HDFC Standard Life aims to double online sales in FY15

KOLKATA: Country's leading private life insurance major HDFC Standard Life today said it is aiming to double online sales in the current fiscal.

"We are strong in online sales space with 30 per cent market share. The current online insurance industry is Rs 250 crore to Rs 300 crore. We are looking at doubling our online business in FY 15," HDFC Standard Life Executive Vice-President (marketing, digital & ecommerce) Sanjay Tripathy said here today.

He said with the new pure online ULIP product Click2Invest, the company hopes to witness huge success in attracting new consumers with the boom in online usage in next few years.

The company said encouraged by the success from online term policy, it has launched a saving product that can be bought only from the online platform.

"This is the only saving product in the industry that does not have any charges except mortality and fund management fee of 1.35 per cent," HDFC Standard Life AVP Sujoy Manna said.

"The fund will invest 100 per cent of the premium without any charges and this had been done to bring back the confidence of the ULIP consumers with a true product," Tripathy said.

"This product offers 20-40 per cent saving over the first five years compared to offline similar product in the industry," he added.