Page 14 - Insurance Times February 2022

Private Life Insurance

News

HDFC Life Insurance pandemic, South Indian Bank's strong For the first three quarters in
customer connect and HDFC Life's aggregate, the first year premium for
announces bancassurance
product suite, will ensure the customer Policybazaar India business (without
tie-up with South Indian is getting the best-in-class insurance POSP business) grew 36 per cent to Rs.
Bank solutions on offer." 2,670 crore as compared to Rs. 1,963
crore (y-o-y). This was 42, 40 and 25
HDFC Life Insurance Company
announced a bancassurance tie-up Policybazaar posts 67% per cent growth for life , health and
with South Indian Bank (SIB). growth in premium in Q3 other insurance, respectively.
This bancassurance arrangement will PB Fintech - parent of online insurance Meanwhile, disbursement of loans
enable customers of SIB to avail HDFC and credit comparison platforms through its Paisabazaar platform
Life's life insurance products, including Policybazaar and Paisabazaar - has said (credit comparison platform) grew 89
solutions for protection, savings and the total insurance premium sourced per cent at Rs. 1,880 crore as
investment, retirement and critical out of its platforms grew 67 per cent compared to Rs. 994 crore (y-o-y).
illness. to Rs. 1,786 crore during the quarter The aggregate disbursement for the
Suresh Badami, Executive Director, ended December 31, 2021. first three quarters grew 166 per cent
HDFC Life, in a statement, said "India For the first three quarters of this to Rs. 4,370 crore.
as a country is largely under insured. fiscal, the aggregate premium sourced Morgan Stanley said in a research note
The pandemic has further stressed on grew 38 per cent to Rs. 4,803 crore, that PB Fintech's loan disbursements
the need for financial security. Thus, the company said in its Q3 operating and premium growth was stronger
life insurance has become a critical performance update filed with the than expected in the quarter. The
product for every individual looking for stock exchanges. research note said that the company's
solutions around protection, morbidity Meanwhile, premium for the first year third quarter numbers whereas
and savings. It is our endeavor to reach transactions through Policybazaar for stronger than forecast, but broadly in
out to a larger section of the India business (not including the POSP line with expectations as regards the
population with our products." business) surged 68 per cent to Rs. first nine months performance of the
HDFC Life aims to provide SIB's 1,052 crore for the December 31 current fiscal.
customer base with innovative quarter, from Rs. 627 crore in the same
products and superior levels of service quarter in the previous fiscal. Insurers to increase term
via both the physical and digital routes, Within this, life insurance business,
he added. policy rates for 2nd time in
health insurance business and other
Murali Ramakrishnan, Managing insurance business grew at 73 per FY22
Director & CEO of SIB, said: "With cent, 50 per cent and 69 per cent, Top private life insurers are revising
insurance getting paramount respectively for the quarter under their term insurance rates by the
importance especially during the review. fourth quarter. According to industry

14 The Insurance Times, February 2022