HDFC Life Insurance
HDFC Life Insurance
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HDFC Life Insurance

HDFC Life Insurance Company Ltd. is one of the leading life insurance companies and was founded in the year 2000. Headquartered in Mumbai, 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, Savings & Investment, Child, Women’s, 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.

Highlights

Claim Settlement Ratio99.03%
Duration for Claim Settlement1 Day
Assets Under Management1,25,552 Crores
Sum Assured608,820 Crores

**Last Updated on 28-05-2020

HDFC Life Insurance Plans

1. HDFC 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 can be their saviour. 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. Following are the term plans offered by HDFC Life.

i) HDFC Life Click 2 Protect 3D Plus

As an online term insurance plan, HDFC Life Click 2 Protect 3D Plus offers comprehensive security at affordable rates. The term 3D is derived from the three uncertainties that everyone faces in their lives- Death, Disability, and Disease.

Features

  • Customizable online term plan with 9 plan options to choose from.
  • All pending premiums are waived off on Accidental Total Permanent Disability and on the diagnosis of Critical Illness.
  • Policy and premium payment terms are flexible to choose from.

Plan Options and Their Benefits

The 9 plan options are divided into two categories - Lumpsum and Lumpsum + Monthly.

Lump Sum where the nominee will receive the entire amount as a death benefit. The 6 plans that fall under this category are:

  • Life Option where an immediate payout of sum assured on death or diagnosis of terminal illness is released, and the premium is waived off upon Total Permanent Disability due to accident.
  • Extra Life Option, apart from what Life Option offers, gives additional payout in case of death due to accident.
  • 3D Life Option, though similar to Life Option, also offers to waive off on premium if diagnosed with any of the 34 covered critical illnesses.
  • Along with the basic benefits, Life Long Protection Option offers the benefit of paying premiums only till the age of 75 and staying covered for the whole life.
  • Life-Long Protection Option can be extended to 3D Life Long Protection Option that makes you pay premiums only till you are 65 and waives off future premiums upon diagnosis of any of the 34 critical illnesses.
  • Return of Premium Option offers survival benefit by releasing the total premium to the policyholder if they survive till the end of the policy along with other Life Option benefits.

Lump Sum + Monthly where the beneficiary will receive a lump sum upon the policyholder’s death along with monthly income for a specified duration. The three options that fall under this category are:

  • Income Option provides lump-sum benefit on death or diagnosis of terminal illness and waives off all the future premiums in case of Total Permanent Accidental disability. It also offers a monthly payout for a period of time.
  • Extra Life Income Option provides an extension on the basic plan with an additional payout on death due to accident.
  • Income Replacement Option will protect the nominee by providing income in the policyholder’s absence. They will also receive 12 times the applicable monthly income as a lump sum and upon death or diagnosis of a terminal illness. Also, all their future premiums will be waived off in case of total permanent accidental disability.

Eligibility

ParametersLife Option3D Life Option, Extra Life Option, Income Option, Extra Life Income OptionIncome Replacement Option, Return of Premium OptionLife Long Protection Option3D Life Long Protection Option
Age at Entry (in years)18 to 6518 to 6525 to 65
Age at Maturity (in years)23 to 85Whole Life
Policy Tenure (in years)5 to 855 to 40Whole Life
Sum AssuredMinimum Sum Basic Sum Assured of Rs. 10,000

**Last Updated on 28-05-2020

ii) HDFC Life Click 2 Protect Plus

With a wide range of additional coverage options, one can purchase this protection plan to safeguard your loved ones. It even allows you to secure your family’s everyday requirements when you are not around in the form of monthly income under Income and Income Plus options.

Features

  • Flexibility to choose your cover option from the four- Life option, Extra Life Option, Income Option and Income Plus Option.
  • Flexibility in policy’s tenure and premium paying term.
  • Choice of adding riders for protection against Accidental Disability or Critical Illness.

Plan Options and Their Benefits

Death Benefit as 125% of Single Premium or Sum assured for Single Premium Policy, and 10 times annualized premium, 105% of the total premiums paid or Sum Assured for Regular Premium Policy. The four plans and their benefits are:

  • Life Option gives death benefit in the form of a lump sum upon the death of the policyholder.
  • Extra Life Option provides a death benefit in the form of a lump sum along with extra benefit which is equal to the Sum Assured payable in case of accidental death.
  • Income Option gives 10% of the death benefit as a lump sum upon death and 90% as monthly income over the subsequent 15 years.
  • Income Option Plus provides 100% death benefit paid as lump sum along with monthly income equal to 0.5% of the Sum Assured for a period of 10 years.

