The HDFC Life Group Term Insurance Plan serves as an ideal way for employers to reinforce their bond with their employees by providing life insurance. The life insurance coverage needs of your employees can be met in the form of ‘Employee Benefit’, or ‘Cover for vehicle or housing loans given by you to your employees’. This HDFC Life Insurance company policy is a one year renewable plan. The sum assured will be payable on death of the insured. This plan is more comprehensive than the Group Personal Accident Insurance plan as it covers death due to any cause.
Eligibility Conditions for :
Minimum Entry Age
18 years if rider is chosen
Maximum Entry Age
64 years if rider is chosen
Maximum Maturity Age
Premium Payments Offered by the HDFC Life Group Term Insurance Plan:
Minimum sum assured
Maximum sum assured
Depends on the age and occupation of the employee.
Key Features of HDFC Life Group Term Insurance Plan:
Type of Plan
Group Term Insurance Plan.
Premium Payment options
Single instalment at the start of the cover.
15 days grace period will be given to pay the premiums. If the premiums aren’t paid, the policy will lapse.
A policy that has been discontinued can be revived within 3 years from the due date of the first unpaid premium.
If the policy is surrendered before the completion of the term, the amount equal to the premium for the unexpired term less the deduction for expenses and taxes will be payable.
The members will be given an option to continue the policy as an individual policy till the expiry of the term of the group policy.
What you need to know about HDFC Life Group Term Insurance Plan:
for all group members can be taken under one policy.
Easy and hassle free financial help can be provided to the employee’s family in case of an unfortunate event.
Payment Options for the Premiums offered by HDFC Life Group Term Insurance Plan:
The policyholder can pay the premiums regularly using the following options –
Half – Yearly
Advantages and Benefits of HDFC Life Group Term Insurance Plan:
The HDFC Life Group Term Insurance Plan provides the following key benefits:
Benefits to employer:
- Life cover for the group members will be provided under one policy.
- Hassle free and easy financial help can be lent to the family of the employee in case of an unfortunate event.
- Cost effective as you get high cover at low premium.
- Covers service gratuity liability.
- Serves as a retention tool.
- Premiums paid are deductible under Section 37 (1) of the Income Tax Act, 1961.
- The procedure to add and delete a member into the policy is simple.
Benefits to employee:
- Loved ones get financial support.
- There is no need for medical tests.
- It will cover vehicle and housing loan given to you by the employer.
- The premiums paid will be treated as perquisites.
- Death benefits are exempt from tax under Section 10(10D).
Tax benefits under Section 80C, Section 80D, and Section 10(10D).
Optional riders are available. The optional benefits available are:
- Accidental Death Benefit
- Total Permanent Disability
- Critical Illness Benefit
- Total Permanent and Partial Disability Benefit
Exclusions Under HDFC Life Group Term Insurance Plan:
If the member of the group commits suicide the nominee will receive the sum assured.
The policy will lapse if the premium is not paid within the grace period. A policy that has been discontinued can be revived within 3 years from the due date of the first unpaid premium.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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HDFC Life is one of the worst companies you would want to take your life insurance from. I am writing this review with my personal experience + experiences of some other users who purchased the policy. They are running a scam where about 1 yr after issuing your policy, they automatically cancel it, citing "non disclosure of pre-existing illness" as the reason. The same thing happend with me and many others. I have no such reported illness of any kind. And even if I had, why was the policy issued in the first place? Upon my request to provide an explanation or more detail about this 'illness', no respone was given to me, neither by HDFCLife nor by Policybazaar, through which I had purchased this policy. I was cheated of my one-year premium amount and my policy was lapsed.
If you are at all serious about preserving your mental and financial well-being, do not go anywhere near any of these two companies. They are the biggest fraud in the life insurance market.
My life insurance was purchased from HDFC LIFC. When i purchased the credit card, they have approached me for the life insurance and its child plan hence the premium amount is automatically deducted from my account. I didn't compare this policy with other plan. Its a tax benefitable policy.
I'm having a policy from HDFC LIFE. When I taken the home loan, they have provided me a life insurance policy hence I'm not aware of the policy details. I had done the payment for once, so it avails until the loan close. I have paid the premium amount of Rs. 2.5L which covers for 11 years.
