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  • HDFC Life Group Credit Protect Insurance Plan

     4.0 / 5.0   by 1127 users
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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    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 insurance policy 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

    HDFC Life Group Credit Protect Insurance Plan Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the HDFC Life life insurance policy for a while. I pay a premium of 50000 Per year, I am getting insurance benefits ULIP bonus amount and 5 lacs coverage, accidental coverage is also there. Considering the features and benefits it is a recommendable policy to have.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 04, 2018
    • HDFC Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy wiht the HDFC Ergo. Monthly I am paying a premium of 280 rupees. It offers accidental benefits of 25 lacs and the features looked promising. Overall it has been a good policy considering the low premium I am paying and never faced any issues so far.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 25, 2018
    • HDFC Life Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and the customer service is good too. I would like to say that everything is good and their response too. I am happy with them till now and everything is better with the HDFC life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • HDFC Life Life Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and the customer service is good too. Response is also good too. I would like to say that the coverage value is fine one with the HDFC life and everything is better one too.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 19, 2018
    • HDFC Life Life Insurance
      "Good Service so far"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance from the HDFC life. The Sum assured is 50 lacs. I am paying the premium 31000 per year. Overall I never had any issues with their services. HDFC life is a recommendable insurance provider. Based on the features and benefits this policy is a good life insurance policy to have.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have been using Life insurance from Hdfc life . It has good benefits with accidental coverage and critical medical claim . I make payment on line through on line net banking after ever 2 years Their customer service and response is good. Overall am satisfied with my life insurance policy
      Was this review helpful? 0
      , noida
      Reviewed on Jun 18, 2018
    • HDFC Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the HDFC Life Insurance policy for a while. I pay a premium of 25000 per year, it also offers accidental benefits and I make payment at the branches. So in terms of features and their service it has been a good experience with them. HDFC Life is a recommendable insurance provider.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 18, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have been using Life insurance from Hdfc life . It has good benefits with accidental coverage and critical medical claim . The policy coverage is 60 years with tenure period of 25 years . I pay the payment annually through on line banking . Am getting Income tax benefits from this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 17, 2018
    • HDFC Life Life Insurance
      "Fair service"
      0.5 2.0/5 "Expected more"
      I've a health insurance policy with the HDFC life. I pay a premium of 8000 per year via an agent. I am not aware about the in depth features of the policy. So far the experience has been good with them. It is a recommendable insurance policy to have.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 14, 2018
    • HDFC Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the HDFC life. I pay a premium of 9000 Per annum, the tenure of the policy is 30 years and I never faced any issues with their services. Overall it is a recommendable policy to have.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 08, 2018
    • HDFC Life Life Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I had the life insurance policy with the HDFC life and I have closed it because of my personal reason. I would like to say that the services aspects are okay with the HDFC life. I am really happy with the HDFC life.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • HDFC Life Life Insurance
      "One of the best policy"
      0.5 4.0/5 "Great!"
      I do have the HDFC life insurance policy and am using it from the last ten years of time. I would like to say that the services are really fine one and the trends are good one with the HDFC life. I have not found any disadvantages with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 07, 2018
    • HDFC Life Life Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I do have the life insurnce policy with the HDFC life insurance company and the customer service is okay one for me. Everything was on track with them. Coverage value is seems to be okay with the HDFC life, also its a kind of average.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 07, 2018
    • HDFC Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I was using the HDFC Ergo life insurance policy for . I paid a premium of 1500 year, I closed the policy. I made the payments online. As there was no benefit I closed this policy. Overall I never faced any issue with their services.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 06, 2018
    • HDFC Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy from HDFC Life. I pay a premium of 2000 Per month, payments are online. This policy have any commendable features. The sum assured is 2 lacs. I never faced any issues with the payments and the policy.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 06, 2018
    • HDFC Life Life Insurance
      "Best Policy"
      0.5 4.5/5 "Excellent!"
      I got the HDFC Life policy along with my personal loan. This policy cover upto 1 lakh. I'm paying the premium amount of Rs. 2700. I did not make any payment for that. HDFC people itself deducted from the loan. It is death coverage policy. The policy name is surva suraksha policy. Tax benefitable and their no medical check up required in this policy.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jun 05, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have a term insurance with HDFC LIFE from last 3 years and it is one of the good policy to use. I pay my premium once in a year through net banking services and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 04, 2018
    • HDFC Life Life Insurance
      "Perfect policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the HDFC Eulip life insurance plan and I have got this around a month ago. This policy has the tenure of 5years. The policy has benefits like life cover, tax benefit and etc. I pay the premium through online and I would say it is a good policy to use.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 04, 2018
    • HDFC Life Life Insurance
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken this insurance mainly because as i used to travel to many place for security of family i had taken as it is low premium amount which will be added to my loan amount. Where the claim can be taken only on dismissal and permanent disability. I got my hard copy from bank , there is no processing fees.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 02, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have been taken Life insurance from Hdfc life . It has good benefits with accidental coverage and critical illness coverage with normal premium amount . The policy coverage is 60 years with tenure period of 20 years . I pay the payment annualy through online banking by Neft .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 02, 2018
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