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HDFC Life Term Insurance Plan

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    ₹ 490/month*

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    Upto Rs. 75000

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Being counted among the famous insurance providers in India, HDFC Life Insurance has been providing insurance solutions since 2000. Since its inception, HDFC Life has established a strong presence with 412 branches and additional distribution touch-points through strategic partnerships with several institutions. The insurance product range in its portfolio comprises of 38 individual insurance products in addition to 8 riders offering a wide range of choice to its customers. HDFC Term Insurance Plan is an important component of its product bouquet offering customized benefits with different flavors matching the preferences of today’s generation. Let us delve into the various elements in the HDFC Term Insurance Plans.

HDFC Term Insurance Plans– Features and Benefits

Term Insurance Plans are pure protection life insurance instruments with a higher risk coverage endowing the policyholder with peace of mind by ensuring that ample financial security is provided to the dependent family. It enables them to maintain the existing life style as well as fulfill their dreams and aspirations even when there is an unfortunate death of the breadwinner. Some of the features of HDFC Term Insurance Plans that make them indispensable are:

Features of Term Insurance

The host of benefits accrued by purchasing HDFC Term Plan are listed below. They’re only indicative and not exhaustive.

Huge Life Cover

It is the basis of the term plan where a life cover of Rs.1 Crore is extremely feasible as compared to an Endowment Plan, because of the difference in premium for similar sum assured.

Choice of Riders

Every HDFC Term Insurance Plan offers a scope to incorporate from among a range of 8 riders covering specific areas of additional life coverage. It thus gives the advantage of enhanced cover in specific given situations of illness, accident and disability.

Cover Enhancement

One redeeming point of HDFC Term Insurance is the option to suitable upward revision of the sum assured matching life stage events such as marriage or parenthood in very generous proportions of the Base Sum Assured affording a quantum jump in the life cover.

Innovations

HDFC Term Insurance Plans are a treasure trove of innovations intending to woo the present generation. Attractive discounts for online purchase, flexible payout options and purchase facility under MWP Act is an attractive feature. Healthy lifestyle, non-smokers, as also women customers are rewarded with lower premium.

Benefits of Term Insurance

The host of benefits accrued by purchasing HDFC Term Plan are listed below. They’re only indicative and not exhaustive.

  • Family protection with a handsome sum assured at affordable cost
  • Online customized term plan with 9 options to choose from
  • Waiver of all future premiums on Accidental Total Permanent Disability and on diagnosis on Critical Illness in eligible term plans
  • Whole Life coverage option available in selective plans
  • Flexible premium payment terms
  • Generous enhancement of life coverage in life stage events including marriage and birth of children
  • Annual increment in sum assured through suitable top-up options
  • Attractive premium rates for women customers and non-smokers
  • Tax savings as per existing Income Tax provisions

HDFC Term Insurance Plan Types

There are two major HDFC Term Insurance Plans with a range of options making the customer spoilt for choice.

Name of the HDFC Term Plan Key Features
HDFC Life Click2 Protect 3D Plus Plan
  • Secure family financial future

  • Death, Disability and Disease coverage

  • Death, Disability and Disease coverage

  • Wide range of 9 options

  • Permits customization

  • Whole Life cover option available

  • Additional discount for online purchase
HDFC Life CSC Suraksha Plan
  • Cluster approach introduced by the government

  • Flexible policy terms from 5 to 15 years

HDFC Term Insurance Plans – Eligibility, Coverage, Premium

HDFC Term Insurance Plans are designed to provide protection to the financial future of the family with a range of options matching every preference that a policyholder may be looking for. Thus, it aims to provide comprehensive protection through conventional Term Plan attributes as well as incorporates new age features to match emerging trends which are attractive to the discerning present generation. A term plan being an important component of financial plan, provides for the maximum number of combinations possible to fulfill its primary aim. Accordingly, HDFC Term Insurance portfolio offers an eclectic choice to the customers.

HDFC Life Click2 Protect 3D Plus Plan

The attributes of the Term Plan are ingrained in the name of the product itself where Click2 signifies online purchase of the customized term plan. The other component 3D signifies risk coverage assigned to Death, Disease and Disability providing a comprehensive protection to the life assured, which in turn aims to secure the financial future of the dependent family obviating financial disaster. It is in order to check for the advantages that come with the purchase of this all encompassing term plan.

Death Benefit: It is defined as a combination of sum assured plus additional benefits accrued through riders as the final payout

Sum Assured on Death: It is arrived at by a combination of several factors working in tandem with the chosen option. 

For Single Payment of Premium Policy: Highest of

  • 125% of the single premium
  • Sum Assured on Maturity
  • Amount to be paid as absolute death benefit.

