Private insurer HDFC and Standard Life, is looking at a near 15-per cent growth in first year premium this fiscal. The company had reported first year premium collections of Rs.3,341 crore last year. This include single premium collections.
According to Sanjay Tripathy, Senior executive Vice-President (Marketing, Product, Digital and E-Commerce), HDFC Life, the company is targeting to grow around 2-2.5 times GDP in FY16. The company’s total premium collections grew 23 per cent in FY15 to Rs.14,830 crore and the Mumbai-headquartered insurer reported a net profit of Rs.786 crore during the period.
