HDFC Life Insurance with a claim settlement ratio of 97.62% is one of the most trusted insurance companies in India and is known to provide insurance products such as term insurance plans, ULIPs, women and children plans,savings and investment plans, etc.
HDFC Standard Life Insurance Company Limited, or HDFC Life as it is more commonly called, is a merger between India’s largest housing finance company – HDFC Ltd., and a globally renowned long-term investment savings firm – Standard Life. At the moment, Standard Life holds 35% of the stake and HDFC Ltd. holds 61.63% of the stake in HDFC Life, and the remainder is held by other players.
HDFC Standard Life has established itself as one of the most trusted insurance firms in the country. It offers a wide variety of products and services for individuals as well as group entities. Whether you are looking for protection plans, women’s or children’s plans, pension plans or savings and investment solutions, HDFC Life has it all.
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 has honoured 97.62% claims under individual life insurance policies and 99.67% claims under group policies in the financial year 2016-17. The insurer has also been conferred with numerous awards and recognitions for its innovative products, adoption of technology, and customer service initiatives.
HDFC Standard Life also boasts of a large network of branch offices across India. The extensive set of Bancassurance partners and corporate agents help the company reach a wider customer base.
Different Kinds of Life Insurance Policies Offered by HDFC Life:
HDFC Standard 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 Term Insurance Plans:
The Term Insurance Plans offered by HDFC Life provide a life cover in addition to financial security to the dependents of the insured.
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HDFC Life Click 2 Protect 3D Plus: This plan provides financial protection to the loved ones of the insured. Policyholders can customize their plan with 9 plan options available. An added advantage is that the policyholders have the option of choosing their policy terms and premium payment terms. In the event of the accidental total and permanent disability and diagnosis of critical and terminal illness, future premiums on the policy are waived.
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HDFC Life Click 2 Protect Plus: The Click to Protect Plus provides the insured with a life cover at an affordable cost. The plan also comes with an income option that pays 10% of the sum assured on death and the remaining 90% as monthly income over a period of 15 years. The plan comes with flexible premium payment options.
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HDFC Life Click 2 Protect Health: This plan provides the insured with protection for their entire life. In addition to providing a life cover, all premiums are waived on diagnosis of critical and terminal illness and on accidental disability. The life cover can be increased every year through the top-up covers.
| Plan | Sum assured | Policy Term |
|---|---|---|
| HDFC Life Click 2 Protect 3D Plus | Rs.10 lakh | Whole life |
| HDFC Life Click to Protect Plus | Rs.25 lakh | 10 to 40 years |
| HDFC Life Click 2 Protect Health | Rs.10 lakh | Whole life |
HDFC Life Savings and Investment Plans:
The HDFC Life savings and investment plans 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:
- HDFC Life Click2nvest ULIP: This is a unit-linked plan that provides the policyholder with investment options in addition to a life cover. The policyholder can choose from different funds to invest in. Policyholders can choose different premium payment options and have the flexibility to choose their policy term.
- HDFC Life Classic One: This plan offers both an individual and a joint life cover. The policyholder has the opportunity to earn market-linked returns. Under the joint life policy, the surviving policyholder has the option of withdrawing the entire value of the fund and continuing with the life cover for the rest of the policy’s term. Loyalty additions can be earned through the allocation of additional units after completion of the 10th year of the policy’s term.
- HDFC Life Sampoorn Samridhi Plus – Whole Life: This is an endowment plan that provides the policyholder a choice of 2 options: endowment and endowment with whole life cover up to the age of 100 years. The plan comes with a maturity benefit and accidental death benefit
- HDFC Life ClassicAssure Plus Plan: This plan provides the insured with a life cover along with investment opportunities to enable growth of savings. The policy comes with a limited premium payment term of 7 years and 10 years. Policyholders also receive a guaranteed reversionary bonus during the premium payment term.
- HDFC Life Super Income Plan:This is a non-linked, participating, limited pay, money back plan that provides guaranteed benefits in addition to investment options. The plan provides the insured with assured income for a period of 8 to 15 years. 8% to 12.5% of the sum assured is provided as a maturity benefit.
