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  • HDFC Life Group Credit Protect Plus Insurance Plan

     4.0 / 5.0   by 1037 users
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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    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 2.0/5 "Expected more"
      I am having the life insurance policy with the HDFC life being a policy holder of HDFC life I am very much happy with the support that I received from them. In addition to that, I would like to say that the policy coverage value is around five lakh Rupees. As far as the response is concerned it is okay.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 14, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have a taken a Life Insurance with Hdfc Life.The policy is for 10 years.I make payment of the premium 25,000 yearly,its done through cheque.I have recently taken the policy.I get a coverage of 2.5 lakhs.The website is easy to understand and navigate.
      Was this review helpful? 0
      , dwarka
      Reviewed on Dec 11, 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 customer service is very good. I would like to say that the policy coverage value is fine one with the HDFC life. Everything is good one with the HDFC life.
      Was this review helpful? 0
      , dhrangadhra
      Reviewed on Dec 04, 2017
    • HDFC Life Life Insurance
      "Good company"
      0.5 4.0/5 "Great!"
      I am holding the HDFC life insurance policy from 2011 onward. Response is good one for me and I have not faced any issues with them and there are no drawbacks on it. Everything is good one with the HDFC life insurance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 01, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      The HDFC life policy has been taken by me around a year ago. I paid Rs,15,000 to policy, The policy coverage e and the plan benefits are good with this policy. I pay the premium through ECS mode and it will get deducted from my salary . It is good to have this policy with HDFC life.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 30, 2017
    • HDFC Life Life Insurance
      "Excellent policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having HDFC Life insurance policy from last 2 years, it was a good experience so far with HDFC LIFE and i did not face any issues with this policy till date. This policy has to be renewed every year and i make a payment on annual basis through ECS. I have filed IT returns for tax benefits and the coverage amount is satisfactory.
      Was this review helpful? 1
      , lucknow
      Reviewed on Nov 29, 2017
    • HDFC Life Life Insurance
      "Better service"
      0.5 4.0/5 "Great!"
      I have taken a Life Insurance with Hdfc Life.I have been using it for past two months.I got a good experience approaching the bank,i pay a premium of 15000 annually,the mode of payment is online its convenient to pay.I get a good policy coverage amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 29, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with Hdfc Life.I have been using it for last few years.I pay a premium of Rs 7000 every year,i get a policy amount of one crore if the person expires.Its the best long term policy and every individual should hold.The website is also good to operate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 28, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with HDFC Life. I have chosen HDFC because the services are good. I pay 25K yearly through cheque. The payment option is convenient. The plan benefits and policy coverage are good. It is a tenure of 5 years. After maturity I will get good return.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 28, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life and their customer service is perfect one. I would like to say that the premium value is good one with them while compare with others. I dont have any issues with the HDFC life.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 28, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.5/5 "Excellent!"
      I hold a life insurance policy with HDFC LIFE from last 1 year and it is a term insurance policy. This policy has to be renewed every year. I pay a premium of Rs 644 on monthly basis through online and i am also convenient with the payment options. I am also satisfied with the coverage and benefits of this life insurance policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 27, 2017
    • 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 good . I would like to say that the response and other things are really better one with the HDFC life insurance company and I dont have any issues on it.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 27, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken a life insurance with HDFC LIFE. its a term insurance. The yearly premium is 70000. After 5 years they will provide some amount. The policy is a benefited one. Online payment facility is available. Good policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 25, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with HDFC Life from last 2 years and this policy has to be renewed every year. I pay my premium on monthly basis and the payment is auto deducted through ECS. I am also convenient with the payment options which they are giving. I am also fine with coverage and benefits of this policy.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Nov 23, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a Life Insurance with HDFC Life in the year of 2015. The services are up to the mark. Previously the payment will be debited from my savings account but now I am paying through online banking. The benefits and policy coverage are average compared to LIC. I pay premium of 25K yearly. It is a tenure of 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 22, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      HDFC life insurance provide good services to their customers when compared to all other policy companies. I hold a HDFC life insurance policy from last 2 years. The insurance policy has to be renewed once in 2 years. I pay my premium of Rs 8000 on annual basis through credit card and i am also convenient with the payment options. The coverage of this policy is up to 50 lakhs and the benefits are also good in this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I recently got the HDFC life insurance policy around a year ago. The customer supper is good with HDFC Life. This policy has the tenure of 10years and I pay the premium of Rs,50,000 per year. I pay the premium through online. The plan benefits and the coverage are good with this policy.,
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 20, 2017
    • HDFC Life Life Insurance
      "Best"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the HDFC life and am holding it from the last four years of time. I would like to say that the customer service is overall good one, also am really happy with the HDFC life.
      Was this review helpful? 0
      , agra
      Reviewed on Nov 20, 2017
    • HDFC Life Life Insurance
      "Good Policy to hold"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with HDFC Life. I have been using this life insurance for the past 1 year. Annually I pay Rs. 70000. Total tenure is 16 years and total maturity amount is 6.5 lakh rupees and from 9th year onwards will be getting bonus.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2017
    • HDFC Life Life Insurance
      "Good Investment to grow my money"
      0.5 5.0/5 "Blown Away!"
      Hdfc agent is my relative he told to take life insurance with them. I make Rs. 2000 on monthly basis, its a Ulip plan, It has the tenure of 10 years and the PPT should be 3 years. So far I invested Rs. 71,000 now it got increased to Rs. 86,000. After the maturity period I get the amount Rs. 5.20 lakhs from them.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 18, 2017
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