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  • HDFC Life Group Term Insurance Plan

     4.0 / 5.0   by 1035 users
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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    As any good employer knows, the success of the company can be directly traced back only to the happiness and effectiveness of its employees. An excellent way to gain employee trust and increase morale is to provide them with a better insurance plan than the one mandated by the government. HDFC Life Insurance Company seeks to fill this need with their Group Insurance Plan.

    Eligibility Conditions for the HDFC Life Group Term Insurance Plan

    Minimum Entry Age
    • 16 years old.
    • 18 years old if a rider is chosen.
    Maximum Entry Age
    • 79 years old.
    • 64 years old if a rider is chosen.
    Maximum Maturity Age

    80 years old.
    Maximum Members per policy
    • 10 members in the case of employer-employee groups.
    • 50 members in the case of other groups.

    Key Features of the HDFC Life Group Term Insurance Plan

    Plan Type Group Term Insurance Plan.
    Plan Basis Group.
    Premium Paying Term One year renewable premium.
    Policy Term One year, renewable.
    Benefits
    • Death Benefit: The sum assured will be paid out for the life insured in the unfortunate event of his / her death.
    • Maturity Benefit: There is no benefit payable on the maturity of this plan.
    • Surrender Benefit: The surrender benefit payable will be an amount equal to:

    The premium for the unexpired term (of the members who are discontinuing the policy) minus deductions for expenses, commissions, taxes, and levies

    Will be payable if the plan is surrendered before the end of the policy term. Individuals who opt out of the group coverage can convert the policy into an individual life insurance policy and have continued coverage under the same (till the end of the term of the group insurance policy).

    Grace Period All overdue premiums must be paid within 15 days after the initial premium has been paid for non-annual instalment policies. Failure to do so will result in the policy lapsing.
    Tax Benefits
    • Companies that pay premiums under this policy are eligible for deductions under Section 37 (1) of the Income Tax Act, 1961.
    • Tax benefits available under Section 80C and Section 80D will be applicable for premiums paid by the employee.
    • Claim proceeds from benefit payouts on this plan are exempted from taxation under Section 10(10D).
    Riders Additional coverage can be sought through the purchase of the following additional riders:
    • Accidental Death Benefit Rider.
    • Total Permanent Disability Rider.
    • Total Permanent and Partial Disability Benefit Rider.
    • Critical Illness Benefit Rider.
    Sum Assured

    Minimum of Rs.5,000 per employee.

    No cap on maximum sum assured.

    Features and Benefits:

    • No medical examinations required before taking on this life insurance policy, up to the amount prescribed in the “Free Cover Limit” which depends on the Sum Assured option chosen, and the group size.
    • Premiums can be borne by either the employer, or the employee, or both in an agreed proportion.
    • Flexible premium paying options – half-yearly, quarterly, or monthly.
    • Flexibility in choosing the sum assured for different employees – the employer can choose to provide all employees with the same insurance coverage, or different levels of coverage for different positions in the company / grade of the employee / salary drawn, etc.
    • Adaptable plan structuring means that new employees joining the company can be seamlessly integrated into the scheme, and employees that are leaving for whatever reason can be removed from the policy easily.
    • Members that join halfway through a policy year have a provision which makes them eligible for coverage till the end of a year from the date they begin coverage under the policy.
    • Service tax will be charged as per applicable tax laws.
    • Employer benefits:
      • Strong retention and morale building tool.
      • All group members can be easily covered under one single policy.
      • High level of cover at low premium, cost effective and efficient.
      • Adaptive policy that allows for members to be added and removed with minimal hassle.
    • Employee benefits:
      • Adequate life insurance coverage as part of employment.
      • No medical tests required (till free cover limits).
      • Cover for housing loans and vehicle loans.
      • The premiums that are paid by the employer are not considered as perquisites.
    • Additional cover can be extended to the spouse of the insured member.
    • Easy and simplified processes for enrolment and claiming benefits.

    How the Plan Works

    Companies take on this term insurance policy to provide insurance coverage benefits to their employees, so that their dependants can be protected from financial problems in the event that an earning member of the family is no longer able to earn.

    The company buys the policy and pays the required premiums (including or excluding rider premium) and keeps the policy active for the employees to use when it becomes necessary.

    Should a claim come about for processing, the company will intimate the same to HDFC Life Insurance Company, and the insurer will handle all processes relating to claims and settlement with the employee / dependants of the employee who generated the claim.

    Riders

    1. Accidental Death Benefit Rider: Upon the payment of a nominal additional premium, the Accidental Death Benefit Rider extends coverage and adds to the benefit amount payable in the unfortunate event that the claim must be paid out to a policyholder who dies due to accidental causes.
    2. Total Permanent Disability Rider: Upon the payment of a nominal additional premium, the Total Permanent Disability Rider comes into effect, which pays out an additional sum assured to policyholders whose claims arise as a result of being rendered totally and permanently disabled.
    3. Total Permanent Disability and Partial Disability Benefit Rider: Upon the payment of a nominal additional premium, the Total Permanent Disability and Partial Disability Benefit Rider comes into effect, which pays out an additional sum assured in the event that claims arise due to the total or partial disability of the policyholder as a result of events described in the policy wordings.
    4. Critical Illness Benefit Rider: Upon the payment of a nominal additional premium, the Critical Illness Benefit Rider comes into effect, which pays out additional benefits on the contraction / diagnosis of a critical illness as mentioned in the policy wordings.

