Life Insurance plans play a crucial role in ensuring the financial security of family members in the scenario of the death of the breadwinner. It also enables the policyholders to build their wealth and secure a financially stable future for themselves and their family members.
HDFC Life Insurance Plans are designed to help people meet their long-term financial goals and objectives, while also making sure that their dependants are adequately taken care of after their demise. HDFC Standard Life offers a wide range of risk management solutions meant for individuals, families, and group entities.
Types of HDFC Life Insurance Plans
HDFC Standard Life Insurance offers an expansive range of insurance policies in multiple segments. People can compare plans offered by the insurer online and subsequently invest in the one that perfectly fits their requirements.
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HDFC Term Insurance Plans
The HDFC Standard Life Insurance term plans offer a life cover, along with ensuring the financial security of dependents of the insured individual.
- HDFC Life Click 2 Protect 3D Plus: This HDFC life insurance plan has been designed to provide financial protection to family members of the insured. The policyholders may customize this plan with the diverse plan options available to them, and choose their policy terms and premium payment terms on that basis. Future premiums on the policy are waived in the event of diagnosis of critical and terminal illness, or accidental total and permanent disability
- HDFC Life Click 2 Protect Plus: This plan comes with an income option that pays 10% of the sum assured on death of the policyholder, and the remaining 90% as monthly income over 15 years. This HDFC Standard Life Insurance policy provides life cover to the insured at cost-effective pricing and comes with flexible premium payment options
- HDFC Life Click 2 Protect Health: This policy provides the insured individual with protection for their whole life. The premiums of this HDFC Standard Life Insurance policy are waived on the diagnosis of critical and terminal illness, as well as on accidental disability. With the help of top-up covers, the life cover of this plan can be increased every year
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HDFC Life Savings and Investment Plans
These plans enable policyholders to enjoy multiple avenues to save their money so that they can systematically grow over some time and help them to meet their long-term objectives.
- HDFC Life Click2invest ULIP: This HDFC Standard life insurance unit-linked plan offers both life cover and investment options to policyholders while providing them with a range of fund options to invest in. They also enjoy the flexibility to choose their policy term and premium payment option
- HDFC Life Classic One: This policy offers both joint and individual life cover, and provides the policyholder with the chance to earn market-linked returns. Under this HDFC Life Insurance policy, the surviving policyholder gets the option to either withdraw the entire fund value or continue with life cover for the remaining policy term. After the policy term’s 10th year, additions on loyalty can be earned by allocating additional units. Loyalty additions can be earned through the allocation of additional units after completion of the 10th year of the policy’s term
- HDFC Life Sampoorn Samridhi Plus – Whole Life: This is an endowment policy that provides the policyholder with two choices, endowment, and endowment with life cover up to the age of 100 years. This HDFC Standard Life Insurance plan covers both maturity benefit and accidental death benefit
- HDFC Life Classic Assure Plus Plan: This policy offers the insured individual with life cover and investment opportunities, and comes with a limited premium payment term of 7 years and 10 years. The policyholders of this HDFC Life Insurance plan enjoys a guaranteed reversionary bonus during the premium payment term.
- HDFC Life Super Income Plan: This is a limited pay, non-linked, and participating money-back policy that offers guaranteed benefits and investment options. This HDFC Standard Life Insurance policy offers assured income for a period of 8 to 15 years to the insured individual.
- HDFC Life Sampoorn Nivesh: This HDFC Life Insurance policy provides the policyholder with the option of investing in any one of 3 fund choices. The premium payments for this plan can be customized as per the policyholder's requirement. They additionally get to avail of the fund value as the maturity benefit.
- HDFC SL ProGrowth Flexi: This is a savings oriented life insurance plan that offers 2 benefit options for the policyholder to choose from. They additionally get to make a choice from 8 investment funds, as per their financial goals.
- HDFC Life ProGrowth Plus: This HDFC Life Insurance plan provides an opportunity for the policyholder to invest in the stock market, and gives them the flexibility of selecting their distinct investment strategy based on the risk appetite.
- HDFC SL ProGrowth Super II: Providing the policyholders with the chance to achieve long-term savings, this is an HDFC Standard Life Insurance unit-linked-cum-savings plan. Policyholders can make their choice from 8 investment funds and can select both their policy and the sum assured as well.
- HDFC SL Crest: In this HDFC Life Insurance plan, the premiums paid are invested in fund options chosen by the policyholder, and they receive the fund value of the investment on the maturity of the policy. This fund value is paid along with the sum assured to the nominee in the event of the policyholder's death
- HDFC SL ProGrowth Maximiser: Policyholders get to enjoy the option of maximizing their returns in this HDFC Standard Life Insurance unit-linked policy. They need to make a single premium payment for this plan and get the option of choosing from 4 investment funds.
