HDFC Life Insurance

Benefits of HDFC Life Insurance:

HDFC Life was set up in 2000 and has since grown into one of the biggest and best long-term life insurance companies in India. One of the things that sets HDFC Life apart from its competitors is that it allows customers to customise their plans by adding riders and other optional benefits at relatively inexpensive prices. The company currently has almost 30 individual products in addition to eight group products in its portfolio. It also offers eight optional riders that can help in meeting the financial needs and requirements of a diverse customer base.

HDFC Life also boasts a large network, with almost 400 offices across 980+ towns and cities in the country. Its distribution network is also relatively strong, with more than 9000 distributors working with the company. In addition, the company also has a large number of financial consultants who can help customers in finding the life insurance policies that will meet their unique requirements.

Different Kinds of Life Insurance Policies Offered by HDFC Life:

HDFC Life has developed a strong reputation for providing a vast array of insurance policies in all segments, be it protection plans, retirement solutions, children’s plans, savings and investment instruments, women’s plans, etc. Following is a list of the various plans offered by HDFC Life:

HDFC Life Protection Plans:

The protection plans offered by HDFC Life Insurance Company are designed keeping a diverse customer base in mind. Since the world is full of uncertainties and it is essential to ensure that our near and dear ones are financially secure at all stages of their lives, protection plans become essential as they provide your family a lump sum amount to ensure that their financial needs are taken care of in case of your untimely demise. Following are the protection plans offered by HDFC Life Insurance Company:

1. HDFC Life Click 2 Protect Plus: This policy ensures a life cover of Rs.1 crore at a very nominal monthly premium. Enjoy tax benefits as well as Life Stage Protection Feature. Avail several flexible options to choose from to customize the policy according to your requirements. This term plan can be availed online too.
2. HDFC Life CSC Suraksha: This term insurance policy ensures that customers remain protected for the entirety of the policy term. It also provides the family of the policyholder a lump sum amount in case of the untimely demise of the individual.

HDFC Life Savings and Investment Plans:

The savings and investment plans offered by HDFC Life are designed in a manner such that customers have multiple avenues to save money so that it can grow over a period of time. These plans help customers in following a systematic investment discipline to ensure that they have adequate funds to meet their long-term objectives. Following are the savings and investment plans that you can purchase from HDFC Life:

1. HDFC Life ClassicAssure Plus: This is an investment cum insurance plan that allows your money to grow while ensuring a guaranteed benefit to the policy holder.
2. HDFC Life Super Savings Plan: A long-term regular savings endowment plan that provides flexibility to choose the policy term and offers an additional sum assured in case of death.
3. HDFC Life Sanchay: HDFC Life Sanchay is a non-participating, traditional plan that offers guaranteed benefits. The plan has limited period as policy terms. If all the premiums are paid then the guaranteed maturity benefit can be anywhere between 220%-325% of the sum assured.
4. HDFC Life Super Income Plan: Super Income plan is a money-back policy that is a participating plan which offers guaranteed benefits as well as bonuses and is best suited for individuals with a regular income.
5. HDFC Life Sampoorn Samriddhi Plus: This is a limited period endowment plan from HDFC Life, one of the largest private life insurers in India. This plan is available in two varieties – endowment and endowment with whole life. These plans come with the option for extended coverage up to 100 years under the whole life package. Customers can choose policy tenure between 15 to 40 years, and comes with a built-in accidental death rider which provides additional sum assured.
6. HDFC Life Uday: An insurance plan aimed to provide increased benefits on future savings through bonuses and additions while also providing the sum assured along with said bonuses as a maturity benefit and death benefit.
7. HDFC Life Capital Shield: The Capital Shield plan is an investment-cum-insurance plan that provides relatively high returns by investing a proportion of your finances in equity and a part of it in debt whilst also offering life cover.
8. HDFC Life SL Crest: The SL Crest from HDFC Life is a short term unit linked insurance plan that helps customers in meeting their investment targets in a short span of 10 years whilst also providing financial security to the family of the policyholder.
9. HDFC Life ProGrowth Plus: The ProGrowth Plus from HDFC Life is a convenient savings as well as insurance policy that provides life cover in addition to allowing you the freedom to create your own investment strategies.
10. HDFC SL ProGrowth Super II: The ProGrowth Super from HDFC Life is a savings as well as insurance unit linked insurance plan that helps customers attain long-term savings whilst ensuring that the policyholder and his / her family is always financially covered.
11. HDFC SL ProGrowth Flexi: The Progrowth Flexi from HDFC Life is a savings and insurance unit linked insurance plans that provides financial security to the family of a policyholder.
12. HDFC Life Sampoorn Nivesh: Sampoorn Nivesh is a distinctive insurance and investment plans that offers the option of multiple funds so that the policyholder can optimise his / her investments.
13. HDFC SL ProGrowth Maximiser: The SL ProGroth Maximiser plan from HDFC Life insurance is a single premium unit linked insurance plan that helps in maximising your returns so that you and your loved ones are financially protected at all times.

