HDFC Term Insurance

HDFC Term Insurance is one of the most popular and prominent protection plans created and introduced by HDFC Life. HDFC Life Insurance Company Limited is a joint venture between HDFC Bank Standard Life Aberdeen. With HDFC Term Insurance, you can provide a monthly income of Rs. 50,000 to your family at the cost of Rs. 23 a day in your absence.

"Life stage feature of HDFC Term Plans ensures your cover is enhanced as per your life stage requirements."

The three variants of term protection plans offered by HDFC Life are:

• HDFC Life Click 2 Protect Plus
• HDFC Life Click 2 Protect Health
• HDFC Life Click 2 Protect 3D Plus

HDFC Life Click 2 Protect 3D Plus

HDFC Life Click 2 Protect 3D Plus is a comprehensive term insurance plan from HDFC life insurance which is available online at an affordable price. The 3D in the name of the plan stands for three uncertainties of life which are mainly Death, Disease and Disability. With this term plan you get to shield your financial protection against these dreaded possible events. HDFC Life Click 2 Protect 3D Plus term plan gives you the flexibility of 9 plan options to select as per your individual requirements.

Features

Click 2 Protect Health

This term insurance plan is in collaboration with two world class life and health insurance companies, HDFC life and Apollo Munich Health Insurance. This plan provides you dual benefit of health and life insurance in a single affordable term plan.

Features

Life Protection

• The plan provides financial protection to you and your family for a very cost effective monthly premium
• You can customise your plan as per your requirements with 9 different plan options
• Low premium rate advantage for female lives and non-tobacco users
• Option to protect yourself for whole life with limited premium payment term
• Update life cover as per life stage requirements and on key milestones
• Tax benefits as per prevailing income tax laws

Health

• Restore your sum insured in case it gets exhausted during the policy year
• Multiplier benefit which increases your basic sum insured by 50% for every claim free year
• Offers lifelong renewal if there is no break in the policy and on continuous renewal
• Cashless transactions at more than 4500 network hospitals in 830 cities across India
• Easy upgrade option of the health insurance plan at the time of renewal
• No extra loading charges based on claims

HDFC Life Click 2 Protect Plus

HDFC Life Click 2 Protect Plus term insurance plan safeguards the future of your family for a nominal premium cost. The plan guards you and your family against the risks that life may throw at you. The term insurance offers wide range of coverage options which you can pick depending upon your individual needs. The plan has multiple payment options so the death benefit can be optimally utilised by the beneficiaries.

Features

• The term plan gives you 4 different cover options and offers flexibility to choose one that best suits your needs and requirements.
• The term plan has monthly income feature under income and income plus option so your loved ones don’t miss the monthly income support in your absence.
• Cover can be increased under key milestones to ensure right coverage at all times
• Option to attach riders like accidental disability and critical illness for added protection
• Policy term options to choose from 10 years to 40 years
• Select premium paying terms as per your choice
• Avail tax benefits under prevailing income tax laws

HDFC CSC Suraksha Plan

The Common Services Centre (CSC) is a strategic cornerstone of the National e-Governance Plan (NeGP), approved by the Government in May 2006, to introduce e-governance on a massive scale in Rural India. Each CSC serves a cluster of 6-7 villages (approximately 1400 households), thereby covering more than 6.5 lakh villages across India. The CSCs are being looked at as a change agent, not only as service delivery points, but also as key contributor in promoting rural entrepreneurship, building rural capabilities and livelihoods by enabling community participation and thus, leading to a collective social change. In order to facilitate inclusion of this section of the population into mainstream insurance, HDFC Life has launched CSC Suraksha.

HDFC CSC Suraksha Plan offers a benefit amount to the beneficiary on the death of the life insured during the policy tenure. This enables the policyholder to ensure the financial stability of his/her family and fulfil their future aspirations, even in his/her absence.

