Reimagining Growth with Resilience

Evolution of protection prices in India Private insurers start selling Term Scale up of Credit Life Introduction of fixed benefit Health plans Sale of online Term Entry of Web Aggregators Initial1 Term price plan- significant reduction in prices 2009 50-70% drop 10-20% drop 2011 2013 2014 Tightened reinsurer guidelines based on experience Industry working towards calibrated growth Widening customer base (tier 2&3 towns; self employed), distribution (digital, other channels), Stabilization of Term prices Pricing and underwriting norms evolving in line with changing geographical and demographic coverage over time 2015 5-10% drop 2017 2019 2020 15-25% increase 15-25% increase 2021 2022 Profitable growth mix distribution Diversified innovation leading Market- insurance Reimagining Quality of management Board and Despite recent increase in pricing, term rates on an average have seen a CAGR of only 1.4% over last 10 years, still lower than pre-2014 HDFC 1. Indicative movement of Term premium rates for HDFC Life, for Male, 35 year old, Non Tobacco user for Term 30, exclusive of tax 18 Life

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