When i purchased the two wheeler loan, they have given me a additional life insurance policy from HDFC LIFE. This policy has a coverage value of Rs. 1 lakhs. I have paid the premium amount of Rs. 1300 which is a one shot payment covers for 3 years. They have sent the documents to my mail id.
I have started life policy in HDFC LIFE 2years ago, am paying premium of 43K per year and the tenure is 15years. I did not remember the policy name. Am getting the statements within 5mins through my email address when I make the payment through online.
I have taken a life insurance on HDFC LIFE on 5 months before only. The policy is for 20 years. I am paying premium on monthly package the amount which is nominal. While getting a policy my agent has given an information about the policy details. My father has taken an insurance for me. Use to do payment through an online. It covers up to myself only.
From my HDFC LIFE, i have taken my life insurance. The executive came to my place and informed me about the policy details and gave me some offer since it was good, i have selected them. I have been paying the premium amount of Rs. 2500 per month. The policy term is 15 years. I am not sure about the sum assured amount.
Basically I did not have any idea about the policy and it was just referred by a friend so have opted the policy, just for an investment perspective. I have received the insurance paper. Their executive explained me about the benefits. I pay 50K to 55K through online and tenure is 12 years.
HDFC LIFE is offering a good benefits and the charges are nominal when compared with other insurer so I took a term plan with them. They have explained me about benefits of the policy. They need some improvement on the customer service. I have paid 24K for a year.
Bought my money back policy from HDFC LIFE. Taken the policy in the year of 2016. Earlier i had a salary account with HDFC hence the manager is forcefully to take this policy. I am paying the premium amount of Rs. 25000 annually. I need to pay the premium for 5 years after 5 years there is a lockin period. I get the sum assured amount of Rs. 2.50 lakhs.
Its very to take a policy through online from HDFC. The claim ratio is very nice hence i have chosen the HDFC LIFE. I'm satisfied with the coverage value of Rs. 50 lakhs. I have chosen the annual payments mode. They do have a partial disability cover is included.
Chosen my term insurance from HDFC LIFE. HDFC has better claim ratio thats the reason i opted the policy. I make the premium through online every time. I pay the premium amount of Rs. 6600. They have included with disability cover and accidental cover. The premium is less since i purchase the policy through online.
I took a term insurance with HDFC LIFE, I have compared with online site and found they are having good payment rates. The customer service is good. I am satisfied with the benefits. I am doing monthly premium of Rs.2000 and need to pay till 15 years. The payment mode is online.
I have a term insurance with HDFC LIFE because the benefits are too beneficial. I am paying 9,400 rupees for a year through net banking. The policy covers till the age of 85. The nominee would be getting a benefit of 75L. They have provide insurance documents on time.
Recently I have purchased a super savings policy from HDFC LIFE. I need to pay the premium for 8 years and after that I will get a profit for every year. They will be providing 10K on monthly basis. I have taken a policy premium of 75K per year. The payment mode is cheque.
Bought my life insurance policy from HDFC LIFE. For the tax benefit purpose, i purchase this policy. I am not sure about the plan name. They will double the money in returns at the time maturity and its a long term plan. I pay the premium amount of Rs. 24000 annually.
Bought my life insurance from HDFC LIFE. Every year i need to invest the money of Rs. 50000 for first five years. Next 5 years will be a lockin period. After 10 years, i get the money of Rs. 18000 every year for 5 years and at the time of maturity i get a sum assured amount of Rs. 10 lakhs. I bought this policy for daughter's future.
Actually I was looking for a investment plan with HDFC BANK and they have provided me a life insurance. I never asked them for a policy but still they provided me an opportunity then I researched and found the benefits are also good. I need to pay the premium of 30K half yearly through online.
I have chosen the life insurance policy from HDFC LIFE and the plan is Super Income. For the future salary purpose, i have selected the policy. In this policy, i need to pay the premium for first 10 years and the next years will be lockin period and after i can get a lumpsum amount or else i can convert into monthly payment. I pay the premium amount of Rs. 25000 per annum. They are providing the sum assured amount of Rs. 1.87 lakhs.
I have taken the CHILDREN PLAN with the HDFC LIFE where the maturity period of the policy is for 15 years with the policy. The coverage is for self with the policy is for self added on that the benefit of the policy is in case of any incident happened will be getting the amount and after the maturity there is a sum assured.