HDFC Life crosses Rs 1,000-crore mark

Mumbai: HDFC Standard Life Insurance Company's total life cover in its group insurance business has now exceeded the Rs 1,000-crore mark as sum assured.

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

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 company's development insurance plan is a group term insurance plan, which is aimed at non-government organisations and the rural markets. So far, HDFC Standard Life has covered 7,000 lives for a sum assured of Rs 7 crore.

The spokesperson says 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.