For Single Payment of Premium Policy: Highest of

  • 10 times of Annual Premium
  • 105% of sum of Premium Paid
  • Sum Assured to be paid as Absolute Death Benefit

Some of the other advantages spread across select options under

HDFC Life Click2 Protect 3D Plus Term Plan are:

For Single Payment of Premium Policy: Highest of

  • Terminal Illness Benefit: It involves acceleration of payment similar to Death Benefit leading to termination of policy. The facility is available to all options.
  • Critical illness Benefit: It leads to waiver all future premiums on diagnosis critical diseases. This facility is limited to select options.
  • Accidental Death Benefit: This facility is extended to selective options only where the payout is in addition to the sum assured for accidental death.
  • Maturity Benefit: This is a new age feature which is applied to Return of Premium Term Plan in the event where the policyholder survives the policy term.
  • Life Stage Enhancement Protection: This feature permits the policyholder to augment sum assured in various life stage events of the life assured. The percentage of enhancement to be availed is as mentioned below:
  • Marriage: Enhancement of 50% of Sum Assured, subject to a maximum of Rs.50 Lakhs.
    1st Child: Enhancement of 25% of Sum Assured, subject to a maximum of Rs.25 Lakhs.
    2nd Child: Enhancement of 25% of Sum Assured, subject to a maximum of Rs.25 Lakhs.

Life Option

  • This online term plan is designed to pay the benefit to the nominee in lump sum. The term plan provides for:

    • Immediate payout of benefit equivalent to sum assured to the nominee due to death of the policyholder or diagnosis of terminal illness.
    • Waiver of future premium for total permanent disability resulting from an accident.

Extra Life Option

  • This term plan incorporates the feature of Accidental Death over and above the usual life cover. Nominee stands to gain an additional sum for death caused in an accident.

    • Immediate payment in the event of death or diagnosis of listed terminal illness.
    • Waiver of all future premiums in the event of permanent disability resulting from an accident.
    • Additional payment to the nominee for death caused by an accident.

3D Life Option

  • As the name suggests, all the “D” events – Death, Disease and Disability are covered under this term plan.

    • The sum assured lump sum payout is immediate in case of death or diagnosis of terminal illness.
    • Waiver of premium:
      Total Permanent Accidental Disability
      Diagnosis of any of the 34 critical illnesses.

Life Long Protection Option

  • The feature of extended cover is intrinsic to this term plan. The policyholder pays premium only up to 75 years of age but continues to enjoy life coverage for whole life.

    • Immediate payout of sum assured in the event of death or diagnosis of terminal illness.
    • All future premiums are waived in the event of accidental total permanent disability.
    • The policy term is for Whole Life.

3D Life Long Protection Option

  • This term plan again extends cover to all the 3 “D”s – Death, Disease and disability extended over whole life. However, premium is paid only up to the age of 65 years.

    • Lump sum benefit of sum assured on death and diagnosis of terminal illness.
    • Waiver of Premium:
      Total permanent disability caused by an accident.
      Diagnosis of any of the 34 critical illnesses.
      Whole life policy term.

Return of Premium Option

  • This feature is an introduction in new age term plans deviating from the conventional plans of this nature with addition of a survival clause.

    • Sum assured is immediately paid to the nominee for death and diagnosis of terminal illness.
    • Waiver of premium is applied on total permanent disability due to accident.
    • Survival benefit as the sum of all paid premiums in case the policyholder survives till maturity of the term plan.

 Lump Sum plus Monthly Income

  • The nominee is not only paid the lump sum death benefit equivalent to the sum assured, but also a monthly income over a defined period of time.

    • Income Option: This term plan offers a combination of payment of sum assured on events as in other plans but also a monthly income, which aims to stabilize continued financial future of the family. The policyholder has the flexibility to choose the tenure as well as either level or increasing monthly income according to individual preference.
      Immediate payout of sum assured for death and diagnosis of terminal illness.
      Waiver of premium for total permanent disability caused by an accident.
      Monthly income, either level or increasing for a defined period chosen at inception.
    • Extra Life Income Option: A comprehensive term plan offering an extension of the income plan where an additional benefit of extra sum assured in incorporated which is paid partly as lump sum and partly as monthly income.
      Payout of sum assured on death or diagnosis of terminal illness is immediate.
      All future premiums are waived for total permanent disability due to accident.
      Additional payout for accidental death of the policyholder.
      Monthly income chosen at inception defining level or increasing as the case may be.
    • Income Replacement Option: This term plan is designed to pay the nominee a steady stream of income.
      Immediate payout is 12 times the defined monthly income in lump sum in case of death or diagnosis of terminal illness.
      Waiver of premium in the event of total permanent disability due to an accident.
      Monthly income which can be either level or increasing as defined at inception

