CSR activities by insurance companies - A study with reference to HDFC life insurance company in India

Insurance provides protection against loss of property and adequate capital to produce more wealth for the economic developments of the country. It acts as an instrumental force to fight against evils of poverty, unemployment, disease, old age and other calamities of nature. Corporate Social Responsibility (CSR) is concerned with treating the stakeholders of the organization ethically or in a socially responsible manner. CSR, on a larger plane, represents the goodwill a company can generate through various sustained external initiatives and programs that have a positive impact on society. The activities and programs of CSR are now quite an integral part of organizational objectives due to the fact that the survival, long-term viability and growth of organizations, to a large extent, depend upon how well it integrates ethical and social issues with other aspects of business. Hence, organizations are moving towards exhibiting their true corporate citizenship through the ‘triple bottom line concept’. LIC, having recognized the importance of CSR, has undertaken a number of programs to satisfy their stakeholders. Further, it has introduced various social security schemes such as Janashree Bima Yojana, Swarna Jayanti Gram Swarojgar Yojana, Siksha Sahayog Yojana, etc., to uplift the poor and downtrodden. Apart from this, it invests a huge amount of funds in various social and developmental activities. LIC provides a feeling of security among the insured also creates self-confidence in them. Against this background, an attempt has been made to highlight the various CSR activities undertaken by HDFC Life Insurance Corporation of India. HDFC Life's business philosophy highlights the theme employment opportunity to the diseased policyholder's family. HDFC Life's Corporate Social Responsibility (CSR) initiative-aims to play a positive role by contributing towards easing distress and aiding in advancement of society while engaging with stakeholders thereby becoming a socially responsible corporate citizen. HDFC Life is committed to being a socially responsible corporate and its CSR framework is governed by a formal policy.