HDFC Term Insurance

HDFC Life Insurance Company Limited was founded in 2000, is a joint venture between HDFC Ltd. and Standard life Aberdeen. The company is counted as one of India's leading life insurance providers that cater to different needs of customers by offering a wide range of individual and group insurance solutions. HDFC life insurance company offers a variety of term insurance plans that are designed to provide financial security to the policyholders and their families if in case any unfortunate event happens in the future. The range of products offered by HDFC Term Insurance involves Savings and investment plans, protection, and child plans.

The company today is ruling India's private sector insurance market by offering a variety of insurance products to safeguard the insurance needs of the common people. It has maintained a PAN India presence and operates around 420 branches and a wide network with several new tie-ups and more than 300 partnerships with traditional partners such as NBFCs, MFIs, and SFBs, and includes more than 50 new-ecosystem partners. The company also has a strong base of financial consultants that helps to increase the market share in the insurance industry.

Awards and Achievements of HDFC Life Insurance Company

Ever since its inception, the company has received a long list of awards and recognitions. Given below is a list of few awards achieved by the company in 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'.

• HDFC Life's Business Insights team was awarded the title of 'Best Use of Data Analytics in Business Intelligence' at Customer Festival 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.
• 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.

Key Features Of HDFC Life Insurance Company

Buying a term insurance plan is one of the very vital steps which you should take to secure the future of your loved ones. According to IRDAI, there are 24 Term Insurance companies in India, and selecting an ideal insurer among them often becomes a difficult task for the customers. Therefore to ease the selection process for customers, our team at PolicyX.com has created a list of top term insurance companies in India by evaluating the companies based on their annual premium and claim settlement ratio. All these factors that we have considered help determining the financial soundness and claim support service of the company.

After doing this evaluation, it was found that HDFC Life Insurance company ranks at the 2nd top position in terms of its annual premium and claim settlement service.

HDFC Life insurance company offers a range of plans that are designed to meet the diverse needs of the customer including protection, pension, savings, investment, annuity, and health products. The company adopts an approach of customer-centricity and is considered as one of the most trusted companies by offering the best value for money and set the standards in the industry.

Given below is an overview of the key features of HDFC Life Insurance Company. Let's have a look at them:

**Last Updated on 27-04-2021

In the section below, we've provided a detailed explanation of the key features of HDFC Life Insurance company. Read along to find out.

1 Market Share

HDFC Life insurance company has experienced significant growth in its annual premium over the last few years. Market share is considered as a good parameter to judge any company's growth in terms of its annual premium. In the financial year 2016-17, the annual premium of the company was Rs. 8,696.36 crores and it increased to Rs. 17,238.45 crores in 2019-20. This shows that the company has made good growth in its business volume. The graph given below shows the growth in the annual premium of the HDFC Life Insurance company over the past four years.

Annual Premium of HDFC Life Insurance Company

The graph above shows a clear representation of the annual premium of HDFC Life insurance from Financial Year 2016 to 2020. However, to provide you with a more clear picture of the company's performance over the past few years, we have prepared a pie chart that shows a comparison between the market share of the top 5 private sector term insurance companies based on their annual premium and claim settlement ratio. According to this pie-chart, HDFC Life insurance commands the highest market share of 21% in comparison to other players of the market.Note - Market share in the pie chart is calculated only for the private sector insurers excluding the data of LIC since it is a public sector term insurance company.

Market Share of HDFC Life in Comparison to Other Private Term Insurers

*Data sourced from IRDAI's annual report of 2019-20.

2 Claim Settlement Ratio

Claim is a very important aspect of term insurance plan . If the insurance provider fails to settle the claim of the policyholder in the hour of need, then the whole idea behind buying a term plan gets wasted. Therefore, it is important to pay special attention to the claim settlement ratio (CSR) as it helps in determining the claim credibility of the company. A company with a higher CSR score has more chances of settling your claims in the future. According to IRDAI's report, HDFC Life insurance company recorded a claim settlement ratio of 99.07% in the financial year 2019-20. Given below is a graph that illustrates the increase in CSR of HDFC Life insurance company over the last few years.

Claim Settlement Ratio of HDFC Life Insurance Company from 2016 to 2020

3 Solvency Ratio

Another important factor that should be checked while buying a term insurance plan is to check the financial trustworthiness of the insurance company. And to check this, you should consider checking the solvency ratio as it helps in measuring the ability of the company to meet its long-term debt obligations and other monetary commitments. As per IRDAI, all life insurance companies in India are obliged to maintain a solvency ratio of at least 1.5%, and HDFC Life Insurance has managed to maintain a solvency ratio of more than 1.5% over the past few years. At present, the solvency ratio of the company is 1.91%. Thus, HDFC has always matched the criteria of healthy solvency ratio suggested by IRDAI.

