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, 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

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.

Plan Options and Their Benefits

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.

• 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, Extra Life Option, 3D Life Option, Life Long Protection Option, Return of Premium Option and 3D Life Protection Plan.
• 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, Extra Life Income Option and Income Replacement Option.

Eligibility

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 (in the form of monthly income under Income and Income Plus options) when you are not around.

Benefits

• The plan offers you the flexibility to choose your cover options form: Life Option, Extra Life Option, Income Option and Income Option Plus
• You can increase your insurance cover at the key milestones of your life under Life Option

Eligibility

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.

Benefits

• Policyholders can opt for a systematic increase of their cover from 1st policy anniversary onwards.
• Critical Advantage Rider will cover you worldwide at HDFC life’s network centres against treatment expenses for 8 major illnesses.
• Provide protection to your family at an affordable price.

Eligibility

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.

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

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.

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.
• 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

iii) HDFC Life Sanchay Plus

HDFC Life Sanchay Plus is a non-participating and non-linked savings plan made to protect you and your family. It helps you achieve personal milestones that come with added expenses and responsibilities.

Plan Options and Their Benefits

• Guaranteed Maturity Option ensures you get lump sum upon maturity of your plan.
• Guaranteed Income Option 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

iv) 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.

Plan Options and Their Benefits

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

• 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.
• Endowment with Whole Life
  • You will receive a lump sum amount along with a 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.
• 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:

v) HDFC Life Sanchay

HDFC Life Sanchay is a non-participating insurance plan that offers guaranteed benefits along with flexibility to choose your investment horizon. With guaranteed returns from this plan, you can secure the financial needs of your loved ones.

Benefits:

• The plan offers financial protection against untimely demise, throughout the policy term.
• You can opt for hassle-free issuance on the basis of a Short Medical Questionnaire eliminating tedious medical tests.

Eligibility:

vi) HDFC Life ClassicAssure Plus

HDFC Life ClassicAssure Plus is an investment cum insurance plan that offers guaranteed benefits while letting your money grow and is ideal for meeting long term financial goals.

Benefits:

• The plan provides invaluable protection to your family by way of lump sum payment in case of unfortunate demise of the policyholder during the policy term.
• Avail a loan under this policy (subject to conditions).

Eligibility:

vii) HDFC Life ProGrowth Plus

HDFC Life ProGrowth Plus is a simple savings-cum-insurance plan that will enable you to enjoy life cover and benefit from the comfort of creating your own investment strategies.

Benefits:

• The plan offers the flexibility of planning your investment strategy based on your risk and return requirement.
• Policyholders can make partial withdrawals to meet unplanned expenses.

Eligibility:

viii) HDFC SL ProGrowth Super II

HDFC SL ProGrowth Super II is a smart savings-cum-insurance unit-linked plan that will help you to provide the finest for your family and help you achieve long term savings.

Benefits:

• In case of your unfortunate demise during the policy term, the plan will provide valuable protection to your family, and will pay the Sum Assured and your total fund value to your family.
• Plan can be availed by filling the short medical questionnaire, which may not require you to go for medicals.
• You can manage your investment funds either by switching funds from one fund to another or by redirecting future premiums into other funds.

Eligibility:

ix) HDFC SL Crest

HDFC SL Crest is a unit-linked insurance (ULIP) investment plan, which helps you to achieve your investment goals in a brief period of 10 years along with financial protection for your family.

Benefits:

• Pay premiums for just 5 years and enjoy a policy term of 10 years.
• Paying premiums is convenient with access to multiple modes – credit card, internet banking, cheque and auto-debit facility.

Eligibility:

x) HDFC Life Uday

HDFC Life Uday helps you to protect your savings with benefits like guaranteed additions and bonuses, while ensuring that your family receives a lump sum benefit in case of your unfortunate death.

Eligibility:

xi) HDFC Life Capital Shield

This plan is an investment-cum-insurance plan that offers the potential of higher returns. By investing a part of your money in equity and the balance in debt, you also get life insurance cover.

Benefits:

• The plan helps you to protect your investment from market risks with an Assured Maturity Benefit of 101% of Total Premiums paid.
• Get increasing Loyalty Additions from the end of the 6th policy year onwards to boost the Fund Value.

Eligibility:

xii) HDFC Life Pragati

HDFC Life Pragati meets dual objectives of Savings and Protection so that you can continue providing your family with the quality of life and peace of mind.

