• HDFC Life Group Credit Protect Plus Insurance Plan

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    It is said that money is needed in order to make money, which leads to a number of people borrowing from financial institutions to meet monetary requirements. The Group Credit Protect Plus Insurance Plan from HDFC Life is a uniquely designed scheme which aims to provide an insurance cover to borrowers of a particular financial organisation, thereby ensuring that the demise or illness of a borrower doesn’t impact the repayment of a loan, providing peace of mind to everyone involved.


    Eligibility Criteria for HDFC Life Group Credit Protect Plus Insurance Plan

    Some of the key eligibility criteria for this plan are mentioned below.

    Minimum entry age 14 years
    Maximum entry age 70 years
    Minimum group size 50 members
    Minimum sum assured Rs 1,000
    Minimum premium (for each member) Rs 25
    Maximum age at maturity 75 years

    Key Features of HDFC Life Group Credit Protect Plus Insurance Plan

    Some of the key features of HDFC Life Group Credit Protect Plus Insurance Plan are mentioned below.

    Plan type Non-linked, non-participating group life insurance plan
    Plan basis Group
    Premium paying terms Single premium
    Policy term

    Minimum – 2 years

    Maximum – 30 years

    Maturity benefits No maturity benefits
    Premium payment frequency Single premium
    Guaranteed additions No bonus available
    Free look period Members are entitled to a 15 day free look period within which they can choose to return their policy
    Alterations/customisation Members can customise their policy as per their need, with 6 options provided
    • Life Option
    • Extra Life Option
    • Terminal Life Option
    • Critical Life Option 1
    • Critical Life Option 2
    • Life Disability Option
    Nominations Provision to provide nominations is available under this plan
    Sum assured A sum assured will be paid on the death of a member while the policy is in force
    Policy coverage Death benefit (additional benefits can be opted by choosing riders)

    Benefits/Advantages of HDFC Life Group Credit Protect Plus Insurance Plan

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

    • Multiple plans – One can choose from six plans under this scheme, each offering unique features and benefits.
    • Simple administration – Implementing this plan is quick and simple, with support provided by the team in case of any confusion.
    • Flexible – Members can choose a term which suits their need, with the term ranging between 2 and 30 years.
    • Top-up cover – There is a provision to provide cover for top-up loans.
    • Death benefit - Members are entitled to a death benefit in the event of their demise while the policy is in place. This death benefit can either be decreasing or level, i.e., the sum assured reduces with each repayment or remains the same throughout the policy tenure.
    • Moratorium – Members can opt for a moratorium when they take certain loans, with a cover provided during this period.
    • Surrender benefits – A surrender benefit can be paid to a member in the event of him/her prepaying the loan.
    • Tax benefits – Members are entitled to tax benefits under Section 80C and D of the Income Tax Act.
    • Underwriting – Underwriting formalities are kept to a minimum, ensuring customers aren’t inconvenienced.

    Working of HDFC Life Group Credit Protect Plus Insurance Plan

    Being a group plan, one might think that the working would be complicated, but contrary to this belief, it is easy to understand how this plan works. Let us take the example of Miss Rita, aged 35 years to understand this concept. Miss Rita takes a loan of Rs 50,000 from a financial institution, with the repayment tenor being 5 years. Now, her financial institute provides protection to its members through the HDFC Life Group Credit Protect Plus Insurance Plan and enrols Miss Rita in the same. After paying the single premium, she is protected for her repayment tenor. Under this scheme, the master policy is held by the financial organisation, with Miss Rita as a member.

    The plan Miss Rita chooses has an additional Accidental Death Benefit rider and an Accelerated Terminal Illness Benefit rider, offering enhanced protection. Now three years into the plan, Miss Rita meets with an accident and passes away. In this case, her insurance cover kicks in and her nominee will receive a death benefit, which can be used to clear the loan.

    In case nothing happens to Miss Rita, after the 5 year period her policy will lapse. If Miss Rita chooses to prepay the loan then she can get a surrender benefit which is computed after taking multiple factors into account.

    Premium Payment

    This is a single premium payment plan, wherein a member is expected to pay the premium amount only once, at the time of joining the scheme.

    Riders

    This plan comes with a number of customisable options, ensuring that members can find a solution which suits their individual needs. Members can choose from the following four riders to enhance their policy.

    • Additional Accidental Death Benefit –If the policyholder passes away while the policy is in place, his/her nominee will receive an additional accidental death benefit equivalent to the sum assured or decreasing sum assured, depending on the policy chosen.
    • Accelerated Terminal Illness Benefit – In the event of a member being diagnosed with a terminal illness, he/she will receive either the sum assured or the decreasing sum assured, depending on the policy in place. This rider comes with a term of either 5 years or 10 years.
    • Accelerated Critical Illness Benefit – If a member is diagnosed with a critical illness (as per the guidelines of the company), he/she will be eligible to get the sum assured, either through the level scheme or decreasing scheme, as chosen in the policy.
    • Accelerated Total Permanent Disability – In the event of a policyholder being in a situation which leaves him/her permanently disabled, he/she will be eligible to get either the decreasing sum assured or the sum assured, depending on the policy opted for.

    The policy will cease after the policyholder or his/her nominee receives the sum assured in all cases.

