On Wednesday, the promoters of HDFC Standard Life- HDFC and Standard Life of UK said that they are going to invest in between Rs. 300-350 crore into the business during the current financial year.

Said, Vibha Padalkar, Chief Financial Officer, HDFC Standard Life, "We will need more capital to fund new business growth. We have also increased back-ended charge products in our portfolio."

The life insurance player was formed by the JV between the above mentioned parties and is now the fifth largest insurance player in the private sector side.

The money the promoters are planning to invest is around two times more than 2008-09 when they injected in Rs. 170 crore.

Out of the money invested, HDFC is planning to generate a new business premium of 20-25 per cent and a rise in income close to 17-20 per cent. It also aims at increasing the premium business from the traditional front by 20-25 per cent.

If it manages to grow at this pace, it will be in the list of top three.

The company had faced a loss of Rs. 280 crore in 2009-10 and Rs. 500 crore before that.