Benefits:

• The plan offers affordable premiums starting as low as Rs. 100 per month
• If you miss to pay the premiums, you will still get the full Death Benefit for 2 years from the date of last unpaid premium.

Eligibility:

xiii) HDFC Life Click2Invest ULIP

HDFC Life Click2Invest ULIP is an online unit linked plan in India that offers you market-linked returns and provides your family with valuable financial protection at a minimal charge.

Benefits:

• In case of the Life Assured's unfortunate demise, the plan will pay the highest of the following- Sum Assured, Fund Value, or 105% of the premium(s) paid.
• On survival till the end of the policy term, the policyholder will receive Fund Value as Maturity Benefit.

Eligibility:

xiv) HDFC SL ProwGrowth Flexi

HDFC SL ProGrowth Flexi is a savings-cum-insurance unit-linked plan (ULIP) that enables you to provide financial security to your loved ones.

Benefits:

• The investment plan provides invaluable protection to your family in case of your unfortunate demise during the policy term.
• Upon maturity, you can take the Fund Value at the prevailing unit prices as a lump sum or can opt for a settlement option, which may extend to a maximum period of 5 years.

Eligibility:

xv) HDFC Life Sampoorn Nivesh

This is an insurance cum investment plan designed specifically with multiple fund options to help you optimize your investment and to meet your protection needs.

Benefits:

• The plan offers the loyalty additions to enhance your Fund Value after 10 years.
• On survival till the end of policy term, you will receive your Fund Value as Maturity Benefit.

Eligibility:

xvi) HDFC Life Super Income Plan

HDFC Life Super Income Plan is a participating regular money back policy plan in India with guaranteed benefits plus bonuses to best plan your investment needs.

Benefits:

• Guaranteed Income every year for a period of 8, 10, 12 or 15 years (under limited pay option).
• Guaranteed Income from 2nd policy year onwards till the end of policy term (under single pay option).

Eligibility:

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. Let's check out HDFC life retirement plans.

i) 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.

Annuity Options and their Benefits

For single life product, 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
2. Immediate Life Annuity with Return of Purchase Price
3. Deferred Life Annuity with Return of Purchase Price

Eligibility:

ii) HDFC Life Personal Pension Plus

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

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 vesting benefits.

Eligibility:

iii) 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.

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.

Eligibility:

iv) HDFC Life New Immediate Annuity Plan

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.

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:

v) HDFC Life Assured Pension Plan - ULIP

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

Benefits:

• Vesting Benefit is either your fund value or your assured vesting benefit, whichever is higher.
• 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:

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. Such plans cover critical illness expenses, hospital expenses, surgical expenses, and so on. Let's find out more about them.

i) HDFC Life Cancer Care

HDFC Life Cancer Care offers lump sum benefit upon diagnosis of the disease. The policyholder can use this benefit to cover expenses related to the treatment.

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.

Gold option

Apart from the benefits available under Silver option, this option gives Increased Benefit, where the sum insured increases by 10% of the initial sum insured each year. This starts from the very first policy anniversary and stops either when the increased sum insured 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 the sum assured above Rs. 10 Lakhs.

Eligibility:

ii) HDFC Life Cardiac Care

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.

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.
• 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.

Eligibility:

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 this insurance product can help you repair your financial security no matter how critical your illness is.

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 insured paid out upon diagnosis of any of the 18 specified Critical Illnesses.

Eligibility:

5. HDFC Life Child Plans

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. Let's find out more about them.

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, marriage expenses, and other expenses that fall under their child's dreams.

Benefits:

1. Maturity Benefit, which is also known as survival benefit, has 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 guaranteed payout higher than subsequent guaranteed payouts.
• Career or MoneyBack benefit, where you receive guaranteed payouts during the last five policy years, with last guaranteed payout higher than previous guaranteed payouts.

1. Death Benefit payout amount will either be sum assured on death or 105% of premiums paid, whichever is more.

Eligibility:

ii) HDFC SL YoungStar Super Premium

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.

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 the 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.

Eligibility:

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

HDFC Life Smart Woman Plan gives a boost to the policyholder's savings. This will leave her free to pursue her career and live her dreams.

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.

Eligibility:

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:

1. 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.
2. 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.
3. Hassle-Free Documentation: You can put aside the paperwork when purchasing life insurance from 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.
4. 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 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.

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.