Tech czar Azim Premji is in talks to buy under 5% stake in HDFC Life for a little over $100 million, or Rs 600 crore. Premji Invest, the investment arm of the Wipro boss, is discussing acquisition of shares from HDFC in a secondary transaction, people directly familiar with the matter said. India's second largest private life insurance company is a joint venture with UK's Standard Life Plc, which holds the maximum permissible 26% stake. HDFC plans to divest a small part of its 72.37% stake in the life insurer as part of its regular fund raising plans, sources cited earlier added. Premji is buying into the potential high growth story of life insurers in a market with abysmally low penetration. India's life insurance penetration is estimated at 3.1% and that of insurance products in general at 3.9%. Notwithstanding short-term blips over regulatory revamp, the industry asset under management is expected rise at over 20% annually. An emaile...