Eligibility

CriteriaLife OptionExtra Life OptionIncome OptionIncome Plus Option
Age at Entry (in years)18 to 65
Age at Maturity (in years)23 to 8523 to 75
Policy Tenure (in years)5 to 85 (minus) Age at Entry10 to 40
Sum AssuredMinimum of 25,00,000

**Last Updated on 28-05-2020

iii) Click 2 Protect Health

HDFC Life along with Apollo Munich Health Insurance has brought forth the benefits of life and health insurance in one affordable and comprehensive term plan, Click 2 Protect Health.

Features

  • Increase insurance cover on reaching key milestones without medicals.
  • Top-up option for flexibility to increase your cover every year.
  • Life long cover options for lifetime protection.

Plan Options and Their Benefits

  • Provides tax benefit under section 80C, 80D and 10D of the Income Tax Act, 1961.
  • 5% discount on the total premium.
  • Top up of cover from the 1st policy anniversary onwards.
  • Automatically reinstate the basic sum assured with Restore Benefit in case you exhaust it in the first policy year.
  • In case of one claim-free year, your basic sum assured will be increased by 50% as no claim bonus with Multiplier Benefit. Upon having a second claim-free year, your basic sum insured will double to 100%.
  • Preventive Health Checkup benefit is offered at the renewal irrespective of the number of claims made.
  • Critical Advantage Rider will cover you worldwide at HDFC life’s network centres against treatment expenses for 8 major illnesses.
  • You can transfer from your existing health insurance provider to Apollo Munich under Portability benefit and avail all the benefits.

Eligibility

CriteriaHealth
Age at Entry91 days to 65 years
Age at Maturity (in years)Life long upon continuous renewals
Policy Tenure (in years)1 year or 2 years
Sum Assured3,00,000 to 50,00,000

**Last Updated on 28-05-2020

2. HDFC Life Investment Plans

HDFC Life Investment plans are life insurance plans that offer you several ways to save and grow your money. These investment plans ensure that your investments are systematic and disciplined in order for you and your family to achieve financial goals.

i) HDFC Life Click 2 Wealth Plan

It is a non-participating unit-linked life insurance plan that offers market-linked returns and provides valuable financial protection for you and your family at minimal charges.

Features

  • Benefit from market-linked returns.
  • Minimal charges that include Fund Management charge toward managing your funds and Mortality charge that offers life cover.
  • Your fund for the first five years will have 101% of premium allocated to it.
  • Upon maturity, mortality charges will be refunded under the Return of Mortality Charges.

Plan Options and Their Benefits

  • Invest Plus Option that gives accumulated Fund Value upon maturity of the policy and returns the mortality charges.
  • Premium Waiver Option, in addition to Invest Plus option’s benefits, waives off all the future payments in case of death of the policyholder. The policy will continue under the risk cover for the policyholder and the Fund Value that has been accumulated will be paid upon Maturity.’
  • Golden Years Benefit Option helps you stay covered for your whole life. The accumulated Fund Value and mortality charges that you receive upon maturity at the end of the policy will instead be added to the Fund Value when the policyholder turns 70.

Eligibility

CriteriaInvest PlusPremium Waiver OptionGolden Years Benefit Option
Age at EntryLife Assured: 30 days to 60 yearsLife Assured: 30 days to 60 years
Proposer: 18 years to 65 years
Life Assured: 30 days to 60 years
Age at Maturity (in years)18 years to 75 years99 years
Policy Tenure (in years)10 to 40 years99 minus Age at Entry

**Last Updated on 28-05-2020

Sum AssuredParametersBoundary Conditions
Single Pay for Invest Plus1.25 x Single Premium
Regular & Limited Pay10 x Annualized Premium
Top-up1.25 x Top-up Premium

**Last Updated on 28-05-2020

ii) HDFC Life Sanchay Par Advantage

If you want to avail a cover for a lifetime (up to 100 years of age) and generate a regular income, HDFC Life Sanchay Par Advantage is the plan for you. It helps a great deal in building a corpus to achieve the goals you have planned for your future.

