• HDFC Life Group Credit Protect Insurance Plan

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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
      "Very good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have got the Life insurance policy from the HDFC life and the policy has good plan benefits and better policy coverage. The customer support service is good with the HDFC bank. This policy has the tenure of 8years. I need to pay the premium amount of Rs,5150 to this policy .
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2018
    • HDFC Life Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      HDFC bank I have taken Life Insurance policy were the tenure period is for totally 20 years and still now I have payed finishing 12 years and all the payments has been done through online this is good policy to use throughout.Since all the features and the policy benefits is good .
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 18, 2018
    • HDFC Life Life Insurance
      "Fraud company"
      0.5 0.5/5 "Unacceptable"
      I have bought HFDC Life policy from one their agent; after frequent follow up and provoke to buy HDFC Life policy they offered me lots of temptations. Application No.: 1325691159105| Premium: INR 15564 Plan: HDFC Life ClassicAssure Plus| UIN: 101N089V02 Agent name is Mr. Akshay Wadekar Agent gave me below false commitment to sell policy. > Conversion of policy to pension plan on maturity. Nothing mentioned in received policy document. > Bonus from HDFC was convened to me was much higher then received policy document. > Agent agree to divide yearly premium to monthly using hdfc credit card. Later he denied. > Agent also promises for 3 days-night 5 star accommodation passes anywhere in India if I took policy immediately. Later his number was unavailable. I did lots of follow up with company but not received satisfactory response.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 12, 2018
    • HDFC Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with HDFC LIFE from last 3 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay a premium of Rs 30000 on annual basis through net banking and the payment options are convenient for me. I get a good coverage where i can give 50% to the government and can invest 50% on shares. I get a return of Rs 2.75 lakhs and i have filed IT returns for tax benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 09, 2018
    • HDFC Life Life Insurance
      "Average policy to use"
      0.5 2.0/5 "Expected more"
      Got the Children plan policy from HDFC life around 14years . The customer support service is not up to mark. I have closed this policy last year because there are no regular benefits are given in this policy and the policy coverage and the payments options are not up to the mark with the HDFC LIFE Children plan policy .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 02, 2018
    • HDFC Life Life Insurance
      "Below Average policy to use"
      0.5 2.0/5 "Expected more"
      I have started using the HDFC life Money back policy from the year of 2002. The customer support service is not up to the mark an they haven't gave any response in regard to my policy. I have stopped using the Money back because there is no policy coverage as well plan benefits are not up to the mark with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 02, 2018
    • HDFC Life Life Insurance
      "Best policy"
      0.5 4.5/5 "Excellent!"
      I have a life insurance policy with HDFC life fromlast 1 year and it is a good policy to use. I have to pay the premium for 8 years and next 8 years will be paid by HDFC. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 27, 2018
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have got the life insurance policy from the HDFC LIFE around 2 years ago. he customer support service is good with the HDFC life because they give intimations to pay the premium on time. I need to pay Rs.50,000 to this policy every year. The plan benefits and the policy coverage is good with this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 27, 2018
    • HDFC Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Hdfc Life Insurance service was excellent. The policy's and the value was good with Hdfc Life. The tenure period is for 10 years. The new schemes and offers are good with Hdfc Life. The service have been suggested by my personal banker. The payment options are through online. It has been a good experience with Hdfc Life Insurance service.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 23, 2018
    • HDFC Life Life Insurance
      "Good. Can do better"
      0.5 4.0/5 "Great!"
      I have taken a ULIP plan with HDFC Life. It is a investment and also a insurance. The tenure is for ten years. The benefits is I would get the sum assured after the maturity period account to what the rates are in the market at that time. I bought the policy through another channel and it was easy buy it. They can improve on the customer services by sending regular updates.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 19, 2018
    • HDFC Life Life Insurance
      "Satisfied"
      0.5 4.0/5 "Great!"
      My term insurance is with HDFC Life and the customer services are average. They do not inform me regularly about the policy dispatch. I did not get messages on the phone. The tenure is for 40 years and the benefits would be for my family. The sum assured is good.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 19, 2018
    • HDFC Life Life Insurance
      "Be careful before buying HDFC life term policy"
      0.5 0.5/5 "Unacceptable"
      There are two modes of buying the policy one is thru bank personnel and the other is online. The premium would be slightly high if you buy thru person when compared to buying online. But here comes the problem if you buy the policy online you wont get the policy document in hard copy and no one will inform you about this before buying or while under process. You will realise this only after buying the policy. When you approach the customer service later regaring hard copy they simply say if you buy policy online you will not be provided document in physical format and all your policy details will be feeded to a e insurance account maintained by NIR, NSDL. Term policy is a long tenure one and no one knows when the rules changes. Once think of the position of your family members after your demise without a hard copy of policy doc in hand and if rule changes they will suffer a lot. Note: Soft copy sent to your email has no legal or contractual value i.e it cannot be used for claiming.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 19, 2018
    • HDFC Life Life Insurance
      "good"
      0.5 4.0/5 "Great!"
      I have a Life Insurance service from Hdfc Life Insurance service. I have one policy with Hdfc Life Insurance service. The life time is for 65 years. I use to pay my premium through credit card. It is a good experience with Hdfc Life Insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 17, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with HDFC LIFE from last 2 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 6 months by credit card and sometimes through net banking. I am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 16, 2018
    • HDFC Life Life Insurance
      "Average"
      0.5 3.0/5 "Satisfactory"
      My life insurance is with HDFC Life. It is a term assurance with the tenure of ten years. The premium is to be paid once a year. But the returns are not as per expected and they have to improve in insurance level. When I requested for the new policies, I was not provided with the clear details. I end up getting confused to choose the right policy. I am not happy with what returns i am getting. Just to reach the targets they sell the policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 14, 2018
    • HDFC Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have a Life Insurance service from Hdfc Life Insurance service. I have one policy with Hdfc Life Insurance service. The life time is for 65 years. I use to pay my premium through credit card. It is a good experience with Hdfc Life Insurance service.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 13, 2018
    • HDFC Life Life Insurance
      "HDFC LIFE insuarnce"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from HDFC life. The premium which i have to pay yearly and after completing the maturity period they will provide me the sum assured plus the bonus amount from HDFC LIFE.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 12, 2018
    • HDFC Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life insurance with HDFC Life.The policy is for 10 years.I pay a premium amount of 25,000 per annum.They give a good policy coverage amount of 25 lakhs.The agent is very helpful and shared the complete details. I dont have any claim experience with them till date.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 06, 2018
    • HDFC Life Life Insurance
      "Life insurance with HDFC"
      0.5 4.0/5 "Great!"
      I have taken a life insurance with HDFC LIFE and the policy name is Udhay which i have to pay a premium of 300 per month for 12 years. Its a kind of money back policy. After the maturity period i will get the some assured with the interest. Its a good policy.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 06, 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 benefits are fine too.I would like to say that the coverage value is enough one for mine with the HDFC life insurance company. Every aspects are better one or me with the HDFC life.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 03, 2018
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