HDFC Life Insurance
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HDFC Life Insurance

HDFC Life insurance Company Ltd. was founded in the year 2000. This long-term life insurance provider offers both individual and group insurance policies. The insurance company has 421 branches and is present in around 980+ towns and cities in India. It even has its own liaison office in Dubai. It deals with a wide range of products such as Pension, Protection, HDFC Life Savings & Investment, Child, Women, and Health plans. In the financial year 2018-2019 alone, HDFC Life insured over 5.1 crores of lives and was awarded the Best Life Insurance Company at the BFSI Awards 2018.

Awards and Recognition

awards
  • HDFC Life Insurance company won the 'Project Evaluation & Recognition Program' for Policy Loans in the service sector.
  • The company was recognized as a 'Great Place to Work' for the 10th time and was amongst India's 'Top 75 Best Workplaces' in BFSI 2020.
  • HDFC Life was awarded the 'Most Innovative Insurer - Life Category' award, at the FICCI Insurance Industry Awards 2020.
  • HDFC's 'Click2Protect 3D Plus' plan was selected as the winner of the Best Term Plan of the Year 2020 category award by the jury of The Business Today - Money Today Financial Services Awards.
  • The innovations team of the company won the award for their 'FaceSence' project in the BFSI category.
  • Minister of State for Finance & Corporate Affairs-GOI awarded HDFC Life's Swabhimaan initiatives with the 'Change Maker Award 2020'.
  • The company received the 'ICAI Silver Award' for excellence in Financial Reporting for the company Annual Report 2018-19 in the Life Insurance category.
  • National Award 2012- for excellence in the cost management.

Key Features of HDFC Life Insurance

There are several Life insurance plans available in the market but one must choose an Insurer & Insurance policy as per the needs & requirements. Therefore, it is crucial to compare different plans from different companies to make an informed and beneficial decision.

We at PolicyX.com have listed some of the key features of the company such as its claim settlement ratio, solvency ratio, market share, etc for your clearer understanding.

Take a look below to get an insight into the company's performance and choose your HDFC Life Insurance plans:

1 Solvency Ratio

The solvency ratio is one of the important criteria that should be taken into consideration while selecting an insurer to buy a policy.

The solvency ratio measures the ability of an insurer to meet its prolonged debt obligations and other financial commitments. In other words, it determines whether the cash flow is meeting the company's short and long-term liabilities or not. IRDAI has made it mandatory for all the insurers to have a healthy solvency ratio of at least 1.5 (Solvency margin - 150%). The solvency ratio of HDFC Life Insurance is 1.91 that fulfills the IRDAI's set standards.

Let's take a look at the graph below for a better understanding.

Solvency Ratio of HDFC Life Insurance as per IRDAI for FY 2016-20

Solvency Ratio of HDFC Life Insurance FY 2016-20

Let's understand this with an example.

When you buy a life insurance policy, you are required to pay regular premiums so that in any kind of unfortunate event, you can file a claim to receive the financial coverage from the company. To do so, the insurer must be in a good financial position. This is where the solvency ratio comes into play. The company's solvency ratio helps you assess the settling of insurance claims.

The below mentioned graph represents the Quarterly Solvency Ratio of HDFC Life Insurance FY 2019-20.

Quarterly Solvency Ratio of HDFC Life Insurance FY 2019-20

Quarterly Solvency Ratio of HDFC Life Insurance 2019-20

If you want to check the solvency ratio of life insurers, refer to the IRDAI Annual Reports.

2 Market Share

Market share provides information about the business volume and helps you to analyse company's growth in terms of its annual gross premium collected in a year.

As per the IRDAI Annual Reports, in the financial year 2016-17, the annual premium of the company was Rs. 8,696.36 Crores that increased to Rs. 17,238.45 Crores in FY 2019-20.

Annual Gross Premium of HDFC Life Insurance 2016-20

Annual Gross Premium of HDFC Life Insurance 2016-20

For your better understanding, we have compared the HDFC Life insurance company with other private-sector insurers.

3 Claim Settlement Ratio

This is the percentage of life insurance claims paid out of the total claims filed in a financial year. The higher the ratio, the better it is. HDFC Life Insurance's claim settlement ratio is at 99.07% for the financial year of 2019-20. While checking the claim settlement ratio, it is also important to check the total number of claims settled.

