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  • HDFC Life Group Credit Protect Insurance Plan

     4.0 / 5.0   by 986 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
      "Life insurance"
      0.5 5.0/5 "Blown Away!"
      HDFC life insurance service are fine. I am holding this life insurance for a period of 3 years. It was set actually for achieving certain goals . This was taken for a period of 15 to 20 years., I am getting some tax benefits and it is aimed for good returns too
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 19, 2017
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from HDFC Life. They are very good in services. They send me updates on the policy and also reminders for the payments. The premiums are economical and it is easy to pay it online. This policy had good benefits at the time when I purchased it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2017
    • HDFC Life Life Insurance
      "Good overall"
      0.5 4.0/5 "Great!"
      It is a normal life insurance policy from HDFC Life. The customer services are good as they send me a reminder 15 days in advance about my payment and the amount and date. The tenure is for seven years and the payment options are convenient. The benefits and coverage could be better.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 15, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I got the life Insurance policy with HDFC life long back. The plan benefits and the coverage is above average with HDFC life insurance policy. The customer support is above average with HDFC life. I would say it is good to have a life insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • HDFC Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life insurance company and the policy coverage value is fine one with them and the plans were not received by my end, since I have some issues with them and its just under the process.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2017
    • HDFC Life Life Insurance
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance service with HDFC for 20 k there was not needed with much documents and the customer service is very good and the service was fine but they never update me regarding any new schemes and offers still the overall service is excellent from HDFC for my life insurance service.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Oct 13, 2017
    • HDFC Life Life Insurance
      "Average service"
      0.5 2.5/5 "Just OK"
      The service was average but during the process the representatives promised me a offer of paying the EMI amount but once the process is completed there was no proper response from the HDFC life, representatives I use to call them regarding that but there was no proper response from their end regarding the offer ,overall service provided by HDFC LIFE is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2017
    • HDFC Life Life Insurance
      "Good policy for children"
      0.5 3.0/5 "Satisfactory"
      I have a children policy for past 1 year. This policy get matured after my child turns to 20years. The customer service is good with HDFC life. The plan benefit and the coverage is good with this policy. It is good policy for the children. I am satisfied having the life insurance policy with HDFC life.
      Was this review helpful? 0
      , warangal
      Reviewed on Oct 11, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I got a protect plus life insurance policy with HDFC life. I got this policy around a year ago. This policy has the tenure around 20years. The customer service is good with policy. This policy covers the health coverage as well. I pay the premium of Rs.40,000 annually. The plan benefits and the coverage is average with Hdfc life
      Was this review helpful? 0
      , warangal
      Reviewed on Oct 11, 2017
    • HDFC Life Life Insurance
      "Good experience"
      0.5 4.0/5 "Great!"
      My Life Insurance was taken with HDFC bank . Its a term plan and the tenure period was 60 years The policy coverage is 50 lakhs and premium paid on early basis. I pay through online and Its very convenient also. Its not a corporate Insurance and I do get tax benefit also. My overall experience was good
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Oct 10, 2017
    • HDFC Life Life Insurance
      "Worst service"
      0.5 1.0/5 "Really Bad"
      I am not happy with the service of HDFC life for my insurance service ,representatives of HDFC life is not much helpful, I have taken 2 policy's , so far and I pay my due through online, overall service is not much good as I expected from HDFC life for my insurance service .
      Was this review helpful? 0
      , vadodara
      Reviewed on Oct 07, 2017
    • HDFC Life Life Insurance
      "Good policy "
      0.5 4.0/5 "Great!"
      With HDFC life I hold a life insurance policy. I have this policy for past 1year. This policy has the tenure of 20years. I pay the premium around Rs.20,000 every year. The plan benefits and the coverage is average with this policy, but I am satisfied having this policy.
      Was this review helpful? 0
      , greater noida
      Reviewed on Oct 07, 2017
    • HDFC Life Life Insurance
      "Average"
      0.5 4.0/5 "Great!"
      I am having the term life insurance policy with the HDFC life insurance company and its provided by my organization, also the coverage value is up to 25 lakh Rupees for the life , also am really not much aware of it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 07, 2017
    • HDFC Life Life Insurance
      "good service"
      0.5 4.0/5 "Great!"
      I had good experience with HDFC regarding my life insurance service ,there representatives and customer service is very helpful . I pay my payment through online I never had any queries with their service ,overall service is good from HDFC.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 06, 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 policy coverage value is up to 4 lakh Rupees. Plan benefits are good one with the HDFC life and their customer serivce is working in good way.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 05, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and am holding it from the last four years of time. Response is good one for me and their policy coverage value is good one like its around one crore Rupees.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 05, 2017
    • HDFC Life Life Insurance
      "Customer Care"
      0.5 3.5/5 "Pretty good"
      I just had a very nice experience form their customer care, I wanted to know about insurance policies hdfc life is having so I can select something good. I got some good sort of policy option came to my email for me to review - I must appreciate their service and prompt response.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 04, 2017
    • HDFC Life Life Insurance
      "Good Saving"
      0.5 5.0/5 "Blown Away!"
      Every annum I used to pay the premium of Rs. 12,000 it has the tenure of seven years, After the maturity period, I would get the sum assured amount of Rs.1.5 lakhs, if something happened after me my nominees get the reimbursement its a good plan.
      Was this review helpful? 0
      , avinashi
      Reviewed on Oct 03, 2017
    • HDFC Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life insurance company. Customer service is good one and I have taken it recently. Response is good one with them and I have not faced any issues with them, also they have to improve their service. Coverage value is an average one for me.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 03, 2017
    • HDFC Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I do have the life insruance policy with the HDFC life and the services are good one with them. I would like to say that the premium amount is higher one while compare with other things and their future coverage is good one for me.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 30, 2017
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