- HDFC Life Uday: This is a savings oriented policy, which provides policyholders with the benefit of 3% guaranteed additions per annum during the policy term’s first 5 years. This HDFC Standard Life Insurance policy has comparatively cost-effective premium rates as opposed to similar plans.
- HDFC Life Capital Shield: This policy offers protection against investments made, as well as life cover. Policyholders also get a maturity benefit of 101% of the total number of premiums paid on the maturity of this HDFC Life Insurance plan.
- HDFC Life SL Srav Grameen Bachat Yojana: Policyholders have to make a single premium payment in this policy. This plan has been designed for the rural populace and enables them to enjoy returns even on low amounts invested.
- HDFC Life Pragati: This HDFC Life Insurance plan has significantly low premium rates, and also provides policyholders with the flexibility of choosing their premium payment terms. They additionally receive the accrued reversionary bonuses as the maturity amount, along with the sum assured.
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HDFC Life Child Plans
The HDFC Life Insurance child plans have been designed to enable people to start saving for future expenses of their children from an early stage, so that they would have adequate finance with them to meet expenses related to their higher education, marriage, etc.
- HDFC Life Young Star Udaan: This HDFC Standard Life Insurance policy assures guaranteed payouts at each major milestone of the child's life. The coverage of this plan can be availed for diverse policy tenures and premium payment terms.
- HDFC Life Young Star Super Premium: This HDFC Life Insurance plan takes care of all significant financial milestones in the life of the child of the policy buyer, like education, marriage, buying a house, etc. In the event of the death of the life assured, this policy shall provide yearly payments to the family.
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HDFC Life Retirement Plans
These HDFC Standard Life Insurance plans for retirement have been designed to ensure that \ policyholders get to enjoy a regular income even after not being employed.
- HDFC Life Personal Pension Plus: In case of death or venting, this policy provides people with an assured benefit of 101% of the premiums paid. It also allows the policyholders to select an investment period between 10 years and 40 years, as per their convenience and requirement
- HDFC Life Pension Super Plus: This HDFC Life Insurance plan provides an assured 101% of all premiums paid, and gives policyholders the flexibility to select the tenure and guaranteed regular income if the annuity has been purchased
- HDFC Life Single Premium Pension Super Plan: This HDFC Standard Life Insurance unit-linked and single premium policy provides policyholders with the assurance that they would enjoy a considerable corpus post-retirement
- HDFC Life Guaranteed Pension Plan: This HDFC Life Insurance plan provides assured payouts at vesting or death, while also guaranteeing addition of 3% of sum assured on the completion of each year
- HDFC Life New Immediate Annuity Plan: This traditional pension policy enables policyholders to select an annuity, and start earning a regular income after retirement. This HDFC Life Insurance policy additionally assures guaranteed income for as long as policyholders or their spouses are alive
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HDFC Life Women’s Plans
These HDFC Standard Life Insurance policies are designed to meet the specialized financial requirements of women.
- HDFC Life Smart Woman Plan: This HDFC Standard Life Insurance plan provides both insurance and investment benefits. It also provides premium waiver benefit following the diagnosis of malignant cancer in female organs, pregnancy complications, as well as the death of the policyholder’s spouse
Eligibility Criteria for HDFC Life Insurance Plans
Benefits of the HDFC Life Insurance Plans
- HDFC Standard Life Insurance offers an expansive range of life insurance plans, including savings, retirement, endowment, protection, and investment policies
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This insurance company maintains a vast distribution channel and network, and therefore their insurance plans are available in almost all major towns and cities across India
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The benefit of customization of HDFC Life Insurance policies is available, such as getting enhanced rider protection for an extra premium
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The claim settlement ratio of the HDFC Standard Life Insurance Company is good, and they have honored 97.8% individual claims and 99.27% group claims for the financial year 2017-18. This factor underlines that the policyholders would typically enjoy a hassle-free claim settlement process with them.
Documentation required to apply for HDFC Life Insurance Plans
When planning to apply for an HDFC Life Insurance Plan, the policy buyers would have to fill up and sign the relevant illustration copy, proposal form, and the Most Important Document (MID).
The illustration copy features specific basic policy details like the plan name, policy tenure, premium frequency, etc. The assumed returns on investment at diverse stages of the plan, including the effect of charges, are also mentioned in the case of HDFC Standard Life Insurance unit-linked policies.
The proposal form, on the other hand, features important plan details, as well as personal details of the assured, beneficiary, nominee, and appointee (if applicable).
The Most Important Document (MID) is a single page declaration form that the policy buyers would have to fill when applying for an HDFC Life Insurance Plan. This document would serve as proof of understanding of the critical features of the relevant policy.