Given below is a graph that illustrates the increase in the CSR of HDFC Life Insurance company.

Claim Settlement Ratio (CSR) of HDFC Life Insurance 2016-20

Claim Settlement Ratio (CSR) of HDFC Life Insurance 2016-20

Given below is a graph that shows the comparison between HDFC Life Insurance and other top life insurers.

Claim Settlement Ratio of HDFC Life Insurance & other top Life Insurers (2019- 2020)

Claim Settlement Ratio of HDFC Life Insurance & other top Life Insurers (2019- 2020)

4 Operating Network

HDFC Life Insurance Company has 420 offices across India and additional distribution touch-points through several new tie-ups and partnerships. Apart from its PAN India presence, it has more than 300 partnerships, comprising traditional partners such as SFBs, MFIs, and NBFCs.

We have summarized the above information in a tabular form. Go through the table carefully before choosing a plan.

Solvency Ratio1.91
Annual Gross Premium 2019-2017238.45 Crores
Market Share (in %)6.64%
Claim Settlement Ratio (CSR)99.07%

Products Offered By HDFC Life Insurance

HDFC Life Insurance offers various insurance products ranging from term to child plans. The different products offered by the company are:

Term Insurance PlansSavings Plan ULIP PlansRetirement Plans Health Plans Child Plans Woman PlansCombo Plans

Term Insurance Plans

If someone wants to ensure the financial stability and full protection of their loved ones in case of an unforeseen demise, then term plans offered by HDFC Life Standard can be their savior. It provides coverage for a certain period of time or years. Hence, if the insured person dies when the policy is active, the nominee will receive the death benefit. 

Savings Plan

HDFC Life Insurance Policy offers Saving plans that offer you several ways to save and grow your money. These saving plans ensure that your investments are systematic and disciplined in order for you and your family to achieve financial goals. 

Retirement Plans

In order to attain financial security after retirement, HDFC Life Standard provides Retirement and Pension plans so that even if your professional income or savings decrease gradually, you won't need to compromise your living standards. Considering the way the cost of living is increasing by the day, retirement plans have become all the more essential for survival. 

Health Plans

HDFC Life policy offers a variety of Health Insurance Plans and Mediclaim Policies to help policyholders meet health-related contingencies. Such plans cover critical illness expenses, hospital expenses, surgical expenses, and so on. 

Child Plans

HDFC Life Insurance company limited brings forth plans to empower your child's dreams, which will help you live as proud parents for the rest of your life

Woman Plans

HDFC Life standard provides necessary solutions that cater to the various financial needs of a woman. The plan is curated to suit a woman's needs at various stages of her life; protection, health, retirement, long-term savings and investments, and child's education. 

Combo Plans

HDFC Life Insurance company limited ensures that with their combo plans one can secure their family's future with lifelong regular income and assured benefits.

HDFC Life Insurance Plans

We are presenting to you the different plans offered by HDFC Life insurance. Take a look at the below section to HDFC Life Insurance plans and choose your ideal plan:

Type of PlansHDFC Life Insurance Plans
TermHDFC Life Click 2 Protect life
HDFC Life Saral Jeevan Bima
Click 2 protect Corona Kavach
Click 2 Protect Health
SavingsHDFC Life Sanchay Plus
HDFC Life Sanchay Par Advantage
HDFC Life Sanchay
HDFC Life Sampoorna Samridhi Plus
HDFC Life ClassicAssure Plus
HDFC Life Super Income Plan
HDFC Life Uday
HDFC Life Pragati
ULIPHDFC Life Click 2 wealth
HDFC Life Click 2 invest
HDFC Life SLProgrowth flexi
HDFC Life Sampoorna Nivesh
HDFC Life ProGrowth Plus
HDFC Life SL ProGrowth Super II
HDFC Life SL Crest
HDFC Life Capital Shield
Pension/RetirementHDFC Life Pension Guaranteed Plan
HDFC Life Guaranteed Pension Plan
HDFC Life New Immediate Annuity Plan
HDFC Life Assured Pension Plan - ULIP
HDFC Life Personal Pension Plan
HDFC Life Click 2 Retire
ChildHDFC Life SL Youngstar Udaan
HDFC Life Cancer Care
HDFC Life Easy Health
HDFC Life Youngstar Super Premium
WomenHDFC Life Click 2 Protect life
ComboHDFC Life Sanchay Maximiser

