HDFC Life insurance is one of India’s leading term insurance providers. It offers a wide range of individual and group term insurance products that meet various life stage needs of individuals.

HDFC Life Insurance Overview:

HDFC Standard Life Insurance Company Limited is a joint venture between one of India’s leading housing finance institution, HDFC Ltd. and a global investment company, Standard Life Aberdeen.

HDFC Life was established in 2000 and is a leading life insurance solutions provider in India. The company offers a range of individual and group insurance products. The Company had 34 individual & 11 group insurance products in its portfolio as on June 30’2018. The company also offers additional 8 rider benefits (optional), that cater to a diverse range of customer needs.

HDFC Life Insurance Company continues to benefit from its increased presence pan India. The company has a wide reach across the country with 413 branches and additional distribution centres. Several new tie-ups & partnerships have been introduced in the HDFC Life’s business line.

HDFC Term Insurance Plans:

Plan NameEntry Age (Min – Max)Policy Term (Min – Max)Maturity Age (Min – Max)Sum Assured (Min – Max)
HDFC Life Click 2 Protect 3D Plus18 – 65 years5 – 50 years23 – 85 yearsRs. 10,00,000 – Rs 1 Crore
HDFC Life Click 2 Protect Plus18 – 65 years10 – 40 years28 – 75 yearsRs. 25 lakhs – No lImit

 HDFC Life Click 2 Protect 3D Plus (*NEW Plan)

With HDFC Life Click 2 Protect 3D Plus, you get to customize your online plan with 9 plan Options

HDFC Life Click 2 Protect 3D Plus Option NameEntry Age (Min – Max)Policy Term (Min – Max)Maturity Age (Min – Max)Sum Assured (Min – Max)
Life Option18 – 65 years5 – 50 years23 – 85 yearsRs. 10,00,000 – Rs 1 Crore
Extra Life Option18 – 65 years5 – 50 years23 – 85 yearsRs. 10,00,000 – Rs 1 Crore
Income Option18 – 65 years5 – 50 years23 – 85 yearsRs. 10,00,000 – Rs 1 Crore
Extra Life Income Option18 – 65 years5 – 50 years23 – 85 yearsRs. 10,00,000 – Rs 1 Crore
3D Life Option18 – 65 years5 – 40 years23 – 75 yearsRs. 10,00,000 – Rs 1 Crore
Income Replacement Option18 – 65 years5 – 40 years23 – 75 yearsRs. 10,00,000 – Rs 1 Crore
Return of Premium Option18 – 65 years5 – 40 years23 – 75 yearsRs. 10,00,000 – Rs 1 Crore
Life Long Protection Option25 – 65 yearsWhole of LifeWhole of LifeRs. 10,00,000 – Rs 1 Crore
3D Life Long Protection Option25 – 65 yearsWhole of LifeWhole of LifeRs. 10,00,000 – Rs 1 Crore

HDFC Life Click 2 Protect 3D Plus – Life Option

  • This is a non-linked and non-participating HDFC term plan.
  • Immediate payout of sum assured on diagnosis of terminal illness or death.
  • All future premiums waived in case of total permanent disability due to an accident.

HDFC Life Click 2 Protect 3D Plus – Extra Life Option

  • Immediate payouts in case of death or a terminal illness diagnosis.
  • Waiver of Premium in case of total permanent disability.
  • Additional sum assured in case of accidental death.

HDFC Life Click 2 Protect 3D Plus – Income Option

  • Offers lump sum benefit on life assured’s death along with monthly income over a period of time.
  • Option to choose between level income and increasing monthly income.
  • Lump-sum benefit on diagnosis of terminal illness.
  • Waiver of premium in case of total accidental disability.

HDFC Life Click 2 Protect 3D Plus – Extra Life Income Option

  • Immediate Payout of the cover amount on death or terminal illness diagnosis.
  • Additional payout in case of accidental death of the policyholder.
  • All future premiums waived in case of total permanent disability because of an accident.
  • Level or increasing monthly income as the monthly payout.

HDFC Life Click 2 Protect 3D Plus – 3D Life Option

  • Future premiums waived in case of diagnosis of any of the 34 critical illnesses.
  • Whole of Life Cover.
  • Immediate payout of sum assured on death or terminal illness diagnosis.

