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HDFC Standard Life Insurance Company Limited is one of India's leading private
insurance companies, which offers a range of individual and group insurance
solutions. It is a joint venture between Housing Development Finance Corporation
Limited (HDFC Limited), India's leading housing finance institution and a Group
Company of the Standard Life Plc, UK. As on February 28, 2009 HDFC Ltd. holds
72.43% and Standard Life (Mauritius Holding) 2006, Ltd. holds 26.00% of equity
in the joint venture, while the rest is held by others.
The company launched national operations in December 2001. Today, we have
over 8000 employees across over 12 states in the country and a national footprint
of distributors trained to provide quality financial advice and insurance solutions to
the large Indian customer base.
As we further expand our presence across the country with a large network of
distributors, we continue to provide innovative product and service offerings to
cater to specific insurance and wealth management needs of customers. Whatever
your plans in life, you can be confident that HDFC Standard life will offer the right
financial solutions to help you achieve them.
Meaning and Definition of Life Insurance
Meaning
Life insurance covers the risk that exists in one’s life. These risks may arise due to
accident, illness or natural causes like fire, flood, earthquake. Life insurance aims
to protect the family of the life insured so that they may not suffer from financial
consequences on the death or disability of the insured person. Life insurance needs
to be a mandatory part of every person’s life. Life insurance is a contract that
pledges payment of an amount to the person assured (or his nominee) on the
happening of the event insured against.
Life insurance is a very popular form of insurance. It ensures the life of an
individual and gives financial protection to the members of the family of the
policyholder.
It is different from other types of insurance in various ways. It not only gives
protection but it is a method of compulsory saving. This insurance provides
protection to the family at the premature death or gives adequate amount at
the old age when the earning capacities are reduced.
The contract is valid for payment of the insured amount during:
The date of maturity, or
Specified dates at periodic intervals, or
Unfortunate death, if it occurs earlier.
Life insurance covers the risk that exists in one’s life. These risks may arise
due to accident, illness or natural causes like fire, flood, earthquake. Life
insurance aims to protect the family of the life insured so that they may not
suffer from financial consequences on the death or disability of the insured
person. Life insurance needs to be a mandatory part of every person’s life.
Life insurance is a contract that pledges payment of an amount to the person
assured (or his nominee) on the happening of the event insured against.
Life insurance is a very popular form of insurance. It ensures the life of
an individual and gives financial protection to the members of the
family of the policyholder.
Definition
Life Insurance may be defined as a type of Insurance Contract whereby the insurer,
in consideration of the premium paid in periodical instalments undertakes to pay an
annuity or a certain sum of money either on the death of the insured or on the
expiry of a certain number of years.
Life insurance or life assurance is a contract between the policy owner and the
insurer, where the insurer agrees to pay a designated beneficiary a sum of money
upon the occurrence of the insured individual's or individuals' death or other event,
such as terminal illness or critical illness. In return, the policy owner agrees to pay
a stipulated amount called a premium at regular intervals or in lump sums.
Features of Life Insurance Contract
The insured must have an insurable interest in the life to be insured for a valid
contract.
Insurable Interest in life insurance may be divided into two categories:
(a) Insurable interest in own life, and
(b) Insurable Interest in other’s life.
The latter can be sub-divided into two classes:
Where proof is not required, and
Where proof is required. Again this insurable interest can be divided into
two classes
insurable interest arising due to business relationship, and
Insurable interest in family relation.
The life insurance requires that the principle of utmost good faith should be
preserved by both the parties. The principle of utmost good faith says that both the
parties, proposer (insured) and insurer must be of the same mind at the time of
contract because only then the risk may be correctly ascertained. They must make
full and true disclosure of the facts material to risk.
(4) Warranties
Warranties are integral part of contract. i.e. they form the bases of the contract
between the proposer and the insurer and if any statement whether material or non
– material, is untrue the contract shall be null and void and the premium paid by
him may be forfeited by the insurer.
