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HDFC Life Insurance Group Protection Plans

If you’re an employer looking to fulfil your employee benefit obligations, or a group of people with a common interest other than simply acquiring an insurance policy – HDFC Life has a range of group insurance policies for you to consider.

HDFC Life Insurance Co. is one of the biggest life insurance providers in India and is a joint venture between the Housing Development Finance Corporation (HDFC) of India and Standard Life PLC, a leading financial service provider in the UK.

HDFC Life has a wide reach with over 400 branches in India servicing over 900 cities and towns, and also has a liaison office in Dubai. The company’s product portfolio currently consists of 24 retail and 8 group products with 9 optional rider benefits to cater to the savings, investment, protection and retirement needs of its customers.

HDFC Life’s Group Insurance Plans

HDFC Life offers group insurance schemes to meet the varied needs of people with similar needs in an economical and standardised manner. The most popular group schemes are those opted for by employers to cover their employees.

HDFC Life Group Variable Employee Benefit Plan

The company or trustee (the entity that has an insurable interest in the lives of its members) will be the policyholder and those insured will be the scheme members.

  • Guaranteed minimum return of 1% p.a. for the term of the policy.
  • Income Tax benefits for policyholder and scheme members.
  • Additional interest (declared at the start of every financial quarter by HDFC Life)
  • Individual member level accounts can be created in the case of superannuation scheme.
  • Easy way to manage superannuation, leave encashment, gratuity and other employee benefits.
  • Additional Funding is possible on contributions made during the first policy year. Policyholders can choose from:
    • Option A – 3% of contributions as additional funding.
    • Option B – 2% of contributions as additional funding.
  • Option C – 1% of contributions as additional funding.

HDFC Life New Group Unit Linked Plan

The Liquidity Management feature in this plan allows investments of smaller amounts in the market, in addition to providing group cover to meet obligations on gratuity, leave encashment and other employee benefit schemes.

  • Can chose one or a combination of funds from a range of debt and equity oriented funds which have different and proportional risk and reward rates.
  • Control over investment with Switchers.
  • In-built of Rs. 1,000.
  • Income tax benefits for employer and employee alike.
  • Liquidation facility for smaller amounts to meet benefit payments.
  • Additional sum of Rs.1,000 to be paid to policyholder in addition to amounts paid from unit-linked funds.

Example: Company A will be able to maximise its returns on investment in addition to meeting obligations to its employees in terms of gratuity, leave encashment and employee benefit schemes. The choice of varied investments and choice of debt/equity through either combining or using singly one of the six available funds.

HDFC Life Group Term Insurance Plan

This plan facilitates the fulfilment of employee benefit obligations from disbursement of employee benefits to cover for housing or vehicle loans and cover for future gratuity liabilities.

  • One master policy covering all members of a group.
  • Annually renewable term insurance.
  • Sum assured payable to nominee upon death of covered member.
  • Extension of coverage with riders to cover accidents, critical illness, disability, etc.
  • Addition and deletion of members at any time of the year.
  • Cover for housing or vehicle loans provided by employers.

Example: Company A has a large group of employees, all of whom are not necessarily long-term members. To avoid constantly revising membership, Company A can cover all their employees under this one big insurance plan, adding and removing group members as required through an easy, streamlined process. This serves as an excellent retrenchment tool, in addition to providing tax benefits on premiums paid. The scheme also provides accident, illness, and disability benefits in addition to death cover for the dependants of the member. The plan covers death due to any cause – accidental or natural.

HDFC Life Group Credit Protect Insurance Plan

This plan is a solution for financial institutions to ease the loan-repayment burden of a borrower’s family in case of untimely death or crippling illness.

  • Group policy providing comprehensive protection against many types of loans.
  • Insurance benefit lightens the load on a borrower’s family, plus additional payment to dependants in case of death due to accidental causes.
  • Optional riders include “Accelerated Critical Illness” which pays the lump sum assured to the customer in case he is diagnosed with a specified critical illness; “Accidental Death Benefit” which pays the sum assured upon death due to accidents.
  • Simple to administer as it has no lengthy underwriting procedure.

Example: Mr. Babu had taken a loan from a bank which has this plan attached to it. Upon his untimely death, his family had to bear the burden of repaying the loan. Under this plan, which was in force at the time of Mr. Babu’s death, a pay out was made which was used by his dependant family members to pay off the loan. This helped put them in a situation of relative financial comfort.

