HDFC Life Group Credit Protect Plus Insurance Plan

The HDFC Life Group Credit Protect Plus Insurance Plan is a tailor made insurance policy for members of a financial institution. If the member of the group is ill, disabled, or dies in an unfortunate event, the nominee will not have to take on the burden to repay the outstanding loan to the financial institution.

Eligibility Conditions for the HDFC Life Group Credit Protect Plus Insurance Plan:

Minimum Entry Age 14 years
Maximum Entry Age 70 years
Maximum Maturity Age 75 years

Policy Terms for the HDFC Life Group Credit Protect Plus Insurance Plan:

Single Pay 10, 15 to 35
Single Premium 10 – 20 years

Premium Payments Offered by HDFC Life Group Credit Protect Plus Insurance Plan:

Minimum Premium per member Rs.25
Minimum Sum Assured Rs.1,000
Premium due The actual premium depends on the:
  • Plan option chosen
  • Cover term
  • Amount of sum assured
  • Age of the member
  • Cover type
  • Mortality class
  • Underwriting

Key Features of HDFC Life Group Credit Protect Plus Insurance Plan:

Type of Plan Non-linked non-participating group life insurance plan.
Minimum group size 50 members
Plan options There are 6 type of plan options:
  • Life option: Death benefit
  • Extra life option: Death benefit plus additional accidental death benefit.
  • Terminal life option: Death benefit plus accelerated terminal illness benefit.
  • Critical life option 1: Death benefit plus accelerated critical illness benefit with the critical life benefit term equal to the main benefit or 5 years, whichever is lower.
  • Critical life option 2: Death benefit plus accelerated critical illness benefit with the critical life benefit term equal to the main benefit or 10 years, whichever is lower.
  • Life disability option: Death benefit plus accelerated total permanent disability.
Free look period The policy can be returned within 15 days from the receipt of the policy.
Surrender benefit The main policy cannot be surrendered.

What you need to know about HDFC Life Group Credit Protect Plus Insurance Plan:

Advantages and Benefits of HDFC Life Group Credit Protect Plus Insurance Plan:

The HDFC Life Group Credit Protect Plus Insurance Plan provides the following key benefits:

  • Death benefit:

In the event of death of the member, the sum assured is paid if the level term is selected. If the decreasing term is selected, the decreasing sum assured is paid.

  • Accelerated terminal illness benefit:

If the member is diagnosed with a terminal illness, the sum assured is paid if the level term is selected. If the decreasing term is selected, the decreasing sum assured is paid. The .

  • Additional accidental death benefit:

If the member dies in an accident, the sum assured is paid if the level term is selected. If the decreasing term is selected, the decreasing sum assured is paid. This benefit is in addition to the death benefit.

  • Accelerated critical illness option 1:

If the member is diagnosed with a critical illness, the sum assured is paid if the level term is selected. If the decreasing term is selected, the decreasing sum assured is paid. The risk cover ceases. The CI benefit will be equal to the main benefit or 5 years, whichever is lower.

  • Accelerated critical illness option 2:

If the member is diagnosed with a critical illness, the sum assured is paid if the level term is selected. If the decreasing term is selected, the decreasing sum assured is paid. The risk cover ceases. The CI benefit will be equal to the main benefit or 10 years, whichever is lower.

  • Accelerated total permanent disability:

If the member is disabled due to an accident, the sum assured is paid if the level term is selected. If the decreasing term is selected, the decreasing sum assured is paid. The risk cover ceases.

  • Moratorium period:

Members can take home loan, education loan or mortgage which will be disbursed in two or more payments. The coverage will be offered for the moratorium period which is equal to the initial sum assured. Member can choose the moratorium period which is 1 - 7 years. The term of the cover can be equal to the term of the moratorium period. The death benefit following the moratorium period will be reducing cover.

Charges applicable under :

Data management Rs.15 per member per annum
Premium collection Rs.10 per member per annum
Issuance of certificates of insurance Rs.10 per member subject to a minimum of Rs.500
Claims settlement Rs.10 per claim

Exclusions under HDFC Life Group Credit Protect Plus Insurance Plan:

The following critical illnesses will be excluded:

  • Surgery of Aorta
  • Major head trauma
  • Paralysis
  • Loss of sight
  • Major burns
  • Loss of limbs
  • Heart valve surgery
  • End stage lung disease
  • Loss of independent existence
  • Cancer
  • Heart attack
  • Coronary artery bypass graft surgery
  • Kidney failure
  • Stroke
  • Major organ transplant
  • Benign brain tumor
  • Apallic syndrome
  • End stage liver disease
  • Coma
  • HIV/ AIDS
  • Pre-existing medical condition
  • Radioactive contamination due to nuclear accident
  • Diagnosis and treatment outside India
  • War, invasion, civil commotion, etc
  • Service in police, military, etc

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

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