Features

  • Protect yourself with life cover up to age 100 years.
  • The survival benefit payouts can be flexibly accrued either in the form of Immediate Income or Deferred Income.
  • Payout date for survival benefit can be flexibly chosen.
  • Eligible for tax benefits as per Income Tax, 1961.

Plan Options and Their Benefits

  • Immediate Income Option gives regular income in the form of cash bonuses, if declared, from the first policy year until death or end of the policy. It also provides a lump sum at the time of maturity. The death benefit includes sum assured + accrued cash bonuses (if not paid earlier) plus Interim Survival benefit plus Terminal Bonus (if declared).
  • Deferred Income Option provides guaranteed income for a specific period of time along with regular income in the form of cash bonuses, if declared, throughout the term of your policy. It also provides a lump sum at the time of maturity. The death benefit, along with the rest, will include Guaranteed Income if it was not paid earlier.

Eligibility

CriteriaMinimumMaximum
Age at Entry30 daysImmediate Income: 65 years
Deferred Income: 55 years for PPT 8 years
60 years for PPT 10,12 years
Age at Maturity (in years)100 years (maximum)
Policy Tenure (in years)100 minus the Age at Entry or the chosen (fixed) policy term ranging between 30-40 years
Sum Assured3,00,000 and above, subject to Board Approved Underwriting Policy (BAUP)

**Last Updated on 28-05-2020

iii) HDFC Life Sanchay Plus

HDFC Life Sanchay Plus Offering guaranteed returns, this non-participating and non-linked savings plan are made to protect you and your family. It helps you achieve personal milestones that come with added expenses and responsibilities.

Features

  • Life cover to protect the family’s future.
  • Tax Benefits as per Income Tax Act, 1961.

Plan Options and Their Benefits

  • Guaranteed Maturity Option that ensures you get lump sum upon maturity of your plan.
  • Guaranteed Income Option that offers maturity benefit in the form of regular income. It is fixed for a term of 10 or 12 years.
  • Life Long Income Option gives you maturity benefit too, but up until the age of 99 years. Additionally, it provides a return of total premiums paid by the end of the payout period.
  • Long Term Income Option offers regular income for a fixed term of 25 or 30 years along with the return of overall premiums paid at the end of the payout term.

Eligibility

CriteriaGuaranteed IncomeGuaranteed MaturityLong Term IncomeLife Long Income
Age at Entry (in years)5 to 6050 to 60
Age at Maturity (in years)18 to 73 years18 to 8018 to 7156 to 71

**Last Updated on 28-05-2020

iv) HDFC Life Click2Invest ULIP - Online Unit Linked Insurance Plan

This insurance plan offers you market linked returns along with financial protection for your family at minimal charges.

Features

  • 3 premium payment options to choose from- Single, Limited for 5, 7 and 10 years, and Regular.
  • Flexibility to choose the length of your policy term from 5 to 20 years.
  • Avail tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961

Plan Options and Their Benefits

  • Death Benefit includes the sum assured, fund value and 105% of the premiums paid.
  • Maturity Benefits are paid out upon survival until the end of the policy. The Fund Value will be released as Maturity Benefit.
  • Premium allocation, Policy administration and Discontinuance charges are not applicable. However, around 1% p.a. of the fund value will be charged under Fund Management along with Mortality Charge.

Eligibility

Criteria
Age at Entry (in years)0 to 65
Age at Maturity (in years)18 to 75
Policy Tenure (in years)5 to 20
Sum AssuredSingle Premium: 125% of Single Premium
Regular and Limited Premium (Entry Age <=55 years): 10 x Annualized Premium
Regular and Limited Premium (Entry Age>=55 years): 7 x Annualized Premium

**Last Updated on 28-05-2020

v) HDFC Life Sampoorn Samridhi Plus - Whole Life Insurance

With an entire family depending on you for expenses, it’s best to be prepared for unannounced roadblocks that may affect your plans. With this Whole Life Insurance, the insurance payout will be released to the beneficiaries upon the death of the policyholder. It is also known as Straight Life Insurance.

Features

  • The choice for maturity benefit option.
  • Flexible premium payments frequency - monthly/quarterly/half-yearly/annually.
  • Tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961.
  • Convenient modes for premium payment.
  • For the first five years, you will receive guaranteed additions of up to 5% of p.a. of Sum Assured on Maturity.