We've created a graph below that highlights the solvency ratio of HDFC Life Insurance for the last 3 years. Refer to this chart to get a more clear understanding of the financial soundness of the company.

Solvency Ratio of HDFC Life Insurance Company from 2016-17 to 2019-20

*Data sourced from IRDAI's annual report of 2017-18, 2018-19, and 2019-20

4 Operating Network

As discussed earlier, HDFC Life Insurance Company operates a PAN India presence to make its services accessible to a large number of customers. At present, the company has 420 offices and additional distribution touch-points through several new tie-ups and partnerships. The company has more than 300 partnerships, comprising traditional partners such as NBFCs, MFIs, and SFBs, and includes more than 50 new ecosystem partners. In addition to this, it also has a strong base of financial consultants.

Term Insurance Plans offered by HDFC Life Insurance Company

HDFC Life Insurance Company has carefully crafted 5 types of term insurance plans to fulfill the insurance needs of a diverse range of people coming from a vast segment of the society.

Let's have a quick overview of the term insurance plans offered by HDFC Life insurance company.

**Last Updated on 27-04-2021

Now let's take an in-depth understanding of these term insurance plans.

1. HDFC Life Click 2 Protect Life

   This term insurance plan is intelligently designed to provide benefits to the customers as per their altering lifestyle and life stage needs to keep you and your family entirely protected.

   Features of the plan

   • There are 3 plan options and customers have the flexibility to choose an option that fits his/her needs.
   • With increasing age of the policyholder, the death and critical illness benefit gets auto balanced
   • Policyholders above the age of 60 can enjoy income payouts benefit under Income Plus Option
   • Return of Premium benefit upon the survival of the policyholder till the maturity date
   • Special premium rates for female customers and non-tobacco users
   • The plan also includes additional rider benefits including critical illness rider and accidental disability rider.

   Eligibility Criteria

   Criteria / Plan Option	Life & Critical illness Rebalance	Life Protect	Income Plus
   Age at Entry	18 years to 65 years	18 years to 65 years	30 years to 55 years
   Maturity Age	28 years to 75 years	18 years to 85 years	70 years to 85 Years
   Minimum Policy Term	5 years to 40 years	Single Pay: 1 month, Regular Pay: 5 years, Limited Pay: 6 years	70 years - Age at Entry
   Sum Insured (minimum)	Rs. 20,00,000	Rs. 50,000	Rs. 50,000
   Premium Payment Term	Single Pay/ Regular Pay/ Limited pay	Limited Pay	Single Pay, Limited Pay

   **Last Updated on 27-04-2021

2. HDFC Life Click 2 Protect 3D Plus

   Click 2 Protect 3D Plus is one of the most overrated HDFC term insurance plans that provides complete financial security to your loved ones at affordable prices. The term '3D' stands for various uncertainties of life, i.e. Death, Disability, and Disease.

   Features of the plan

   • The plan offers discounts on opting for a higher sum assured amount of Rs. 1 crore or more.
   • Premium waiver benefit is offered to the policyholder if s(he) gets diagnosed with any listed critical illness (under 3D Life & 3D Life Long Protection options) and Accidental Total Permanent Disability (under all plan options).
   • The death benefit for this plan is paid via 2 forms- Lump Sum Payout and Lump Sum Plus Monthly Payout.
   • There are 9 plan options available and customers have the flexibility to customize the plan as per their requirements.
   • The plan also allows customers to choose premium paying and policy terms.

   Eligibility Criteria

   Criteria	Minimum	Maximum
   Age at Entry	18 years	65 years
   Age at maturity	23 years	85 years
   Premium Payment Mode	Single Pay, Regular Pay, Limited Pay	Single Pay, Regular Pay, Limited Pay
   Minimum Basic Sum Assured	Rs. 10,000	Rs. 10,000

   **Last Updated on 27-04-2021

3. HDFC Life Click 2 Protect Plus

   HDFC Life Click 2 Protect Plus is a term insurance plan that offers comprehensive protection to you and your loved ones against different unexpected events of life. The plan offers multiple plan options and you can choose one as per your needs. It helps in fulfilling your family's future goals (even in your absence) by way of monthly income.

   Features of the plan

   • It provides higher sum assured options at an affordable rate of premiums.
   • The plan offers 4 plan options to pick up anyone as per your preferences.
   • It offers flexibility in choosing premium paying terms, premium paying frequency, and policy terms.
   • Heavy discounts are provided by the plan for non-smoker or policyholders who do not consume tobacco.
   • Increase your coverage amount up to 50% extra in case of financial support during life stage events such as marriage and birth of a child.

