HDFC Group Term Insurance Plan Benefits Features Details Reviews

HDFC Group Term Insurance Plan – If you’re looking for a term insurance plan that offers good value for your money, the HDFC Group term insurance plan is worth considering. This plan offers a range of coverages, including death, accidental death, cancer, and heart disease. Plus, it has a low premium structure that makes it affordable for most people. If you’re looking for a term insurance plan that offers good value for your money, the HDFC Group term insurance plan is worth considering.

Every business or organization that is successful relies on its workforce. A company’s determination and hard work are what propel it to its highest level of success. Therefore, it is essential for businesses to ensure the best possible care for their employees. Because life is unpredictable and anything can happen at any time, insurance policies are something that every person needs. HDFC Life’s Group Term Insurance Plan lets employers protect their employees’ interests and meets every individual need. This plan has a number of unique benefits and features, including life insurance for all groups of people, the ability to remove or add members at any time throughout the year, and an easy enrollment process. When a member passes away, the nominee will receive the Sum Assured.

HDFC Group Term Insurance Plan

If you’re worried about your future, the HDFC Group Term Insurance Plan is a great way to protect yourself. This plan offers life insurance and retirement income insurance designed to help you cover costs if something happens to you. Plus, it comes with a number of benefits that make it an ideal choice for anyone looking for long-term financial security. So what are you waiting for? Get started today and find out how this plan can benefit you!

The HDFC Life Group Term Insurance Plan is a great way for employers to provide life insurance to their employees and strengthen their bond with them. “Employee Benefit” or “Cover for vehicle or housing loans given by you to your employees” can meet your employees’ life insurance needs. This HDFC Life Insurance plan can be renewed for one year. When the insured passes away, the assured sum will be paid. Because it covers death from any cause, this plan is more comprehensive than the Group Personal Accident Insurance plan.

HDFC Group Term Insurance Plan

HDFC Group Term Insurance Plan India 2022 Details

Name Of Article HDFC Group Term Insurance Plan in India 2022
HDFC Group Term Insurance Plan Click Here
Category Insurance
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About HDFC Group Term Insurance Plan

HDFC Life offers comprehensive coverage term life insurance plans that go beyond standard term plans. Along with a variety of payout options, HDFC term insurance offers a flexible selection of sum assured packages. With these options, the insurer will pay out the money to the policyholder at the policy’s maturity or at the death of the life insured to their nominee, depending on the policyholder’s preference. If the policyholder is diagnosed with any of the listed critical illnesses, they can take advantage of the waiver premium benefit, which allows the insurer to waive all future premiums. Female policyholders and nonsmokers can take advantage of special premium rates on HDFC Life term plans that cover Covid-19 claims.

Accidental Disability Rider HDFC Life Income Benefit

In the event of total permanent disability as a result of an accident, this rider provides additional benefits beyond the sum assured. For a period of ten years, the life insured receives a regular income equal to one percent of the amount insured. However, this particular rider does not provide a maturity benefit. Policies that were sold through agents do not have access to this rider. The section age is 18 years to 65 years and development age is as long as 75 years. INR 1 lakh is the bare minimum that can be insured.

Plans for Term Life Insurance from HDFC

Are you thinking about retirement, but aren’t sure what you will do when you no longer have a job? If you are over the age of 50, you might be considering term life insurance. This type of insurance helps you cover a specific period of time – typically 10 to 30 years – while you continue to earn income. Here are some key things to know about HDFC’s plans for term life insurance.

HDFC Life Click 2 Protect Life

One of the most comprehensive financial protection plans is the HDFC Life Click 2 Protect Life, which offers protection at any stage of life and aims to provide benefits based on the lifestyle of the life assured. There are three variations of this plan: Life Insurance and Critical Illness Rebalance, Life Protect, and Income Plus provide coverage for critical illnesses, death, and disability. Additionally, women policyholders and n on-smokers receive premium discounts.

