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HDFC Life Group Credit Protect Plus Insurance Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with HDFC LIFE INSURANCE recently in december , they have charge me nominal premium for a yearly basis, and it use to get through on line , and there agent was good they help me to get good policy and they use to update me if any update is there in this policy time to time.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE,there service is good, i use to pay my premium on yearly basis , they have charged me up to 5000 rupees ,i use to pay through on line , they are not taken any extra charges,the agent had explain me clearly about there policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have applied my life insurance with HDFC LIFE , there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal,like i pay premium up to 6000 rupees for two years, it was on yearly basis , and it use to get auto debited from my account.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis, and they have charged me up to 14,000 it is nominal , and i use to pay the premium amount through on line.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy with HDFC life,there service is good, there premium they have charged me was nominal, i pay premium on monthly basis, and there agent had properly explain about the plan benefits and policy ,overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 07, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC life, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 07, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with HDFC life insurance, there service is good, there agent had explained me clearly about the policy coverage and benefits,and the premium amount i use to pay in yearly basis, and the premium amount is nominal,and overall service is good.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 06, 2019
  • HDFC Life Life Insurance
    "Don't go with HDFC LIFE for Insurance"
    0.5 2.0/5 "Expected more"
    I have invested Rs. 80000 in HDFC LIFE. They have deducted the money from my account but they have not able to generate a bill. Due to the uncertanity, i have not continued with this policy. They charged me twice for single premium. I closed the policy but they have taken long time to return the money anyway it took a long process. I spoke with the call centre regarding this issue but they were not helpful.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 02, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 4.5/5 "Excellent!"
    I have been using the HDFC Life Insurance policy for long time. they charge nominal premium for this policy it also offers accidental benefits and I make payment through online. 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
    , chennai
    Reviewed on Jan 02, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with Life insurance corporation of India, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 24, 2018
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen the investment plan in HDFC. In 2016, i have taken this policy. I pay the premium of Rs. 40000 per annum. Through online, i make the payment. Total tenure period of the policy is 10 years. This is a tax benefitable policy. I don't remember about the sum assured amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 22, 2018
  • HDFC Life Life Insurance
    "Good Benefits after tenure"
    0.5 4.0/5 "Great!"
    I am an existing customer I used to pay the premium around Rs. 25,000 per annum for the total tenure of 10 years. Then I get the benefits with the sum assured value and bonus of the premium and they do have life coverage and I am getting the tax benefits too.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 20, 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 7 years and it is a long term policy. I make my premium payments on yearly basis through net banking and i am convenient with the payment options. The returns and benefits are good with this policy and tenure period is 10 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 20, 2018
  • HDFC Life Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I am not satisfied with the service of the HDFC LIFE where i have purchased the life insurance policy with this HDFC LIFE. I have started using it from past few years where the policy is very good. They give the fake promises for this policy....
    Was this review helpful? 2
    , bangalore
    Reviewed on Dec 15, 2018
  • HDFC Life Life Insurance
    "Fine policy for emergency purpose"
    0.5 5.0/5 "Blown Away!"
    Along with my personal loan they have provided me a life insurance policy from HDFC LIFE. I have to pay the premium amount of Rs. 6000 in a year. I used to pay the premium through online. Total tenure period of the policy is 4 years. I'm getting a sum assured amount of Rs. 3 lakhs.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Every salary holder must taken this policy"
    0.5 4.0/5 "Great!"
    I have purchased the HDFC accidental policy nearly 4 years before. I have been paying the premium amount of Rs. 80000. I used to make the premium through my credit card and i covert into EMI basis. This is annual payment mode policy. This policy has coverage value of Rs. 15 lakhs and all my member covered in this policy
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2018
  • HDFC Life Life Insurance
    "Yet to experience the policy"
    0.5 4.0/5 "Great!"
    I have purchased a ULIP policy from HDFC Life. 4 months before i have taken this policy. I have been paying the premium amount of Rs. 2000 every month. The sum assured amount is 5 lakhs. This is a tax benefitable policy. Through Internet i have purchased this policy. I make the payment in online by using the debit card.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 11, 2018
  • HDFC Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I am having a life insurance policy with HDFC LIFE from last 9 years and it is a long term policy. I make my premium payment through online and on yearly basis. I am convenient with the payment options and tenure period for this policy is 15 years. I am happy with the returns and benefits on this policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 11, 2018
  • HDFC Life Life Insurance
    "Good policy to take"
    0.5 5.0/5 "Blown Away!"
    Total tenure period of the policy is 10 years. I have to pay the premium amount for 7 years and 3 years will be lockin period. They have done a very good follow up on documentation and explained the policy details very well. They will call on the premium time. The amount will be auto debited from account. In a year, i have to pay the premium amount of Rs. 50000. 1 year back, i took this policy.
    Was this review helpful? 1
    , amravati
    Reviewed on Dec 11, 2018
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