The insurance industry in India is at its beginning point and has a long way to go, according to HDFC Life Insurance Co. Ltd.'s Vibha Padalkar.
Even as India is one of the most populous countries in the world, life insurance penetration is only about 2 percent, the managing director and chief executive officer of the life insurer told BloombergQuint in an interview.
“The need of the hour is to focus on the products that make sense to the Indian population,” said Padalkar. The life insurance companies, she said, are required to change their way to approach consumers.
While Padalkar agreed that the sentiment towards financial services sector is low, she shrugged off any concerns over the insurance segment. “When rest of the market is skittish, insurance tends to do well, especially those companies that have lesser focus to unit-linked projects,” she said. “Also, the medical insurance segment continues to trend upwards.”
HDFC Life witnessed good growth in the first two months of the ongoing financial year, led by its newly launched guaranteed pension and ‘sanchay' plans, Padalkar said, adding the company's margin is expected to rise further.
Watch the full interview here:
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