HDFC Life Click 2 Protect 3D Plus – Income Replacement Option

  • Immediate payout of 12 times the applicable monthly income.
  • All future premiums waived in case of total permanent disability due to an accident.
  • Level or monthly income for the chosen period at the time of buying the policy.

HDFC Life Click 2 Protect 3D Plus – Life Long Protection Option

  • Immediate payout of sum assured on death or terminal illness diagnosis.
  • Waiver of future premiums in case of total permanent disability due to an accident.
  • Policy term for Whole of Life.

HDFC Life Click 2 Protect 3D Plus – 3D Life Long Protection Option

  • Immediate payout of sum assured in case of death or terminal illness diagnosis.
  • All future premiums waived in case of diagnosis of any of the 34 critical illnesses.
  • Policy term for Whole of Life.

HDFC Life Click 2 Protect 3D Plus – 3D Return of Premium Option

  • Immediate payout of sum assured on death or terminal illness diagnosis under the specific HDFC term plan..
  • Waiver of future premiums in case of total permanent disability due to an accident.
  • Also offers survival benefits.

HDFC Life Click 2 Protect Plus

  • Comprehensive coverage at cost-effective premium
  • Financial security to you and your family
  • HDFC Life Click 2 Protect Plus comes with 4 cover options:
  1. Life Option: lump sum paid on death
  2. Extra Life Option: An additional lump sum paid on accidental death
  3. Income Option: 10% of the Sum Assured paid on the insured’s death and the remaining 90% of the amount is paid as monthly income over a time period of 15 years
  4. Income Plus Option: A lumpsum is paid to the nominee along with a monthly income to the insured’s family over a period of next 10 years.
  • Provide financial protection for you and your family
  • The Life Stage Protection feature of the Life Option lets you increase the cover amount on achieving certain key milestones in your life such as marriage, 1st kid, etc.
  • Different premium payments to choose from including Regular, Single and Limited.

HDFC Life Group Term Insurance Plan

PlanEntry Age Policy TermMaturity AgeSum Assured
HDFC Life Click 2 Protect 3D PlusMinimum – 16 years

Maximum  – 79 years

Maximum  – 80 yearsMinimum – 23 years

Maximum  – 85 years

 

Minimum – Rs. 5,000

Maximum – No Limit

Features of HDFC Life Group Term Insurance Plan:

Below enlisted are few of the unique features of HDFC Life Group Term Insurance Plan:

  • Life-cover for groups of people
  • Renew term insurance plan annually
  • Add or remove members anytime during the year
  • Sum assured paid to the nominee in case of the policyholder’s death
  • Add-ons or riders available such as critical illness/accidental/disability
  • Option to cover the member’s spouse
  • Enrolment process simplified
  • Quick and easy claim settlement process enabling
  • Option to get additional protection with HDFC Life Group Critical Illness Plus Rider which comes with Rider Sum Assured if diagnosed with any of the 19 Critical Illnesses

Benefits of HDFC Life Group Term Insurance Plan:

Benefits To Employer

  1. Life-cover for the entire group under one term plan
  2. Higher cover at lower premium
  3. Works as a strong retention tool
  4. Tax deductible premiums under section 37 (1) of the Income Tax Act, 1961
  5. Simple procedures to add or remove group members in the policy

Benefits To Employee

  1. Sufficient financial support to their families against unfortunate events such as illness, her/his untimely death or accident
  2. No medical test option for free cover limits
  3. Cover for vehicle or housing loans given by the employer to the employees
  4. Death benefits are tax exempted under Section 10(10D)

Different Riders Available with HDFC Life Insurance Plans:

HDFC Life insurance offers many add-ons or riders that make the policy more meaningful to the policyholder. Add-ons or riders as they are known, allow the insured to customize the policy to suit individual needs.

HDFC term insurance plans offers a variety of riders to suit individual needs. Few of them are:

  1. Critical Illness Rider

In the hectic lifestyle of these days, it’s much easier than before to fall prey to lifestyle diseases or critical illnesses such as cancer, stroke, etc. With medical expenses on a rapid growth, it’s not easy to meet the exorbitant medical fees related to critical illnesses. Also, if one is the sole breadwinner of her/his family, s/he might not be able to work anymore which can lead to financial difficulties.

