HDFC Life Term Insurance Plans: Check & Compare Online

With the aim of fulfilling the insurance needs of the people, HDFC Life Insurance provides different types of life insurance plans. Of these, HDFC Life Term Insurance plans are pure protection plans. Here, the policyholder pays for the insurance and at the end of the term, he/she does not get back any money. However, the nominees do get financial benefit if the policyholder passes away during the term of the plan. Thus, term insurance plans financially safeguard the future of the family.

Types of HDFC Life Term Insurance Plans

There are 4 types of term insurance plans offered by HDFC Life.

1. HDFC Life Click2Protect Plus
2. CSC Suraksha Plan
3. HDFC Life Click2Protect 3D Plus
4. Click 2 Protect Health

Documents Required to Purchase Plans

Mentioned below are the list of documents required to purchase HDFC Life Term Insurance Plans:

1. Address Proof
2. Income Proof
3. Bank Account Proof
4. Age Proof
5. Photo Identity Proof
6. Passport size Photograph

HDFC Life Term Insurance Plans

Click2Protect Plus Plan: Click2Protect Plus Plan is a pure term plan that can be bought online. The plan has the option of four different covers that provide death benefits differently. The choice of cover can be made keeping in mind the future needs of dependents.

Available Cover Options

This plan offers four coverage options to choose from. They are:

• Life Option: This option provides the death benefit to the nominees of the insured on a lump sum basis
• Extra Life Option: In this option, the insured is offered with an accidental death benefit rider along with the base policy. Thus, in case of accidental death of the insured, the nominees are provided with death benefit and additional accidental death benefit
• Income Option: This option ensures that the lump sum amount paid at the death of the insured is equivalent to 10% of the sum assured. Rest of the amount, i.e., 90% of sum assured is paid out as equal monthly installments for a period of 15 years. The monthly payouts are usually 0.5% of the total sum assured. The monthly payouts begin one month after the death of the insured
• Income Plus Option: This option ensures that the death benefit is paid out as a lump sum at the time of the death of the insured. Additionally, the amount equivalent to 0.5% of the total sum assured is paid as monthly benefits to the nominees for 10 years. The policyholder can choose among fixed payouts (0.5% of the total sum assured) being paid monthly or increasing payouts being paid. In the case of increasing payouts, the sum increases by 10% a year

Click2Protect 3D Plus Plan: This term plan focuses on the provision of comprehensive coverage to the dependents. It offers 9 different coverage options.

Available Cover Options

This plan offers 9 coverage options to choose from. They are:

• Income Replacement Option
• Return of Premium Option
• Life-Long Protection Option
• 3D Long Life Protection Option
• iLife Option
• 3D Life Option
• Extra Life Option
• Income Option
• Extra Life Income Option

CSC Suraksha Plan: This term plan is meant for customers from non-urban and semi-urban areas. It is an initiative of the Government of India. It is sold pan India through Common Service Centre (CSC) in order to increase its access in rural areas. The premiums for this policy are quite low, making the plan affordable for low-income groups.

Click 2 Protect Health: This comprehensive plan comes with the benefit of both health insurance and life insurance at an affordable premium. Under this plan, policyholders can upgrade the cover to the next slab during the policy renewal. Also, customers can customize the plan with 9 options provided by HDFC Life.

Claim Process

In case of any eventuality, a policyholder immediately needs to inform HDFC Life.

• Inform the claims department offline by visiting the nearest HDFC Life branch and submitting the claim form
• For online mode, one needs to inform the insurance company either through mail or toll-free number and submit the claim form online
• On receiving the letter, HDFC Life would ask for the required documents
• After verification of the documents submitted to HDFC Life, payment will be made to the nominee/title-holder of the claim
• In case the company finds some problem with the case, it would either reject the claim or ask for more documents

Documents Required for Claim Process

Mentioned below are the documents required for claim process:

• Death certificate issued by the relevant authority
• Death claim form
• Original policy document
• Claimant’s identity & residence proof
• Medical records
• Prescriptions
• Bank account details

Time Taken to Settle Claims

HDFC Life offers unique benefit for its customers in the form of good claim settlement ratio. According to the website, HDFC Life Term Insurance Plan claims can be settled within 30 days from the day of receipt of necessary document, if no investigation is required for the claim.

Riders (Add-on Covers)

There are five types of riders provided by HDFC Life. Riders are additional benefits on payment of some extra amount. These help in providing a comprehensive coverage.

Critical illness Rider: Here the insured receives lump-sum amount for treatment, if diagnosed with any critical illness mentioned in the policy brochure.

Disability Rider: The company provides family income if the insured happens to suffer from some disability covered by the policy that stops him from working.

Accidental Death Benefit Rider: Here the beneficiary gets the double the assured value, if the policyholder dies in an accident.

Term Rider: As part of this, the beneficiary get monthly income from the company if the insured dies during the policy term.

Waiver of Premium Rider: In case the policyholder meets with an accident or encounters some mishap that is mentioned in the rider, he/she will not have to pay further premiums.

Exclusions

Not all cases are covered by HDFC Life term plans. These are also called exclusions. A claim is usually not entertained if the insured happens to die because of the following reasons:

• Attempt to suicide
• Alcohol consumption, drug abuse
• War-like situation, invasions, etc.
• Taking part in any flying act (except for travelling in a commercially licensed aircraft)
• If the policyholder takes part in any of the criminal activities and suffers injuries or succumbs to the same

Important Aspects 

Here are some of the important aspects that policyholders shouldn’t ignore while purchasing a plan:

• Buying a term plan early in life makes one pay lower premium
• Premium rates should be taken into account, as a higher one can make the plan a burden later
• Consider the apt riders in order to make the plan a complete one

Advantages of Buying HDFC Life Term Insurance Plans

A term plan forms an important part of the financial planning. Let us look at the benefits of taking these plans:

• The plan is easy to understand and is provided at affordable premium rates
• The benefits of this plan are death benefit, diagnosis of critical illness benefit, maturity benefit and death by accident benefit
• The insured is given the freedom to enhance the sum assured based on the significant events in life like marriage and childbirth
• Events like marriage ensures 50% of the increase in sum assured and 25% increase in sum assured for the birth of every child
• The premium payment option is available as a lump sum single premium and also if paid at regular intervals
• The premiums and death benefit are subject to tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961

FAQs

 Q1. What is permanent accidental disability?

The policyholder should meet one of the 2 options to fall under permanent accidental disability category –  Not in a condition to work because of disability and physical impairment. This includes inability to work or get engaged in any occupation or employment for any compensation or remuneration. Physical impairments due to accident, leading to total and irrecoverable loss of use of limbs, sight of both eyes, use of one limb and the sight of one eye, loss of two or more limbs, total and irrecoverable loss of sight of one eye and loss of one limb.

 Q2. How to surrender a term plan provided by HDFC Life?

The term plan can be cancelled by filling and submitting the surrender form along with the policy documents at the nearest branch office of HDFC Life. The company will provide a refund within 72 hours. The refund will be provided after a deduction of documentation costs, cost of medical tests and cancellation fee.

Q3. Is it possible to renew HDFC Life term insurance policy online?

Yes, it is possible to renew online HDFC Life term insurance policy using the e-portal of the company.