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  • HDFC Life Group Credit Protect Insurance Plan

     4.0 / 5.0   by 1037 users
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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    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 "
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the HDFC life being a policy holder of HDFC life I am very much happy with the support that I received from them. In addition to that, I would like to say that the policy coverage value is around five lakh Rupees. As far as the response is concerned it is okay.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 14, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have a taken a Life Insurance with Hdfc Life.The policy is for 10 years.I make payment of the premium 25,000 yearly,its done through cheque.I have recently taken the policy.I get a coverage of 2.5 lakhs.The website is easy to understand and navigate.
      Was this review helpful? 0
      , dwarka
      Reviewed on Dec 11, 2017
    • 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 very good. I would like to say that the policy coverage value is fine one with the HDFC life. Everything is good one with the HDFC life.
      Was this review helpful? 0
      , dhrangadhra
      Reviewed on Dec 04, 2017
    • HDFC Life Life Insurance
      "Good company"
      0.5 4.0/5 "Great!"
      I am holding the HDFC life insurance policy from 2011 onward. Response is good one for me and I have not faced any issues with them and there are no drawbacks on it. Everything is good one with the HDFC life insurance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 01, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      The HDFC life policy has been taken by me around a year ago. I paid Rs,15,000 to policy, The policy coverage e and the plan benefits are good with this policy. I pay the premium through ECS mode and it will get deducted from my salary . It is good to have this policy with HDFC life.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 30, 2017
    • HDFC Life Life Insurance
      "Excellent policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having HDFC Life insurance policy from last 2 years, it was a good experience so far with HDFC LIFE and i did not face any issues with this policy till date. This policy has to be renewed every year and i make a payment on annual basis through ECS. I have filed IT returns for tax benefits and the coverage amount is satisfactory.
      Was this review helpful? 1
      , lucknow
      Reviewed on Nov 29, 2017
    • HDFC Life Life Insurance
      "Better service"
      0.5 4.0/5 "Great!"
      I have taken a Life Insurance with Hdfc Life.I have been using it for past two months.I got a good experience approaching the bank,i pay a premium of 15000 annually,the mode of payment is online its convenient to pay.I get a good policy coverage amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 29, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with Hdfc Life.I have been using it for last few years.I pay a premium of Rs 7000 every year,i get a policy amount of one crore if the person expires.Its the best long term policy and every individual should hold.The website is also good to operate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 28, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with HDFC Life. I have chosen HDFC because the services are good. I pay 25K yearly through cheque. The payment option is convenient. The plan benefits and policy coverage are good. It is a tenure of 5 years. After maturity I will get good return.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 28, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life and their customer service is perfect one. I would like to say that the premium value is good one with them while compare with others. I dont have any issues with the HDFC life.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 28, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.5/5 "Excellent!"
      I hold a life insurance policy with HDFC LIFE from last 1 year and it is a term insurance policy. This policy has to be renewed every year. I pay a premium of Rs 644 on monthly basis through online and i am also convenient with the payment options. I am also satisfied with the coverage and benefits of this life insurance policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 27, 2017
    • HDFC Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life and the customer service is good . I would like to say that the response and other things are really better one with the HDFC life insurance company and I dont have any issues on it.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 27, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken a life insurance with HDFC LIFE. its a term insurance. The yearly premium is 70000. After 5 years they will provide some amount. The policy is a benefited one. Online payment facility is available. Good policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 25, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with HDFC Life from last 2 years and this policy has to be renewed every year. I pay my premium on monthly basis and the payment is auto deducted through ECS. I am also convenient with the payment options which they are giving. I am also fine with coverage and benefits of this policy.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Nov 23, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a Life Insurance with HDFC Life in the year of 2015. The services are up to the mark. Previously the payment will be debited from my savings account but now I am paying through online banking. The benefits and policy coverage are average compared to LIC. I pay premium of 25K yearly. It is a tenure of 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 22, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      HDFC life insurance provide good services to their customers when compared to all other policy companies. I hold a HDFC life insurance policy from last 2 years. The insurance policy has to be renewed once in 2 years. I pay my premium of Rs 8000 on annual basis through credit card and i am also convenient with the payment options. The coverage of this policy is up to 50 lakhs and the benefits are also good in this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I recently got the HDFC life insurance policy around a year ago. The customer supper is good with HDFC Life. This policy has the tenure of 10years and I pay the premium of Rs,50,000 per year. I pay the premium through online. The plan benefits and the coverage are good with this policy.,
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 20, 2017
    • HDFC Life Life Insurance
      "Best"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the HDFC life and am holding it from the last four years of time. I would like to say that the customer service is overall good one, also am really happy with the HDFC life.
      Was this review helpful? 0
      , agra
      Reviewed on Nov 20, 2017
    • HDFC Life Life Insurance
      "Good Policy to hold"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with HDFC Life. I have been using this life insurance for the past 1 year. Annually I pay Rs. 70000. Total tenure is 16 years and total maturity amount is 6.5 lakh rupees and from 9th year onwards will be getting bonus.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2017
    • HDFC Life Life Insurance
      "Good Investment to grow my money"
      0.5 5.0/5 "Blown Away!"
      Hdfc agent is my relative he told to take life insurance with them. I make Rs. 2000 on monthly basis, its a Ulip plan, It has the tenure of 10 years and the PPT should be 3 years. So far I invested Rs. 71,000 now it got increased to Rs. 86,000. After the maturity period I get the amount Rs. 5.20 lakhs from them.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 18, 2017
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