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  • HDFC Life Click 2 Protect Plan

    HDFC Life Term Plan

    The Click 2 Protect Plan is a non-participating term insurance plan. This plan is designed to simply protect you with coverage at a nominal cost against life’s uncertainties that may come your way.

    To be eligible for this plan the policyholder must be a minimum age of 18 years, and a maximum of 65 years. At the time the policy will mature, the policyholder, cannot be above the age of 75 years.

    Features of Click 2 Protect Plan:

    1. You can get insurance coverage that will not burn a hole in your pocket. This plan will provide you with protection at an affordable cost, for both you and your family.
    2. You have the choice to customize your protection plan, choosing one of the below options:
      1. Life option - with this option the nominee will receive a lump sum benefit at the time of death if the policyholder.
      2. Extra Life option - this option will offer an additional lump sum benefit when the death of the policyholder is due to an accident.
      3. Income option - as per this option the nominee will receive a part of the sum assured that will be payable on death of the policyholder. The remaining will be paid in monthly installments to the nominee over a period of 15 years.
      4. Income Plus option - this option will pay the nominee the sum assured that will be paid when the policyholder dies. The nominee will also receive an income on a monthly , which will be paid in installments to the nominee over a period of 10 years. The monthly income will be 0.5% of the sum assured, which will also increase 10% each policy year.
    3. Life Stage Protection - is a feature available under Life option, wherein you can increase your insurance coverage, on completing some of the major milestones of life. You will have the choice to increase your sum assured, either when you decide to marry, this increase can be a 50% higher, or when you have your first child or even second by 25% higher for each child. You also have the option to reduce the coverage, when your children are independent, and on their own.
    4. The minimum sum assured for this policy will be Rs. 25 lakhs and the maximum will have no limit, subject to underwriting.
    5. You have the option to choose the policy term of 10 years to 40 years.
    6. You can add the HDFC Life Income Benefit on Accidental Disability Rider as an additional coverage to your policy. If the death of the policyholder is caused by an accident, then this rider will provide the nominee with an income of 1% of the rider sum assured as an income for a period of 10 years. The rider will be paid in case of total permanent disability caused by an accident as well.
    7. The insurance coverage is available until maximum maturity age of 75 years.
    8. You can choose your premium payment options - single, limited, and regular premium payments.
    9. The premium payment frequencies also, can be yearly, half-yearly, quarterly, or monthly.
    10. Non-tobacco users will be given attractive premium rates.
    11. The policy offers a free-look period, for 15 days from the date of receipt of the policy, within which you can cancel the policy if you’re unhappy with it.
    12. Grace period of 30 days will be provided for premium payments, if the payment modes are yearly, half yearly, and quarterly. If the premium payments are made on a monthly basis, the grace period offered is a period of 15 days.

    Benefits of Click 2 Protect Plan:

    1. Tax Benefits - will be provided as per the Income Tax Act 1961, wherein the premiums paid can get tax benefits under section 80C, and claims are eligible for tax benefits under 10(10D).
    2. Death Benefit - during the tenure of the policy if the policyholder dies, the nominee will receive the higher of:
      1. Single premium modes - 125% of single premiums or sum assured
      2. Regular or Limited - 10 times the annualized premiums or 105% of all premiums paid till the time of death or sum assured.
    3. Maturity Benefit - there is no maturity benefit under this policy.
    4. Surrender Benefit - surrendering of policy is available at any time during the life of the policy, the surrender value will be paid only under the single premium payment option, wherein the value will be 70% x a single premium x (unexpired coverage term/original coverage term). Both regular and limited premium payments will not be provided a surrendered value.

    Example Scenario:

    Mr. Arnold, a 30 year old, healthy non-smoker, opts to take a policy for a term of 20 years, and has chosen a sum assured of Rs. 50 lakhs with the life option as protection coverage. He makes a premium payment Rs. 5,100. After a few annual payments, Arnold dies. His nominee will receive the lump sum amount based on the coverage option chosen. In this case the life option, under which the nominee will receive a sum assured of Rs. 50 lakhs, after the payment of this sum assured the the policy will be terminated.

    Frequently asked questions:

    1. Is there a surrender benefit for these plans?

      A surrender benefit is available with this policy. However it’s available only under the single premium payment option. The surrender value will be calculated as per the below formula:

      • surrender value = 70% x a single premium x (unexpired coverage term/original coverage term), which will be paid to the policyholder.
    2. Are there any exclusions under the policy?
      • Yes, if the death of the policyholder is due to suicide, and is within 12 months of taking the policy, the nominee will receive only 80% of premiums paid.
      • If death is caused by accident after 180 days from the date of the accident.
    3. Can a lapsed policy be revived?

      Yes, if your policy has lapsed, you can revive the same within 2 consecutive years. After the policy is revived you will be entitled to all benefits.

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