HDFC Life is offering various Insurance plans for the Customers. Term Insurance is also a Life Insurance product. HDFC Life Term Plans offers Financial Coverage to the insured for a determined period. The company is providing the death benefits to the nominee in case of mortality of Policyholder. The HDFC Life Term Plans are economical Insurance Plans and provide Complete protection and Financial Stability to the Insured and the Nominees. HDFC Life presents a broad range of Term Insurance plans and policies in India to meet your needs best.
HDFC Insurance Protection Plan assists the Policyholders to safeguard their family from uncertainties in life due to financial losses. Securing the future of one’s family is one of the vital goals of life. Protection Plans gives you financial independence in the event of your unfortunate demise.
Why Should you Invest in HDFC Life Term Plans?
Here are the top five Reasons to prefer HDFC Term Insurance Plans
- The Protection plans are cost-effective (Minimal Amounts)
- This Plan is a perfect Insurance plan for all the categories of people.
- HDFC Life Term Plan is Suitable for single Bread Earners.
- It Provides Protection to the dependents from short-term liabilities
- HDFC Life Insurance Term Protection plans only the risks, i.e., Unexpected Demise.
List of HDFC Life Term Plans
HDFC is providing many different plans or policies to its customers. One of them Protection Plans. These HDFC Life Protection Plans include the following
- HDFC Life Click 2 Protect Plus
- HDFC Life CSC Suraksha.
These are the two Protection plans which assist your families at the event of your Demise. So Check the HDFC Life Term Plans Key Features, Benefits, Eligibility Criteria and other Complete information here on our site.
HDFC Life Click 2 Protect Plus
HDFC Life Click 2 Protect Plus is one of the Term Insurance plans. It provides the policyholder with a comprehensive protection at an economical price and helps them to shield their loved ones against the uncertainties of life. These HDFC Life Term Plans provides the broad range of cover options. The policyholder can opt the cover depending on their requirement. The nominees can get a stable monthly income when they lost their Bread Winner.
Key Features of HDFC Life 2 Protect Plus:
- HDFC Life 2 Protect offers Comprehensive coverage at reasonable cost
- For Non-Tobacco Users, there is an option to choose Single, Limited and Regular premium payment.
- It Provides complete financial protection for the Policyholder and Nominees
- The Policyholder can increase the insurance cover on certain key milestones of their life without medicals
- The Insured can Customise their plan with their choice of cover options
- Life Option: In this, the nominee will get lump sum on death
- Extra Life Option: which pays an additional lump sum on death due to accident
- Income option: In this a part of the Sum Assured on death with remaining amount payable as monthly income for 15 years.
- Income Plus option: Income Plus option is the one which pays the Sum Assured to the Beneficiary at the time of the death of the life insured. Along with this, the Nominee can also get a monthly income for ten years. Monthly income is equal to 0.5% of the Sum Assured becomes payable for ten years.
- The Assured can also enjoy the Tax benefits as per the existing Tax laws.
- The Life Insured can avail the Insurance cover up to the age of 75 years.
- The Assured can also enjoy the Tax benefits as per the existing Tax laws.
Advantages of HDFC Life 2 Protect Plus:
Death Benefits for this plan is:
- Single Premium Policy: Higher of:
- 125% of Single Premium
- Sum Assured
- Regular Premium Policy: Higher of:
- Ten times the annualised premium
- 105% of all the premiums paid as on date of death
- Sum Assured
- Life Option: The death benefit specified above is paid as a lump sum on death.
- Extra Life Option(Accidental Death Benefit): In the case of death due to the accident, Along with the death benefit mentioned in this plan, an additional benefit equal to the Sum Assured is payable.
- Income Option:
- Upon, the Death of Policyholder, 10% of the Death Benefit is paid as a lump sum.
- The remaining 90% amount of the Death Benefit shall be paid as monthly income for the next 15 years (0.5% of Death Benefit every month for 15 years)
- Income Plus Option:
- On Death of the policyholder, 100% of the Death Benefit shall be paid as a lump sum
- The Nominees will also get a monthly income equal to 0.5% of the Sum Assured. It is payable for the next ten years.
- The monthly income can be the same or be increasing at 10% per annum as opted by the Life Insured.
In this particular plan, No benefit is payable on the survival of policyholder till the end of policy term.
Life Stage protection:
The policyholder can get the following Benefits with Life Stage Protection feature you can
A. Increase your cover, i.e., Sum Assured
B. It reduces the additional cover later which will lead to the proportional reduction in future premiums.
|Minimum Age and Maximum Entry Age||18 – 65 years|
|Minimum and Maximum Maturity Age||28 – 75 years|
|Minimum – Maximum Policy Term||10 – 40 years|
|Premium Paying Term||Regular, Limited or Single|
|Premium Paying Frequencies||Annual, Half- yearly, quarterly or monthly|
|Minimum – Maximum Sum Assured||Rs 50 Lakhs – No limit subject to satisfactory underwriting|
HDFC Life CSC Suraksha
HDFC Life CSC Suraksha is a simple, hassle free term insurance plan. This plan provides for a payment of a lump sum in the event of your unfortunate death. With this scheme, the Life assured can not enjoy the benefits of the policy. The Sum Assured will be paid only to the nominee when the Policyholder died.
