• HDFC Life Group Term Insurance Plan

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    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
      "Best policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with HDFC LIFE from last 4 years and it is a long term policy. The tenure of this life insurance policy is 12 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 benefits of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 23, 2018
    • HDFC Life Life Insurance
      "Average service"
      0.5 4.0/5 "Great!"
      I have got the life insurance policy from the HDFC life around 4 months ago. The customer support service is average with the HDFC life. This policy has the tenure of 2 years. I pay the premium amount of Rs,400 to this policy every month and this policy value is Rs,8000.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 23, 2018
    • HDFC Life Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Hdfc Life insurance service is good. I have taken it for the term period of 35 years and I have one policy with Hdfc Life. They use to update me with new schemes and offers through email. The documentation part has been smooth. It is a average service from Hdfc Life insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • HDFC Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with HDFC Life,The premium amount is 15,000 in year,the policy is for five years,the policy coverage amount is eight lakhs .Its been a year since i have taken this policy.The customer service is good and give prompt response to the customers.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 13, 2018
    • 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 super one. I would like to say that the coverage value is around one crore Rupees. I am really happy with the HDFC life insurance company. Everything is up to the mark with them till now.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Feb 09, 2018
    • HDFC Life Life Insurance
      "Fabulous"
      0.5 4.0/5 "Great!"
      I do have the life insurance policy with the HDFC life and the response is good one and the coverage value is depends up on the market fluctuation regarding up on the market investment sector, so the return values are not really a commitment factor.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 07, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      From the last three years of time, I do have the HDFC life and the coverage value is fine one for me. Its a kind of investment plan in SIP. HDFC Excel growth is the policy name and the returns are depends on market fluctuation.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 07, 2018
    • HDFC Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have a Life insurance with Hdfc Ltd,the service was good. The new schemes and offers they provide me was good which was helpful The payments are generally through online . It was totally a good experience with Hdfc Ltd life insurance service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 05, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have a term insurance from Hdfc,the service is good with Hdfc. The benefits is single benefit. Hdfc staffs are friendly in approach. The payments are through online. The documents procedure was been smooth. It was totally a good experience with Hdfc life insurance service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 03, 2018
    • HDFC Life Life Insurance
      "Best insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life Insurance with HDFC Life.The premium amount is 35,000 per annum.This policy is taken 5years back.The total policy is for seven years.i get good policy coverage amount.The plan name is sampoorna samridhi,i have no claim experience with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 02, 2018
    • HDFC Life Life Insurance
      "Better "
      0.5 3.0/5 "Satisfactory"
      I do have life insurance policy with the HDFC life insurance company and the customer service is okay one for me. Plan benefits are fine one for me with the HDFC life and their coverage value too. Everything went in the smooth manner with them till now.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 02, 2018
    • HDFC Life Life Insurance
      "Better "
      0.5 3.5/5 "Pretty good"
      I do have the life insurance policy with the HDFC life and the customer service is good too. Service aspects are okay one for me with them. I would like to say that the plan benefits are good too with the HDFC life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 02, 2018
    • HDFC Life Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the HDFC life insurance company. Coverage value and the benefits are okay according to the premium. I would like to say that the customer service is an excellent one with the HDFC life insurance company.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 02, 2018
    • HDFC Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with HDFC LIFE from last 1 year and it is a good insurance policy to use. The tenure of this life insurance policy is 2 years and i pay a premium of Rs 390 on monthly basis through ECS. I am convenient with the payment options which they are giving. I have a coverage of Rs 20 lakhs for this insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 29, 2018
    • HDFC Life Life Insurance
      " A good insurance"
      0.5 4.0/5 "Great!"
      I had a life insurance policy in Hdfc Life. My life insurance policy covers all Benefits. I feel very comfortable while am renewing the policy. I choose on line payment to renewal the policy on time. I am comfortable with the HDFC Life insurance policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 28, 2018
    • HDFC Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life insurance service from Hdfc ,the service is good with Hdfc. I have taken two policy's for the term period of 15 years. I am paying 25k yearly as a premium. They used to update me regarding new schemes and offers also the customer service was good with Hdfc life insurance team.It was an excellent experience with Hdfc life insurance service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 25, 2018
    • HDFC Life Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      I have taken a child plan with HDFC life and felt this Insurance is one of the best in the market. I need to pay Rs.25000 yearly for five years and my child would be getting a sum assured at the end of the maturity period. The payment option of them is quite good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 24, 2018
    • HDFC Life Life Insurance
      "Best insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have taken Term Insurance with HDFC Life.Th premium amount is 11,000,its been two years since i have this policy,this policy is for 40 years i get policy coverage amount of one crore in case of accident.Net banking is good and efficient to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 23, 2018
    • HDFC Life Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have an Life insurance service from Hdfc Life insurance. The policy's I have taken is good and it has lots of benefits too. They used to update me regarding new schemes and offers and the payments will be deducted from my account through ECS. It was an average service from Hdfc life insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 19, 2018
    • HDFC Life Life Insurance
      "Poor Service!! Once after payment, they will forget you"
      0.5 1.5/5 "Bad"
      HDFC Life backend and medical teams are very unprofessional. I have been waiting for a form from the backend team, but they have no clue of it on how to find and send it. Even after multiple requests from 5 days, they were not able to send it. They will always say that your request will be fulfilled on a priority basis. If that is really been a priority, why it will take 5 days to just send a single form. My medical appointment has been scheduled thrice and never been confirmed even after multiple escalations. I have been fed up of following-up with them. They will always say, you will receive the confirmation by the end of day, but you will never receive it. Never expected this from a private service provider. Public companies are a lot better. I will never suggest my friends to go with hdfc life. Customers look like jokers for them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2018
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