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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
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the life insurance policy with HDFC LIFE since from last 5 years where the maturity period of the policy is for 7 years with the policy. The premium paying for monthly once as 2000 rupees. The executive has explained the details of the policy also i have received the hard copy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 13, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    Since i have a salary with HDFC i have chosen the HDFC LIFE for my accidental insurance. I'm not sure about the premium amount and they have provided me a coverage amount of Rs. 5 lakhs and i used to visit their branch to renew the policy. I do not have any claim experience
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 13, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the term plan since from last 3 years with HDFC LIFE, the documentation process was done through online, the premium paying was through the yearly once through online. It give the coverage for self. The are no benefits provided with the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 10, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the TERM PLAN with the HDFC LIFE where i have been using t since from last 3 years. The premium paying was for yearly once with the policy added on that the executive explained the details of the policy and given the hard copy too of the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 10, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in HDFC LIFE on 6 months before. The policy is for 45 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 09, 2019
  • HDFC Life Life Insurance
    "Need to improve customer service"
    0.5 2.0/5 "Expected more"
    I have taken a life insurance in HDFC LIFE before 8 years ago. The policy is for 10 years. I am paying premium in the monthly package. While getting a policy my agent has not given proper information about the details hidden policy has not update in proper. I use to do payments through an online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 08, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the life insurance policy with HDFC LIFE and the maturity period of this policy is for 10 years and i am using the card since from last 2 years. The premium paying for yearly once added on that the policy coverage is for family.
    Was this review helpful? 0
    , jamnagar
    Reviewed on Jul 05, 2019
  • HDFC Life Life Insurance
    "Good benefits"
    0.5 5.0/5 "Blown Away!"
    I have taken a term plan with HDFC Life. The benefit of this policy is for my nominee. The process to buy the policy online was smooth and easy. It is till the age of 65 years. The sum assured is for 25 lakhs. The premium is not that costly. I pay in annually online.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 28, 2019
  • HDFC Life Life Insurance
    "AVERAGE"
    0.5 3.0/5 "Satisfactory"
    I am using from last one month and done the documentation process through online but i have not received any of copies through hard copy also the mail is not clear. The name of the pension plan and it has the maturity period of 60 years. The premium paid at the beginning it gives for self.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 27, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in HDFC LIFE . The policy is for 15 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and also provided hard copy documents as well. I use to do payment through an online.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 24, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am satisfied with HDFC Banking service so I took a life insurance with HDFC Life. The policy coverage is 6L but need to increase more. I am paying yearly premium through online and its very easy for me. I did the policy in 20years and need to pay till the age of 45. I got the insurance paper online and also through courier.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 24, 2019
  • HDFC Life Life Insurance
    "Unhappy with the service"
    0.5 2.0/5 "Expected more"
    I purchased another ULIP policy from HDFC Life. I had to pay a premium on a yearly basis. After I bought the policy, I did not get much of benefits. There were a lot of charges as well, so I surrendered the policy. To surrender the policy I had to visit the bank and give a canceled cheque and got back my investment.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 23, 2019
  • HDFC Life Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have taken a ULIP policy from HDFC Life. I am satisfied with this policy benefits. I bought this policy online. I pay a premium on a monthly basis. There is a lock in period of three years. The payments can be done online. In all no hassles with policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 23, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the ACCIDENTAL POLICY with HDFC LIFE since from last 2 years. The premium paying was 800 rupees where the claim amount was 20L in this loan. There is a policy coverage for death, the coverage is for self in this policy. The overall experience was good.
    Was this review helpful? 0
    , delhi
    Reviewed on Jun 22, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    Every year, I need to pay 7200 rupees to HDFC Life renew the policy. I got a self accidental policy through IDFC Bank. They will be providing the insured value of 50L. HDFC Ergo has sent the insurance paper on time. I have paid the first payment via online and then enabled automatic debit. The customer service is very good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 21, 2019
  • HDFC Life Life Insurance
    "Customer friendly"
    0.5 5.0/5 "Blown Away!"
    I took a policy called Super Income policy from HDFC Life before 3years, they have informed me many benefits but I don't recollect now. If I pay 30K for 8yearrs then I will be getting the premium and plus return on 16 years. Its a worthable policy, Am paying the premium through online. The payment mode is convenient. I got the insurance paper.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have holding one life insurance policy with Life insurance corporation of India from long time, the agent had clearly explain me about the plan benefits and policy coverage, the premium amount i use to pay one time it self to the agent now i do not want to pay any more.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance in HDFC LIFE. The policy is for more than 50 years. I am paying premium in the annual package. Through an online I have came to know about all the policy details. I use to do payments through an online. This policy covers up to myself.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the MONEY BACK policy with HDFC LIFE and using from last one year. The policy coverage is for self added on that the policy maturity period is fir self, i have got no cash backs so far with this policy. Premium paying for yearly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    TERM plan that i am using with the HDFC LIFE since from last 2 months. It gives the coverage of the critical illness and also accidental death coverage and permanent disability also there is no need of paying for these coverage. The coverage for self, premium paying for yearly once of 11500 rupees approximately.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 12, 2019
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