The Group Credit Protect Plus Insurance Plan from HDFC Life is a uniquely designed scheme which aims to provide an 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.
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 |
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 |
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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) |
Some of the major benefits of are mentioned below.
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.
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.
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.
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
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