HDFC Life Child Plans:

Given the unpredictability of life, it is essential to ensure that your children are financially secure at all times. The child plans offered by HDFC Life ensure that you start saving for the future expenses of your child at a very early stage so that you will have access to enough money to meet such costs as marriage, higher education, etc. Following are the two child plans you can purchase from HDFC Life:

1. HDFC Life YoungStar Udaan: This children’s plan from HDFC ensures guaranteed payouts at each and every significant milestone of your child’s life.
2. HDFC Life YoungStar Super Premium: The Youngstar Super Premium plan by HDFC is essentially a ULIP plan that takes care of all the important financial milestones in your child’s life like education, marriage, buying a house and so on.

HDFC Life Retirement Plans:

The retirement solutions offered by HDFC Life offer financial security to ensure that you will have a regular income even when your professional income no longer flows into your account. These plans help you live a comfortable life whilst dealing with rising inflation and the increased cost of living. Following are the retirement plans you can purchase from HDFC Life:

1. HDFC Life Personal Pension Plus: This pension plan from HDFC provides you with an assured 101% of the sum assured in case of death. Also, the plan allows you to choose from a wide range of tenure. EMI option is available for HDFC credit card holders.
2. HDFC Life Pension Super Plus: This plan offers an assured 101% of all premiums paid. There is flexibility to choose tenure and guaranteed regular income in case annuity is purchased.
3. HDFC Life Single Premium Pension Super Plan: This pension plan is a unit-linked, single premium plan that assures you get to generate a substantial corpus post retirement.
4. HDFC Life Guaranteed Pension Plan: Guaranteed Pension Plan from HDFC guarantees an addition of 3% of sum assured on each premium year completion. A flexible policy term can be chosen. The plan has only a single life basis of availing.
5. HDFC Life New Immediate Annuity Plan: This is a traditional pension plan that lets you choose an annuity and earn a regular income post your retirement. The plan ensures guaranteed income for as long as you or your spouse is alive.
6. HDFC Life Click2Retire: The HDFC Life Click2Retire is an online retirement plan offered by HDFC. This is a unit linked insurance plan and offers you a number of benefits such as tax benefits, death benefits, vesting benefits and surrender benefits. The policy term offered by the plan is 15 to 35 years.
7. HDFC Life Assured Pension Plan: This unit linked insurance plan provides customers with market linked returns along with loyalty bonuses that help in achieving their retirement goals thanks to strategic and systematic planning in advance.

HDFC Life Women’s Plans:

HDFC Life has designed a special solution that caters specifically to the various financial requirements of women. These plans are created to ensure that women can plan well in advance for different stages of life, like retirement, protection, child’s education, etc. At the moment, HDFC Life has only one Women’s plan which is as follows:

1. HDFC Life Smart Woman Plan

How to Claim Insurance with HDFC Life:

Following is the procedure to claim insurance with HDFC Life:

• Write a letter intimating the company about the claim.
• Once the company receives your intimation, it will revert with a list of the documents you will have to submit to start the claims process.
• Go through the letter, assemble all documents and drop them off along with the claim form at the nearest HDFC Life branch.
• The company will then review your documents and determine whether or not you are eligible for the claim amount.
• If the documents provided suffice, the company will accept your claim request and process the same as early as possible and make the payment to the policyholder / nominee.
• In case the claims request is rejected, the company will communicate with the individuals the reasons as to why their claim was rejected.
• You can drop an email to claims@hdfclife.com in case you require any assistance regarding the reporting of claims.

Documents Required to Claim Insurance with HDFC Life:

Following are the documents required when making claims with HDFC Life:

In case of Natural Death

• Original policy document
• Death claim form (including NEFT)
• Death certificate issued by the government or a relevant authority
• Medical records of the life assured at the time of death
• Residence and identity proof of the claimant

In case of Unnatural Death

• Original policy document
• Death claim form (including NEFT)
• Death certificate issued by the government or a relevant authority
• Panchanama and police inquest report / FIR
• Residence and identity proof of the claimant
• Post mortem report

In case of Death from Natural Calamities / Disasters

• Original policy document
• Death claim form (including NEFT)
• Death certificate issued by the government or a relevant authority
• Residence and identity proof of the claimant

HDFC Life Claim Settlement Ratio:

Documents Required for Purchasing a HDFC Life Insurance Policy:

Following are the documents you will require to purchase a life insurance policy from HDFC Life:

• Identity proof
• Address proof
• Income proof
• PAN Card
• Self-attested bank passbook copy

How to Check HDFC Life Insurance Policy Status Online:

To check the status of your HDFC Life insurance policy, all you have to do is visit the company’s official website and locate the Login option on the homepage. On the Login portal, you will find a link called Customer. Click this link and you will be requested to enter the User ID along with the password to login. Once you have logged in, you can enter the policy number along with other details requested, and the status of your HDFC Life insurance policy will appear on screen.