- The HDFC Term insurance plan keeps you protected for the entire policy term.
- HDFC Provides Low premiums to ensure the affordability
- HDFC Life Term Plans have Flexible Policy Term options ranging from 5 to 15 years
- This plan is a Simple and Tension Free Insurance of the policy with Declaration of Good Health (DOGH)
- The policyholder can Stay insured throughout the policy term and ensure your family’s future in safe hands.
- The Nominee can get a lump sum payout in case of your unfortunate death during the policy term.
- Enjoy the tax benefits on the premiums paid under the Section 80(c) of the Income Tax Act.
Upon the unfortunate demise of the policyholder during the policy term, their Nominee will receive the higher of the following:
- Sum Assured
- Ten times the Annualised Premium
- 105% of the total premiums paid as on the date of death.
For the purpose of computation of Death Benefit, the premiums shall exclude any loadings for model premiums and any taxes paid such as service tax and education cess.
Upon the Payment of Death Benefit, the policy shall terminate, and all benefits shall cease.
The death benefit is payable provided you have paid all your premiums to date and your policy is in force as on date of claim.
The Life insured can not get any maturity benefits. Only the Nominees of the Life Assured can apply for this policy after the event of the death of the Policyholder.
The Life insured can not get any surrender benefits with HDFC term plans.
The policyholder can not get any loans with HDFC Life Term Plans.
|HDFC Life CSC Suraksha Plan|
|Age at Entry (last birthday)||18 years to 55 years (both are inclusive)|
|Maturity Age (last birthday)||23 years to 60 years (both are inclusive)|
|Minimum Sum Assured||Rs. 30,000|
|Maximum Sum Assured||Rs. 2,00,000|
|Minimum Annual Premium||Rs. 112|
|Term of the policy||5 years to 15 years|
|Premium Paying Term||Similar to policy term|
|Premium Paying Frequencies||Yearly, Half-yearly, Quarterly, Monthly.|
How to Calculate Premium amount for HDFC Life Term Plans?
Before taking the Policy, the customer should know how to calculate the the Premium amount according to their requirement. Therefore, to assist the customers, we have provided the necessary details of Premium amount. To Calculate te premium amount the customer should select the following
- Choose the Sum Assured.
- Policy term
- Choose your Premium payment term
Later Fill in the details like
- Name of the Policyholder.
- Email Id
- Mobile number
- Date of birth
- Fill in the box whether you are a Tobacco User or not
Claim Settlement procedure for HDFC Insurance Plans
In Case of Death of the Policyholder, the nominee should claim for the policy. The Claim Settlement takes some time. Upon the death of Policyholder during the Policy Term or the Policy Maturity Period is completed, the beneficiary can apply for Claim. The nominee can claim for the amount after the death of the policyholder only. To apply for the policy, the nominee should attach the following documents along with the Claim settlement application.
The documents required to request for the HDFC Life Term Plans are
- Original Policy Document.
- Proof of title.
- Death Proof.
- Medical treatment documents before death.
- Age proof.
- Additional documents in case of death occurred due to unnatural or accidental death.
How to Buy HDFC Life Insurance Term Policy?
The individuals who are willing to buy a new HDFC Insurance policy can visit the nearest HDFC Life Insurance Branch. There they can get the Proposal form. The interested individuals can also purchase the Policy through online. You can also contact the HDFC Life Insurance Agent to take a new policy that meets your requirement.
Documents required for buying HDFC Life Term Plans are
- Application form/ Proposal form
- Passport Size Photo
- Medical reports ( if necessary).
- Age Proof.
- Address Proof.
Other Terms and Conditions:
In case, if the policyholder died of suicide, within a year from the date of commencement of risk or revival of the policy. The nominee of the life insured shall be subjected to 80% of the premiums paid, only if the policy is in-force.
The policyholder is provided with a free look period. In case the life insured is not agreeable to any of the policy terms and conditions, they can have the option of returning the policy. But, the Life assured should return it within 15 days from the date of receipt of the plan. On receipt of your letter, along with the original policy documents, the HDFC Life Term Plans shall arrange to refund the premium. The proportionate risk premium on cover and stamp duty will be deducted. A policy once returned shall not be revived, reinstated or restored at any point of time and a new proposal will have to be made for a new policy.
A Grace Period of 30 days from the premium due date is available for payment of premiums.
Discontinuance of Premiums:
If the policyholder does not pay the due premium within the end of the grace period, the policy shall lapse without value and the policy benefits shall cease.
Revival of a Lapsed Policy:
The Life Insured can revive the lapsed policy within two years from the date of first unpaid premium. It is subjected to the terms and conditions which may vary from time to time. For the revival, the policyholder will need to pay all the outstanding premiums and interest on the outstanding premiums and applicable taxes. The interest rate will be as existing from time to time. Once the policy is revived, you are subjected to receive all the contractual benefits.