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HDFC Investment Plans: Overview
HDFC Life Insurance Company was founded in the year 2000 as a partnership between HDFC Limited and Standard Life Aberdeen PLC. HDFC Life offers a wide range of pension, savings, investment, and health insurance products.
HDFC Investment Plans are designed to help policyholders build savings habits and achieve good returns when needed. They usually provide a fixed maturity benefit amount at the end of the policy term. Read more to find out about the various HDFC investment plans offered by HDFC Life.
Key Offerings of HDFC Investment Plans
- Guaranteed Returns
- Death Benefits
- Participation in Profits
- High Sum Assured Rebates
Features of HDFC Life Insurance
- Good Solvency Ratio: HDFC Life Insurance has a Solvency Ratio of 2 as per the IRDAI annual report 2022-23.
- Highest Claim Settlement Ratio: As per the IRDAI annual report of 2022-23, the claim settlement ratio of HDFC Life Insurance is 99.39%.
- Annual Premiums: As per the annual report of IRDAI 2022-23, the annual premium of HDFC Life Insurance is Rs. 57,533.42 Cr.
- Pan-India Presence: HDFC Life has a Pan-India presence with over 500 branch offices across India.
Exclusions of HDFC Life Investment Plans
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Benefits of HDFC Life Investment Plans
There are multiple benefits of HDFC Life Investment Plans. Read below to understand the various advantages provided by the insurer.
Guaranteed Maturity Benefit
HDFC Life Investment Plans offer guaranteed maturity benefits once the policy matures, along with applicable additions and bonuses.
Income Option Choice
HDFC Investment Plans offer the flexibility to choose income as a lump sum or regular payments.
Flexible Coverage Options
HDFC Investment Plans offer various coverage options, allowing you to select a plan that meets your specific needs.
Optional Riders
HDFC Investment Plans allow you to add optional riders as per your requirements by paying an additional premium.
Tax Benefits
Tax benefits can be availed for premium payments of HDFC Investment Plans under the Income Tax Act, 1961.
Riders You Can Avail With HDFC Investment Plans
| Name of the Rider | Benefits |
|---|---|
| HDFC Life Income Benefit on Accidental Disability Rider | In case of any unfortunate incident during the policy term, with HDFC Life Income Benefit on Accidental Disability Rider, you can receive additional income benefits over and above your sum assured. |
| HDFC Life Critical Illness Rider | In case you are diagnosed with any of the 19 critical illnesses mentioned in the brochure, a lump sum benefit equal to the rider sum assured would be paid to the policyholder. |
Documents Required to Purchase HDFC Investment Plans
Here is the list of documents required to buy HDFC Life Investment Plans:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving License (any one).
- Age Proof: Passport, Aadhaar card, PAN card, Driving License (any one).
- Address Proof: Utility Bill, Passport, Voter ID, Ration Card (any one).
- Medical Records: Medical Records (if requested).
- Income Proof: Bank Statement, Last three months' salary slips (for salaried individuals) (any one).
How to Calculate Premiums
- Visit the official website of HDFC Life Insurance Company.
- Click on 'Investment plans' on the navigation bar and select the plan you want to buy.
- Click on the 'Buy Now' button and fill in the required details.
- Click 'Next' and select a plan as per your requirements.
- Select the cover option you want and make your payment. Once the payment is made, a confirmation will be sent to your registered email address.
How to Port Your Policy
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), then proceed to pay.
