We thank you for placing your trust with us.
Lately, some of our customers have reached out to us to check about the news on Dewan Housing Finance Corporation Limited (“DHFL”) in press and other media.
We take this opportunity to explain and clarify the status of ‘Pramerica Life Insurance,’ and we sincerely hope this letter will address your concerns.
- Pramerica Life Insurance Limited is a joint venture between DHFL and Prudential Financial, Inc., headquartered in the United States. Pramerica Life Insurance is an independent board managed company, which is a separate legal entity from our shareholders, DHFL and Prudential Financial, Inc.
- The company has completed over 10 full years of protecting Indians and has a consistent track record of generating profits for last five years in a row. It protects over 2.24* crore lives in India and adds cover to more than 55,000* new lives on a daily basis.
- Pramerica Life Insurance has been adequately capitalised and currently has one of the industry leading solvency ratio of 460%* against 150% mandated by IRDAI, the Insurance Regulatory and Development Authority of India. Our high solvency ratio indicates that the company’s financial position is strong and can meet all its liabilities including any policyholder benefits.
- We continue to stay committed to serving our policyholders with the highest standards of professionalism and service.
- Our 97% individual death claim settlement ratio* is one of the highest amongst the life insurance companies in India. We continuously endeavour to improve our high claim settlement ratio even further.
- On the group insurance front, our claim settlement ratio is over 99%*, and we process over 200 death claims every day*. The company’s complaint pendency record is the best in industry, with zero pendency beyond 15 days.
- Our foreign shareholder, Prudential Financial, Inc., is a Fortune 500 company and a highly credible global Insurance group with over 140 years of leadership across the United States, Asia, Europe and Latin America and has USD 1.4 trillion assets under management.*
- Both our shareholders, DHFL and Prudential Financial, Inc.; are in process of finding a reputable new Indian shareholder for the company. Prudential Financial, Inc. has also stated that, it remains committed to India and will continue to play an active role in supporting the life insurance industry of India.
We reassure you that the interests of all our customers and distribution partners are well protected with the company, and we look forward to serving you with industry leading standards.
For any further details you may write to us at firstname.lastname@example.org or you may also call us at 1800-102-7070 (Toll Free).
Team Pramerica Life Insurance
*As on March 2019