Eligibility – Age Related

Name of Plan Entry (years) Max - Min Maturity (years) Max - Min
Life Option Min 18 to Max 65 Min 23 to Max 85
Extra Life Option Min 18 to Max 65 Min 23 to Max 85
3D Life Option Min 18 to Max 65 Min 23 to Max 85
Life Long Protection Option Min 25 to Max 65 Whole Life
3D Life Long Protection Option Min 18 to Max 65 Whole Life
Return of Premium Option Min 18 to Max 65 Min 23 to Max 85
Income Option Min 18 to Max 65 Min 23 to Max 85
Extra Life Income Option Min 18 to Max 65 Min 23 to Max 85
Income Replacement Option Min 18 to Max 65 Min 23 to Max 85
  • Policy Term: It can be from a minimum of 5 years to 40 years, other than the Whole Life policies. It is also dependent on the mode of premium payment – single, regular or limited.
  • Premium Payment Mode: Single, Regular or Limited
  • Premium Payment Frequency: One can choose any of the options from Annual, Half Yearly, Quarterly or Monthly.
  • Minimum Sum Assured: Rs.10000

HDFC Life Click 2 Protect Plus

HDFC Life Click 2 Protect Plus, a unique term insurance plan offered at an affordable premium. The plan helps the policyholder to protect his/her loved ones against an unforeseen event. The policy comes with income and income plus option where a steady flow of monthly income is ensured at a certain percentage of the total sum assured.

Salient Features:

  • It is a term insurance plan protecting life during the entire tenure of the policy term.
  • Flexible policy tenures and four plan options to choose from
  • Insurance coverage up to the age of 85 years
  • Flexible premium payment option to choose from Single, Limited and Regular premium payment
  • The minimum sum assured is Rs.25,00,000 while there is no limit on maximum coverage amount
  • Death benefit is the higher of 10 times the annualized premium or 125% of all paid premiums in total.
  • Declaration of Good Health (DOGH) is enough for the issue of hassle free policy document.

Benefits of HDFC Life Click2 Protect Plus:

  • The life cover extends for the entire policy term providing for the future financial protection of the family
  • 125% of sum assured paid as death benefits in the event of demise of the policyholder when the policy is active
  • Tax savings for the premium paid during a financial year under the extant guidelines of the Income Tax Act, 1961.

Eligibility:

Age Related
Maximum Maturity Age 18 year
Maximum Maturity Age 65 year
Maximum Maturity Age 86 year

HDFC Life CSC Suraksha Term Insurance Plan

It is a component of the e-governance initiative of the Government of India though the concept of Common Services Center (CSC). It is designed to cater to clusters of 6 to 7 villages comprising of 1400 households the entire cover extending to 6.5 lakh villages across the country, mainly catering to the Rural Sector. This term plan is sold through the CSC channel intending to extend insurance cover to rural India.

Salient Features:

  • It is a term insurance plan protecting life during the entire tenure of the policy term.
  • Flexible policy tenures in the range of 5 to 15 years.
  • The minimum sum assured is Rs.30K while the maximum is Rs.2 lakhs.
  • Death benefit is the higher of 10 times the annualized premium or 105% of all paid premiums in total.
  • Declaration of Good Health (DOGH) is enough for the issue of hassle free policy document.

Benefits of HDFC Life CSC Suraksha Term Insurance Plan:

  • The life cover extends for the entire policy term providing for the future financial protection of the family.
  • Lump sum payment of death benefits in the event of demise of the policyholder when the policy is active.
  • Tax savings for the premium paid during a financial year under the extant guidelines of the Income Tax Act, 1961.

Eligibility:

Age Related
Minimum Entry Age 18 year
Maximum Entry Age 55 year
Maximum Maturity Age 60 year
Minimum Maturity Age 23 years

Premium Payment Mode:

  • Yearly, Half-yearly, Quarterly and Monthly

HDFC Term Insurance Plans - What is not Covered?

While so far the thrust has been to ascertain what all are included in the HDFC Term Plans, there is no reason to ignore what is outside the purview of coverage. This vital aspect is generally referred to as exclusions, which need a thorough scan of the fine print of the policy document to comprehend. Depending on the scope of coverage, certain types of death limit is applied on the final sum assured payout. The most important of them are listed below as indicative.

Death Due to Suicide:

This is defined by the guidelines issued by the IRDAI, the insurance regulator in India. Accordingly, term plan exclusions related to suicidal death are separated into various categories.

  • No claim is admissible for policies purchased prior to 1st January 2014 if the event occurs within 12 months of inception. Otherwise the nominee is entitled to the usual compensation.

  • However, for policies purchased after 1st January 2014, claim is entertained with full or 100% compensation to the nominee for linked term plans if the act of suicide is committed within 12 months of inception of the policy. For non-linked policies the compensation is limited to 80%.

Death due to Homicide:

For homicidal death, if any of the nominees are listed as suspect, the claim is liable to rejection, until proven innocent in a court of law.

