New Delhi, July 22 -- In April, HDFC Life reappointed Vibha Padalkar as managing director and chief executive officer for five years starting September. She got the top job in 2018, after spending 10 years in the life insurer. The company reported a net profit of Rs.611 crore in the June quarter, up 12% year-on-year.

In an interview, Padalkar said India needs much higher insurance coverage, given the size of the economy. She said many people, including youngsters, are overfocussed on short-term returns and liquidity over long-term protection. Edited excerpts:

There absolutely is. I think the only products wherein the government has removed GST is on insurance. That clearly says that India getting into the top three in terms of GDP in th...