HDFC Life Insurance Company Ltd. (d/b/a HDFC Life)[4] is a long-term life insurance provider with its headquarters in Mumbai, offering individual and group insurance services and incorporated on 14 August 2000.[5][6]
The company is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India's leading housing finance institutions and Abrdn, a global investment company.[5] As on 31 March 2020, the promoters; HDFC Ltd. and Standard Life (Mauritius Holdings) 2006 Ltd. hold a 51.69% and 34.75% stake in HDFC Life respectively.[5] The remaining equity is held by public shareholders.[5]
It obtained the certificate of commencement of business on 12 October 2000 and certificate of registration from Insurance Regulatory and Development Authority of India (IRDAI) to undertake the life insurance business on 23 October 2000.[6] HDFC Life has 421 branches[5] and is present in 980+ cities,villages and towns in India and supported by 16,544 employees.[5] The company has also established a liaison office in Dubai.[7]
HDFC Life distributes its products through a multi channel network consisting of Insurance agents, Bancassurance partners (HDFC Bank, Saraswat Bank, RBL Bank), a Direct channel, Insurance Brokers, MFIs (Micro Finance Institutions), SFBs (Small Finance Banks), etc. and 39 partnerships within non-traditional ecosystems[8] and an Online Insurance Platform and currently one of the leading financial service providers in India offering finance in varied sectors like housing, banking, life insurance and general insurance, asset management and education loans and many other products.[5]