(5) Proximate Cause
The efficient or effective cause that causes loss is called ‘PROXIMATE CAUSE’.
It is the real and actual cause of loss. If the cause of loss is insured, the insurer will
pay.
In ‘LIFE INSURANCE’ the doctrine of CAUSA PROXIMA is not applied
because the insurer is bound to pay the amount of insurance whatever may be the
reason of death. It may be natural or unnatural. Hence this principle is not of much
practical importance with life insurance.
Life insurance policy can be assigned freely for a legal consideration or love and
affection. Notice of assignment must be given to the insurer who will acknowledge
the assignment.
The holder of life insurance policy on his own may either at the time of affecting
the policy or at any subsequent time before the policy matures, nominate person or
persons to whom the money secured by the policy shall be paid in event of his
death.
Nomination can be cancelled before the maturity, but a notice should be served to
this effect.
(7) Return of Premium
In the ordinary course premium once paid cannot be refunded. But in the following
cases the premium paid are returnable.
On account of misrepresentation or breach of warranty, the insured, in the absence
of any express condition to the contrary, can claim the return of premium paid.
But where the insured is guilty of fraud in obtaining a policy, he will fail in his
claim to the sum assured.
HISTORY OF HDFC STANDARD LIFE INSURANCE
COMPANY LTD.
HDFC Standard Life Insurance Company Ltd. is a, one of India's leading multi-
business corporations and HDFC Life International, the international arm of HDFC
Life, a Fortune 100 company. The company has positioned itself on the quality
platform. In line with its vision to be the most admired life insurance company in
India, it has developed a strong corporate governance model based on the core
values of excellence, honesty, knowledge, caring, integrity and teamwork.
agent advisors at 715 offices across 389 cities. The company also has 36 referral
tie-ups with banks, 24 partnership distribution and alliance marketing relationships
each. HDFC Standard Life has put in place a unique hub and spoke model of
distribution to deepen our rural penetration. This is the first time such a model has
been put in place for rural marketing of insurance. The company has 139 offices
dedicated to rural areas.
HDFC Standard Life offers a suite of flexible products. It now has 39 products
covering both life and health insurance and 8 riders that can be customized to over
800 combinations enabling customers to choose the policy that best fits their need.
Besides this, the company offers 6 products and 7 riders in group insurance
business.
HDFC Life Insurance Company is one of the largest insurance companies in the
United States and the world. Ranked as a Fortune 100 company, HDFC Life has
provided its policyholders with financial security and investment opportunities
since 1841. As a mutual company, HDFC Life is owned solely by its
policyholders, to whom it pays annual dividends and provides long-term coverage
on a wide range of insurance products. The company prospered during its first 100
years of operations, as the growth of the nation's population and economy created
an expanding market for life insurance. Since World War II HDFC Life has
maintained its competitive edge by diversification.
VISION AND MISSION
1) Financial Expertise
As a joint venture of leading financial services groups, HDFC Standard Life has
the financial expertise required to manage your long-term investments safely and
efficiently.
2) Range of Solutions
We have a range of individual and group solutions, which can be easily customized
to specific needs. Our group solutions have been designed to offer you complete
flexibility combined with a low charging structure.
3) Strong promoter
HDFC Standard Life is a strong, financially secure business supported by two
strong and secure promoters – HDFC Ltd and Standard Life. HDFC Ltd’s excellent
brand strength emerges from its unrelenting focus on corporate governance, high
Standards of ethics and clarity of vision.
Standard Life is a strong, financially secure business and a market leader in the UK
Life & Pensions sector.
4) Investment Philosophy
We follow a conservative investment management philosophy to ensure that
our customer’s money is looked after well. The investment policies and actions are
regularly monitored by a formal Investment Committee comprising non-executive
directors and the Principal Officer & Executive Director.
As a life insurance company, we understand that customers have invested their
savings with us for the long term, with specific objectives in mind. Thus, our
investment focus is based on the primary objective of protecting and generating
good, consistent, and stable investment returns to match the investor’s long-term
objective and return expectations, irrespective of the market condition.
