HDFC Life aiming for at least 15 percent growth in 2015

Private insurer HDFC Life on Monday said it is looking to grow at between 15-18.5 percent in the current fiscal year.

"We aim to grow 2-2.5 times of the GDP this year," Sanjay Tripathy, the company's senior executive vice-president of marketing, product, digital and e-commerce, told media persons here.

The ratings and research company Credit Rating Information Services of India Limited has projected the Indian GDP to grow by 7.4 percent during 2015-16.

The company, for the fiscal year ended March 31, 2015, raised Rs.3,310 crore as first year premium collection while the total amount for the same fiscal period stood at Rs.14,830 crore.

It said the total premium collection from April 2014 to March 2015 grew by 23 percent at Rs.6,580 crore compared to 2013-14.

The insurer recently launched a cancer insurance product to cover financial support on diagnosis of early or major stages of cancer.

"Treatment for cancer is very expensive and can range from Rs.3-25 lakh... We believe that being financially prepared against cancer is half the battle won and expect to help our customers achieve this goal," Tripathy said.

In the country, every year ten lakh new cases of cancer are reported, he added.

"Research states that the incidence of the disease will increase by 54 percent by 2030."

HDFC Life is a joint venture between HDFC Ltd. and UK-based Standard Life Plc where the Indian company has 70.64 percent stake with the UK-based firm owing 26 percent. The rest of the stakes are owned by the Azim Premji Trust and others.