HDFC Life has entered into a bancassurance partnership with YES BANK to sell policies to the bank’s customers. This will enable customers of Yes Bank to avail HDFC’s life insurance products & with Yes Bank’s digital capabilities & widespread presence, it will be easily accessible This partnership comes in the backdrop of a significant stake. In Mar’20 when Yes Bank was going through a crisis, HDFC had held a 7.97% stake in Yes Bank after infusing ₹1,000 Cr
India’s life insurance companies witnessed 11.36% growth in their collective premium income at $684.64B during the fiscal ended Mar’20 During FY12–FY20, the premium from new business of life insurance companies in India increased at a CAGR of 15% to reach $37B in FY20
In the life insurance segment, private players had a market share of 31.3% in FY20. The overall insurance industry is expected to reach $280B by 2020
The life insurance industry in #India is expected to increase by 14-15% annually for the next 3-5 yrs. There is a huge potential for insurance coverage in India yet the reach is still low. Overall insurance penetration (premiums as % of GDP) in India reached just 3.69% in 2017 from 2.71% in 2001
Do you think with this new partnership, with Yes Bank’s robust reach, insurance penetration can increase?