RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

How Demonetization Helped Life Insurance Industry

down-arrow
How Demonetization Helped Life Insurance Industry
September 27, 2018
One of the biggest advantages of Demonetization happened to the insurance industry. In November 2016 the total first-year premium collected by insurers was Rs16,061 crore, a jump of 113% from a year ago and 45% from the preceding month, according to figures released by the Insurance Regulatory and Development Authority of India (Irdai). In the first half of 2017, the insurance industry grew at 18%, while there was a jump to 23% in the second half. This growth trend is continuing with the industry growing at 25% in H1 of FY18. Demonetisation, along with other steps taken to formalize the economy, will result in a structural shift towards financialization of savings.

Demonetisation also brought about a mindset shift among consumers, moving them to digital payments from cash.Life insurance premiums are sourced in three ways: cash, cheques and online payments. Of course, soon after demonetisation the industry witnessed a sharp spike in cash payment of premiums but over time,households from Tier-2 cities that preferred cash are  getting comfortable with NEFT (National Electronic Funds Transfer) and ECS (Electronic Clearance Service) mandate.This huge behaviour change has significantly improved contactibility and will reduce unclaimed funds.

Waning Effect - How Demonitisation Helped Life Insurance Industry

HDFC Life has smart Life insurance plans to help you make the right choice for your future.

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Blue Chip Fund

Blue Chip Fund

"Blue chip fund invests in stocks / shares of well-established companies with credible financial performance, market capitalization & steady payout of dividends."

Diversified Equity Mutual Funds

Insurance Overload: Are You Hoarding Policies Instead of Securing Your Future?

Single Premium Term Insurance: Meaning, Benefits & Types

Explore the details of a Single Premium Policy in term life insurance. This guide provides insights into its meaning, benefits, and types, offering a comprehensive overview.

Single Premium Term Insurance: Meaning, Benefits & Types
Captain Life v/s Procrastinator Previous
Know about All Insurance Plans and Policies in India Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches