bonus of 7 per cent on single premium policies and 3.75 per cent on regular premium policies. HDFC Stan Life has also declared a non-recurring founders bonus for policyholders during the 15-month period.