Buying Process Of HDFC Life Insurance Plans

There are two ways through which you can invest in HDFC Life Insurance Policy- via PolicyX.com and the official website of the company. Let's discuss the steps further. Follow the below-mentioned steps to buy your HDFC Life Policy:

Buying process of HDFC Life plans through PolicyX.com

  • Scroll up to 'Free Quotes From Top Companies' given at the top right corner of this page. Submit basic details such as DOB, annual income, gender, etc. Tap on 'Continue'.
  • Provide your phone number, name, and city. Tap on 'proceed'. Check the available quotes from the top insurance companies in India.
  • Choose the desired plan and tap on 'Invest' at the right corner of the chosen plan. Click on 'Proceed to Buy'. Enter your 'E-mail ID' and 'Submit Details'.
  • It will take you to the company's official website. Make the payment using available payment options.
  • You will receive a confirmation along with the policy documents at your registered email address.

Buying process of Online Insurance HDFC Life insurance plan through HDFC Life official website

  • Visit the official website of HDFC Life Insurance Company. Click on the 'Investment Plan'. Scroll down to the plan section.
  • Select the plan that you want to buy and click on 'Buy Online. Confirm the details and click on the 'Calculate Button'
  • Analyze the plan and confirm the details. Click on the 'Buy Now Button' and 'Fill in the details and Click Pay Now'.
  • Complete the application form with your personal and professional life and your health details.
  • Review your details and make the payment. The company will share the policy documents at your registered Email address.
Buying Process Of PolicyX website
Buying Process Of HDFC Life Insurance Plans

How To File a Claim Under HDFC Life Insurance Policy?

HDFC Life allows you to make quicker, simpler, and more efficient claims by using their online platform. To do so, you must follow the subsequent steps:

  • Visit HDFC Life's official website
  • Scroll Down to the "Make a Claim" section and click on "Submit Claim".
  • The "How to make a claim" provides you with a link to make Individual death claims. Click on the option "Click Here" to proceed.
  • Verify the policy details, submit life assured details, and submit the nominee's details along with the necessary documents.
Documents Required for Smooth Claim Process

HDFC Life will contact you with acceptance or rejection of your claim settlement. Meanwhile, if you wish to track your claim, you can do so by clicking on the 'Track Claim' option available on the home page.

Additionally, you can choose to visit the branch by clicking on the branch option in the 'How to Make a Claim' section. It will redirect you to HDFC Life Branch Locator, using which you can find your nearest HDFC Life branch and file for settlement.

Documents Requirement for Smooth Claim Process

To process your HDFC Life plans claim smoothly and efficiently, you need to submit the below-mentioned documents:

For Natural Deaths

  • Certificate of death issued by Government/ Relevant Authority
  • Claim application for Death
  • Original Policy Documents
  • Address proof and identity of the claimant
  • Medical documents at the time of Death & Illnesses

For Unnatural Deaths

  • Certificate of death issued by Government/ Relevant Authority
  • Claim application for Death
  • Police records attested by police authorities
  • Post-mortem attested by hospital authorities
  • NEFT Account details
  • Address proof and identity of the claimant
  • Address proof and identity of the claimant
  • NEFT Contact details
Documents Required for Smooth Claim Process

Contact Details of HDFC Life Insurance

Company's Address: HDFC Life Insurance Company Limited, Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011.

Customer Care Toll-Free Number: 1800-266-9777

Email: service@hdfclife.​com

HDFC Life Insurance: FAQs

1. I have insurance cover from my organization. Do I still need a term plan?

The insurance from your company will last as long as you remain in the organization. Once you leave, the insurance coverage won't be valid. Hence, it is better to opt for a term plan irrespectively.

