We all have heard the word Insurance discussed a lot of times in our families, mostly by the older generation. Maybe we all do have some vague idea that it is related to some sort of future financial security, right? Moreover, many insurance companies deal with a variety of insurance plans customized as per the individual's requirements. One such plan is HDFC Term Insurance which is offered by HDFC Standard Life Insurance company.
HDFC Standard Life Insurance is a market leader within the insurance sector. Also, it offers a good variety of products and services at competitive rates. It is a joint venture between Housing Development Finance Corporation Limited (HDFC) and Standard Life Aberdeen plc (UK based global investment company).
In this article, we will dive deep into HDFC Term Insurance plans offered by HDFC Standard Life Insurance Company. Let's begin!
In This Article
- What is Term Insurance?
- HDFC Term Insurance
- The 3 broad types of HDFC term insurance plans
- HDFC Life Click 2 Protect 3D Plus
- HDFC Life Click 2 Protect Health
- HDFC Life Click 2 Protect Plus
- Documents needed for HDFC term insurance plan
- Claiming procedure for HDFC term insurance
- Inclusions of HDFC term insurance
- Exclusions of HDFC term insurance
- FAQ's on HDFC Term Insurance
What is Term Insurance?
1. A term insurance plan is one that entitles a policyholder’s nominee(s) to receive the major plan benefits in the event of the policy holder’s death within the policy term.
2. Term plans are consequently a contract between the term insurance company and the person insured. Also, under this, the insurance company guarantees to pay a lump sum amount to the beneficiaries if the insured policyholder dies within the term of the policy.
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HDFC Term Insurance
HDFC term insurance plans are thus one of the most standard and popular protection plans. Moreover, this term insurance plan strives to meet each individual’s insurance demands under one umbrella. It also provides a good variety of alternative plan options to choose from.
The 3 broad types of HDFC term insurance plans are:
1. First Plan - HDFC Life Click 2 Protect 3D Plus
2. Second Plan - HDFC Life Click 2 Protect Health
3. Third Plan - HDFC Life Click 2 Protect Plus
HDFC Life Click 2 Protect 3D Plus
It is a comprehensive Insurance plan and has the following features,
1. Firstly, it is available online at a very reasonable price.
2. Secondly, the 3D in the plan stands for 3 uncertainties of life that are chiefly Death, Disease, and Disability.
3. Thirdly, this insurance term plan provides you the leverage of choosing among 9 alternative plans to pick from. Moreover, this helps you to select the best plan that will appropriately also meet your family’s needs in the event of any unforeseen event
4. Fourthly, it also provides a life stage protection option that allows the client to extend the insurance coverage without medical documentation
5. Fifthly, HDFC Life Click 2 Protect 3D Plus plans provide attractive premium rates for non-tobacco users or non-smokers or for folks maintaining a healthy lifestyle
6. Sixthly, this plan also gives tax benefits under Sections 80C and 10D of the tax Act, 1961
7. Seventhly, there is also the option to pick death benefit in a one-time lump sum or monthly payments
8. Finally, this plan in addition also gives a terminal illness benefit in which the death benefit is also paid as an accelerated benefit to provide monetary comfort for the client at robust times.
HDFC Life Click 2 Protect Health
1. This term insurance plan is unitedly set up with 2 world-class life and health insurance firms namely HDFC Life and Apollo Munich Health insurance.
2. Subsequently, this setup provides you twin benefits of both health and life insurance at very reasonable prices.
3. The plan also provides monetary protection to you and your family for a very cost-effective monthly premium.
4. Moreover, this plan enables the clients to avail themselves of the services at various service touchpoints in over 600 branches of Apollo Munich and HDFC Life.
5. There is also a provision for a life stage protection option that allows the client to extend the insurance coverage without medical documentation.
6. Furthermore, this plan allows cashless transactions at over 4500 network hospitals in 830 cities across India.
7. This plan also provides tax benefits under Sections 80C, 80D, and 10D of the Taxation Act.
8. The client can thus customize his/her plan via 9 alternative choices.
9. Also, this plan gives the advantage of low premium rates for females and non-smokers.
10. One of the important edges provided by this plan is the multiplier benefit that will increase the policyholder’s basic sum insured by 50% for each claim-free year.
11. Consequently, it also offers lifetime renewal and an easy upgrade option if there's no break within the policy.
HDFC Life Click 2 Protect Plus
1. Firstly, HDFC Life Click 2 Protect Plus term insurance plan safeguards you and your family against the risks that life could thus throw at you.
2. This term insurance offers 4 life coverage choices that the policyholder will thus be able to choose from depending upon his/her individual requirements. These are Life Option, Extra Life Option, Income Option, and Income Plus Option.
3. Not only this, but the plan also provides the flexibility of choosing the term of the plan between 10-40 years.
4. This plan also secures the future of the client’s family or beneficiary for a minimal premium value.
5. The setup thus provides multiple payment methods so the benefit may be optimally used by the beneficiaries.
6. HDFC Life Click 2 Protect Plus consequently offers the family of the client guaranteed financial gain through Income and Income plus options.
7. In order to thus ensure additional protection, the plan also includes add-on riders like accidental disability and critical illness, etc.
8. Lastly, like all other plans, the client can also avail tax edges under prevailing tax laws in this plan.
Documents needed for HDFC term insurance plan
1. Authority Proof (PoA),
2. Address Proof,
3. Identity Proof (PoI),
4. Proof of current financial income,
5. Results of medical tests.
Claiming procedure for HDFC term insurance
HDFC term insurance has a straightforward claim method and also a high claim settlement ratio. Moreover, HDFC Standard Life subsequently has an active claim assistance team and also carries the reputation of readily serving over 97.62% of individual claims.
