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  • HDFC Life Group Term Insurance Plan

     4.0 / 5.0   by 986 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
      "Not a good policy to use"
      0.5 2.0/5 "Expected more"
      I am using HDFC life insurance from last 6 months and it is a cash back policy. The tenure of this policy is 2 years. I had a bad experience with this life insurance policy because the claim amount was not satisfactory. I have a coverage upto 4 lakhs which is very good. I was admitted in the hospital and the settlement amount was Rs. 70000 out of which they coverd only Rs. 20000, the claim amount was much low comparatively. I pay my premium on half yearly basis and the payment option is much convinient when compared to other life insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 21, 2017
    • HDFC Life Life Insurance
      "Life insurance"
      0.5 5.0/5 "Blown Away!"
      HDFC life insurance service are fine. I am holding this life insurance for a period of 3 years. It was set actually for achieving certain goals . This was taken for a period of 15 to 20 years., I am getting some tax benefits and it is aimed for good returns too
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 19, 2017
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from HDFC Life. They are very good in services. They send me updates on the policy and also reminders for the payments. The premiums are economical and it is easy to pay it online. This policy had good benefits at the time when I purchased it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2017
    • HDFC Life Life Insurance
      "Good overall"
      0.5 4.0/5 "Great!"
      It is a normal life insurance policy from HDFC Life. The customer services are good as they send me a reminder 15 days in advance about my payment and the amount and date. The tenure is for seven years and the payment options are convenient. The benefits and coverage could be better.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 15, 2017
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I got the life Insurance policy with HDFC life long back. The plan benefits and the coverage is above average with HDFC life insurance policy. The customer support is above average with HDFC life. I would say it is good to have a life insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • HDFC Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life insurance company and the policy coverage value is fine one with them and the plans were not received by my end, since I have some issues with them and its just under the process.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2017
    • HDFC Life Life Insurance
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance service with HDFC for 20 k there was not needed with much documents and the customer service is very good and the service was fine but they never update me regarding any new schemes and offers still the overall service is excellent from HDFC for my life insurance service.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Oct 13, 2017
    • HDFC Life Life Insurance
      "Average service"
      0.5 2.5/5 "Just OK"
      The service was average but during the process the representatives promised me a offer of paying the EMI amount but once the process is completed there was no proper response from the HDFC life, representatives I use to call them regarding that but there was no proper response from their end regarding the offer ,overall service provided by HDFC LIFE is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2017
    • HDFC Life Life Insurance
      "Good policy for children"
      0.5 3.0/5 "Satisfactory"
      I have a children policy for past 1 year. This policy get matured after my child turns to 20years. The customer service is good with HDFC life. The plan benefit and the coverage is good with this policy. It is good policy for the children. I am satisfied having the life insurance policy with HDFC life.
      Was this review helpful? 0
      , warangal
      Reviewed on Oct 11, 2017
    • HDFC Life Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I got a protect plus life insurance policy with HDFC life. I got this policy around a year ago. This policy has the tenure around 20years. The customer service is good with policy. This policy covers the health coverage as well. I pay the premium of Rs.40,000 annually. The plan benefits and the coverage is average with Hdfc life
      Was this review helpful? 0
      , warangal
      Reviewed on Oct 11, 2017
    • HDFC Life Life Insurance
      "Good experience"
      0.5 4.0/5 "Great!"
      My Life Insurance was taken with HDFC bank . Its a term plan and the tenure period was 60 years The policy coverage is 50 lakhs and premium paid on early basis. I pay through online and Its very convenient also. Its not a corporate Insurance and I do get tax benefit also. My overall experience was good
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Oct 10, 2017
    • HDFC Life Life Insurance
      "Worst service"
      0.5 1.0/5 "Really Bad"
      I am not happy with the service of HDFC life for my insurance service ,representatives of HDFC life is not much helpful, I have taken 2 policy's , so far and I pay my due through online, overall service is not much good as I expected from HDFC life for my insurance service .
      Was this review helpful? 0
      , vadodara
      Reviewed on Oct 07, 2017
    • HDFC Life Life Insurance
      "Good policy "
      0.5 4.0/5 "Great!"
      With HDFC life I hold a life insurance policy. I have this policy for past 1year. This policy has the tenure of 20years. I pay the premium around Rs.20,000 every year. The plan benefits and the coverage is average with this policy, but I am satisfied having this policy.
      Was this review helpful? 0
      , greater noida
      Reviewed on Oct 07, 2017
    • HDFC Life Life Insurance
      "Average"
      0.5 4.0/5 "Great!"
      I am having the term life insurance policy with the HDFC life insurance company and its provided by my organization, also the coverage value is up to 25 lakh Rupees for the life , also am really not much aware of it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 07, 2017
    • HDFC Life Life Insurance
      "good service"
      0.5 4.0/5 "Great!"
      I had good experience with HDFC regarding my life insurance service ,there representatives and customer service is very helpful . I pay my payment through online I never had any queries with their service ,overall service is good from HDFC.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 06, 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 policy coverage value is up to 4 lakh Rupees. Plan benefits are good one with the HDFC life and their customer serivce is working in good way.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 05, 2017
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and am holding it from the last four years of time. Response is good one for me and their policy coverage value is good one like its around one crore Rupees.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 05, 2017
    • HDFC Life Life Insurance
      "Customer Care"
      0.5 3.5/5 "Pretty good"
      I just had a very nice experience form their customer care, I wanted to know about insurance policies hdfc life is having so I can select something good. I got some good sort of policy option came to my email for me to review - I must appreciate their service and prompt response.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 04, 2017
    • HDFC Life Life Insurance
      "Good Saving"
      0.5 5.0/5 "Blown Away!"
      Every annum I used to pay the premium of Rs. 12,000 it has the tenure of seven years, After the maturity period, I would get the sum assured amount of Rs.1.5 lakhs, if something happened after me my nominees get the reimbursement its a good plan.
      Was this review helpful? 0
      , avinashi
      Reviewed on Oct 03, 2017
    • HDFC Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life insurance company. Customer service is good one and I have taken it recently. Response is good one with them and I have not faced any issues with them, also they have to improve their service. Coverage value is an average one for me.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 03, 2017
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