Plan Options and Their Benefits

HDFC Life Sampoorn Samridhi Plus offers to plan options to choose and benefit from:

1. Endowment

  • You will receive a lump sum amount, which will be paid at the end of the policy period.
  • Maturity Benefit includes Sum Assured on Maturity + Accrued Reversionary Bonuses +Accrued Guaranteed Additions +Terminal Bonus + Interim Bonus.

2. Endowment with Whole Life

  • You will receive a lump sum amount along with sum assured on maturity which is payable until the age of 100 years or death, whichever comes first.
  • Maturity Benefit includes Benefit payable under Endowment Option + Sum Assured on Maturity when survived until the age of 100 or death, whichever comes first.

Some other benefits include:

  • Death Benefit where the nominee will be paid either total of Sum Assured on Death, Accrued Guaranteed Additions, Accrued Reversionary Bonuses, Interim Bonus and Terminal Bonus, or 105% of total premiums paid till the date of demise. The high amount is chosen for payout.
  • Accidental Death Benefit pays the nominee additional sum equal to Sum Assured on Death due to accident, provided the policyholder is 18 years or older at the time of death.

Eligibility

Criteria
Age at Entry30 days to 60 years
Age at Maturity (in years)18 to 75
Policy Tenure (in years)15 to 40
Sum Assured65,463

**Last Updated on 28-05-2020

3. HDFC Life Retirement Plans

In order to attain financial security after retirement, HDFC Life 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 cost of living is increasing by the day, retirement plans have become all the more essential for survival.

i) HDFC Life Click 2 Retire

At minimal charges, you can insure your retirement life with an online ULIP that offers market-linked returns. With the help of this online ULIP, you can achieve your retirement goals by planning it well in advance.

Features

  • Tax benefits under Section 80C and 10 (10A).
  • Enjoy regular income during your retirement.
  • Start early retirement planning.
  • Three premium payment options to choose from- Regular, Limited Pay and Single Pay.
  • The death benefit to the nominee.

Benefits

  • Vesting Benefit is nothing but the Maturity Benefit will be paid out at the end of the policy term.
  • Deferment of Vesting Date can be done at any time before annuitisation.
  • Death Benefit as Fund Value of 105% of the total premiums paid, whichever is higher.
  • Charges are not applicable in case of premium allocation, policy administration, mortality charge, and discontinuance charge. However, around 1% p.a. of charge is applicable for both Investment Guarantee and Fund Management.

Eligibility

Criteria
Age at Entry (in years)18 to 65
Age at Maturity (in years)45 to 75
Policy Tenure (in years)Single Pay, 8 Pay and 10 Pay Term - 10 to 35
15 Pay Term - 15 to 35

**Last Updated on 28-05-2020

ii) HDFC Life Pension Guaranteed Plan

You can attain financial freedom and live a comfortable lifestyle even after your retirement. This single premium annuity product will help you do that as it offers regular guaranteed income for a lifetime.

Features

  • Guaranteed regular income for a lifetime.
  • Options to receive a deferred or immediate annuity.
  • You can choose to take the plan on a single or joint life basis.
  • Option to choose Return of Purchase Price upon death.
  • Option to increase your annuity payout through top-up option.

Annuity Options and their Benefits

For single life products, the Primary Annuitant is the policyholder and the Secondary Annuitant is the nominee, and as for joint life annuity, the Secondary Annuitant can be spouse/child/parent/parent-in-law/sibling of the primary annuitant. The benefits offered to each type under various options are:

1. Immediate Life Annuity

  • Single Life: For as long as the primary annuitant is alive, the annuity will be payable in arrears as per the chosen payment frequency. Upon the death of the primary annuitant, the annuity payments will cease.
  • Joint Life: For as long as either one of the annuitants is alive, the annuity will be payable in arrears as per the chosen frequency. Upon the death of both the annuitants, the annuities will freeze.

2. Immediate Life Annuity with Return of Purchase Price

  • Single Life: Where the condition for arrears and death benefit remains the same as the basic option. The death benefit will be a 100% refund of the Purchase Price.
  • Joint Life: In this case, the nominee will be paid a death benefit as a lump sum post the death of the two annuitants. The death benefit is a 100% return of purchase price.

