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  • HDFC Life Group Credit Protect Plus Insurance Plan

     4.0 / 5.0   by 1152 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
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using the HDFC Life Insurance policy for a while. they charge nominal premium for this policy 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
      , new delhi
      Reviewed on Nov 16, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been my using my life insurance with HDFC ltd, the policy is covered up to 10 lakh rupees , and they premium which they have charge is nominal and i use to pay through on line only and there agent had explain me about policy and term and condition clearly.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 16, 2018
    • HDFC Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with HDFC Life, there service is good they have charged premium up to 9000 rupees per year, it use to get auto debited from my account and there customer service is good they explained me about all policy it cover in this life insurance.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Nov 15, 2018
    • HDFC Life Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this insurance policy a long time back and the process was done online. I had been making the payments on a monthly basis and the premium amount of 1000 has been good. The premium method also has been good and there has not been any hassle faced with them so far.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Nov 14, 2018
    • HDFC Life Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have taken 2 life insurance policies with HDFC Life, one was taken in the year 2007 and other is year back. I am very much satisfied with the policy coverage and benefits. They have introduced term plan and giving partial disability benefits. I am paying the premium of 3700 rupees monthly through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
    • HDFC Life Life Insurance
      "Good policy to have"
      0.5 5.0/5 "Blown Away!"
      I hold a term insurance with HDFC worth of Rs. 15 lakhs. I opened a term insurance in the year of 2013. I have been paying the premium of Rs. 6174. I have chosen the annual payment mode. Total tenure period of the policy 15 years. This is tax benefitable policy. Since I'm a existing customer of HDFC, i have chosen the same company.
      Was this review helpful? 0
      , dehradun
      Reviewed on Nov 13, 2018
    • HDFC Life Life Insurance
      "Good for saving with Tax benefits"
      0.5 4.0/5 "Great!"
      I have ULIP plan with HDFC Life, I pay the premium around Rs. 15,000 per annum based on market rate I get the benefits , it has locking period from 3 to 5 years. I can check my details directly with the bank, staff will check and update the information. The plan has tax benefits is good.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 12, 2018
    • HDFC Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with HDFC LIFE from last 1 year, i am happy with the coverage value of this insurance policy. A premium of Rs 12000 has to be paid for this insurance every 6 months and i pay it through online. The tenure period for this policy is 15 years.
      Was this review helpful? 0
      , nellore
      Reviewed on Oct 31, 2018
    • HDFC Life Life Insurance
      "Beneficial"
      0.5 4.0/5 "Great!"
      I took one life insurance policy in HDFC LIFE. I don't know much about this policy, My friend made me to take this policy because of good benefits. Executive told me, its a saving plan and every year need to pay 30K for the next 7 years then the remaining will be paid by them for 3 years. Total duration is 10years and it will be beneficial and not sure about the full value. I pay the premium through card. After experiencing the benefits, I can recommend this policy to others.
      Was this review helpful? 0
      , gurdaspur
      Reviewed on Oct 31, 2018
    • HDFC Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance with HDFC life. they have charged me nominal premium amount and i pay premium through any mode of payments there is no particular payment mode and till now i have no issue with their service, based on the features and benefits this policy is a good life insurance policy to have.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 30, 2018
    • HDFC Life Life Insurance
      "Great card"
      0.5 4.5/5 "Excellent!"
      I have been using the HDFC Life Insurance policy for a while. they charge nominal premium for this policy 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
      , gurgaon
      Reviewed on Oct 30, 2018
    • HDFC Life Life Insurance
      "Not happy"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from HDFC Life in January 2018. It was recommended by colleague. I am paying the premium through online. For a year paying 50K and need to pay for a 10 years. After the maturity period,the return will be 7 to 8L. I have received the hard copy and soft copy for the policy within a week.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 29, 2018
    • HDFC Life Life Insurance
      "Maturity benefit from HDFC Life Insurance"
      0.5 0.5/5 "Unacceptable"
      Please don't take any policy from HDFC Life Insurance. especially Sampoorn Samridhi Plan. You will get same premium amount after 6 years without any additional. They are no.1 cheaters. I have taken the above policy. The annual premium was Rs.1 Lakh and I have paid total premium amount Rs. 5 Lakhs. After 6years I have received the maturity amount Rs.4.95 Lakhs only. If I deposited in the bank in fixed deposit with 7% interest I can get Rs. 7.34 Lakhs. So, Please don;t prefer HDFC Life insurance. They are no.1 cheaters.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 28, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I took this Life insurance from Hdfc Life mainly because of the good returns, s , the payment am doing through on-line every year through online payments . The best about the policy is it covers accidental coverage and critical illness There customer service and customer response is good .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Oct 26, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance policy from Hdfc Life based on the benefits and income tax benefits i have chosen this policy . I make the payment quarterly directly in to their office . Their customer service is good as they respond that much.This policy covers the tenure period of 20 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 15, 2018
    • 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? 1
      , 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? 1
      , visakhapatnam
      Reviewed on Sep 03, 2018
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