TYPES OF LIFE INSURANCE PLAN
Protection Plans help you shield your family from uncertainties in life due to
financial losses in terms of loss of income that may dawn upon them incase of your
untimely demise or critical illness. Securing the future of one’s family is one of the
most important goals of life. Protection Plans go a long way in ensuring your
family’s financial independence in the event of your unfortunate demise or critical
illness. They are all the more important if you are the chief wage earner in your
family. No matter how much you have saved or invested over the years, sudden
eventualities, such as death or critical illness, always tend to affect your family
financially apart from the huge emotional loss.
For instance, consider the example of Amit who is a healthy 25 year old guy with a
income of Rs. 1,00,000/- per annum. Let's assume his income increases at a rate of
10% per annum, while the inflation rate is around 4%; this is how his income chart
will look like, until he retires at the age of 60 years. At 50 years of age, Amit’s real
income would have been around Rs. 10, 00,000/- per annum. However, in case of
Amit’s unfortunate demise at an early age of 42 years, the loss of income to his
family would be nearly Rs. 5,00,000/- per annum.
However, with a Protection Plan, a mere sum of Rs. 2,280/- annually (exclusive of
service tax & educational cess) can help Amit provide a financial cushion of up to
Rs. 10, 00,000/- for his family over a period of 25 years.
Features
Features
Features
1. HDFC Children’s Plan
As a parent, your priority is your child’s future and being able to meet your child’s
dreams and aspirations. With our HDFC Children’s Plan, you can start building
your savings today and ensure a bright future for your child. This ‘With Profits’
plan is designed to secure your child’s future by giving your child (Beneficiary) a
guaranteed lump sum on maturity or in case of your unfortunate demise, early into
the policy term.
Features
Features
Features
Features
Features
Features
Features
6. HDFC Endowment Super
You have always given your family the very best. And there is no reason why they
should not get the best in future too. With rising costs, ensuring the best got your
family will need some financial planning. With our HDFC Endowment Super, you
can start building your savings today and ensure that your family remains
financially independent, even when you are not around. This Unit Linked Plan also
gives you with an outstanding investment opportunity to HDFC imise your savings
by providing you a choice of thoroughly researched and selected investments.
Features
Features
8. HDFC SIMPILIFE
You have always believed in living life on your own terms. So why let the
changing realities of everyday life overwhelm you and make your aspirations take
a back seat? With our HDFC SimpliLife Plan, you can plan now to HDFC imise
your savings and secure your and your family’s future. It is a convenient plan,
which saves you from the need of going for Medicals. This Unit Linked Plan gives
you with an outstanding investment opportunity to HDFC imise your savings by
providing you a choice of thoroughly researched and selected investments.
Features
9. HDFC Wealth Builder
HDFC Wealth Builder is an exclusive plan crafted for elite achievers like you. An
investment cum insurance plan that will actively help in building your wealth and
give you twin advantage of exclusive funds (actively managed for you) along
with choice of limited premium payment term. This plan provides the financial
protection to your loved ones and builds up your wealth effortlessly. This plan also
gives Bumper Addition to the fund value at Maturity.
Features
10. HDFC Money Back Plan
You have always believed in living life on your own terms. So why let the
changing realities of everyday life overwhelm you and make your aspirations take
a back seat? With our HDFC Money Back Plan, you can plan now to ensure that
you have the necessary funds to have the necessary funds to secure your long-term
as well as short-term financial goals. This ‘With Profits’ plan gives you a
proportion of the basis Sum Assured as Cash lump sums at regular 5-year intervals
within the policy term.
Features
1. HDFC Critical Care Plan
Critical Illness can strike anyone. Today with advancement in medical science it is
possible to survive a critical illness. Expenses on survival with a critical illness can
be very high. HDFC Critical care plan provides for a lump sum payment on
survival post diagnosis of a critical illness, so that in the event a critical illness
strikes, you don’t have to dig into those precious savings of yours.
Features
Features