• HDFC Life Group Term Insurance Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    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 "
      0.5 5.0/5 "Blown Away!"
      HDFC bank I have taken Life Insurance policy were the tenure period is for totally 20 years and still now I have payed finishing 12 years and all the payments has been done through online this is good policy to use throughout.Since all the features and the policy benefits is good .
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 18, 2018
    • HDFC Life Life Insurance
      "Fraud company"
      0.5 0.5/5 "Unacceptable"
      I have bought HFDC Life policy from one their agent; after frequent follow up and provoke to buy HDFC Life policy they offered me lots of temptations. Application No.: 1325691159105| Premium: INR 15564 Plan: HDFC Life ClassicAssure Plus| UIN: 101N089V02 Agent name is Mr. Akshay Wadekar Agent gave me below false commitment to sell policy. > Conversion of policy to pension plan on maturity. Nothing mentioned in received policy document. > Bonus from HDFC was convened to me was much higher then received policy document. > Agent agree to divide yearly premium to monthly using hdfc credit card. Later he denied. > Agent also promises for 3 days-night 5 star accommodation passes anywhere in India if I took policy immediately. Later his number was unavailable. I did lots of follow up with company but not received satisfactory response.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 12, 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 3 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay a premium of Rs 30000 on annual basis through net banking and the payment options are convenient for me. I get a good coverage where i can give 50% to the government and can invest 50% on shares. I get a return of Rs 2.75 lakhs and i have filed IT returns for tax benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 09, 2018
    • HDFC Life Life Insurance
      "Average policy to use"
      0.5 2.0/5 "Expected more"
      Got the Children plan policy from HDFC life around 14years . The customer support service is not up to mark. I have closed this policy last year because there are no regular benefits are given in this policy and the policy coverage and the payments options are not up to the mark with the HDFC LIFE Children plan policy .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 02, 2018
    • HDFC Life Life Insurance
      "Below Average policy to use"
      0.5 2.0/5 "Expected more"
      I have started using the HDFC life Money back policy from the year of 2002. The customer support service is not up to the mark an they haven't gave any response in regard to my policy. I have stopped using the Money back because there is no policy coverage as well plan benefits are not up to the mark with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 02, 2018
    • HDFC Life Life Insurance
      "Best policy"
      0.5 4.5/5 "Excellent!"
      I have a life insurance policy with HDFC life fromlast 1 year and it is a good policy to use. I have to pay the premium for 8 years and next 8 years will be paid by HDFC. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 27, 2018
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have got the life insurance policy from the HDFC LIFE around 2 years ago. he customer support service is good with the HDFC life because they give intimations to pay the premium on time. I need to pay Rs.50,000 to this policy every year. The plan benefits and the policy coverage is good with this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 27, 2018
    • HDFC Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Hdfc Life Insurance service was excellent. The policy's and the value was good with Hdfc Life. The tenure period is for 10 years. The new schemes and offers are good with Hdfc Life. The service have been suggested by my personal banker. The payment options are through online. It has been a good experience with Hdfc Life Insurance service.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 23, 2018
    • HDFC Life Life Insurance
      "Good. Can do better"
      0.5 4.0/5 "Great!"
      I have taken a ULIP plan with HDFC Life. It is a investment and also a insurance. The tenure is for ten years. The benefits is I would get the sum assured after the maturity period account to what the rates are in the market at that time. I bought the policy through another channel and it was easy buy it. They can improve on the customer services by sending regular updates.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 19, 2018
    • HDFC Life Life Insurance
      "Satisfied"
      0.5 4.0/5 "Great!"
      My term insurance is with HDFC Life and the customer services are average. They do not inform me regularly about the policy dispatch. I did not get messages on the phone. The tenure is for 40 years and the benefits would be for my family. The sum assured is good.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 19, 2018
    • HDFC Life Life Insurance
      "Be careful before buying HDFC life term policy"
      0.5 0.5/5 "Unacceptable"
      There are two modes of buying the policy one is thru bank personnel and the other is online. The premium would be slightly high if you buy thru person when compared to buying online. But here comes the problem if you buy the policy online you wont get the policy document in hard copy and no one will inform you about this before buying or while under process. You will realise this only after buying the policy. When you approach the customer service later regaring hard copy they simply say if you buy policy online you will not be provided document in physical format and all your policy details will be feeded to a e insurance account maintained by NIR, NSDL. Term policy is a long tenure one and no one knows when the rules changes. Once think of the position of your family members after your demise without a hard copy of policy doc in hand and if rule changes they will suffer a lot. Note: Soft copy sent to your email has no legal or contractual value i.e it cannot be used for claiming.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 19, 2018
    • HDFC Life Life Insurance
      "good"
      0.5 4.0/5 "Great!"
      I have a Life Insurance service from Hdfc Life Insurance service. I have one policy with Hdfc Life Insurance service. The life time is for 65 years. I use to pay my premium through credit card. It is a good experience with Hdfc Life Insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 17, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with HDFC LIFE from last 2 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 6 months by credit card and sometimes through net banking. I am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 16, 2018
    • HDFC Life Life Insurance
      "Average"
      0.5 3.0/5 "Satisfactory"
      My life insurance is with HDFC Life. It is a term assurance with the tenure of ten years. The premium is to be paid once a year. But the returns are not as per expected and they have to improve in insurance level. When I requested for the new policies, I was not provided with the clear details. I end up getting confused to choose the right policy. I am not happy with what returns i am getting. Just to reach the targets they sell the policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 14, 2018
    • HDFC Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have a Life Insurance service from Hdfc Life Insurance service. I have one policy with Hdfc Life Insurance service. The life time is for 65 years. I use to pay my premium through credit card. It is a good experience with Hdfc Life Insurance service.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 13, 2018
    • HDFC Life Life Insurance
      "HDFC LIFE insuarnce"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from HDFC life. The premium which i have to pay yearly and after completing the maturity period they will provide me the sum assured plus the bonus amount from HDFC LIFE.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 12, 2018
    • HDFC Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life insurance with HDFC Life.The policy is for 10 years.I pay a premium amount of 25,000 per annum.They give a good policy coverage amount of 25 lakhs.The agent is very helpful and shared the complete details. I dont have any claim experience with them till date.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 06, 2018
    • HDFC Life Life Insurance
      "Life insurance with HDFC"
      0.5 4.0/5 "Great!"
      I have taken a life insurance with HDFC LIFE and the policy name is Udhay which i have to pay a premium of 300 per month for 12 years. Its a kind of money back policy. After the maturity period i will get the some assured with the interest. Its a good policy.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 06, 2018
    • HDFC Life Life Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and the benefits are fine too.I would like to say that the coverage value is enough one for mine with the HDFC life insurance company. Every aspects are better one or me with the HDFC life.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 03, 2018
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have taken a term insurance with HDFC life from last 1.5 years and it is a good insurance policy. The tenure of this policy is 40 years. I pay my premium on annual basis through net banking and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 01, 2018
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