Hdfc Standard Unveils Group Insurance Product

HDFC Standard Life Insurance Company today launched its group insurance product, Group Term Insurance, here. The first policy was issued to Coromandel Fertilisers Ltd to cover the housing loans taken by the 392 employees of the company.

Deepak Parekh, chairman of HDFC Standard, said, the product could be used by an employer for multiple uses including providing life insurance cover to its employees and also for covering the housing / vehicle loans given to them.

Deepak Satwalekar, chief executive officer of HDFC Standard, said that the product was highly customisable as any other retail insurance product of the company.

He said the policy offers five levels of customisation including the size of the group, amount of cover per person ranging from Rs 25,000 to Rs 1 crore.

 

He added that the product also provides the flexibility of adjustments for entry and exit of the members within the term of the policy and premium-sharing ratio between the employer and employee.

Parekh said the company would launch a pension product in the fourth quarter, once the guidelines for the pension schemes are formulated by the Insurance Regulatory and Development Authority .

He said HDFC will cross-sell the insurance products of HDFC Standard Life by linking them to the housing loans of the former. "We are waiting for some changes in the guidelines regarding the appointment of corporate agents to market the insurance products," Parekh said.