HDFC Term Insurance

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HDFC Term Insurance

HDFC Life Insurance Company Limited was founded in 2000, is a joint venture between HDFC Ltd. and Standard life Aberdeen. 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 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.

Awards and Achievements of HDFC Life Insurance Company

Given below is a list of few awards achieved by the company in 2020.

care awards
  • 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 have enlisted parameters like annual premium and claim settlement ratio. All these factors help determine the financial soundness and claim support service of the company.

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.

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

Annual premium (2019-20)Rs. 17,238.45 crores
Market share21%
Claim settlement ratio (2019-20)99.07%
Solvency ratio1.91
No. of branches420

**Last Updated on August, 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

Market share is considered 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. The graph given below shows the annual premium of the HDFC Life Insurance company over the past four years.

Annual Premium of HDFC Life Insurance Company

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.

2 Claim Settlement Ratio

The claim is a very important aspect of a term insurance plan. It is important to pay attention to the claim settlement ratio (CSR) as it helps in determining the claim credibility of the company. 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

CSR of HDFC company

3 Solvency Ratio

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. At present, the solvency ratio of the company is 1.91.

We've created a graph below that highlights the solvency ratio of HDFC Life Insurance for the last 3 years.

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

Solvency ratio of HDFC term company

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

4 Operating Network

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.

Term Insurance Plans offered by HDFC Life Insurance Company

HDFC Life Insurance Company provides 5 types of term insurance plans.

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

S.No.HDFC Term Insurance PlansType Of PlanWho Should buy?
1HDFC Life Click 2 Protect LifeTerm insurance planThe plan is for people who have altering lifestyles and wish to buy a plan to provide financial protection to their family.
2HDFC Life Click 2 Protect 3D PlusTerm insurance planThis is suitable for people looking for a plan that offers comprehensive coverage at affordable prices.
3HDFC Life Click 2 Protect PlusTerm insurance planThis plan is for customers who want a large amount of life cover at nominal premium rates.
4Click 2 Protect Corona KavachCombination of term and Corona Kavach planThis plan ensures that the customers are financially protected to deal with treatment expenses related to COVID.
5Click 2 Protect HealthLife and health insurance planPeople looking for a plan that comes with a simple buying process and offers comprehensive protection should consider going for this plan.

**Last Updated on August, 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 provides benefits to the customers as per their altering lifestyle.

    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 OptionLife & Critical illness RebalanceLife ProtectIncome Plus
    Age at Entry18 years to 65 years18 years to 65 years30 years to 55 years
    Maturity Age28 years to 75 years18 years to 85 years70 years to 85 Years
    Minimum Policy Term5 years to 40 yearsSingle Pay: 1 month, Regular Pay: 5 years, Limited Pay: 6 years70 years - Age at Entry
    Sum Insured (minimum)Rs. 20,00,000Rs. 50,000Rs. 50,000
    Premium Payment TermSingle Pay/ Regular Pay/ Limited payLimited PaySingle Pay, Limited Pay

    **Last Updated on August, 2021

  2. HDFC Life Click 2 Protect 3D Plus

    Click 2 Protect 3D Plus is a HDFC term insurance plan that aims to provide complete financial security to your loved ones. 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

    CriteriaMinimumMaximum
    Age at Entry18 years65 years
    Age at maturity23 years85 years
    Premium Payment ModeSingle Pay, Regular Pay, Limited PaySingle Pay, Regular Pay, Limited Pay
    Minimum Basic Sum AssuredRs. 10,000Rs. 10,000

    **Last Updated on August, 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

    CriteriaMinimumMaximum
    Age at Entry18 years65 years
    Age at maturity23 years85 years
    Premium Payment ModeSingle Pay, Regular Pay, Limited PaySingle Pay, Regular Pay, Limited Pay
    Minimum Basic Sum AssuredRs. 25,000Rs. 25,000

    **Last Updated on August, 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

    CriteriaMinimumMaximum
    Age at Entry18 years65 years
    Age at maturity23 years85 years
    Premium Payment ModeSingle Pay, Regular Pay, Limited PaySingle Pay, Regular Pay, Limited Pay
    Minimum Basic Sum AssuredRs. 10,000Rs. 10,000

    **Last Updated on August, 2021

  5. Click 2 Protect Health

    This plan is a combination of life and health insurance that provides comprehensive 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

    CriteriaProtectionHealth
    Age at Entry18 years to 65 years91 days to 65 years
    Age at maturity23 years to 85 yearsLife long on continuous Renewals
    Premium Payment ModeSingle Pay, Regular Pay, Limited PayAnnual for 1 year policy period and single for 2 years policy period
    Minimum Basic Sum AssuredRs. 10,0003 Lakhs to 50 Lakhs

    **Last Updated on August, 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.
    Fill Form
  • Select your income and city. Click on 'Proceed'.
    Fill Income and City
  • Update your education and occupation details.
    Update your education and occupation
  • Choose your preferred plan and click on 'Buy this plan'.
    Choose your preferred plan
  • Select policy term, premium period, riders (if required) and then proceed to do the payment.
     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

HDFC Term Insurance Plans


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FAQs

Yes, NRIs who hold dual citizenship and qualify as citizens of India can purchase HDFC term plans.

The claim decision will be communicated within 15 days after the claim has been examined and approved. The company may ask for extra documents to support the claim.

For NRI customers Only: Toll-free Number: 1800-267-9999 10:00 am to 7:00 pm (Monday to Saturday as per IST). E-mail: NRIservice@hdfclife.in

Yes, you can, if you are the primary borrower of the loan. Write to service@hdfclife.com

  • SMS / Email on Policy Issuance with the Policy Number.
  • SMS / Email on Policy Dispatch with the courier details.

Yes, it is possible. There are 3 options to proceed:

  • Adjust the sum assured within the paid premium.
  • You can remove riders if any.
  • You can change the premium payment frequency or the policy term

In the case of routine medical tests, the company will cover its expenses. In the case of additional medical tests being conducted outside India, its expenses will be borne by the policyholder.

Yes, you have an option to alter the premium payment frequency during the premium payment term without any charge/ fee.

Find Out What the 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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