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HDFC Life Insurance Group Protection Plans

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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 insurance coverage 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, this plan aims to provide group insurance 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 HDFC Life 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

HDFC Life Group Protection Plans Reviews

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  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC LIFE, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Bad return value in this policy"
    0.5 1.0/5 "Really Bad"
    I hold a investment policy from HDFC LIFE. Friend has told me about this policy. They are not providing a good service to the customer. I took this policy in 2016. I have been paying the premium amount of Rs. 25000 per annum and the sum assured amount is Rs. 2.40 lakhs. This is a tax benefitable policy.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Good for investment"
    0.5 5.0/5 "Blown Away!"
    HDFC Life is best as per my experience, their claim ratio is good. They are providing terminal premium for the critical illness, disability cover. I took the policy cover for Rs. 10 lakhs, I make the premium of Rs. 30,000 on quarterly basis it has term of 10 years. They do have life cover for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    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 through credit card . Their customer service is good as they respond that much.This policy covers accidental and critical illness benefits . Overall ma satisfied with the policy
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with HDFC LIFE INSURANCE recently in december , they have charge me nominal premium for a yearly basis, and it use to get through on line , and there agent was good they help me to get good policy and they use to update me if any update is there in this policy time to time.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE,there service is good, i use to pay my premium on yearly basis , they have charged me up to 5000 rupees ,i use to pay through on line , they are not taken any extra charges,the agent had explain me clearly about there policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Insurance for life"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 16, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have applied my life insurance with HDFC LIFE , there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal,like i pay premium up to 6000 rupees for two years, it was on yearly basis , and it use to get auto debited from my account.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis, and they have charged me up to 14,000 it is nominal , and i use to pay the premium amount through on line.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy with HDFC life,there service is good, there premium they have charged me was nominal, i pay premium on monthly basis, and there agent had properly explain about the plan benefits and policy ,overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 07, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC life, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 07, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with HDFC life insurance, there service is good, there agent had explained me clearly about the policy coverage and benefits,and the premium amount i use to pay in yearly basis, and the premium amount is nominal,and overall service is good.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 06, 2019
  • HDFC Life Life Insurance
    "Don't go with HDFC LIFE for Insurance"
    0.5 2.0/5 "Expected more"
    I have invested Rs. 80000 in HDFC LIFE. They have deducted the money from my account but they have not able to generate a bill. Due to the uncertanity, i have not continued with this policy. They charged me twice for single premium. I closed the policy but they have taken long time to return the money anyway it took a long process. I spoke with the call centre regarding this issue but they were not helpful.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 02, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 4.5/5 "Excellent!"
    I have been using the HDFC Life Insurance policy for long time. they charge nominal premium for this policy it also offers accidental benefits and I make payment through online. 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
    , chennai
    Reviewed on Jan 02, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with Life insurance corporation of India, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 24, 2018
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen the investment plan in HDFC. In 2016, i have taken this policy. I pay the premium of Rs. 40000 per annum. Through online, i make the payment. Total tenure period of the policy is 10 years. This is a tax benefitable policy. I don't remember about the sum assured amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 22, 2018
  • HDFC Life Life Insurance
    "Good Benefits after tenure"
    0.5 4.0/5 "Great!"
    I am an existing customer I used to pay the premium around Rs. 25,000 per annum for the total tenure of 10 years. Then I get the benefits with the sum assured value and bonus of the premium and they do have life coverage and I am getting the tax benefits too.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 20, 2018
  • HDFC Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I hold a life insurance policy with HDFC LIFE from last 7 years and it is a long term policy. I make my premium payments on yearly basis through net banking and i am convenient with the payment options. The returns and benefits are good with this policy and tenure period is 10 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 20, 2018
  • HDFC Life Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I am not satisfied with the service of the HDFC LIFE where i have purchased the life insurance policy with this HDFC LIFE. I have started using it from past few years where the policy is very good. They give the fake promises for this policy....
    Was this review helpful? 2
    , bangalore
    Reviewed on Dec 15, 2018
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