In view of late-time cosmic acceleration, a dark energy cosmological model is revisited wherein Einstein’s cosmological constant is considered as a candidate of dark energy. Exact solution of Einstein field equations (EFEs) is derived in a homogeneous isotropic background in classical general relativity. The solution procedure is adopted in a model-independent way (or the cosmological parametrization). A simple parametrization of the Hubble parameter (H) as a function of cosmic time t is considered which yields an exponential type of evolution of the scale factor (a) and also shows a negative value of deceleration parameter at the present time with a signature flip from early deceleration to late acceleration. Cosmological dynamics of the model obtained have been discussed illustratively for different phases of the evolution of the universe. The evolution of different cosmological parameters is shown graphically for flat and closed cases of Friedmann–Lemaitre–Robertson–Walker (FLRW) spacetime for the presented model (open case is incompatible to the present scenario). We have also constrained our model parameters with the updated (36 points) observational Hubble dataset.