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March 16, 2001
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Money > Business Headlines > Report March 16, 2001 |
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HDFC Standard Life Insurance to foray into general insuranceHDFC Standard Life Insurance will foray into general insurance by December next. Chairman of HDFC Deepak Parekh told newspersons in New Delhi that the company will offer 26 per cent stake to foreign partner for general insurance. HDFC Standard Life Insurance is targetting 25,000 policies in the period January to December 2,000 with an average premium size of Rs 8,700, he said. The life insurance company which launched its operations in New Delhi, said it plans to open offices in 18 other locations including Madras, Bangalore and Calcutta in the near future. "Since October last year, the company had been receiving enquiries from prospective customers who want to buy policies. Some of the first people who approached us were issued the policies today," a company spokesperson said. Parekh said the life insurance company is planning to become corporate agents to distribute insurance schemes. It also plans to come up with pension and superannuation schemes after the sector is opened up. The company will also enter rural markets with the help of NGOs, Parekh said. It is planning to introduce more products soon for individuals and corporates. "HDFC Standard Life Insurance expects to play a significant role in the pension market when it opens up. The pension products that will be launched soon include group gratuity and group superannuation. The company will also soon offer a plan specifically designed for the economically weaker sections of society," the spokesman said. Finance Minister Yashwant Sinha has sought the views of the Insurance Regulatory Development Authority (IRDA) on pension reforms by September, 2001 with a view to opening up the field. HDFC Standard Life Insurance Company is a joint venture between India's largest housing finance provider, HDFC and Europe's largest mutual life assurance company, the Standard Life Assurance Company (UK). As a part of the opening up of the insurance sector, the IRDA issued the first set of registrations to private sector companies on October 23, 2000. HDFC Standard Life Insurance Company Limited was the only life insurance company to be granted a registration in the first phase. UNI |
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