HDFC Life Group Credit Protect Insurance Plan

The HDFC Life Group Credit Protect Insurance Plan is a plan which has been designed keeping the requirements of corporates in mind, offering customised insurance solutions to financial institutions. This plan secures the interests of both the financial organisation and its customers, ensuring that repayment doesn’t become a burden in the event of demise of borrower.


Eligibility Criteria for HDFC Life Group Credit Protect Insurance Plan

Minimum entry age 18 years
Maximum entry age

57 years

Minimum premium Rs 50
Minimum group size 50 members
Maximum age at maturity 59 years

Key Features of HDFC Life Group Credit Protect Insurance Plan

Some of the key features of this plan are mentioned below.

Plan type Non-linked group life insurance
Plan basis Group
Premium paying terms Single premium scheme
Policy term

Minimum – 2 years

Maximum – 20 years

Maturity benefits No maturity benefits payable
Premium payment frequency Single premium
Guaranteed additions No Bonus available
Medical history Members should submit medical history before they are enrolled in this scheme
Free look period Policyholders can choose to return the policy within 15 days of date of purchase
Alterations Policyholders can choose to add riders at the time of registration
Nominations Policyholder can nominate a person of his/her choice
Sum assured Sum assured will be paid on death or diagnosis of critical illness
Policy coverage Death benefit (additional benefits can be added via riders)

Benefits/Advantages of HDFC Life Group Credit Protect Insurance Plan

Some of the major benefits offered by HDFC Life Group Credit Protect Insurance Plan are mentioned below.

  • Customer benefits – The nominee will receive a death benefit in the event of demise of a borrower, thereby providing peace of mind to everyone involved.
  • Organisation benefits – The will protect the interests of a lending institutions, ensuring that non-performing assets are reduced.
  • Surrender – A member can choose to surrender the policy in return for a surrender value.
  • Tax benefits – Policyholders are entitled to tax benefits under Section 80C and 80D of the Income Tax Act. This covers both the premiums paid and the amount received as death benefit.
  • Simple implementation – Implementing this scheme is simple and easy, with training provided to staff members of financial institutions to ensure seamless integration.
  • Policy continuance – In the event of a borrower repaying the loan before due date, the policy will continue to be in force, offering additional protection to the borrower and his/her family.

How HDFC Life Group Credit Protect Insurance Plan Works

The working of this plan is simple and easy to understand, with the example below explaining how it works. Mr. Gupta, aged 40 years borrows a sum of money from a particular financial organisation. This financial organisation has been using HDFC Life Group Credit Protect Insurance Plan to protect both its financial interests and earn goodwill from its customers. It registers Mr. Gupta under this plan for a period of 5 years, which is also the tenor of his loan.

Now in the event of Mr. Gupta’s demise or him being diagnosed with a critical illness, a basic sum assured will be paid either to his nominee or himself, respectively. This sum will ensure that the loan can be repaid by his family members without an additional financial burden, thereby securing the interests of both Mr. Gupta and the lending organisation.

Premium Payment

This is a single premium plan, which means that a member is expected to pay the premium at the time of joining.

Riders

One can choose from two riders, the Accelerated Critical Illness rider and the Accidental Death Benefit rider. The Accelerated Critical Illness rider (ACI) provides the sum assured if a member is diagnosed with a critical illness whereas the Accidental Death Benefit (ADR) rider provides the sum assured if the member dies due to an accident.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Plan Benefits

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HDFC Life Group Credit Protect Insurance Plan Reviews