- HDFC Life Sampoorn Nivesh: This is a life plan that provides the insured with investment options in multiple funds. The plan has 3 options which the policyholder can choose from based on their requirement. Premium payments may be customized based on the policyholder’s choice. The fund value is provided as the maturity benefit.
- HDFC SL ProGrowth Flexi: This is a unit-linked, savings-oriented life plan that provides the policyholder 2 benefit options to choose from. Policyholders can choose from 8 investment funds as well as the sum assured.
- HDFC Life ProGrowth Plus: This plan is a life insurance-cum-unit linked savings plan that provides investment opportunities in the stock market. Policyholders have the flexibility of choosing their investment strategy based on their risk appetite and can make partial withdrawals to meet unplanned expenses.
- HDFC SL ProGrowth Super II: This is a unit-linked-cum-savings life insurance plan that helps the policyholder achieve long-term savings. Policyholders have the flexibility of choosing the term of their policy and the sum assured. Additionally, the policyholder can choose from 8 investment funds.
- HDFC SL Crest: This plan provides policyholders with the benefit of a life cover along with investment options. The premiums paid are invested in fund options of the policyholder’s choice. On maturity of the plan, the policyholder receives the fund value of the investment. In the event of the policyholder’s death, the fund value is paid to the beneficiaries in addition to the sum assured.
- HDFC SL ProGrowth Maximiser: This is a unit-linked life insurance plan that gives policyholders the option of maximizing their returns. Policyholders are required to make a single premium payment and have the option of choosing from 4 investment funds.
- HDFC Life Uday: This is a life plan that is savings oriented. The policy has significantly low premium rates when compared to other life plans. Policyholders have the benefit of 3% guaranteed additions p.a. during the first 5 years of the policy’s term. Bonuses are declared at the end of every year.
- HDFC Life Capital Shield: The Capital Shield plan provides protection against the investments made in addition to providing a life cover. On maturity of the policy, the policyholder gets a maturity benefit of 101% of the total number of premiums paid.
- HDFC Life SL SravGrameen Bachat Yojana: This policy has been developed exclusively for the rural population that provides returns even on low amounts invested. The plan requires the insured to make a single premium payment.
- HDFC Life Pragati: This plan has the dual function of a life insurance policy as well as an investment fund. The premiums for this plan are significantly low. Policyholders have the flexibility of choosing their premium payment terms. Policyholders receive the sum assured and the accrued reversionary bonuses as the maturity amount.
| Plan | Sum assured | Policy Term |
|---|---|---|
| HDFC Life Click 2 Invest ULIP |
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5 to 20 years |
| HDFC Life Classic One |
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10 years to 90 minus age at entry. |
| HDFC Life Sampoorn Samridhi Plus – Whole Life | Rs.65,463 | 15 years to 40 years |
| HDFC Life Classic Assure Plan | 10 years: Rs.49,447 15 years: Rs.48,032 20 years: Rs.73,516 | 10/15/20 years |
| HDFC Life Super Income Plan | Rs.1.28 lakh |
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| HDFC Life Sampoorn Nivesh |
Single premium:
|
10/15/25 years |
| HDFC SL ProGrowth Flexi |
|
10 to 30 years |
| HDFC Life ProGrowth Plus |
|
10 to 30 years |
| HDFC SL ProGrowth Super II |
|
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| HDFC SL Crest |
|
10 years |
| HDFC SL ProGrowth Maximiser |
|
10 years |
| HDFC Life Uday | Rs.28,465 | 12 years to 15 years |
| HDFC Life Capital Shield |
Single premium:
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10 years |
| HDFC Life SL SravGrameen Bachat Yojana | Rs.5,000 | 5 years |
| HDFC Life Pragati | Rs.5,000 |
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HDFC Life Child Plans:
Given the unpredictability of life, it is essential to ensure that your children are financially secure at all times. HDFC child plans 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 various expenses related to marriage, higher education, etc. Following are the two child plans you can purchase from HDFC Life:
- HDFC Life YoungStar Udaan: This children’s plan from HDFC ensures guaranteed payouts at each and every significant milestone of your child’s life. There are three maturity benefit options to choose from. The coverage can be availed for varying policy tenures and premium payment terms.