   Eligibility Criteria

   Criteria	Minimum	Maximum
   Age at Entry	18 years	65 years
   Age at maturity	23 years	85 years
   Premium Payment Mode	Single Pay, Regular Pay, Limited Pay	Single Pay, Regular Pay, Limited Pay
   Minimum Basic Sum Assured	Rs. 25,000	Rs. 25,000

   **Last Updated on 27-04-2021

4. Click2Protect Corona Kavach

   This plan is a combination of term insurance and Corona Kavach plan and is designed to help customers protect their savings by providing cover for treatment costs arising out of COVID-19 illness.

   Features of the plan

   • Allow customers to customize their plan as per their needs with a choice of 9 plan options
   • Flexibility to select the policy and premium payment terms for the plan
   • Special protection against COVID and Co-morbidity illnesses
   • Attractive premium rates for female customers and non-tobacco users.
   • The plan covers hospitalization expenses related to COVID-19 treatment

   Eligibility Criteria

   Criteria	Minimum	Maximum
   Age at Entry	18 years	65 years
   Age at maturity	23 years	85 years
   Premium Payment Mode	Single Pay, Regular Pay, Limited Pay	Single Pay, Regular Pay, Limited Pay
   Minimum Basic Sum Assured	Rs. 10,000	Rs. 10,000

   **Last Updated on 27-04-2021

5. Click 2 Protect Health

   This plan is a combination of life and health insurance that is designed to provide comprehensive and affordable coverage within a single plan.

   Features of the plan

   • The plan provides a 5% discount on the total premium on purchase.
   • Customers can customize their plan with a choice of 9 plan options
   • Flexibility to increase your cover every year through the top-up option
   • The benefit of availing cashless treatment at the network hospitals of the company.
   • Enjoy the benefit of preventive health checkups at the renewal time of the policy.

   Eligibility Criteria

   Criteria	Protection	Health
   Age at Entry	18 years to 65 years	91 days to 65 years
   Age at maturity	23 years to 85 years	Life long on continuous Renewals
   Premium Payment Mode	Single Pay, Regular Pay, Limited Pay	Annual for 1 year policy period and single for 2 years policy period
   Minimum Basic Sum Assured	Rs. 10,000	3 Lakhs to 50 Lakhs

   **Last Updated on 27-04-2021

How To Purchase HDFC Term Insurance Plan?

As a customer, you have two options for buying an HDFC Term insurance plan. This means that you can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of the buying process.

Steps to buy from HDFC Life Insurance Company

Step 1:Visit the official website of HDFC Life Insurance Company.

Step 2:Go to the 'I want to buy' tab and choose the 'term plan' option.

Step 3:Click on the 'continue' and fill in all the required details.

Step 4:Tap on 'next' and select a plan as per your requirements.

Step 5:Click on the 'buy now' button and make the payment.

Once the payment is made, you will get a payment confirmation at your registered email address.

Steps to buy from PolicyX.com

• Fill the form given on the top of this page with the necessary details.
  
• Select your income and city. Click on 'Proceed'.
  
• Update your education and occupation details.
  
• Choose your preferred plan and click on 'Buy this plan'.
  
• Select policy term, premium period, riders (if required) and then proceed to do the payment.
  

Claim Process for HDFC Term Insurance Plans

1 Claim intimation

Inform the company about the incident via various channels- by writing an email at claims@hdfclife.com, calling on the toll-free number (1860 267 9999), filling the online claim form on its website, or by visiting the nearest branch. The following details have to be provided during the intimation of your claim:

• Name of the policyholder
• Policy Number
• Date of death/event of the life assured
• Nominee name
• Cause of death
• Contact details

A claim reference number/intimation number will be provided to you upon successful registration of the claim.

2 Document Submission

Submit the necessary documents requested by the company to process the claim. In the case of natural death-

• Death claim form.
• Death certificate.
• Original Policy Documents.
• Claimant's Identity & Residence Proof.
• Medical records at the time of death & past illnesses.
• Account details of the nominee

In the case of un-natural Death (Accidental death/Murder/Suicide)-

• Death claim form.
• Death certificate.
• Original Policy Documents.
• Claimant's Identity & Residence Proof.
• FIR, Police Inquest Report & Panchanama.
• Post Mortem Report.
• Account details of the nominee

3 Claim Settlement

After receiving all the documents and claim forms, the company will verify the details as per their norms. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over call or email.

How to Contact HDFC Life Insurance Company?

Registered and Corporate Office Address

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

Contact Information

Toll-Free Number: 1800 266 9777 (Available from 9:00 am to 9:00 pm IST)

E-mail Address: buyonline@hdfclife.in