Vibha Padalkar, MD & CEO, HDFC Life Insurance Company, expects insurance penetration to improve going ahead. She said the bancassurance as a channel has been growing at a rate of 44 per cent, while the agency channel grew by around 129 per cent last year. The firm believes in a very 'cautious and bottom-up' investment policy. She doesn't see any material risk to the firm from what is happening in the banking and NBFC space. Here's more.