HDFC Life Online Payment:

If you wish to make premium payments over the internet instead of going out to a branch of the company, you can do so by visiting the customer service section of the company’s official website and select the Pay Premium Online option after which you will be redirected to a new page. Here, you will have to enter the required details, such as the kind of plan (customer / group), your policy number, your date of birth, your name, the due date for the premium, the amount of premium you have to pay, your email ID and your contact number. Then click on the Confirm option and select your payment mode, viz. credit card / debit card / net banking, etc., and make your premium payment. Your premium payment will then be complete.

HDFC Life Frequently Asked Questions:

1. Can I avail pension benefit with my life insurance plan?

A. Yes, HDFC Life Personal Pension Plus is an insurance plan which offers you pension after retirement. This plan is also eligible for bonuses as a percentage of sum assured on vesting, reversionary bonus, interim and terminal bonus.

HDFC Life New Immediate Annuity plan is a non-linked traditional annuity plan. You get guaranteed income for as long as your partner lives.

2. Are there any specific life insurance plans for women?

A. HDFC Standard Life offers HDFC Life Smart Woman Plan which is lets you to choose between a traditional endowment plan and unit-linked insurance plan depending on the risk factors and your ability to take risk.

3. Is there any life insurance plans that enables me to save while I can enjoy life cover?

A. HDFC Life Pro Growth Plus is a simple savings cum insurance plan that will let you enjoy life cover and benefit from creating your own investment strategies. This is a ULIP plan and you can make the most of equities by channelizing your savings. With HDFC Life Super Savings plan you can also choose between a traditional endowment plan and a ULIP. The fund invests in a variety of assets to earn returns on your policy, these returns are declared in the form of bonuses. The bonuses once declared are guaranteed.

4. Is there any plan that lets me protect my family’s health and secure at the same time?

A. Yes, you can get a comprehensive, pure protection health and medical insurance plan. HDFC Life Health Assure Plan lets you reimburse medical expenses incurring in hospital. You get the flexibility to choose from 2 types of plan and 2 types of plan options and other optional benefits. Your cover will be automatically double after 2 claim free years. You can also avail cashless claim service at the network hospitals.

5. Is there any specific plan for life threatening diseases?

A. Yes, HDFC offers HDFC Life Cancer Care which provides financial protection for both early and major stage of cancer. The plan gives you a waiver on premium for the next 3 years on diagnosis of early cancer and an increased benefit where the sum insured increases every year under the gold and platinum option.

6. What are the documents required to open a life insurance?

A. You will have to submit the following documents:

• Income proof
• Age proof
• Residence proof
• Identity proof
• PAN card

If you have to submit other document, you will be notified by the agent.

7. If I’m not satisfied with the plan can I return it?

A. Yes, you get a 15 days free look period from the date of receipt of the policy within which you can return the policy.

8. If I miss the premium payment, will my policy lapse?

A. Yes, the policy will lapse if you miss making the premium payment but it can be renewed within 2 years from the date that the policy lapses. There are certain cases when you can turn the policy to a paid up policy, check the policy document to see if you have that option.

9. What is the claim process of HDFC Life Insurance?

A. The stages of claim process and evaluation are as follows:Submit the claim intimation form.

HDFC will then send a letter to the nominee or to the title holder to the claim.

Once the documentation is complete and the information is received, HDFC will take a decision to accept or reject the claim.

Once the claim application is accepted, the payment will be made to the nominee or to the title holder to the claim.

The claim application can be rejected because of non-fulfilment of policy term and condition and also because of non-disclosure. If the claim application is rejected, HDFC will communicate with you providing a reason for the rejection.

10. What is the claim track record of HDFC Life insurance for the financial year 2013 – 14?

A. HDFC life ensures that the claim application experience is hassle-free and they ensure that the claims are settled faster. HDFC Life has settled 94.01% claims under individual death claims and 100% under group claims. The claim amount that was settled was worth Rs.245.89 crores.

11. What is the premium payment frequency for life insurance policies?

A. The premium payment frequency will depend upon the kind of policy you select. However, most policies come with the standard annual, semi-annual, quarterly and monthly premium payment frequencies.

12. Can I cancel my policy after a while if I no longer want it?

A. Yes, customers who wish to discontinue their policy can surrender the same to the company and a proportion of their investment will be returned to them.