"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • HDFC Life Group Credit Protect Plus Insurance Plan

     4.0 / 5.0   by 986 users
    Used this product? Write a review >>

    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
      "Life insurance"
      0.5 5.0/5 "Blown Away!"
      HDFC life insurance service are fine. I am holding this life insurance for a period of 3 years. It was set actually for achieving certain goals . This was taken for a period of 15 to 20 years., I am getting some tax benefits and it is aimed for good returns too
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 19, 2017
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from HDFC Life. They are very good in services. They send me updates on the policy and also reminders for the payments. The premiums are economical and it is easy to pay it online. This policy had good benefits at the time when I purchased it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2017
    • HDFC Life Life Insurance
      "Good overall"
      0.5 4.0/5 "Great!"
      It is a normal life insurance policy from HDFC Life. The customer services are good as they send me a reminder 15 days in advance about my payment and the amount and date. The tenure is for seven years and the payment options are convenient. The benefits and coverage could be better.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 15, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I got the life Insurance policy with HDFC life long back. The plan benefits and the coverage is above average with HDFC life insurance policy. The customer support is above average with HDFC life. I would say it is good to have a life insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • HDFC Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life insurance company and the policy coverage value is fine one with them and the plans were not received by my end, since I have some issues with them and its just under the process.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2017
    • HDFC Life Life Insurance
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance service with HDFC for 20 k there was not needed with much documents and the customer service is very good and the service was fine but they never update me regarding any new schemes and offers still the overall service is excellent from HDFC for my life insurance service.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Oct 13, 2017
    • HDFC Life Life Insurance
      "Average service"
      0.5 2.5/5 "Just OK"
      The service was average but during the process the representatives promised me a offer of paying the EMI amount but once the process is completed there was no proper response from the HDFC life, representatives I use to call them regarding that but there was no proper response from their end regarding the offer ,overall service provided by HDFC LIFE is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2017
    • HDFC Life Life Insurance
      "Good policy for children"
      0.5 3.0/5 "Satisfactory"
      I have a children policy for past 1 year. This policy get matured after my child turns to 20years. The customer service is good with HDFC life. The plan benefit and the coverage is good with this policy. It is good policy for the children. I am satisfied having the life insurance policy with HDFC life.
      Was this review helpful? 0
      , warangal
      Reviewed on Oct 11, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I got a protect plus life insurance policy with HDFC life. I got this policy around a year ago. This policy has the tenure around 20years. The customer service is good with policy. This policy covers the health coverage as well. I pay the premium of Rs.40,000 annually. The plan benefits and the coverage is average with Hdfc life
      Was this review helpful? 0
      , warangal
      Reviewed on Oct 11, 2017
    • HDFC Life Life Insurance
      "Good experience"
      0.5 4.0/5 "Great!"
      My Life Insurance was taken with HDFC bank . Its a term plan and the tenure period was 60 years The policy coverage is 50 lakhs and premium paid on early basis. I pay through online and Its very convenient also. Its not a corporate Insurance and I do get tax benefit also. My overall experience was good
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Oct 10, 2017
    • HDFC Life Life Insurance
      "Worst service"
      0.5 1.0/5 "Really Bad"
      I am not happy with the service of HDFC life for my insurance service ,representatives of HDFC life is not much helpful, I have taken 2 policy's , so far and I pay my due through online, overall service is not much good as I expected from HDFC life for my insurance service .
      Was this review helpful? 0
      , vadodara
      Reviewed on Oct 07, 2017
    • HDFC Life Life Insurance
      "Good policy "
      0.5 4.0/5 "Great!"
      With HDFC life I hold a life insurance policy. I have this policy for past 1year. This policy has the tenure of 20years. I pay the premium around Rs.20,000 every year. The plan benefits and the coverage is average with this policy, but I am satisfied having this policy.
      Was this review helpful? 0
      , greater noida
      Reviewed on Oct 07, 2017
    • HDFC Life Life Insurance
      "Average"
      0.5 4.0/5 "Great!"
      I am having the term life insurance policy with the HDFC life insurance company and its provided by my organization, also the coverage value is up to 25 lakh Rupees for the life , also am really not much aware of it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 07, 2017
    • HDFC Life Life Insurance
      "good service"
      0.5 4.0/5 "Great!"
      I had good experience with HDFC regarding my life insurance service ,there representatives and customer service is very helpful . I pay my payment through online I never had any queries with their service ,overall service is good from HDFC.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 06, 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 policy coverage value is up to 4 lakh Rupees. Plan benefits are good one with the HDFC life and their customer serivce is working in good way.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 05, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and am holding it from the last four years of time. Response is good one for me and their policy coverage value is good one like its around one crore Rupees.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 05, 2017
    • HDFC Life Life Insurance
      "Customer Care"
      0.5 3.5/5 "Pretty good"
      I just had a very nice experience form their customer care, I wanted to know about insurance policies hdfc life is having so I can select something good. I got some good sort of policy option came to my email for me to review - I must appreciate their service and prompt response.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 04, 2017
    • HDFC Life Life Insurance
      "Good Saving"
      0.5 5.0/5 "Blown Away!"
      Every annum I used to pay the premium of Rs. 12,000 it has the tenure of seven years, After the maturity period, I would get the sum assured amount of Rs.1.5 lakhs, if something happened after me my nominees get the reimbursement its a good plan.
      Was this review helpful? 0
      , avinashi
      Reviewed on Oct 03, 2017
    • HDFC Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life insurance company. Customer service is good one and I have taken it recently. Response is good one with them and I have not faced any issues with them, also they have to improve their service. Coverage value is an average one for me.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 03, 2017
    • HDFC Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I do have the life insruance policy with the HDFC life and the services are good one with them. I would like to say that the premium amount is higher one while compare with other things and their future coverage is good one for me.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 30, 2017
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.