HDFC Life Insurance Premium Calculator

Updated: 28-08-2023 11:09:10 AM

An HDFC Life insurance premium calculator is an important tool to understand and compare various types of life insurance plans and policies before purchasing one. Since a number of individual and group insurance products are offered by HDFC Life, it is good to use this online tool to find the right policy on the basis of the premium to be paid.

What is HDFC Life Insurance Premium Calculator?

The HDFC Life insurance premium calculator is an online tool provided free of cost on HDFC Life website. This tool provides the approximate value of the premium amount an individual needs to pay for the selected policy on the basis of age, policy term, sum assured, etc. Before buying an insurance policy, it is always good to calculate the premium amount to be paid during the policy tenure. People usually explore a number of policies to find out the most suitable plan. Thus, before purchasing a life insurance policy, take the advantage of  HDFC Life insurance premium calculator.

Factors Affecting HDFC Life Insurance Premium Value

A number of factors play a significant role in determining the premium amount of an insurance policy. Here are some crucial factors that insurance service providers usually consider while determining the premium amount of insurance policies:

Sum Assured: This is the coverage amount the nominee receives on the demise of the policyholder during the policy term. Higher sum assured means higher premiums for the policy.

Age: Age is another crucial factor in calculating the premium amount. Higher the entry age, higher the premium amount. This is so because several health-related risks are associated with older age. Since the premium rates tend to increase with age, getting an insurance plan at a younger age is cost effective.

Gender: Gender is an important factor for the premium. HDFC Life uses the statistical model to calculate the longevity of the insured. As per several studies, women live around 5 years longer than men. Thus, they lower premium amount compared to men.

Tobacco or Smoking Habits: It is a proven fact that people who do not smoke or consume tobacco products usually live healthier and longer than those who do so. Since smokers and tobacco users are prone to several life-threatening diseases like throat cancer, lung cancer, they pay higher premium than those who do not consume these products. People who have consumed any tobacco product in the last twelve months are considered as tobacco users.

Medical History: Past medical history of an individual also affects the premium amount. If in the past, an applicant suffered from any serious illness or is suffering from one at present, the premium amount will automatically go up. Life-threatening diseases or illnesses like cancer, heart problems, type-1 diabetes, etc. may raise the premium amount.

How to Use HDFC Life Premium Calculator?

HDFC Life premium calculator is available with each plan. One needs to select their preferred insurance policy i.e. health plan, savings and investment plan, retirement plan, etc. to calculate the premium.

To know or calculate HDFC Life premium payment, an individual needs to provide the below-listed details:

• Sum assured
• Nationality (Select between YES and NO for stating your NRI or Non-NRI status)
• Gender
• First and last name
• Mobile number
• E-mail ID
• Date of Birth (DOB)
• Tobacco user (Yes or No)
• City and state

Once you fill in the details, click on ‘Proceed’ to get an approximate value of the premium payment. Remember that this is an estimated value and not your final premium. Contact the insurance company and get accurate information when you are ready.

Advantages of Using HDFC Life Insurance Premium Calculator

HDFC Life insurance premium calculator comes with a number of benefits. Some of them are:

• Quick Calculations: It helps compare and calculate premiums for different life insurance plans. Since premium calculation should be done on the basis of various factors including the ones listed above, the whole process turns out to be a complicated task. Thus, HDFC Life premium calculator helps in  quick calculations.
• Budget Planner: HDFC Life online premium calculator helps the applicant set finances as per their premiums. People can choose from a number of frequencies – monthly, quarterly, half-yearly, yearly or even one-time payment – by exploring and finding out the right insurance plan. By knowing all the HDFC Life policy details related to premium amount in advance, one can plan the budget accordingly.
• Easy Comparison of Insurance Plans: Not all insurance policies are the same. Each insurance policy has its own set of features, benefits and terms. Thus, HDFC Life insurance premium calculator helps  understand the affordability of the plan before comparing and finalising one. This handy tool helps the user find out other benefits such as investment benefits, maturity benefits, death benefits, etc. attached to an insurance policy with ease. Users can change sum assured amount, premium amount, frequency and policy term to get favourable results as per the needs and budget.

While using HDFC Life premium calculator, one noteworthy point to keep in mind is that the value or figures provided by the HDFC Life online premium payment calculator are just indicative. The actual premium amount will be slightly different. It is because the insurance company checks the applicant’s profile and considers other pre-determined factors to determine the actual premium amount that varies from case to case.

FAQs

Q1. What are the plans available for online purchase?

HDFC Life provides a number of online insurance plans. These include:

• HDFC Life Cancer Care Plan
• Click 2 Protect Health
• HDFC Life Cardiac Care
• HDFC Life Easy Health Plan
• HDFC Life Click 2 Protect 3D Plus
• HDFC Life Classic One
• HDFC Life Click2Invest – ULIP
• HDFC Life Click 2 Retire – ULIP

Q2. What are different premium payment modes? 

One can pay plan premiums through:

• Debit card or credit card
• Internet banking
• Debit card with PIN
• Standing instructions on card

Q3. What is maturity benefit?

Maturity benefit is the amount received by the policy owner or nominees on the completion of the policy term. This particular benefit varies for unit-linked insurance plans and conventional policies. It may also differ from one product to another. It is advisable to refer to the ‘Standard Policy Provision’ available in the policy documents.

Q4. What is the meaning of ‘vesting date’ in an insurance plan?

Vesting date’ is similar to ‘maturity date’. This term is generally used for pension plans. On the completion of vesting date, the policy owner can take one-third of a policy’s maturity value in the form of cash lump sum and the rest of the amount can be used for buying annuities.

Q5. What is meant by ‘Standing Instruction’ and how to avail this service?

Standing instruction is a method to pay premiums of an insurance policy. However, the policyholder will have to hold an account with HDFC Bank anywhere in the country. To avail this service, submit a duly filled in nd signed ‘Auto Debit Mandate’ at the nearest branch office of HDFC Life at least 1 month (30 days) before the due date of the next premium payment.

Q7. How to receive receipts of premium payments?

To receive premium payment receipts, contact any touch point of HDFC Life or simply download from ‘e-Service Section’ of My Account. Policyholders may place a request through HDFC Life’s IVR as well.