Steps of Claiming Process
1. The claimant has to subsequently inform HDFC Standard Life of the request for claiming by filling the form that can be obtained from the HDFC life website.
2. Moreover, he/she can thus also email the HDFC Standard Life for claim intimation at this email address: firstname.lastname@example.org
Here is a list of tentative documents that you would need for claiming the settlement procedure:
a) Government or authority-issued death certificate
b) Type of Death Claim
c) Original Policy Document
d) Nominee Identity and Proof of Residence
e) Any medical reports at the time of death and former diseases
f) NEFT bank account details
g) Maturity, money back & pension, annuity claim documents
h) FIR and police report, in case of unnatural death
i) Post Mortem report
j) Critical Illness form, in case of critical illness claim
k) All medical reports (past and current) including diagnosis test reports
l) Furthermore, any extra documents as per case to case basis.
Inclusions of HDFC term insurance
1. Firstly, HDFC Life Critical Illness Plus Rider offers money coverage of lump-sum benefit that is up to the sum insured upon the diagnosis of any of the mentioned 19 critical illnesses in the policy. The life assurer must also survive for at least thirty days following the diagnosis to avail the rider profit.
2. Lastly, HDFC Life Income Benefit on Accidental Disability Rider offers monetary protection of monthly financial gain if the client becomes disabled permanently after some accident. The client will thus receive regular income on a monthly basis which may be up to 1% of the sum assured for a set time period of 10 years.
Exclusions of HDFC term insurance
If the policyholder thus commits suicide within 12 months from the date of the beginning of the policy term (irrespective of his mental condition), the beneficiaries mentioned in the policy document cannot avail themselves of any death benefit. They are only eligible to get 80% of the premiums paid up to date.
Furthermore, if the client dies after 180 days from the date of the accident, whether self-inflicted injury or suicide, the beneficiary is not eligible to avail of the accidental benefit.
Other areas of exclusions of the HDFC Term insurance plans are as follows:
1. Death due to drug abuse except under a registered health professional.
2. Participation in activities like riots, revolutions, wars, etc.
3. Involving in activity related to flying other than as a passenger in a licensed aircraft. Participation in sports, race or any adventure activity unless mentioned and agreed in terms and conditions of the policy during underwriting.
4. Involvement in any activity of criminal nature or intent.
5. Also, if the death happens within 30 days of diagnosis during critical illness.
6. Any medical condition that has subsequently occurred within 90 days of the beginning of the policy.
Thus, we see that HDFC term insurance plans are a good deal for the financial security of your loved ones. Furthermore, HDFC Standard life offers a comprehensive and also a good variety of term insurance plans for selection pertaining to the variety of requirements of the policyholder and their family members. Subsequently, it includes a majority of the options in the term plans that are being offered within the industry by alternative insurance companies. It also conjointly features a distinctive term and health insurance combination plan that is quite a significant mix of the insurance plan for an individual.
Term insurance does not include maturity benefits whereas a life insurance plan includes the same. Also, in a term insurance plan, the nominee(s) of the policyholder receives a lump sum i.e. the Sum assured in the event of the death of the policyholder within the term of the plan.
Any change in premiums depends on many factors like the addition of riders or declaration of habits like smoking, drinking, etc., or the declaration related to some danger or hazard involved in employment type, etc.
You can also make the payment for HDFC term insurance policy premium(s) through online or offline mode.
Furthermore, online mode of payments includes net banking, debit card or credit card or by visiting https://onlinepayments.Hdfclife.com/hdfclife/quick_pay.html. Offline mode of payments include cheque or demand draft (DD) by submitting it at the branch workplace.
The 19 specified critical illnesses mentioned under the Critical Illness Rider plan of HDFC Term Insurance are as follows:
a) Open Chest CABG (coronary artery bypass graft)
b) First Myocardial Infarction (MI) or Heart Attack – of specified severity
c) Kidney Failure requiring regular dialysis
d) Cancer - specified severity
e) Major Organ/ Bone Marrow Transplant
f) Repair of heart valves or Open Heart Replacement
g) Arterial blood vessel surgery
h) Stroke leading to Permanent symptoms
i) Unresponsive Wakefulness Syndrome (UWS)
j) Brain Tumour
k) Coma of specified severity
l) Final Stage Liver Disease
m) Terminal Stage Lung Disease
n) Damage of Limbs
o) Loss of Independent Existence
p) Total Loss of Sight
q) Major Skin Burns
r) Traumatic Brain Injury
s) Permanent Paralysis of arms, legs
HDFC Life Customer service team helps to solve all your queries concerning the term insurance product on their website. You can thus contact them on their toll-free number 1800 266 9777 or email at Buyonline@HDFCLife.in.
If you purchase HDFC Life Click 2 Protect 3D Plus term insurance plan through online/distance marketing, it offers a free lookup period of 15 days and 30 days. Moreover, if you don’t agree with any of the terms and conditions after buying the term plan, you can return it to the company stating the reason within the given period.
As long as you keep paying the premiums. If you stop paying the premiums for the rider during the policy term, then the rider benefit will cease and the rider will lapse.
In a combo plan, two or more products of the same company are combined in a single insurance plan and sold whereas, in comparison to a combo plan, products of different insurers or insurance companies are combined together for one single solution.
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