HDFC Click2Protect Plus

Updated: 22-01-2024 10:04:38 AM

All About HDFC Click2Protect Plus

Buying a life insurance plan makes the future of your dependents financially secure. When you are looking for a perfect life insurance plan, you consider the options provided by the leading insurers in the insurance sector. HDFC Standard Life is a well-known name when it comes to life insurance and holds a large chunk of market share in the same. The widely popular plan of HDFC Standard life in the life insurance category is HDFC Click2Protect Plus.

HDFC Click2Protect Plus is a pure term plan and is available online. The plan provides a death benefit in terms of a lump sum amount in case the insured passes away during the policy term. The major features and eligibility of the policy are elaborated below:

Coverage Options

The insured has the flexibility of selecting the type of coverage as per his/her requirements. This feature helps fulfill the requirement of all types of individuals. The options for coverage are:

Life Coverage Option: This is the most basic death benefit under life insurance with the benefit of lump sum assured amount at the death of the insured.

Extra Life Cover Option: In this option, the accidental benefit is covered along with the basic death benefit. The plan provides added accidental benefit along with the promised sum assured in case the insured passes away accidentally.

Income Cover Option: This option involves the division of sum assured in lump sum amount and monthly payouts. Partial payment of sum assured is paid as a lump sum benefit immediately as the insured passes away, and the remaining amount is paid as monthly payouts to the nominees of the deceased. The monthly payments are paid until 15 years after the death of the insured.

Income Plus Cover Option: The Income Plus Cover Option, the death benefit is paid in lump sum and monthly installments both. The sum assured is entirely paid at the time of the death of the insured. The monthly payouts are paid to the nominees until the next 10 years; these payments increase at the rate of 10% a year after 5 years of policy term.

Eligibility Criterion for HDFC Click2Protect Plus Policy

• Minimum age is 18, whereas the maximum is 65
• Maximum maturity age is 75
• Term of the policy can range from 10 years to 40 years
• Minimum sum assured is Rs.25 lakh, and there is no maximum limit
• Premium can be paid as a single payment, regular payment or limited payment
• Premiums can be paid on the following frequencies
  • Single Lump Sum Premium
  • Monthly Basis
  • Quarterly Basis
  • Half-Yearly Basis
  • Yearly Basis

Major Features of HDFC Click2Protect Plus Policy

• It is an affordable plan in terms of premiums and yet offers a comprehensive coverage.
• A very important feature in the plan is the life stage protection (comes under Life Option) which gives you the option to increase the sum assured as you cross certain key milestones in life.
• The milestones have their own set of regulations for an increase in sum assured. Marriage ensures 50% of the increase in sum assured while 25% increase in sum assured for the birth of every child.
• Payment of the premium can be done at the beginning of the policy as a single premium or paid at regular intervals.
• If the plan is availed on a single premium basis, death benefit can either be the guaranteed sum assured or 125% of the paid premium (whichever is higher).
• In case the premiums are being paid regularly, the death benefit can be the sum assured or 10 times of the annual premium. The death benefit cannot be lower than 105% of the total premium paid.
• In case the insured has selected HDFC Life Income Benefit, they can also choose the rider plan called the accidental disability rider. Under this rider, 0.5% of sum assured is given as a monthly payout to the insured if he/she suffers permanent disability.
• The nonsmoking customers of HDFC enjoy a preferential rate of premiums to avail the plans
• The insured can waive off additional coverage involved in the policy after the age of 45, the rate of premiums will also be reduced if the policyholder does the same.
• This coverage can also get reduced once the children of the insured become dependent which means lesser premium too.
• Insured is eligible for tax benefits on premiums and sum assured under the Income Tax Act.

Why buy HDFC Click2Protect Plus? 

This insurance plan fulfills many insurance needs. Some of benefits of this policy make it one of the best life insurance plans offered by HDFC Standard Life. These benefits are briefly explained below:

Death Benefit

This is the most basic function of a life insurance policy but the most significant one. The life insurance policies are purchased for this benefit majorly. The plan does not have any maturity benefit as it is a pure term plan so this is the main feature of the plan. The death benefit is declared on the basis of payment mode of premium, i.e., whether the premium is paid regularly, limited or as a single payment. As mentioned above for single premium payment plan, the death benefit is higher of the sum assured or 125% of the paid premium. Whereas, for the regular premium policy the death benefit can be the sum assured or 10 times of the annual premium and cannot be less than 105% of the total premium paid.

Policy Status Checking

The policy status is a very important component in every insurance policy. It is essential to keep a track of the policy status to be sure of the entitlement to the provided benefits under the policy. The company provides the benefit of checking policy status online to simplify the overall insurance experience of the customer on a large scale.

Grace Period

The premium payment dates are not completely rigid when it comes to HDFC Standard Life. The company provides 30-day grace period to the policyholders for settling the premium. There is no penalty if the premium is submitted within the grace period.

Policy Revival

The premiums are to be paid within the grace period, or the policy status is considered lapsed. But it is not impossible to revive the policy that is purchased. The lapsed policy can be revived once the raining premiums are settled along with the revival fee. This feature is very suitable for the customers that are not able to settle the payment of the premium due to a financial crunch or any other problems.

Free Look Period

A free look period on the policy is offered by the company to offer easy cancellation of policy if the customer is not satisfied with the terms and conditions of the policy. The free look period offered by the company is of 15 days, and the policy can be cancelled easily by the customer within this time frame.

Tax Benefits

Last but not the least, the policy offers tax benefits to the insured over the premium as well as the sum assured under section 80C of the Income Tax Act.

FAQs

Q1. What is the process of checking the policy status for term plan by the company?

All the term plan users are registered on the e-portal of the company. The customer can simply log into the e-portal of HDFC Standard Life portal and check the policy status.

Q2. How to surrender a term plan with HDFC Life?

The term plan can be canceled by filling and submitting the surrender form along with the policy documents at the nearest branch office of HDFC Standard Life. The company will provide a refund within a period of 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 the HDFC Standard Life term insurance Policy online?

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

Q4. How long does it take for the issuance of the policy once the documents are submitted?

The issuance of the policy takes 5 to 10 working days once the documents and medical tests are done and submitted.

Q5. What medical tests are to be done to avail HDFC Click2Protect Plan?

The medical tests depend on your medical history. If your medical history is clean, you are only supposed to carry out the basic medical check-ups like urine tests and blood tests.