New Delhi: Private sector insurer HDFC Life on Tuesday said it expects premium growth of up to 15 percent in the current fiscal as the market conditions have improved.

"We expect a growth of 10-15 percent in 2014-15," HDFC Life Senior EVP (marketing) Sanjay Tripathy said.

The company's total premium witnessed 7 percent growth at Rs 12,063 crore in 2013-14, compared to Rs 11,323 crore in the previous fiscal.

Assets Under Management of the company grew by 25 percent to Rs 50,258 crore, from Rs 40,108 crore in 2012-13.

The company has launched Click2Invest - ULIP (Unit Linked Insurance Plan) - a market-linked product with no policy charge.

Tripathy said this plan is a convenient, transparent and cost effective online buying experience, which will transform the way life insurance-cum-savings plans are bought in the country.

It is a cost effective plan as it invests 100 percent of the premium and only charges fund management fee (1.35 percent) and a risk premium for mortality cover, he added.

Under the plan, there is no premium allocation, policy administration and discontinuance charges. The plan offers the choice of eight funds for investment keeping in mind the market outlook, time horizon, and the needs of the customer.

The maximum age for entering the plan is 65 years and the minimum maturity age is 18 years and the maximum maturity age is 75 years.

The minimum premium is - single, Rs 24,000, annual, Rs 12,000, half-yearly Rs 6,000, quarterly Rs 3,000 and monthly Rs 1,000.

HDFC Life is a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life plc, the leading provider of financial services in the United Kingdom.

PTI