HDFC Life Insurance Co Ltd is in talks with the Insurance Regulatory and Development Authority of India (Irdai) to permit life insurance coverage corporations to promote different regulated monetary merchandise, Deepak Parekh, chairman of the life insurance coverage firm mentioned in its twenty second annual common assembly. The transfer will assist allow insurance coverage corporations to broaden their attain and in addition enhance buyer expertise.
There are 24 lakh insurance coverage brokers registered with life insurance coverage corporations, which give a major supply of earnings for numerous brokers, Parekh mentioned.
“I would also like to thank our regulator, the Irdai, for their continued guidance and support to the industry, in these challenging times. I am confident that the insurance regulator will continue to display its firm commitment to carry out reforms for increasing insurance penetration and facilitating sustainable growth of the industry,” he mentioned.
Irdai earlier this month allowed insurance coverage corporations to launch well being and common insurance coverage merchandise with out its prior approval, to be able to give corporations flexibility to introduce new merchandise.
On the corporate entrance, HDFC Life is presently working in the direction of integrating its operations with Exide Life. HDFC Life in January accomplished acquisition of Exide Life from Exide Industries for Rs 6,687 crore, geared toward growing attain in southern India. The acquisition will assist the corporate to bolster its attain in tier 2 and tier 3 cities, Parekh mentioned.
The firm’s renewal premium grew by 18% and thirteenth month persistency elevated to 92% in FY22. The worth of recent enterprise elevated to Rs 2,675 crore, up 22% on 12 months. HDFC Life’s complete new enterprise market share stands at 21% within the personal life insurance coverage market, making us the second-largest personal life insurer within the nation and the third-largest general, he mentioned.
The affect of the second wave of the pandemic was seen by the bounce in dying claims paid by the trade as an entire, which underlines the significance of the sector, Parekh mentioned. The life insurance coverage sector paid Rs 60,000 crore in dying claims within the first 9 months of FY22, twice in comparison with the identical interval within the earlier 12 months.
“This gives us all an idea of the kind of financial support that the industry has provided in such difficult times,” he mentioned.