Key Features:

  • The plan comes in three flavors: Life Protect, Income Plus, and Critical Illness Rebalance all offer life insurance.
  • The auto balance of critical illness and death coverage is guaranteed by the plan.
  • Under the “Income Plus” option, income payouts begin after the age of 60.
  • Under the RoP option, the life assured can begin receiving all premiums paid for survival until the plan reaches maturity.
  • Women who live and do not smoke receive a special discount on premium.
  • Under the Accidental Death Benefit (ADB) benefit, the life assured can also receive an additional sum assured amount in the event of an accidental death.
  • the option to not pay premiums if a critical illness is diagnosed.

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Who May Receive HDFC Life Click 2 Protect Life Benefits?

Are you thinking about retirement, but aren’t sure what you will do when you no longer have a job? If you are over the age of 50, you might be considering term life insurance. This type of insurance helps you cover a specific period of time – typically 10 to 30 years – while you continue to earn income. Here are some key things to know about HDFC’s plans for term life insurance.

Eligibility Criteria:

Plan Type Life and Critical Illness Life Protect Income Plus
Rebalance Fixed Term Whole Life Fixed Term Whole Life
Minimum Entry Age 18 years 18 years 45 years 30 years 45 years
Maximum Entry Age 65 years 65 years 65 years 50 years 10 pay: 50 years and Single Pay, 5 Pay: 55 years
Minimum Maturity Age 28 years 18 years Whole Life 70 years Whole Life
Maximum Maturity Age 75 years 85 years Whole Life 85 years Whole Life
Minimum Policy Term 10 years Single pay: 1 month
Regular pay: 5 years
Limited Pay: 6 years
Whole Life 70 years- entry age Whole Life
Maximum Policy Term 30 years 85 years- entry age Whole Life 40 years Whole Life
Minimum Basic Sum Assured INR 20 lakh INR 50,000

Life and Critical Illness Rebalance:

Because the sum assured is split between life cover (80%) and critical illness cover (20%) of the basic sum assured, the life assured receives a balance advantage between death and critical illness benefits under this plan. However, it should be noted that while life coverage decreased, critical illness coverage increased as policy tenure increased. Additionally, in the event of a critical illness diagnosis, the life insurance policy continues and all future premiums are waived.

Death Benefit: If the assured passes away during the policy’s term, the beneficiary’s nominee will receive this benefit in one lump sum.

  • Sum assured on death.
  • 105% of the total premium paid.
  • Life cover sum assured., whichever is higher

The highest sum assured on death for lump sum pay is:

  • 125% of single premium.
  • Sum assured on maturity of the policy.

Other than a single pay option like limited pay or regular pay, the highest sum assured on death is:

  • 10 times of the annual premium amount.
  • Sum assured on maturity of the policy.

Maturity Benefit

  • If the policy survives and matures, the assured will receive the sum assured.
  • If the RoP benefit is selected, the amount assured at maturity will be the same as the total premiums paid; otherwise, it will be nothing.
  • The policy will end immediately and no further benefits will be paid out if the payment is made under the maturity benefit as described above.

Life Protect Plan:

This plan provides coverage for the insured’s death during the policy term. In the event of the insured’s death, the policyholder’s nominee receives the entire sum assured in the form of a lump sum benefit.

Death Benefit: If the assured passes away during the policy’s term, the beneficiary’s nominee will receive this benefit in one lump sum.

  • Sum assured on death.
  • 105% of the total premium paid, (whichever is higher)

Sum assured on death for lump sum pay is the highest of:

  • 125% of single premium.
  • Basic sum assured amount.
  • Sum assured on maturity of the policy.

Other than a single pay option like limited pay or regular pay, the highest sum assured on death is:

  • 10 times of the annual premium amount.
  • Sum assured on maturity of the policy.
  • Basic sum assured amount.

Maturity Benefit:

  • If the policy survives and matures, the assured will receive the sum assured.
  • The policy will end immediately and no further benefits will be paid out if the payment is made under the maturity benefit as described above.

