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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

 4.0 / 5.0   by 1281 users
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HDFC Life Group Credit Protect Plus Insurance Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am satisfied with HDFC Banking service so I took a life insurance with HDFC Life. The policy coverage is 6L but need to increase more. I am paying yearly premium through online and its very easy for me. I did the policy in 20years and need to pay till the age of 45. I got the insurance paper online and also through courier.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 24, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "Unhappy with the service"
    0.5 2.0/5 "Expected more"
    I purchased another ULIP policy from HDFC Life. I had to pay a premium on a yearly basis. After I bought the policy, I did not get much of benefits. There were a lot of charges as well, so I surrendered the policy. To surrender the policy I had to visit the bank and give a canceled cheque and got back my investment.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 23, 2019
  • HDFC Life Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have taken a ULIP policy from HDFC Life. I am satisfied with this policy benefits. I bought this policy online. I pay a premium on a monthly basis. There is a lock in period of three years. The payments can be done online. In all no hassles with policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 23, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the ACCIDENTAL POLICY with HDFC LIFE since from last 2 years. The premium paying was 800 rupees where the claim amount was 20L in this loan. There is a policy coverage for death, the coverage is for self in this policy. The overall experience was good.
    Was this review helpful? 0
    , delhi
    Reviewed on Jun 22, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    Every year, I need to pay 7200 rupees to HDFC Life renew the policy. I got a self accidental policy through IDFC Bank. They will be providing the insured value of 50L. HDFC Ergo has sent the insurance paper on time. I have paid the first payment via online and then enabled automatic debit. The customer service is very good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 21, 2019
  • HDFC Life Life Insurance
    "Customer friendly"
    0.5 5.0/5 "Blown Away!"
    I took a policy called Super Income policy from HDFC Life before 3years, they have informed me many benefits but I don't recollect now. If I pay 30K for 8yearrs then I will be getting the premium and plus return on 16 years. Its a worthable policy, Am paying the premium through online. The payment mode is convenient. I got the insurance paper.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have holding one life insurance policy with Life insurance corporation of India from long time, the agent had clearly explain me about the plan benefits and policy coverage, the premium amount i use to pay one time it self to the agent now i do not want to pay any more.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance in HDFC LIFE. The policy is for more than 50 years. I am paying premium in the annual package. Through an online I have came to know about all the policy details. I use to do payments through an online. This policy covers up to myself.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the MONEY BACK policy with HDFC LIFE and using from last one year. The policy coverage is for self added on that the policy maturity period is fir self, i have got no cash backs so far with this policy. Premium paying for yearly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    TERM plan that i am using with the HDFC LIFE since from last 2 months. It gives the coverage of the critical illness and also accidental death coverage and permanent disability also there is no need of paying for these coverage. The coverage for self, premium paying for yearly once of 11500 rupees approximately.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 12, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am using the ULIP plan with the HDFC LIFE since 6 months, the reason for taking the policy is my friend recommended because features are good. The premium paying for 50K for yearly once through online. The documentation process was done through online and the medical test taken at home. The maturity period is for 15 years, lock in period 5 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 12, 2019
  • HDFC Life Life Insurance
    "BETTER"
    0.5 3.0/5 "Satisfactory"
    I am using the policy of HDFC LIFE since from last 7 years, the name of the policy is children plan. It gives the coverage for self and children. The premium paying for yearly once with this policy also the maturity period is for 15 years with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 08, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in HDFC LIFE. The policy is for 10 years. Now I am paying premium in the annual package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payment through an online.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 07, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I have taken the ACCIDENTAL POLICY with the HDFC LIFE where the policy i am using it since from last 2 years. The premium paid for first year was 5400 rupees and second year it was 6800 rupees and the coverage is 3L and above. The listed hospital is far away from my place.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jun 04, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in HDFC LIFE. The policy is for ten years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 30, 2019
  • HDFC Life Life Insurance
    "Good for family member protection"
    0.5 5.0/5 "Blown Away!"
    I pay Rs. 14,000 premium to HDFC life for the term plan. I selected the sum assured of Rs. 1 crore. I added one nominee even their claim settlement ratio and grievance resolved is good, at the time of taking policy they explained all. I make the payment through online payment they have critical illness and premium terminal on disabilities.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 30, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with HDFC Life, their service is good they have charged premium on monthly basis, i use to pay premium amount through on line and their customer service is good they explained me about all policy it cover in this life insurance.Their overall service is good.
    Was this review helpful? 0
    , chandigarh
    Reviewed on May 29, 2019
  • HDFC Life Life Insurance
    "Good insurance policy"
    0.5 4.0/5 "Great!"
    I have purchased my life insurance policy from HDFC LIFE and i have chosen the policy name called Classic Assure. For the future purpose i have purchased this policy. I like the features and benefits of the policy. The policy coverage is better
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 29, 2019
  • HDFC Life Life Insurance
    "Worth Policy"
    0.5 4.0/5 "Great!"
    Purchased my term insurance policy from HDFC LIFE. The coverage was far better than any other company. This covers for partial disability and critical illness. I have chosen because of the benefits. I pay the premium amount of Rs. 20000 yearly basis and the coverage is very much convenient for me.
    Was this review helpful? 0
    , vadodara
    Reviewed on May 28, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy with the HDFC LIFE and paid for 5 years latter i have discontinued with this policy because the agent has given wrong info regarding the policy so i got very lesser returns with this policy. The policy is a good policy if continued till end.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 27, 2019
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