3. Deferred Life Annuity with Return of Purchase Price

The deferment period may last anywhere between 1 and 10 years as chosen by the policyholder at the time of inception.

  • Single Life: For as long as the annuitant is alive, the annuity will be payable in arrears post deferment period. The frequency of payment will be as per their choice. Upon the death of the primary annuitant, the death benefit is payable to the nominee.
    Death Benefit is either Purchase Price + Guaranteed Additions - Total Annuity Payouts till the date of death or 110% of Purchase Price, whichever is higher.
  • Joint Life: For as long as either of the annuitants is alive, the annuity is payable in arrears post deferment period. Also, the nominee will receive the death benefit upon the demise of both the annuitants only.

Eligibility

Parameters
Age at Entry (in years)Immediate Life Annuity30 to 85
Immediate Life Annuity with Return of Purchase Price
Deferred Life Annuity with Return of Purchase Price45 to 85
Annuity Payout (in rupees) per InstalmentAnnually12,000
Half-yearly6,000
Quarterly3,000
Monthly1,000
Premium Payment TermSingle Pay

**Last Updated on 28-05-2020

iii) HDFC Life Personal Pension Plus

A traditional pension plan, the HDFC Life Personal Pension Plus offers stable and secure returns for the policyholder to live a hassle-free life after their retirement.

Features

  • Flexibility to select your investment horizon from 10 to 40 years.
  • 101% of total premium paid as an assured benefit upon death or at vesting.
  • Single life basis plan.
  • EMI is available for HDFC Bank Credit Cardholders.

Benefits

  • When your policy reaches maturity, you can choose from a wide range of annuity options and get guaranteed income for life.
  • Get a minimum of 105% of the total premiums paid as a death benefit.
  • Choice of commuting up to 60% of the maturity benefit.
  • Tax benefits on the premiums paid fall under Section 80CCC of the Income Tax Act, 1961.

Eligibility

Criteria
Age at Entry (in years)18 to 65
Age at Maturity (in years)55 to 75
Policy Tenure (in years)10 to 40

**Last Updated on 28-05-2020

iv) HDFC Life Guaranteed Pension Plan

You can enjoy your post-retirement income with this retirement plan by securing your funds. This will ensure that you don’t compromise your lifestyle standards even after retirement.

Features

  • 3% of sum assured is guaranteed to get accrued upon completion of every policy year.
  • Premium payment term lasts for as much as 5, 7 and 10 years.
  • Policy tenure may range between 10 and 20 years.
  • Can be purchased on a single life basis.

Benefits

  • The premium paying term is limited with assured benefit on maturity or upon death.
  • Purchasing an annuity upon vesting can allow you to enjoy lifetime income post-retirement.
  • Your total premiums paid till the date of death will be compounded annually at a guaranteed rate of 6% per annum and released as an assured death benefit to your nominee.
  • The premiums paid are eligible for tax benefit under Section 80CCC of the Income Tax Act, 1961.

Eligibility

Criteria
Age at Entry (in years)35 to 65
Age at Maturity (in years)55 to 75

**Last Updated on 28-05-2020

v) HDFC Life New Immediate Annuity Plan

This is a smart plan to purchase that ensures your income does not stop flowing in even after retirement. It is a non-linked traditional annuity plan that offers various annuity options to choose from and allows you to live your life on your terms.

Features

  • Get assured income for as long as you or your partner lives.
  • Choose from a wide range of annuity options to serve your diverse needs.
  • Flexibility to choose your frequency of annuity. It can be monthly, quarterly, half-yearly or annually.

Benefits

  • Eligibility for higher annuity rates by investing Rs. 2,50,000 or higher.
  • Death benefit where the return of purchase price or annuity will be released to your spouse.
  • Guaranteed income for a lifetime at a frequency of your choice.

Eligibility

CriteriaMinimumMaximum
Entry age30 years85 years
Yearly Annuity Payout (in rupees)10,000No Limit
Half Yearly Annuity Payout (in rupees)5,000
Quarterly Annuity Payout (in rupees)3,000
Monthly Annuity Payout (in rupees)1,000

**Last Updated on 28-05-2020

vi) HDFC Life Assured Pension Plan - ULIP

This unit-linked plan offers you market linked returns long with loyalty additions. This will help you reach your retirement goals by planning your finances well in advance.