Income Plus Plan

After reaching the age of 60, the assured gains the benefit of receiving a regular monthly income under this option. Life insurance for the specified policy term, regular monthly income for the next 60 years, and a lump sum payment at policy maturity are all included in this option. The assured can choose their maturity age from the following table:

Option Fixed Term Whole Life
Maturity Age 70, 75, 80 or 85 years Full Life

Death Benefit: If the assured passes away during the policy’s term, the beneficiary’s nominee will receive this benefit in one lump sum. It is greater than:

  • Sum guaranteed upon death.
  • 105% of absolute premium paid.

The highest sum assured on death for lump sum pay is:

  • 125% of the individual premium.
  • Sum assured base amount.
  • sum guaranteed when the policy comes to an end.

Other than a single pay option like limited pay or regular pay, the highest sum assured on death is:

  • ten times the amount of the annual premium.
  • sum guaranteed when the policy comes to an end.
  • Sum assured base amount.

Survival Benefit: After the assured reaches the age of sixty, if they survive the policy term, they will receive a monthly income equal to 0.1 percent of the basic sum assured until either they die or the policy term ends, whichever comes first.

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Maturity Benefit:

  • The sum assured amount is due to the assured at maturity for a predetermined period of time.
  • for all time: Nil

HDFC Click 2 Protect Life Plan add-on covers

  • In the RoP option, the assured must pay an additional premium in order to receive a lump sum payout of 100 percent of the premium paid upon survival until maturity.
  • If the life insured is diagnosed with any of the listed critical illnesses, the critical illness option offers a waiver of all future premiums.
  • If you select the accidental death benefit, the nominee will receive 100 percent of the basic sum assured upon the accidental death of the life insured.
  • change in the frequency with which premiums are paid without incurring any costs.
  • Option to change the term of your premium payments from regular pay to limited pay without incurring any costs or fees.

HDFC Life Saral Jeevan Bima

The HDFC Life Saral Jeevan Bima is a term plan from HDFC Life that offers family members complete financial protection in the event that the policyholder is unable to be present. Through a number of riders, this plan also provides additional coverage and protection.

Key Features:

  • The life assured can select one-time, limited, or ongoing premium options.
  • Riders seeking additional protection have a number of choices.
  • The following death and maturity benefits are included in this plan:

Death Benefit:

Death during the time of waiting:

1.In the event of an accidental death for the regular or limited premium option, the death benefit is paid in one lump sum equal to the greater of the following:

  • 10 times the annualized premium
  • 105 percent of the total premium paid up to the date of death,
  • the total amount due upon death.

2. In the event of an accidental death for a single premium policy, the highest of the following is payable as a lump sum:

  • 125% of the cost of the single premium.
  • Or then again, outright sum to be paid on death.

Death after the waiting period:

The following is how the death benefit is distributed to the life assured in the event that they pass away prior to the maturity date but after the policy’s waiting period has expired:

  1. Receive a one-time payout upon death for policies with regular or limited premium payment, which will be the highest of the following options:
  • 10 times the annualized premium
  • 105 percent of the total premium paid up to the date of death,
  • the total amount due upon death.

2. Receive the highest one-time payout upon death under a single premium policy:

  • 125% of the cost of the single premium.
  • Or then again, outright sum to be paid on death.

Who Qualifies for the HDFC Life Saral Jeevan Insurance Policy?

Eligibility Criteria Minimum Maximum
Entry Age 18 years 65 years
Exit Age 23 years 70 years
Sum Assured Options INR 5 lakhs No Limit

Documents Required for Purchasing HDFC Life Term Insurance Plans

  • For address proof: Aadhaar card, ration card, and electricity bill are all required.
  • Evidence of income: For those who have been paid, the bank statement for the last six months, the last three months’ salary slip, Form 16, and the last three years’ income tax return.
  • Candidates who are not paid: ITR for the previous three years, including the calculation of income.

Process for HDFC Life Term Plan Claim Settlement

By following the steps listed below, HDFC Life ensures a quick and easy claim settlement in just one day:

  • Download and complete the appropriate claim form for your situation.
  • Be sure to gather all of the supporting documents for your claim.
  • Present the case structure and every one of the supporting reports at the particular branch or online by means of site.

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