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  • HDFC Life Life Insurance
    "Good policy "
    0.5 5.0/5 "Blown Away!"
    From HDFC Life, i have taken a term insurance and the coverage value was Rs.50L. This policy will cover all types of death any eventuality happens then amount goes to the nominee. This insurance is valid till the age of 70 years, if nothing happen then the policy will get lapsed.
    Was this review helpful? 3
    , kolkata
    Reviewed on Mar 15, 2020
  • HDFC Life
    HDFC Life Life Insurance
    "Hdfc Life Super Income Plan"
    0.5 0.5/5 "Unacceptable"
    Plz dont buy this HdFc life super income plan policy Because the bank will ask u for this Policy whenever u have an That much amount In ur bank so they will give u the policy Anyhow. Because I have the Same policy on My Mother's name so my mother is Expire on 3December 2019 ,So I have gone to Hdfc life office for Death claim so I gave all documents they need. And after 7-8 days I get the amount what I have paid no that which they said. Then I Ask for Reason they said u have dont submitted the documents(Means Medical documents) that we need. Whenever u bought this policy. So I told to them that when I purchase the policy the bank dont ask for any Medical Papers. So I get that amount only which I have paid in Installments I have paid 3 Installments. of 51000 or something
    Was this review helpful? 4
    , mumbai
    Reviewed on Mar 12, 2020
  • HDFC Life Life Insurance
    "Best policy "
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from HDFC LIFE. The premium i am paying monthly Rs.1100 , total period is 60 years. This policy get matured after 60 years and insurance covers all types of death. Customer service and responsiveness was good. This policy has good plan benefit and it has good coverage value of Rs. 50L.
    Was this review helpful? 1
    , jaipur
    Reviewed on Mar 04, 2020
  • HDFC Life Life Insurance
    "Very good "
    0.5 5.0/5 "Blown Away!"
    I have taken term insurance from HDFC Bank on 2015 . My friend is working as an agent so he has suggested to take this policy. My self only in this policy. I use to pay the premium on yearly basis auto deb 8300 rupees. I know all the details about this policy and received soft copy on time. The tenure period is 60 years for this policy. This insurance covers all type of natural death and suicide also will cover. This insurance covers after 60 years, no returns and tax benefit policy.
    Was this review helpful? 1
    , pune
    Reviewed on Feb 29, 2020
  • HDFC Life Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from HDFC LIfe. The coverage value is Rs. 1C and i am paying premium annually Rs.15-16K and this is a life long policy. This policy will covers all types of types of death and i will not get any returns if nothing happen.
    Was this review helpful? 1
    , noida
    Reviewed on Feb 27, 2020
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from HDFC Life on 5 years back. It cover up to myself. I am paying the premium amount on yearly basis of 50K which is high but it is fine to pay the amount. While taking this insurance the agent has given all the details about policy.
    Was this review helpful? 1
    , chennai
    Reviewed on Feb 22, 2020
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from HDFC LIFE. The premium i am paying yearly Rs.26,000 with the term of 20 years, after 20 years i will be getting good returns. Customer service and responsiveness was good. This policy has good plan benefit and it has good coverage.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 21, 2020
  • HDFC Life Life Insurance
    "Coustmer care very very very service ð???ð???ð???"
    0.5 0.5/5 "Unacceptable"
    Very very very very very very very very very very bad service. Coustmer care hold my call for 15 mint. Then cencel the call. No service provide. I am call again but no response, not pick the call. Again cancel the call. Very very very very very very very very very very bad service. Very very very very very very very very very very bad service. ð???ð???ð???
    Was this review helpful? 0
    , dharamshala
    Reviewed on Feb 17, 2020
  • HDFC Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from HDFC LIFE. The premium i am paying yearly Rs.5K with the term of 20 years. I am using this plan more than 8 years. After 20 years i will be getting some good returns. Customer service and responsiveness was good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 14, 2020
  • HDFC Life Life Insurance
    "Good policy "
    0.5 4.0/5 "Great!"
    I have taken life insurance from HDFC Life on last year. It is a money back policy. I am not aware benefits of this policy. The premium amount of 50K need to pay on yearly basis. It covers my whole family. The coverage amount of 30L. I got terms and conditions from the agent and received hard copy on time. For my good purpose I had taken this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 14, 2020