HDFC Life Group Credit Protect Plus Insurance Plan

This is a tailor-made plan for customers of financial institutions. If a borrower dies, is disabled, or falls critically ill, this plan helps dependant family members repay the outstanding loan to the financial institution.

  • Group coverage plan with six options for cover.
  • The “Life Option” provides basic death cover.
  • The “Extra Life Option” provides death cover plus additional accidental death benefit.
  • The “Terminal Life Option” provides death and accelerated terminal illness benefits.
  • The “Critical Life Option 1” provides death benefit plus accelerated critical illness benefit (term equal to main benefit term or 5 years, whichever is lower).
  • The “Critical Life Option 2” provides death benefit plus accelerated critical illness benefit (term equal to main benefit term or 10 years, whichever is lower).
  • The “Life Disability Option” provides death cover plus accelerated total permanent disability cover.

HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

Under the scheme launched by the Government of India, benefit to the family in case of the unfortunate demise of the member. Through this plan, the Bank acts as the Master Policyholder and the Savings Bank account holders will be the members that will avail the benefits offered through the policy.

  • Account holders between 18-50 years are included in this scheme
  • A Rs. 2 lakhs group insurance provided to the family at an annual premium of only Rs. 330
  • An affordable annually renewable plan that provides a lump sum benefit

Why chose HDFC Life for your group life insurance needs?

With a large number of policies covering various situations with specific riders and a sublime, streamlined application and pay-out process, HDFC Life is among the best providers to choose from.

The company has a history of 96.5% claim settlement, making it a trustworthy option in a sea of risky investment options.

Tips on picking the right plan from HDFC Life’s Group Plans

One of the main reasons offers a variety of group insurance plans is because of the varied needs of companies that require them to provide benefits to their employees.

All plans have detailed explanations of intricacies and benefits, so picking the right plan can only happen once you have rightly defined your specific needs. Take into consideration future gratuity payments, insurable interest, leave encashment needs, and other employee benefits as required. HDFC also has a dedicated team of customer support executives that can be contacted to clear up any grey areas you may find.

Other HDFC Life Insurance Plans

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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HDFC Life Group Protection Plans Reviews

