HDFC Term Insurance Plans June, 2023

HDFC Term Insurance helps you in securing your family's financial future if something unfortunate happens to you. Given how uncertain life has become, it is of utmost importance for an individual to have term insurance. It eliminates the financial risks your family might get exposed to in your absence.

The term plans offered by HDFC Life offer high coverage at low premiums making it affordable and accessible to all. Alongside, HDFC Term Insurance Plans come with riders like critical illness coverage, accidental disability rider and so on.

HDFC Term Insurance Plans also consist of an option to customize your insurance in a way that uses a part of your lump sum to invest in an annuity plan for the nominees ensuring that the family members of the insured get a regular income.

Benefits of HDFC Term Insurance Company

Why HDFC Term Insurance Plan

• Additional riders

  Every term insurance plan comes with additional riders that offer extra coverage against various contingencies like critical illness, accidental disability or accidental death etc. These riders come with added premium costs and offer extended coverage in addition to the main plan benefits. It is therefore, important to choose HDFC Term Insurance Plan so that a complete financial coverage can be ensured at all times for your loved ones.

• Ease of purchase

  These days, being on the online mode has ensured that there is increased transparency and accountability together with an increased ease of purchase of the plan. As HDFC Term Insurance Plans have online purchasing as well as claim settlement and claim status checking process.This not only cuts down on unnecessary hassles and unwanted complexities while processing the purchase-request but also ensures that there is a streamlined procedure.

• Economical cost of the plan

  HDFC term insurance plan is in fact, one of the cheapest among the various types of insurance policies that exist. The cheap rates of the term insurance plans make them essential as a core component of the insurance portfolio of any person. A term insurance plan is often considered to be the basic requirement of a successful insurance coverage and must be purchased by all investors.

• Flexibility:

  HDFC term insurance plans come with several options that you can choose from based on your needs and requirements. You can select the policy tenure, premium payment frequency, and the amount of coverage based on your preferences.

• Tax benefits:

  Term insurance by HDFC offers tax benefits under Section 80C of the Income Tax Act. Policyholders can claim a deduction of up to Rs. 1.5 lakh on the premiums paid towards your term insurance policy.

• High claim settlement ratio:

  HDFC Life term plan has a high claim settlement ratio of 98.66% for the financial year 2021-22, which means that they settle a large percentage of claims that are filed by their customers.

• Pure life cover:

  The term plan of HDFC pays the policyholder a pre-determined premium within the stipulated due dates to ensure financial protection for their family in case of their unexpected death during the policy term.

• Death Benefit:

  HDFC Life Term Plans enable the family to meet their regular expenses and tackle the inflationary impact, even in the absence of the policyholder. The death benefit can either be a lump sum amount or a mix of a lump sum and monthly income, or a lump sum with increasing monthly income, as opted for by the policyholder.

HDFC Term Plan Riders

• HDFC Life Income Benefit on Accidental Disability Rider

  Accidental disability may affect your ability to perform even some of the simplest tasks. HDFC Accidental Disability Rider provides you coverage against any form of disability caused due to unfortunate accidents and helps you secure a monthly income. The rider aims at providing your family with a regular income in case of any accidental disability which means that there is no death benefit involved. This rider can be taken on a single life basis at inception or on the subsequent policy anniversary.

• HDFC Life Critical Illness Plus Rider

  Critical Illness Plus rider is designed to financially protect you and your family. This rider provides a lump sum benefit on diagnosis of any one of the 19 critical illnesses which you can use to cover expenses associated with the illness.

• HDFC Life Protect Plus Rider

  Life protect plus rider offers you three different options to select from.

  • Personal Accident Cover - Benefit shall be paid out on the following events: Accidental Death, Accidental Total Permanent Disability(ATPD) and/or Accidental Partial Permanent Disability(APPD).
  • Accidental Death Cover - In an unforeseen event of death of the life assured or policyholder due to accident during the rider term, 100% of the rider sum assured will be paid to the nominee.
  • Cancer Cover - A lump sum benefit is paid on diagnosis of Carcinoma-in-situ or malignant cancer, early-stage cancers, or major cancer.