- HDFC Life YoungStar Super Premium: The Youngstar Super Premium plan by HDFC is essentially a ULIP that takes care of all the important financial milestones in your child’s life like education, marriage, buying a house, and so on. In case of death of the life assured, the policy will provide yearly payments to the family of the deceased. The customer has the flexibility to choose the funds in which the investments will be done.
| Plan | Sum assured | Policy Term |
|---|---|---|
| HDFC Life YoungStar Udaan | No limit | 15 years to 25 years |
| HDFC Life YoungStar Super Premium | Minimum - 10 x annualised premium if the individual is less than 45 years of age; and 7 x annualised premium if the investor is 45 years or above. Maximum - 40 x annualised premium | Minimum - 10 years Maximum - 20 years |
HDFC Life Retirement Plans:
The HDFC Life retirement solutions 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:
- HDFC Life Personal Pension Plus: This pension plan from HDFC provides you with an assured benefit of 101% of the premiums paid in case of vesting or death. Also, the plan allows you to choose an investment period between 10 years and 40 years. Reversionary bonuses and terminal bonus are offered under the policy.
- 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.
- 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.
- HDFC Life Guaranteed Pension Plan: Guaranteed Pension Plan from HDFC Standard Life is a deferred pension plan that offers assured payouts at vesting or death. It guarantees an addition of 3% of sum assured on each premium year completion. The plan offers the flexibility of choosing the premium payment term.
- 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. There are seven single life annuity options and four joint life annuity options to choose from.
- HDFC Life Click 2 Retire: The HDFC Life Click 2 Retire 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 vesting age under the plan is 45 years, lower than most other retirement plans. Single pay and limited pay options are available under the plan.
- HDFC Life Assured Pension Plan - ULIP: This unit linked insurance plan provides customers with market-linked returns along with loyalty bonuses that help in achieving their retirement goals through strategic and systematic planning in advance. The entry age for the plan is as low as 18 years.
- HDFC Life Pension Guaranteed Plan: This is a single premium annuity plan that offers a guaranteed income on a regular basis for life. The customer can choose from various annuity options. The coverage can be availed on a single or joint life basis. The annuity can be received immediately or as deferred annuity. There is an option to receive the purchase price at the death of the life assured.
| Plan | Sum assured | Policy Term |
|---|---|---|
| HDFC Life Personal Pension Plus | Rs.2.04 lakh | 10 years to 40 years |
| HDFC Life Pension Super Plus | Rs.24,000 | 10 years / 15 years / 20 years |
| HDFC Life Single Premium Pension Super Plan | Rs.25,000 (Single Premium) | 10 years |
| HDFC Life Guaranteed Pension Plan | Rs.24,000 | 10 years to 20 years |
| HDFC Life New Immediate Annuity Plan | Varies based on the annuity option chosen | Varies based on the annuity option chosen |
| HDFC Life Click 2 Retire | Rs.24,000 | 10 years / 15 to 35 years for Single Pay, 8 Pay and 10 Pay policies; and 15 years to 35 years for 15 Pay policies |
| HDFC Life Assured Pension Plan | Rs.24,000 | 10 years / 15 to 35 years for Single Pay, 8 Pay and 10 Pay policies; and 15 years to 35 years for 15 Pay policies |
| HDFC Life Pension Guaranteed Plan | For Immediate Life Annuity - Rs.42,076 For Immediate Life Annuity with Return of Purchase Price - Rs.1,60,261 For Deferred Life Annuity with Return of Purchase Price - Rs.76,046 | Varies based on the annuity option chosen |
HDFC Life Women’s Plans:
HDFC Life has designed a special solution that caters specifically to the various financial requirements of women. This product is 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:
- HDFC Life Smart Woman Plan - This is an insurance scheme that provides both investment and insurance benefits under the same product. The customer can choose from three benefit options. The policy offers premium waiver benefit following pregnancy complications, diagnosis of malignant cancer in female organs, or death of the spouse of the policyholder. Additional cash payouts are offered periodically under specific plan variants.