Features

  • You can start as early as 18 years of age.
  • The maturity or vesting age is as low as 45 years of age.
  • Options of limited pay and single pay.
  • You gain from the upside in the market.

Benefits

  • Pension Multipliers are more or less loyalty additions to your fund value if all the due premium payments have been done. This takes place every alternate year starting from the end of the 11th policy year of your insurance plan. It is as much as 1% of the average fund value.
  • Vesting Benefit is either your fund value or your assured vesting benefit, whichever is higher.
  • Deferment of Vesting Date can be done whenever the policyholder wants before annuitisation.
  • Death Benefit will give your nominee either the Fund Value or 105% of the total premiums paid up until the death of the policyholder. The highest value amongst the two is chosen for release.

Eligibility

Criteria
Age at Entry (in years)18 to 65
Age at Maturity (in years)45 to 75
Premium Payment Tenure - Single Pay (in years)10, 15 to 35
Premium Payment Tenure - 8 Pay (in years)
Premium Payment Tenure - 10 Pay (in years)
Premium Payment Tenure - 15 Pay (in years)15 to 35

**Last Updated on 28-05-2020

4. HDFC Life Health Plans

A variety of Health Insurance Plans and Mediclaim Policies are offered by HDFC Life to help policyholders meet health-related contingencies. It has become imperative to hold a health insurance policy in hand considering the escalation in health issues caused due to change in lifestyle. Such plans cover critical illness expenses, hospital expenses, surgical expenses, and so on.

i) HDFC Life Cancer Care

A person suffering from cancer can still protect their income and savings from expenses that are usually not covered. These include out of pocket medical expenses, Experimental Cancer Treatment, Travel and Lodging, Out of Network Specialist, and several other expenses at the time of treatment. HDFC Life Cancer Care offers lump sum benefit upon diagnosis of the disease.

Features

  • Choose amongst 3 plan options to suit your needs and expenses.
  • Premium is waived off in case of diagnosis of early-stage cancer.

Plan Options and their Benefits

  • Silver option This offers you a lump sum, which is 25% of applicable sum insured if diagnosed at an early stage or Carcinoma-in-situ (CIS), and 100% less early-stage cancer or CIS Claims when diagnosed with Major Cancer.
    The premium is waived off for a period of 3 policy years when a valid claim of Early Stage Cancer or CIS is made.
  • Gold option Apart from the benefits available under Silver option, this option gives Increased Benefit where the sum assured increases by 10% of the initial sum assured each year. This starts from the very first policy anniversary and stops either when the increased sum assured becomes 200% of the initial sum assured or at time of claim, whichever comes first.
  • Platinum option Along with the benefits offered under the Gold option, the Platinum option offers a monthly income. It is 1% of the applicable sum insured for 5 years, which is paid out on diagnosis of listed Major Cancer. It also offers a premium discount for sum assured above Rs 10 Lakhs.

ii) HDFC Life Cardiac Care

There has been a significant rise in cardiac ailments in India as well as across the world. The medical expenses for the same are also rising along with it. HDFC Life Cardiac Care brings a comprehensive plan that provides financial protection if the policyholder is diagnosed with a cardiac condition or is undergoing a surgical procedure that is listed in the policy.

Features

  • Comprehensive cover for all the listed cardiac conditions and surgical procedures.
  • Ability to make multiple claims of the same or different conditions and procedures.
  • Fixed lump sum payout irrespective of the expenses that were actually incurred.

Benefits

Categorized as Group A, B and C, those with High Severity Condition fall under group A, with Moderate Severity Condition fall under Group B, and with Mild Severity Condition fall under Group C. Hence, your benefits may vary as per the Group you are categorized under.

  • Base Benefit: At the event of occurrence or at the time of any of the predefined conditions/procedures, Group A receives 100% of the Sum Insured, Group B gets 50%, and Group C avails 25% of the Sum Insured.
  • Hospitalization Benefit: A lump sum amount will be payable in case the policyholder is hospitalized due to any of the covered conditions or have undergone some procedure.
  • Indexation Benefit: The Original Sum Insured opted at the time of purchase will increase by 10% p.a. starting from the first policy anniversary if no claim has been made during the first year of the policy.
  • Income Benefit: Upon diagnosis or occurrence of a condition or a procedure, Group A policyholders will receive 1% of the Sum Insured for a duration of 5 years. This must be opted at the time of purchase.