It is recommended to opt for of a term plan with a critical illness benefit rider to receive coverage against such events. Under the Critical illness rider benefit of a HDFC term insurance plan, the insured will receive a benefit amount on being diagnosed with any of the 34 critical illnesses listed in the rider.

  1. Disability Rider

Under this rider, the life assured receives additional benefits on being afflicted with any of the disability covered by the rider.

  1. Accidental Death Benefit Rider

The double peril of medical expenses and permanent loss of income due to death of the bread earner can be emotionally as well as financially devastating for a family.

This is where the accidental death benefit rider under a HDFC term insurance policy can prove to be beneficial. Medical expenses are quite on the higher side when it comes to treating accidental injuries. Under this rider, the policyholder receives benefits on an accident leading to death.

  1. Waiver of Premium Rider

Under this particular benefit offered by HDFC term plans, in case of accident or mishap as listed in the rider, the policyholder is not required to pay future premiums for the policy.

Features of HDFC Term Insurance Plans:

  • Option to customize your HDFC term plan with a choice of 9 plan options
  • Waiver of premium on diagnosis of Critical Illness (available under 3D Life & 3D Life Long Protection options) and Accidental Total Permanent Disability (under all 9 plan options)
  • Flexibility to choose your premium payment and policy terms
  • Life Stage Protection feature offers to increase insurance cover on certain key milestones without medicals
  • Specialized premium rates for female lives
  • Discounted premium rates for non-tobacco users
  • Tax benefits as per prevailing tax laws 

Benefits of HDFC Term Insurance Plans:

1. Death benefit:

It is the sum of sum assured on death plus additional benefits.

  1. For single pay policies, it is higher of:
  • Guaranteed sum assured on maturity
  • 125% of single premium
  • Absolute amount assured to be paid on death
  1. For regular pay & limited pay policies, it is higher of:
  • Annualized premium * 10
  • Guaranteed Sum Assured on Maturity
  • 105% of the total premiums paid
  • Absolute amount assured meant to be paid at demise of the policyholder

2. Terminal Illness Benefit:

Under this benefit offered by HDFC term insurance plans, the payment of Death Benefit is accelerated and the policy will terminate thereafter. This benefit is available under all 9 plan options.

3. Benefit on Accidental & Total Permanent Disability (ATPD)

Under this benefit, all future premiums to be paid will be waived in a plan on ATPD. This benefit is also available under all 9 plan options.

4. Critical Illness Benefit

Under this benefit, all future premiums to be paid under a HDFC term insurance plan will be waived, if the policyholder is diagnosed with any of the listed critical illnesses. This benefit is applicable for only 3D Life & 3D Life Long Protection options.

5. Accidental Death Benefit

Under this benefit offered under the specific HDFC term plans, an Extra Life Sum Assured is paid besides the death benefit in case of death of the policyholder due to accident. This benefit is applicable only for Extra Life & Extra Life income options.

6. Maturity Benefit

Under this benefit, the entire premium paid till dates are returned back to the policyholder if s/he survives till the end of the policy term. This benefit is applicable only for Return of Premium option.

7. Life Stage Protection

Under this benefit, the policyholder gets the option to increase her/his basic Sum Insured without underwriting for any of the events that are below enlisted:

  1. 1st Marriage: 50% of Sum Assured subject to a maximum of Rs. 50 lakhs
  2. Birth of 1st child: 25% of Sum Assured subject to a maximum of Rs. 25 lakhs
  • Birth of 2nd child: 25% of Sum Assured subject to a maximum of Rs. 25 lakhs

This option is available for all the 9 plan options.

8. Top-up Options:

Under this option offered under the specific HDFC term plans, the policyholder may opt for a systematic increase of her/his cover from 1st policy anniversary onwards. This feature is available for all 9 plan options and has to be opted for at the time of policy inception.

Exclusions Under HDFC Term Insurance Plan:

  1. Suicide Clause:

In case of death due to suicide within 1 year from the date of inception of the policy, the policyholder’s nominee/beneficiary will be entitled to at least 80% of the premiums paid, provided the particular HDFC term plan is still active.

From the date of policy revival, the nominees/beneficiaries will be entitled to an amount which is higher of the surrender value or 80% of the premiums paid till the date of death as available on the date of death.

Additional Exclusions under Extra Life and Extra Life Income Options:

The company is not liable to pay accidental death benefit in case the death of the policyholder occurs after 6 months from the date of the accident.

