HDFC Life Corporate Presentation

43 33 Macro opportunity - Rising Middle Income Population Household Distribution by Income in India Sum Assured as a % of GDP 332% 385 256 286 321 1% 2% 3% 9% 16% 21% 32% 47% 252% 251% 153% 143% 127% 83% 76% 65% 44% 85% 62% FY12 E FY17 E FY22 E FY30 P Singapore Japan USA Malaysia Thailand South Korea 23% India < Rs 0.2 mn - Rs 0.2 1 mn ■> Rs 1 mn Number of Households (In mn) Embedded SA Protection SA Number of middle income households is expected to almost double to 181 mn between FY22 and FY30 High proportion of this increase is expected to come from semi-urban and rural India ■This is evidenced by increase in bank deposits from outside "top 200 districts" from 25% in March'15 to 30% in March'21 India has the lowest sum assured (SA) as a % of GDP amongst its peers Rising middle income, increasing financial literacy and limited life cover represents an opportunity for protection growth in life insurance Source: CRISIL "The big shift in financialisation" report 2022; Jefferies "Composite Insurance License in India: Taking a Leaf from Global Experience" report 2022 Note: E Estimated, P - Projected, HDFC Life

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