In addition to the documents mentioned above, policyholders would also have to submit their age proof, income proof, identity proof, and address proof, when applying for an HDFC Life Insurance Plan. The following documents are considered to be valid for applying an HDFC Life Insurance Policy:
- Aadhaar card
- Indian passport or an Overseas Passport
- Electoral Photo Identity Card (EPIC) issued by the Election Commission of India
- Permanent account number (PAN) card
- Birth certificate issued
- Matriculation Certificate
- Driving license in India issued by the states
- Ration card issued by the Government of India
- Identity Certificate for non-citizens or stateless people
- Overseas Citizenship of India Document
- Person of Indian Origin Card
Exclusion of HDFC Life Insurance Plans
If not expressly stated to the contrary in the policy document, the HDFC Life Insurance Company will not make any payments in respect of any insured individual, if the event arises from, is caused by, is in any manner attributable to any of the following:
- Breach of Law
- Conflicts and Disasters
- Military Services
- Aviation
- Hazardous Activities
- Self-Inflicted injuries or attempted suicide
- Substance Misuse and De-addiction
- Dental treatments
- Routine Eye(s) and Ear ailments
- HIV/AIDS
- Sexually transmitted Disease and other Sexual problems
- Items of personal comfort and non-medical expenses
- Expenses of Life Insured as a donor
- Stem Cell Banking
- Expenses other than reasonable and medically necessary
- Immunization and Nutritional treatment
- Circumcision
- Birth Control and Assisted Reproduction
- Psychological disorders
- Congenital Conditions
- Rehabilitation and Convalescence
- Cosmetic treatments
- Sleep and Obesity
- Hormone Replacement Therapy
- Treatment received outside India
- Non-Allopathic and Experimental Treatment
HDFC Standard Life Claim Settlement Process
The following points underline how to claim an HDFC Life Insurance plan:
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Write a letter intimating the HDFC Standard Life Insurance Company about the claim
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After receiving the intimation letter, the company shall revert with a list of documents that one has to submit to start the claim settlement process
- People should assemble all the relevant documents mentioned in the letter and drop them along with the claim form at any HDFC Standard Life Insurance branch near them
- The company shall review the documents provided to determine whether the person is eligible for the claim amount
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If the documents are found to be sufficient, the company shall accept the claim request and process the same in a prompt manner
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In case the claim is rejected, the company shall directly communicate with the person in concern on the reasons for rejection
- People may send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. if they require any assistance regarding the claim settlement process
Here are the documents required when making claims for an HDFC Life Insurance Plan:
HDFC Standard Life Insurance offers an expansive range of insurance policies in multiple segments. People can compare plans offered by the insurer online and subsequently invest in the one that perfectly fits their requirements.
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Documents Required in case of Unnatural Death
- Original policy document
- Death claim form (including NEFT)
- Death certificate issued by the government or a relevant authority
- Panchanama and police inquest report / FIR
- Residence and identity proof of the claimant
- Post mortem report
- NEFT account details
- Annuity Claim Documentation: For money back/pension and maturity claims
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Documents Required in case of a Critical Illness Claim
- Original policy documentation
- Critical illness claim form
- The address and identity proof of the claimant
- NEFT account details
- Annuity Claim Documentation: For money back/pension and maturity claims
- Past and latest medical records, including diagnostic test reports, hospital records, and so on
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Documents Required in case of Death from Natural Calamities or Disasters
- Original policy document
- Death claim form (including NEFT)
- Death certificate issued by the government or a relevant authority
- Residence and identity proof of the claimant
- NEFT account details
- Annuity Claim Documentation: For money back/pension and maturity claims
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Documents Required in case of Natural Death
- Original policy document
- Death claim form (including NEFT)
- Death certificate issued by the government or a relevant authority
- Medical records of the life assured at the time of death
- Residence and identity proof of the claimant
- NEFT account details
- Annuity Claim Documentation: For money back/pension and maturity claims
HDFC Life Insurance Policy Renewal Process
Documents Required in case of Natural Death:
How to buy an HDFC Life Insurance Policy?
People can easily buy any HDFC Standard Life Insurance Policy by visiting a local branch of the insurance company near them. Certain HDFC life insurance policies can also be bought online through their official website. Before buying any policy, people can compare plans offered by the insurer online as well, to identify the one that perfectly meets their requirements and comes under their budget.
Faqs
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Ans: Multiple online premium payment modes like Debit/Credit cards and Net Banking are accepted for these policies.
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Ans: The premium payment frequency shall depend on the type of policy chosen by you. However, the majority of the plans comes with the standard annual, monthly, semi-annual, and quarterly premium payment frequencies.
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Ans: You can easily check your policy status by visiting myaccount.hdfclife.com. At the website, you shall have to enter your registered credentials like email id/client id/mobile no and password to log in. After doing so, you will land on a page that shows all the features of your policy, including its status.
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Ans: Yes, your policy will lapse if you miss making the premium payment. However, you can also quickly renew the plan within 2 years from the date when the policy lapsed.
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Ans: You can both easily view and download your premium receipt through the official website of the insurance company. Upon receiving the premium amount, the company also mails the receipt to the registered email address of the policyholder
Written By: Paisawiki - Updated: 11 August 2020