Eligibility

ParametersMinimumMaximum
Age at Entry (in years)1865
Age at Maturity (in years)2370 for Single Pay and 75 for Regular Pay
Policy Tenure (in years)5 years for Single Pay
Between 5 and 40 years for Regular Pay
Sum Assured2,00,00050,00,000

**Last Updated on 28-05-2020

iii) HDFC Life Easy Health

Due to the change in lifestyle, it has become even more important to take care of our health. This can impose an extra financial burden on the family and an insurance product can help you repair your financial security no matter how critical your illness is.

Features

  • Covers against critical illness, surgeries and hospitalization as a comprehensive, fixed benefit, health insurance plan and mediclaim policy for family.
  • Options to choose from 3 different benefits and customize your health plans with 7 Plan Options.
  • Flexible premium payment options - Regular or Single - based on your convenience.

Benefits

  • Daily Hospital Cash Benefit will give 1% and 2% of the sum insured as allowance per day in case of Hospitalization on admission in a Non-ICU room and ICU room respectively.
  • Surgical Benefit will give a lump sum payout of up to 100% of the Sum Insured against 138 surgeries. This is applicable based on the severity of the surgery.
  • Critical Illness Benefit will give a 100% of the sum assured paid out upon diagnosis of any of the 18 specified Critical Illnesses

Eligibility

ParametersMinimumMaximum
Age at Entry (in years)1865
Age at Maturity (in years)2370
Policy Tenure (in years)5
Sum Assured25,0005,00,000

**Last Updated on 28-05-2020

5. HDFC Life Child Plans

Parents always want to make sure that all their child’s dreams are fulfilled so that they can dream big without any second thoughts. HDFC Life brings forth plans to empower your child’s dreams, which will help you live as proud parents for the rest of your life.

i) HDFC Life YoungStar Udaan

HDFC Life has brought forth a traditional participating insurance plan, which is ideal for parents who want to save up for their child’s academic expenses, college fees, marriage expenses, and all miscellaneous expenses that fall under their child’s dreams.

Features

  • Three Maturity benefit options to choose from as they decide the amount payable.
  • Flexibility to choose between two death benefit options.
  • Tax benefits under Section 80C and 10 (10D).

Benefits

Maturity Benefit, which is also known as Survival Benefit, have three options to choose from:

  • Aspiration or Endowment Benefit where the lump sum is paid out upon maturity.
  • Academia or Moneyback Benefit where you receive guaranteed payouts during the last five policy years, with the first being the highest and the fifth being the lowest.
  • Career or Money back Benefit where you will receive guaranteed payouts during the last five policy years, with the last being the highest and the first being the lowest.

Death Benefit payout amount will either be Sum Assured on Death or 105% of Premiums Paid, whichever is more.

Premium Waiver waives off all the outstanding premiums and continues the contract along with Survival/Maturity Benefit.

Eligibility

CriteriaDeath Benefit - AspirationDeath Benefit - AcademiaDeath Benefit - CareerDeath Benefit - Waiver All Options
Age at Entry (in years)0 to 608 to 6018 to 55
Age at Maturity (in years)18 to 7523 to 7533 to 75
Policy Term (in years)15 to 25

**Last Updated on 28-05-2020

ii) HDFC SL YoungStar Super Premium

HDFC Life helps you build your savings to finance your child’s education, marriage, car or house. It is a unit-linked insurance plan (ULIP) which is specially designed to help you save for your child’s future even in your absence.

Features

Policyholders have the flexibility to choose from the following four funds that suit their needs as per the risk they are ready to take:

  • Income Fund that potentially gives higher returns due to higher duration and credit exposure.
  • Balanced Fund is a dynamic equity exposure to enhance the returns while debt allocation will reduce the volatility.
  • Blue Chip Fund allows you to make investments in large-cap equities.
  • Opportunities Fund allows you to make investments in mid-cap equities.

Benefits

  • Save Benefit will pay out the Sum Assured to the child, waive off further premiums and release Fund Value upon maturity in case of the untimely demise of the parent or critical illness.
  • Save-n-Gain Benefit pays out Sum Assured to the child upon the untimely death of the parent. HDFC Life waives off the premiums and pays 50% of the future premiums towards the policy and 50% of the premiums to the child on the premium due date. Upon maturity, the Fund Value will be credited to the beneficiary.
  • Tax benefits covered under Section 80C and 10 (10D) of the Income Tax Act, 1961.

