Investor Presentaiton

50 50 Low levels of penetration 1.7 mn 172 mn 68 mn - Life protection 83.0% Protection gap 2 (2019) 76.0% 74.0% 71.0% 70.0% Urban Working Population Addressable Market Annual Policy Sales (excl blue collared) Only 1 out of 40 people (2.5%) who can afford it, is buying a policy every year¹ 24 17 Even within the current set, Sum Assured as a multiple of Income is <1x 12 1. Goldman Sachs Report, March 2019 2. Swiss Re (Based on respective financial year of the countries) 3. Kotak institutional equities India Indonesia Malaysia Thailand China Japan Singapore 61.0% 55.0% 55.0% 54.0% 41.0% South Korea Trend of retail loans 3 (Rs Tn.) 34 FY12 FY14 FY16 FY18 FY20 FY22 53 44 Australia Hong Kong ■ India has the highest protection gap in the region, as growth in savings and life insurance coverage has lagged behind economic and wage growth ■ Protection gap growth rate is predicted to grow at 4% per annum Retail credit has grown at a CAGR of 16% over last 10 years Increasing retail indebtedness to spur need for credit life products Immense opportunity given: Increasing adoption of credit Enhancement of attachment rates Improvement in value penetration Widening lines of businesses HDFC Life

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