Death in Accident under the Influence of Intoxicants:

irrespective of accidental death cover, in certain circumstances if accidental death is caused by under influence of alcohol or drug abuse, the claim is liable to be rejected as all term plan benefits stand automatically null and void.

Other Exclusions:

  • If death occurs after 180 days of an accident
  • Self-inflicted injury
  • War or similar incidents
  • Indulgence in extreme sports
  • Involvement in criminal activities
  • Any hazardous hobby

HDFC Term Insurance Plans - Claim Process

The question of claim arises only when there is a death during the policy tenure and the nominee wants to claim the benefits. HDFC Life has endeavored to provide a seamless claim process to its clientele to overcome the loss of the policyholder, which is otherwise draining. To ease the claim process substantially with ample sensitivity, HDFC Life offers the following.

  • Same day claim processing for all policies with a life of more than three years, else in 10 working days
  • Dedicated claim assistance to help the nominee navigate through every stage of the claim process
  • The claim settlement ratio of 99.03% for individual claims in the Financial Year 2019, stands testimony to this assurance

How to Register a Claim with HDFC Life?

The claim process is initiated with claim intimation. It can be done either at the portal or visit the nearest branch, which is also imperative for critical illness claim. The entire process of claim registration can be accomplished in three well-defined steps.

  • Verification of policy details
  • Submission of details of life assured
  • Submission of Nominee details

Contact information for claim process and queries

  • Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Phone Number: 1800 267 9999
  • Query: This email address is being protected from spambots. You need JavaScript enabled to view it.

HDFC Term Insurance Plan – Tax Benefits

All life insurance products in India enjoy several tax saving benefits under various sections of the Income Tax Act, 1961. Accordingly, all premiums paid for HDFC Term Plans within a financial year are exempt under Section 80C up to a maximum of Rs.1.5 lakhs. The premium component for critical illness cover is exempted under Section 80D. The death benefit received by the nominee is exempt under Section 10(10D). All these exemptions are subject to conditions defined in the act.

HDFC Term Insurance Plan - How to Buy?

There are primarily two ways of buying a term insurance plan – Online and Offline. The simplest way to get a suitable term plan is online purchases offering a host of advantages. The portals of HDFC Life, as well as aggregators, are adequately equipped with an HDFC Term Plan Calculator that is designed to help decide on the ideal plan factoring in all the relevant parameters of the individual profile. The HDFC Term Insurance Premium Calculator is the other tool for assistance in working out the financials. Using these tools, one has to rationalize on the quantum of cover matching individual profile. The futuristic factors to be considered for an ideal solution are:

  • Anticipated family expenditure to maintain the existing standard of living
  • Repayment of financial liabilities like loans
  • Anticipated expenditure for lifetime milestones and events like children’s education and marriage
  • Any other predictable investment the family is likely to make in future

The sum total of all these factors determines the ideal term insurance cover in harmony with individual needs.

Advantages of Online purchase of Term Insurance:

  • Cost Savings: The entire process being digital, there are lower overheads, which is passed on to the customer. Additionally, there is an incentive of 5.5% discount on regular premium, which is 2% for single pay premium option
  • Ease of Comparison: There is ample scope to compare term plans and gather information before committing on a particular term plan
  • Ease of Navigation: Online assistance at hand to help overcome doubts, if any for taking an informed decision
  • Ease of Transaction: Online purchase transactions are routed through safe and secure gateways to ensure peace of mind.

Flowchart for online purchase of Term Plan:

  • Visit the appropriate portal and select a suitable plan
  • Fill in all personal details
  • Generation of a quote based on the input
  • Accept the quote and input additional details
  • Make payment digitally
  • Verification of uploaded documents
  • Receive the policy document in the registered email id

HDFC Term Insurance Plans - How to Renew?

The standard procedure to prevent the lapse of a policy is to pay the premium on the due date or within the applicable grace period based on the premium payment frequency agreed upon. Once the premium is outstanding, it has to go in for revival by clearing the dues, applicable interest, and revival charge levied to convert the policy in force.

HDFC Term Insurance Plans - Required Documents

The documents required are in two categories – Purchase and Claim:

Purchase:

Proposal form
KYC documents for Identification, Date of Birth, and Address.
Income proof
Photograph

Claim:

Natural Death / Natural Disasters
  • Claim form
  • Policy document
  • Death certificate
  • Claimant’s ID and address proof
  • Claimant’s photograph
  • NEFT details of the claimant
Critical illness
  • Relevant Claim Form
  • Medical records
Unnatural Death / Accident / Homicide / Suicide
  • Same as for natural death, plus
  • Copy FIR, Police inquest report and Panchnama
  • Post Mortem Report

FAQs

Written By: Paisawiki - Updated: 03 August 2020
Disclaimer: Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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