6. HDFC Life Woman Plans

HDFC Life 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. Let’s find out more details of this plan.

i) HDFC Life Smart Woman Plan

All a woman needs is a pair of wings to fulfil all her aspirations. HDFC Life Smart Woman Plan gives exactly that to ensure a boost to the policyholder’s savings. This will leave her free to pursue her career and live her dreams.

Features

  • Can choose from 4 funds to suit the amount of risk you are ready to take: Income Fund, Balanced Fund, Blue chip Fund, Opportunities Fund.
  • Flexibility to choose any of the three benefits that meet specific needs.
  • Death of spouse benefit.
  • Convenience to select policy tenure of 10 or 15 years.

Plan Options with their Benefits

  • Classic option helps you avail premium waiver benefit with funding for the next 3 years’ premiums.
  • Premier option allows you to avail premium waiver benefit along with funding for the subsequent 3 years’ premiums and periodic cash allowances of 100% of the next 3 subsequent years.
  • Elite option lets you avail premier benefits along with coverage for the death of a spouse.

Some other benefits include:

  • Waiver and Funding of premium for 3 subsequent years on pregnancy complications, the birth of a child with a congenital disorder, and diagnosis of malignant cancer in female organs.
  • Flexibility to make withdrawals due to an unforeseen event.

Eligibility

CriteriaMinimumMaximum
Proposer Entry Age (in years)18None
Entry Age For Female Life to be Assured (in years)1845
Entry Age of Spouse for Elite Option (in years)2150
Maturity Age (in years)2860
Policy Tenure (in years)10 or 15 years

**Last Updated on 28-05-2020

Why Should You Purchase HDFC Life Insurance via PolicyX.com?

If you have made up your mind to purchase life insurance, then PolicyX.com is the perfect platform to cater to your needs. Here’s why:

IRDAI Approved: Our portal is approved by the Insurance Regulatory and Development Authority to operate in the insurance industry. Our IRDA License Number is IRDA/WBA/17/14.

Compare Quotes: Built with the latest technologies, our portal will compile the quotes of HDFC life insurance plans on a single page within a few seconds. This way, you can easily compare their benefits, features, and select the most affordable option of your choice.

Hassle-Free Documentation: You can put aside the paperwork when purchasing life insurance on PolicyX.com. All you need to do is provide your basic details, submit a few documents and the policy is yours to take home to.

End-to-End Support: Named as the Watch Guard by our loyal customers, PolicyX.com’s customer service team is always at your service to answer every single query to the point of your satisfaction.

How To File a Claim Under HDFC Life Insurance Policy?

HDFC Life allows you to make quicker, simpler and more efficient claims using their online platform. They are known to provide 1 day claim settlement. 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.
  • All you have to do is verify the policy details, submit life assured details, and submit the nominee’s details along with the necessary documents.

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.

Other HDFC Plans:- HDFC 5 Years Investment Plans

HDFC Life Insurance : FAQs

1. I have insurance cover from my company. 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 as critically ill if they are diagnosed as suffering from a medical condition 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. Is there any geographical limit for receiving treatment under HDFC Life Click 2 Protect Health plan?

No, the benefits are applicable irrespective of the city or hospital you get treated in. There are no additional co-pays or sub-limits.

4. 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 instalments in any one of the following funds: Blue Chip Fund, Equity Advantage, Discovery Fund, Opportunities Fund, Balanced Fund, or Diversified Fund.

5. How is the Cash Bonus payable calculated under HDFC Life Sanchay Par Advantage Plan?

Cash Bonus payable = Cash Bonus Rate x Annualized Premium

6. How is the Guaranteed Addition calculated for 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.

7. 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.

8. What are the exclusions of HDFC Life Cancer Care?

  • HIV or Sexually Transmitted Diseases.
  • Any pre-existing health condition.
  • Intoxication using drugs or alcohol.
  • Nuclear, biological or chemical contamination.
  • The policy will be terminated if the diagnosis and signs of cancer first occurred during the waiting period.

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

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

10. 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.

Last updated on 28-05-2020