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  • HDFC Life Life Insurance
    "Useful Plan for the child education"
    0.5 4.0/5 "Great!"
    My life insurance was purchased from HDFC LIFC. When i purchased the credit card, they have approached me for the life insurance and its child plan hence the premium amount is automatically deducted from my account. I didn't compare this policy with other plan. Its a tax benefitable policy.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 05, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "Better Policy"
    0.5 4.0/5 "Great!"
    I'm having a policy from HDFC LIFE. When I taken the home loan, they have provided me a life insurance policy hence I'm not aware of the policy details. I had done the payment for once, so it avails until the loan close. I have paid the premium amount of Rs. 2.5L which covers for 11 years.
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Nov 25, 2019
  • HDFC Life Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    When i purchased the two wheeler loan, they have given me a additional life insurance policy from HDFC LIFE. This policy has a coverage value of Rs. 1 lakhs. I have paid the premium amount of Rs. 1300 which is a one shot payment covers for 3 years. They have sent the documents to my mail id.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 23, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have started life policy in HDFC LIFE 2years ago, am paying premium of 43K per year and the tenure is 15years. I did not remember the policy name. Am getting the statements within 5mins through my email address when I make the payment through online.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 19, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance on HDFC LIFE on 5 months before only. The policy is for 20 years. I am paying premium on monthly package the amount which is nominal. While getting a policy my agent has given an information about the policy details. My father has taken an insurance for me. Use to do payment through an online. It covers up to myself only.
    Was this review helpful? 0
    , amritsar
    Reviewed on Oct 17, 2019
  • HDFC Life Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    From my HDFC LIFE, i have taken my life insurance. The executive came to my place and informed me about the policy details and gave me some offer since it was good, i have selected them. I have been paying the premium amount of Rs. 2500 per month. The policy term is 15 years. I am not sure about the sum assured amount.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • HDFC Life Life Insurance
    "People more aware of their offerings &its better than others"
    0.5 4.0/5 "Great!"
    Basically I did not have any idea about the policy and it was just referred by a friend so have opted the policy, just for an investment perspective. I have received the insurance paper. Their executive explained me about the benefits. I pay 50K to 55K through online and tenure is 12 years.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 18, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    HDFC LIFE is offering a good benefits and the charges are nominal when compared with other insurer so I took a term plan with them. They have explained me about benefits of the policy. They need some improvement on the customer service. I have paid 24K for a year.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 03, 2019
  • HDFC Life Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Bought my money back policy from HDFC LIFE. Taken the policy in the year of 2016. Earlier i had a salary account with HDFC hence the manager is forcefully to take this policy. I am paying the premium amount of Rs. 25000 annually. I need to pay the premium for 5 years after 5 years there is a lockin period. I get the sum assured amount of Rs. 2.50 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 27, 2019
  • HDFC Life Life Insurance
    "Quickest way to insure"
    0.5 5.0/5 "Blown Away!"
    Its very to take a policy through online from HDFC. The claim ratio is very nice hence i have chosen the HDFC LIFE. I'm satisfied with the coverage value of Rs. 50 lakhs. I have chosen the annual payments mode. They do have a partial disability cover is included.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 25, 2019
  • HDFC Life Life Insurance
    "Coverage for the premium is good"
    0.5 4.0/5 "Great!"
    Chosen my term insurance from HDFC LIFE. HDFC has better claim ratio thats the reason i opted the policy. I make the premium through online every time. I pay the premium amount of Rs. 6600. They have included with disability cover and accidental cover. The premium is less since i purchase the policy through online.
    Was this review helpful? 1
    , bangalore
    Reviewed on Aug 16, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I took a term insurance with HDFC LIFE, I have compared with online site and found they are having good payment rates. The customer service is good. I am satisfied with the benefits. I am doing monthly premium of Rs.2000 and need to pay till 15 years. The payment mode is online.
    Was this review helpful? 1
    , bangalore
    Reviewed on Aug 06, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have a term insurance with HDFC LIFE because the benefits are too beneficial. I am paying 9,400 rupees for a year through net banking. The policy covers till the age of 85. The nominee would be getting a benefit of 75L. They have provide insurance documents on time.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 06, 2019
  • HDFC Life Life Insurance
    "Satisfied"
    0.5 4.0/5 "Great!"
    Recently I have purchased a super savings policy from HDFC LIFE. I need to pay the premium for 8 years and after that I will get a profit for every year. They will be providing 10K on monthly basis. I have taken a policy premium of 75K per year. The payment mode is cheque.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 02, 2019
  • HDFC Life Life Insurance
    "If you want save tax, purchase this policy"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance policy from HDFC LIFE. For the tax benefit purpose, i purchase this policy. I am not sure about the plan name. They will double the money in returns at the time maturity and its a long term plan. I pay the premium amount of Rs. 24000 annually.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 01, 2019
  • HDFC Life Life Insurance
    "Excellent Plan"
    0.5 5.0/5 "Blown Away!"
    Bought my life insurance from HDFC LIFE. Every year i need to invest the money of Rs. 50000 for first five years. Next 5 years will be a lockin period. After 10 years, i get the money of Rs. 18000 every year for 5 years and at the time of maturity i get a sum assured amount of Rs. 10 lakhs. I bought this policy for daughter's future.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 31, 2019
  • HDFC Life Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    Actually I was looking for a investment plan with HDFC BANK and they have provided me a life insurance. I never asked them for a policy but still they provided me an opportunity then I researched and found the benefits are also good. I need to pay the premium of 30K half yearly through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 31, 2019
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen the life insurance policy from HDFC LIFE and the plan is Super Income. For the future salary purpose, i have selected the policy. In this policy, i need to pay the premium for first 10 years and the next years will be lockin period and after i can get a lumpsum amount or else i can convert into monthly payment. I pay the premium amount of Rs. 25000 per annum. They are providing the sum assured amount of Rs. 1.87 lakhs.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 30, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the CHILDREN PLAN with the HDFC LIFE where the maturity period of the policy is for 15 years with the policy. The coverage is for self with the policy is for self added on that the benefit of the policy is in case of any incident happened will be getting the amount and after the maturity there is a sum assured.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 29, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the life insurance policy with HDFC LIFE and the maturity period of the policy is for 7 years but the premium have to pay for 5 years. The documents submitted through the offline. The sum assure value of the policy is for 5L. I got the hard copy too.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jul 27, 2019
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