HDFC Life Insurance will tread cautiously on term business, given the COVID risk, Vibha Padalkar, MD and CEO, told CNBC-TV18.
She said, “The sum assured is a bit of an outcome, and we have to remember that we are against a pandemic, so the sum assured part- especially what pulls it up is the term business, because typically against 10x sum assured you would have anything between 200x and 400x sum assured. So, we will tread cautiously there.”
On business, Padalkar said, “As compared to the industry, HDFC Life’s numbers on a standalone basis, grew by 17 percent individually PE and consequently our market share also grew from 18.5 percent to 20.3 percent. On an overall basis for the industry, the growth did slow down, so private slowed down and degrew by 5 percent, whereas the overall industry degrew by 9 percent. So, 17 percent, against what we have gone through as a nation, is reasonably in a satisfying position and also relative to peer set.”
For the entire management interview, watch the video.
(Edited by: By Dipika)
First Published: IST