Additionally, the company will also not pay accidental death benefit, if the accidental death occurs due to any of the following:

  • Intentionally self-inflicted injury or suicide, irrespective of the insured’s mental condition at the time of her/his death
  • Alcohol or solvent abuse, or drugs consumption except under the direction of a registered medical practitioner
  • War, hostilities, invasion (whether war is declared or not), rebellion, civil war or indulging in a riot or civil commotion
  • Indulging in any criminal act of
  • Indulging in any hazardous pursuit, hobby or racing sports

Additional Exclusions under 3D Life and 3D Life Long Protection options:

The company will not be liable to pay any benefit if the critical illness is caused by any the following reasons:

  • Death due to any of the mentioned critical illness conditions occurs within 30 days of the diagnosis.
  • Any critical illness related condition occurring within 90 days of the inception of the policy

*Rest as mentioned in the Extra Life and Extra Life Income Options

Claims at HDFC Term Insurance Plans:

Under HDFC term insurance plans, it is ensured that the customers experience a hassle-free and thoroughly designed claim experience. The company believes in offering fastest claim settlement service to its customers in their hour of need and its Claims Settlement Ratio reflects its belief.

  • As per IRDA latest reports, HDFC Life has honoured 97.62% individual claims and 99.67% Group claims.
  • The company follows the same day (within 24-hours) claims processing approach for all the claims that are made for the policies that have an inception date of over 3 years.
  • HDFC life insurance is also known to provide dedicated claims assistance at every step starting from form fill up to the required documentation.
  • To help the nominees/policyholders (in situations like critical illness benefit, etc.), the company has a tentative list of life insurance claim documents ready.

Documents Needed for HDFC Term Insurance Claim:

In the case of Natural Death:

  • Death certificate issued by Government or Relevant Authority
  • Original Policy Document
  • Death claim form (includes NEFT)
  • NEFT Account details
  • Identity and Residence Proof of the Claimant
  • Medical records at the time of death & past illnesses

In the case of Un-natural Death (Suicide/Murder/Accidental death):

  • Death certificate issued by Government or Relevant Authority
  • Original Policy Document
  • Death claim form (includes NEFT)
  • NEFT Account details
  • Identity & Residence Proof of the Claimant
  • Police Inquest Report and Panchnama along with FIR copy
  • Post Mortem Report

Please note that additional documents may also be requested depending upon individual cases

In the case of Critical Illness Claim:

  • Critical Illness claim form
  • Current and past medical records including hospital records, reports of diagnostic tests, etc
  • Original Policy Document
  • Identity & Residence Proof of the claimant
  • NEFT Account details

Please note that additional documents may also be requested depending upon individual cases

FAQs of HDFC Term Insurance Plans:

Q1) What can be done if the nominee doesn’t have the policy documents of her/his HDFC term insurance plan?

In such cases, the nominee can submit an Indemnity Bond in lieu of the unavailable/lost policy document. The indemnity needs to be executed on the stamp paper and duly notarized. The value of the stamp paper would be as applicable in the state.

The template for indemnity bond can be downloaded from: website.hdfclife[dot]tech/customer-service/claims

Q2) What all account proofs can be submitted to get the claim processed for a HDFC term insurance plan?

Original cancelled personalized cheque or original bank statement with pre-printed Account Number, IFSC code and the customer’s name on the same or copy of the bank passbook.

Q3) How long does a policyholder need to pay the premiums?

It depends upon the premium paying options the insured has chosen. There are 3 premium paying option available with the HDFC term plans:

Single pay – The policyholder needs to pay the premium for once

Limited pay– The policyholder needs to pay the premiums for the term chosen by her/him, starting from 5 to 39 years. The premium paying term can also extend to 49 years For Life, Extra Life, Income and Extra Life Income options.

Regular pay– The policyholder needs to pay the premiums for the entire policy term

Q4) How can an NRI policyholder change her/his address on a HDFC term insurance policy?

The NRI policyholder het her/his address changed by sending an email at NRIservice@HDFCLife[dot]com addressing the same. S/he also needs to send a self-attested photocopy of her/his new address proofs.

Q5) Whom should an NRI policyholder contact for policy related queries?

NRI policyholders can send an email at NRIservice@hdfclife[dot]com for their policy related queries and concerns.