Hdfc Standard Aims To Sell 25,000 Covers By December

HDFC Standard Life Insurance is on target to reach 25,000 policies by the end of its year ending December 31, 2001, even as it received its first claim within 10 months of its launch.

The insurance company settled two mortality claims, with one each from group term product and another from the retail segment. Though both the claims were not substantial amounts, they were settled immediately. The company sold its first policy on December 12, 2000.

HDFC Standard life Insurance marketing head Pankaj Seith said the company has bagged five corporate clients covering 3,000 employees. He said the company was on course to reach the target of 25,000 policies worth a premium of Rs 12.5 crore by December 2001.

 

He said HDFC Life Insurance was expected to break even in six years. The company had a capital base of around Rs 168 crore . "We are right now focusing on building infrastructure and on quality," Seith said. HDFC has 81.4 per cent and Standard Life 18.6 per cent stake in the insurance venture.

Seith said HDFC Standard Life plans to unveil its pension fund products within a few months subject to notification of certain rules. For its foray into non-life insurance business, HDFC is in talks with a US and Asian-based company.

Seith said as part of the brand building activities of the company, focus will be on service, trust and innovations. "Once there is a threshold level of awareness, we will back it up with superlative delivery which in fact should trigger off word of mouth campaign," he said.

The company has tied up with Indian Bank to sell its products. The bank will act as corporate agents. Seith said the company plans to launch term-insurance policies soon.

HDFC Standard Life Insurance has several policies on offer and gives a choice for policy holders to design their own plan, under the flexi-plan. Its money back plan offers both value-plan and flexi-plan with the minimum age of entry being 12 and 18 for various plans.

Its flexible bond scheme involves a single premium with added bonus every year. The endowment assurance plan offers six schemes with a choice to design one's own