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  • HDFC Life Group Credit Protect Plus Insurance Plan

     4.0 / 5.0   by 1137 users
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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"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from HDFC Life. I could purchase the insurance online. The tenure is for ten years and there are good plan benefits and sum assured. I would get my maturity amount after the 10th year. The premium is nominal and I can pay it online.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 20, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with HDFC LIFE from last 3 months, i am happy with the returns and benefits of this insurance policy. I pay a premium of Rs 40000 on annual basis and this premium i have to pay for 7 years and after 10 years i will get returns of this policy.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Sep 06, 2018
    • HDFC Life Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      They had approached me in taking this life insurance policy and the process in starting this insurance has been good. I had been making the payments of premium monthly and the premium amount has been nominal. Their staff responses had been good and there has not been any hassle so far.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "average policy "
      0.5 3.5/5 "Pretty good"
      I have take life insurance from Hdfc ergo . Am satisfied with the premium amount which am making the payment This policy covers accidental and critical illness coverage . Their customer representative explained the policy very well before taking the policy . Overall its average policy .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I had taken this insurance policy long time back and the process in taking this insurance policy had been simple. The premium had been paying online and it had been simple in the methods. There has not been any hassles faced with their services so far.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 03, 2018
    • HDFC Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a term plan with HDFC LIFE from last 1 year and it is one of the best policy. I pay my premium for Rs 16000 every year through net banking and i am convenient with the payment options. The tenure period for this policy is 40 years and benefits are good in this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 28, 2018
    • HDFC Life Life Insurance
      "Online information just very easy @ bank bazaarinsurance.com"
      0.5 4.0/5 "Great!"
      I have take life insurance from Hdfc life insurance which has of good returns , This coverage also covers accidental and critical illness coverage . I make the payment yearly through online This policy coverage is for life time had to renew yearly . I used to get income tax benefits. Their customer service explained well about the policy.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Aug 27, 2018
    • HDFC Life Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have take life insurance from Hdfc life insurance which has of good returns , This coverage also covers accidental and critical illness coverage . I make the payment yearly through online This policy coverage is for life time had to renew yearly . I used to get income tax benefits. Their customer service explained well about the policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 25, 2018
    • HDFC Life Life Insurance
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this insurance policy almost five years back. The payment methods has been good and it has been easy and i had been making the payments online. There has not been any hassles faced with them so far and it is a good insurance policy so far.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 31, 2018
    • HDFC Life Life Insurance
      "Good policy "
      0.5 3.0/5 "Satisfactory"
      I have to pay Rs. 5000 for this policy and the tenure period of the policy is 3 years. I used to pay the premium through credit card net banking. Its a money back policy. I used to a receive a money back after completion of the policy. Their is no risk coverage in this policy. Its a tax benefitable policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 21, 2018
    • HDFC Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the HDFC Life life insurance policy for a while. I pay a premium of 50000 Per year, I am getting insurance benefits ULIP bonus amount and 5 lacs coverage, accidental coverage is also there. Considering the features and benefits it is a recommendable policy to have.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 04, 2018
    • HDFC Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy wiht the HDFC Ergo. Monthly I am paying a premium of 280 rupees. It offers accidental benefits of 25 lacs and the features looked promising. Overall it has been a good policy considering the low premium I am paying and never faced any issues so far.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 25, 2018
    • 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 good too. I would like to say that everything is good and their response too. I am happy with them till now and everything is better with the HDFC life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 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 customer service is good too. Response is also good too. I would like to say that the coverage value is fine one with the HDFC life and everything is better one too.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 19, 2018
    • HDFC Life Life Insurance
      "Good Service so far"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance from the HDFC life. The Sum assured is 50 lacs. I am paying the premium 31000 per year. Overall I never had any issues with their services. HDFC life is a recommendable insurance provider. Based on the features and benefits this policy is a good life insurance policy to have.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have been using Life insurance from Hdfc life . It has good benefits with accidental coverage and critical medical claim . I make payment on line through on line net banking after ever 2 years Their customer service and response is good. Overall am satisfied with my life insurance policy
      Was this review helpful? 0
      , noida
      Reviewed on Jun 18, 2018
    • HDFC Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the HDFC Life Insurance policy for a while. I pay a premium of 25000 per year, it also offers accidental benefits and I make payment at the branches. 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
      , thane
      Reviewed on Jun 18, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have been using Life insurance from Hdfc life . It has good benefits with accidental coverage and critical medical claim . The policy coverage is 60 years with tenure period of 25 years . I pay the payment annually through on line banking . Am getting Income tax benefits from this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 17, 2018
    • HDFC Life Life Insurance
      "Fair service"
      0.5 2.0/5 "Expected more"
      I've a health insurance policy with the HDFC life. I pay a premium of 8000 per year via an agent. I am not aware about the in depth features of the policy. So far the experience has been good with them. It is a recommendable insurance policy to have.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 14, 2018
    • HDFC Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the HDFC life. I pay a premium of 9000 Per annum, the tenure of the policy is 30 years and I never faced any issues with their services. Overall it is a recommendable policy to have.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 08, 2018
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