2. How does HDFC Life deem a life assured as critically ill?

The life assured will be considered critically ill if (s)he is diagnosed by at least two independent medical practitioners who specialize in the treatment of such illness. Furthermore, the assured life must have high chances of death within 6 months as per their opinions.

3. With HDFC Life Click 2 Wealth, can I invest in Bond Fund and Liquid Fund?

Yes. With a Systematic Transfer Plan, you can invest a fixed amount of monthly installments in any one of the following funds: Blue Chip Fund, Equity Advantage, Discovery Fund, Opportunities Fund, Balanced Fund, or Diversified Fund.

4. How is the Cash Bonus payable calculated under the HDFC Life Sanchay Par Advantage plan?

Cash Bonus payable=Cash Bonus Rate x Annualized Premium

5. How is the Guaranteed Addition calculated for the HDFC Life Sampoorn Samridhi Plus Plan?

  • 3% p.a. for 15-19 years of the policy term.
  • 4% p.a. for 20-24 years of the policy term.
  • 5% p.a. for 25 or more years of the policy term.

6. What is the premium allocation charge?

There is a premium-based charge, which after deducting from your premium is used to buy units. The percentage of your premium that is utilized to buy units is called the Premium Allocation Rate. This charge is guaranteed for the entire term of the policy

7. What is the severity group considered in the case of the First Heart Attack under HDFC Life Cardiac Care?

First Heart Attack comes under Group A of High Severity Condition.

8. What is the starting premium rate and payment frequency for HDFC Life Smart Woman Plan?

The starting premium for HDFC Life Smart Woman Plan is Rs 24,000 per year and the only payment frequency is an annual mode.

9. What all factors should be considered before buying an HDFC Life Insurance Plan?

Learn about your insurance requirements

Different insurance plans address different financial needs. The selection of plans depends on your life goals and styles that help you achieve a financially secure and happy life.

Determine your Coverage amount

One should determine the amount of coverage carefully as it depends on his/her future financial requirements as well as on the inflation factor.

Get insured at early ages

Age is considered one of the important factors for calculating premiums. Earlier you avail insurance, the younger you are, the lesser the premium rates. So it is always better to start early to secure your future for the long-term with a low-cost cover.

Understand Terms and Conditions

Read the insurance product brochure carefully before buying as most plans have certain T&Cs under which the benefits are withheld. Be aware of all the exclusions.

Provide Truthful Information

Ensure that the details you provide to the HDFC Insurance company should be true. Providing wrong or false information may lead to the rejection of your claim application form.

Buying Online

HDFC Life Insurance offers an online mode for purchasing policies that are quite fast and convenient. With this mode, all charges are transparent with no hidden information, and minimum paperwork is required.

10. Does Online Insurance HDFC Life Click 2 Protect 3D Plus offers any customization?

Yes, the plan allows you to customize your online term plan with a choice of 9 plan options. The 9 plan options are divided into two categories - Lump Sum and Lump Sum + Monthly.

11. How can I get the premium receipt of HDFC Life Online Insurance?

You can contact HDFC Life Insurance Company by contacting it through various portals, such as:

  • You can get a premium receipt from the 'E-Service' section of My Account.
  • You may also file a premium receipt request via HDFC Life's IVR by following the prompts and selecting option 2 >> Request>> and then pressing 1.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.5/5 (29 Total Rating)

September 21, 2021

Sukhi Singh

Allahabad

very decent customer support at policyx.com! my benefits and features of click 2 retire was detailed and i have no confusion

September 20, 2021

Kanak Deol

Chandigarh

had a good discussion with one the agents at policyx,com! i mean the person was deeply knowlegeable and it was very helpful! Will recommned going forward!

September 20, 2021

Surbhi Verma

Mysore

I bought the click 2 protect plan to secure myslef...I think policyx did a fab job piking the right plan for me! got a decent bunch of benefits

September 17, 2021

Kanak Goel

Mumbai

This is the second term plan that I m buying from policyx.com. I want to make sure my family has enough after my death so I figured HDFC was a safe bet

September 16, 2021

Kinshuk Chabra

Bhopal

with corona and my brother s death due to it, our entire family was in shock. but I went to personally claim the policy after hs death ...it was policyx which guided me and made sure that process was smooth

Last updated on August, 2021

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