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

    HDFC Life Group Credit Protect Plus Insurance Plan Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Life Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Hdfc Life insurance service is good. I have taken it for the term period of 35 years and I have one policy with Hdfc Life. They use to update me with new schemes and offers through email. The documentation part has been smooth. It is a average service from Hdfc Life insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • HDFC Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with HDFC Life,The premium amount is 15,000 in year,the policy is for five years,the policy coverage amount is eight lakhs .Its been a year since i have taken this policy.The customer service is good and give prompt response to the customers.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 13, 2018
    • 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 super one. I would like to say that the coverage value is around one crore Rupees. I am really happy with the HDFC life insurance company. Everything is up to the mark with them till now.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Feb 09, 2018
    • HDFC Life Life Insurance
      "Fabulous"
      0.5 4.0/5 "Great!"
      I do have the life insurance policy with the HDFC life and the response is good one and the coverage value is depends up on the market fluctuation regarding up on the market investment sector, so the return values are not really a commitment factor.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 07, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      From the last three years of time, I do have the HDFC life and the coverage value is fine one for me. Its a kind of investment plan in SIP. HDFC Excel growth is the policy name and the returns are depends on market fluctuation.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 07, 2018
    • HDFC Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have a Life insurance with Hdfc Ltd,the service was good. The new schemes and offers they provide me was good which was helpful The payments are generally through online . It was totally a good experience with Hdfc Ltd life insurance service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 05, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have a term insurance from Hdfc,the service is good with Hdfc. The benefits is single benefit. Hdfc staffs are friendly in approach. The payments are through online. The documents procedure was been smooth. It was totally a good experience with Hdfc life insurance service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 03, 2018
    • HDFC Life Life Insurance
      "Best insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life Insurance with HDFC Life.The premium amount is 35,000 per annum.This policy is taken 5years back.The total policy is for seven years.i get good policy coverage amount.The plan name is sampoorna samridhi,i have no claim experience with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 02, 2018
    • HDFC Life Life Insurance
      "Better "
      0.5 3.0/5 "Satisfactory"
      I do have life insurance policy with the HDFC life insurance company and the customer service is okay one for me. Plan benefits are fine one for me with the HDFC life and their coverage value too. Everything went in the smooth manner with them till now.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 02, 2018
    • HDFC Life Life Insurance
      "Better "
      0.5 3.5/5 "Pretty good"
      I do have the life insurance policy with the HDFC life and the customer service is good too. Service aspects are okay one for me with them. I would like to say that the plan benefits are good too with the HDFC life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 02, 2018
    • HDFC Life Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life insurance company. Coverage value and the benefits are okay according to the premium. I would like to say that the customer service is an excellent one with the HDFC life insurance company.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 02, 2018
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with HDFC LIFE from last 1 year and it is a good insurance policy to use. The tenure of this life insurance policy is 2 years and i pay a premium of Rs 390 on monthly basis through ECS. I am convenient with the payment options which they are giving. I have a coverage of Rs 20 lakhs for this insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 29, 2018
    • HDFC Life Life Insurance
      " A good insurance"
      0.5 4.0/5 "Great!"
      I had a life insurance policy in Hdfc Life. My life insurance policy covers all Benefits. I feel very comfortable while am renewing the policy. I choose on line payment to renewal the policy on time. I am comfortable with the HDFC Life insurance policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 28, 2018
    • HDFC Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life insurance service from Hdfc ,the service is good with Hdfc. I have taken two policy's for the term period of 15 years. I am paying 25k yearly as a premium. They used to update me regarding new schemes and offers also the customer service was good with Hdfc life insurance team.It was an excellent experience with Hdfc life insurance service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 25, 2018
    • HDFC Life Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I have taken a child plan with HDFC life and felt this Insurance is one of the best in the market. I need to pay Rs.25000 yearly for five years and my child would be getting a sum assured at the end of the maturity period. The payment option of them is quite good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 24, 2018
    • HDFC Life Life Insurance
      "Best insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have taken Term Insurance with HDFC Life.Th premium amount is 11,000,its been two years since i have this policy,this policy is for 40 years i get policy coverage amount of one crore in case of accident.Net banking is good and efficient to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 23, 2018
    • HDFC Life Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have an Life insurance service from Hdfc Life insurance. The policy's I have taken is good and it has lots of benefits too. They used to update me regarding new schemes and offers and the payments will be deducted from my account through ECS. It was an average service from Hdfc life insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 19, 2018
    • HDFC Life Life Insurance
      "Poor Service!! Once after payment, they will forget you"
      0.5 1.5/5 "Bad"
      HDFC Life backend and medical teams are very unprofessional. I have been waiting for a form from the backend team, but they have no clue of it on how to find and send it. Even after multiple requests from 5 days, they were not able to send it. They will always say that your request will be fulfilled on a priority basis. If that is really been a priority, why it will take 5 days to just send a single form. My medical appointment has been scheduled thrice and never been confirmed even after multiple escalations. I have been fed up of following-up with them. They will always say, you will receive the confirmation by the end of day, but you will never receive it. Never expected this from a private service provider. Public companies are a lot better. I will never suggest my friends to go with hdfc life. Customers look like jokers for them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2018
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I had taken ULIP policy with HDFC life, I have deposited 7.5L rupees in the year of 2010. The expected future value was 20L and today it was 13.5L. Whenever I need any help will visit the branch. The online services are good and i had used one or two times. The maturity period was 10 years and their locking period is 3 years, amount varies accordingly.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 16, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and the customer service is good one for me. I would like to say that the coverage value is also good one for me with the HDFC life insurance company and I dont have any such complaints.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 10, 2018
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