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

    HDFC Life Group Term Insurance Plan Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have a taken a Life Insurance with Hdfc Life.The policy is for 10 years.I make payment of the premium 25,000 yearly,its done through cheque.I have recently taken the policy.I get a coverage of 2.5 lakhs.The website is easy to understand and navigate.
      Was this review helpful? 0
      , dwarka
      Reviewed on Dec 11, 2017
    • HDFC Life Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and the customer service is very good. I would like to say that the policy coverage value is fine one with the HDFC life. Everything is good one with the HDFC life.
      Was this review helpful? 0
      , dhrangadhra
      Reviewed on Dec 04, 2017
    • HDFC Life Life Insurance
      "Good company"
      0.5 4.0/5 "Great!"
      I am holding the HDFC life insurance policy from 2011 onward. Response is good one for me and I have not faced any issues with them and there are no drawbacks on it. Everything is good one with the HDFC life insurance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 01, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      The HDFC life policy has been taken by me around a year ago. I paid Rs,15,000 to policy, The policy coverage e and the plan benefits are good with this policy. I pay the premium through ECS mode and it will get deducted from my salary . It is good to have this policy with HDFC life.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 30, 2017
    • HDFC Life Life Insurance
      "Excellent policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having HDFC Life insurance policy from last 2 years, it was a good experience so far with HDFC LIFE and i did not face any issues with this policy till date. This policy has to be renewed every year and i make a payment on annual basis through ECS. I have filed IT returns for tax benefits and the coverage amount is satisfactory.
      Was this review helpful? 1
      , lucknow
      Reviewed on Nov 29, 2017
    • HDFC Life Life Insurance
      "Better service"
      0.5 4.0/5 "Great!"
      I have taken a Life Insurance with Hdfc Life.I have been using it for past two months.I got a good experience approaching the bank,i pay a premium of 15000 annually,the mode of payment is online its convenient to pay.I get a good policy coverage amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 29, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with Hdfc Life.I have been using it for last few years.I pay a premium of Rs 7000 every year,i get a policy amount of one crore if the person expires.Its the best long term policy and every individual should hold.The website is also good to operate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 28, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with HDFC Life. I have chosen HDFC because the services are good. I pay 25K yearly through cheque. The payment option is convenient. The plan benefits and policy coverage are good. It is a tenure of 5 years. After maturity I will get good return.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 28, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life and their customer service is perfect one. I would like to say that the premium value is good one with them while compare with others. I dont have any issues with the HDFC life.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 28, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.5/5 "Excellent!"
      I hold a life insurance policy with HDFC LIFE from last 1 year and it is a term insurance policy. This policy has to be renewed every year. I pay a premium of Rs 644 on monthly basis through online and i am also convenient with the payment options. I am also satisfied with the coverage and benefits of this life insurance policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 27, 2017
    • HDFC Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life and the customer service is good . I would like to say that the response and other things are really better one with the HDFC life insurance company and I dont have any issues on it.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 27, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken a life insurance with HDFC LIFE. its a term insurance. The yearly premium is 70000. After 5 years they will provide some amount. The policy is a benefited one. Online payment facility is available. Good policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 25, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with HDFC Life from last 2 years and this policy has to be renewed every year. I pay my premium on monthly basis and the payment is auto deducted through ECS. I am also convenient with the payment options which they are giving. I am also fine with coverage and benefits of this policy.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Nov 23, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a Life Insurance with HDFC Life in the year of 2015. The services are up to the mark. Previously the payment will be debited from my savings account but now I am paying through online banking. The benefits and policy coverage are average compared to LIC. I pay premium of 25K yearly. It is a tenure of 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 22, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      HDFC life insurance provide good services to their customers when compared to all other policy companies. I hold a HDFC life insurance policy from last 2 years. The insurance policy has to be renewed once in 2 years. I pay my premium of Rs 8000 on annual basis through credit card and i am also convenient with the payment options. The coverage of this policy is up to 50 lakhs and the benefits are also good in this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I recently got the HDFC life insurance policy around a year ago. The customer supper is good with HDFC Life. This policy has the tenure of 10years and I pay the premium of Rs,50,000 per year. I pay the premium through online. The plan benefits and the coverage are good with this policy.,
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 20, 2017
    • HDFC Life Life Insurance
      "Best"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the HDFC life and am holding it from the last four years of time. I would like to say that the customer service is overall good one, also am really happy with the HDFC life.
      Was this review helpful? 0
      , agra
      Reviewed on Nov 20, 2017
    • HDFC Life Life Insurance
      "Good Policy to hold"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with HDFC Life. I have been using this life insurance for the past 1 year. Annually I pay Rs. 70000. Total tenure is 16 years and total maturity amount is 6.5 lakh rupees and from 9th year onwards will be getting bonus.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2017
    • HDFC Life Life Insurance
      "Good Investment to grow my money"
      0.5 5.0/5 "Blown Away!"
      Hdfc agent is my relative he told to take life insurance with them. I make Rs. 2000 on monthly basis, its a Ulip plan, It has the tenure of 10 years and the PPT should be 3 years. So far I invested Rs. 71,000 now it got increased to Rs. 86,000. After the maturity period I get the amount Rs. 5.20 lakhs from them.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 18, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have the Pension plan life insurance policy with HDFC life for more than 3 years. This policy has the term until I turn to 60. The premium amount of Rs,1,08,000 every year to this policy, The plan benefits and the coverage is good with this policy. I am satisfied with the life insurance with HDFC life.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 17, 2017
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