Features

• Once the Death Benefit is paid to the beneficiary, the policy stands terminated. It also implies that the policyholder or the beneficiary will no longer be eligible for any benefits of the policy.
• The beneficiary can avail the Death Benefit after the policyholder’s death only when the premiums have been paid up-to-date by the policyholder till his/her death and that the policy is in force at the time of the claim.
• As per this Death Benefit, the beneficiary receives an amount that is one of the following three, whichever is the highest: Sum assured or 105% of the entire premium paid till the time of demise, or 10 times the annualised premium.
• The annualised premium offered as a part of Death Benefit is not inclusive of the loadings for modal premiums and any amount paid as taxes, such as service tax, education cess, etc.
• There is no maturity benefit available in this plan.
• Surrender Value is not applicable for this HDFC term insurance policy.
• The premium payment will be equivalent to the policy tenure.
• Premium payments can be done monthly, quarterly, half-yearly or yearly.
• Includes tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, except on certain terms and conditions.
• This HDFC term insurance plan is issued instantly and the process is quick and paperless

Eligibility Details

• Low Premiums

  Term insurance is known for the convenience of offering low premiums as compared to other categories of life insurance policies. The lower your age, the lower will be your premium eligibility. The premiums are even lower for term insurance policies purchased online.

• Pure Life Cover

  ‘Pure life cover’ implies that term insurance includes only the benefits of an insurance plan and does not have any investment component. All that the policyholder needs to do is pay the pre-determined premiums within the stipulated due dates to ensure the financial protection for his/her family in case of his/her unexpected death during the policy term..

• Death Benefit

  On the death of the policyholder during the policy term, term insurance either offers a mix of lump sum and monthly income, or lump sum with increasing monthly income, as opted for by the policyholder. This enables the family to meet regular expenses and also tackle the inflationary impact, even when he/she is not around.

• Add-on Riders

  A varied range of add-on riders available with basic term insurance plans enhance its effectiveness. These riders are offered on an additional payment over and above the premium payment for the basic plan. Some of the popular riders are Critical Illness rider, Personal Accident rider, Waiver of Premium (WoP) rider, etc.

• Tax Benefits

  Term insurance plans offer tax benefits of up to Rs. 1.5 lakh on annual premium payments as per Section 80C of the Income Tax Act, 1961. There are also tax benefits of a maximum of Rs. 1.5 lakh on certain pay outs as death benefit on the demise of the policyholder. The Maturity and Death Benefit are fully exempt as per Section 10 (10D) of the Income Tax Act, 1961.

• Proof of Age (PoA)
• Proof of Address
• Proof of Identity (PoI)
• Proof of current income
• Results of medical tests, as asked by the insurance company

Term Insurance exclusions

Suicide clause

Death benefit cannot be availed if the policyholder, whether sane or insane, commits suicide within 12 months from the date of the start of the policy term. The nominee defined in the policy document will only get 80% of the premiums paid. If death occurs due to suicide within 12 months of reviving the policy, the nominee will get only 80% of the premium paid.

Accidental death benefit exclusion

• Accidental death benefit cannot be availed if the death of the policyholder happens after 180 days from the date of the accident, death due to self-inflicted injury, suicide regardless of mental state.
• Death due to drug abuse except under the guidance of a registered medical practitioner
• Participation in war, riot, revolution, civil war etc.
• Participation in flying activity other than as a passenger in a licensed aircraft
• Take part in any activity of crime nature and intent
• Adventure sports or race unless mentioned and agreed in terms and conditions of the policy during underwriting.

Critical Illness Exclusions

• If death occurs within 30 days of diagnosis
• Any sickness condition manifesting within 90 days of the start of the policy

HDFC offers comprehensive and wide variety of Term Insurance plans for selection. It includes almost all the features in the term plans that are being offered in the insurance industry by other insurers. It also has a unique term and health insurance combined combi plan which is a good mixture of insurance for an individual. HDFC Life also has good claim settlement ratio highlighting the seamless and hassle-free claim settlement process of the company. If you are looking for a term plan, HDFC term plans are worth a look and good buy for the financial protection of your loved ones.