  • HDFC Life Life Insurance
    "Poor Customer Service"
    0.5 2.0/5 "Expected more"
    I took term plan from HDFC Life Click to protect. It took them 25 days to complete the medical test and more then 40 days passed an still the policy is not issued. Extremely poor experience. If this is the situation before issuing the policy, i don't know what my family shall have to go through in my absence ( when there is actually need for the policy money). Tall claims, poor performance.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 08, 2020
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance from HDFC Life on 4 years back. It is Life super income plan. The tenure period is 20 years.The main advantage is premium free for 10 years. On yearly basis use to pay of 25K which is auto debited from my salary account. The coverage value is 9.5L.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 06, 2020
  • HDFC Life Life Insurance
    "Excellent "
    0.5 5.0/5 "Blown Away!"
    I have taken a term plan from HDFC Life on few years before. The coverage amount is 5L. The tenure period of 45 years. So far I have not faced any difficulty and there is no additional charges for this policy.I use to pay the premium amount of 12K on yearly basis. I had received hard copy of documents on time from their end.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 06, 2020
  • HDFC Life Life Insurance
    "Need to provide hard copy document"
    0.5 4.0/5 "Great!"
    HDFC LIFE has offered a life insurance on few year before. At the time agent has given all the details of this policy but main drawback is they haven't provide hard copy document rather given only soft copy. It covers up to myself. Premium amount use to pay on monthly basis which be auto debit from my account. There is no any additional charge for this policy.
    Was this review helpful? 0
    , gulbarga
    Reviewed on Feb 05, 2020
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    My son in law has suggested a life insurance to take from HDFC Life. So I have taken on 2 years before. It covers my whole family. It is a single payment for this insurance. I am not aware about tenure period. I got all details about this policy and got documents on time.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2020
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance through HDFC Life directly .This policy tenure is for 45years.I am paying the premium through Axis Bank auto debit system .I am paying the premium on yealry basis and this policy is still active on my name .I have got all the update about the policy through the agent .Even got my policy documents on time as well.This policy is highly beneficial and will be useful for my family.
    Was this review helpful? 0
    , secunderabad
    Reviewed on Jan 17, 2020
  • HDFC Life Life Insurance
    "Supportive policy"
    0.5 5.0/5 "Blown Away!"
    I have bought HDFC bank credit card, so they have provided me a life insurance policy from HDFC LIFE. They are sending by courier on every year regarding the policy renewal details and coverage amount. Agent has clearly explained me about the policy benefits hence i took it. I pay the premium amount of Rs. 2500 on a yearly basis. This policy has cover for hospitalization and death cover.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 06, 2020
  • HDFC Life Life Insurance
    "Good to go with"
    0.5 5.0/5 "Blown Away!"
    Its a better plan. HDFC offers me low premium insurance for my life cover. Their executive approached me directly to take this policy. Its a accidental cum death covered policy. I have been paying the premium amount of Rs. 5000 which covers for Rs. 25 lakhs. This premium is valid for 2 years. Tax benefit is not included.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 03, 2020
  • HDFC Life Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    From HDFC LIFE, i have bought the life insurance policy its because of the service and i have a various such as credit card, savings account with them. I pay the premium amount of Rs. 25000 on a yearly basis. I have no idea about the sum assured amount. They will sent a reminder regarding the due date for that i will sent a reply with CC of the branch manager and the relationship manager. This policy has term period of 5 years.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 23, 2019
  • HDFC Life Life Insurance
    "Need to improve the customer support"
    0.5 3.0/5 "Satisfactory"
    Purchased my endowment policy from HDFC LIFE. I bought the policy 5 years before. When i opened the savings account, they asked me to take the life insurance policy. I have been paying the premium amount of Rs. 50000 yearly. They are providing the sum assured amount of Rs. 10 lakhs. When i contact the customer care, they didn't give me any proper response.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 17, 2019
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