• 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
      "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
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have taken a term insurance with HDFC life from last 1.5 years and it is a good insurance policy. The tenure of this policy is 40 years. I pay my premium on annual basis through net banking 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
      , pune
      Reviewed on Mar 01, 2018
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