| Plan | Sum assured | Policy Term |
|---|---|---|
| HDFC Life Smart Woman Plan | Minimum - 10 x annualised premium if the individual enters when she is less than 45 years of age; and 7 x annualised premium if the individual enters when she is 45 years or above Maximum - 40 x annualised premium | 10 years / 15 years |
How to Claim Insurance with HDFC Life Insurance Plan:
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 claim 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 Insurance:
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
- NEFT account details
- For money back/pension and for maturity claims - Annuity Claim Documentation
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
- NEFT account details
- For money back/pension and for maturity claims - Annuity Claim Documentation
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
- NEFT account details
- For money back/pension and for maturity claims - Annuity Claim Documentation
In case of a Critical Illness Claim:
- Original policy documentation
- Critical illness claim form
- The address and identity proof of the claimant
- Past and latest medical records, including diagnostic test reports, hospital records, etc.
- NEFT account details
- For money back/pension and for maturity claims - Annuity Claim Documentation
HDFC Life Claim Settlement Ratio:
| Total Premium in Crores (2017-18) | Total Premium in Crores (2016-17) | Total Premium in Crores (2015-16) | Total Premium in Crores (2014-15) | Total Premium in Crores (2013-14) | Claim Settlement Ratio (2017-18) | Claim Settlement Ratio (2016-17) | Claim Settlement Ratio (2015-16) | Claim Settlement Ratio (2014-15) | Claim Settlement Ratio (2013-14) |
| 23,564.41 | 19445.49 | 16312.98 | 14.829.9 | 12,062.9 | 97.80% | 97.62% | 95.02% | 90.50% | 94.01% |
Documents Required for Purchasing a HDFC Standard 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 Standard 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. Under this, you will have the links for individual policyholders, group members, and NRIs. Click the appropriate link and you will be requested to enter your Client ID, Email ID, or mobile number along with the password to login. You have the option to use an OTP as the password. Once you have logged in, you can view the status of your HDFC Life insurance policy on the 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, i.e., your policy number and your date of birth. Then click on the Proceed option and select your payment mode, viz. credit card/debit card/net banking, etc., and make your premium payment. Your payment will then be complete.
HDFC Life Insurance FAQ's:
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Can I avail pension benefit with my life insurance plan?
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 bonus, and terminal bonus.
HDFC Life New Immediate Annuity plan is a non-linked traditional annuity plan. You get guaranteed income for as long as you and your partner lives.
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Are there any specific life insurance plans for women?
HDFC Standard Life offers HDFC Life Smart Woman Plan which is a unit-linked insurance plan that covers you for pregnancy complications, malignant cancers of the female organs, and congenital conditions of your new-born baby. You can get a sum assured of up to 40 times the annual premium you pay.
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Is there any life insurance plan that enables me to save while I can enjoy life cover?
HDFC Life ProGrowth 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 unit linked insurance plan and you can make the most of equities by channelizing your savings.
The HDFC Life Super Income plan is a money back life insurance policy with limited pay option. You will receive reversionary and terminal bonuses and survival benefits under the policy. After the premium payment term, you can enjoy a regular income for 8 to 15 years.
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Is there any plan that lets me protect my family’s health and secure my life at the same time?
Yes, you can get a comprehensive life and medical insurance plan. HDFC Life Click 2 Protect Health is a combi plan that provides you the benefits of health and life insurance under the same product. The plan has nine variants that you can choose from. You can select the policy term and premium payment term based on your needs. The insurer offers special discounts for female customers and non-tobacco users.
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Is there any specific plan for life threatening diseases?
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. An increased benefit is offered under the gold and platinum options where the sum insured increases by 10% every year.
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If I’m not satisfied with the plan can I return it?
Yes, you get a 15 days free look period from the date of receipt of the policy within which you can return the policy.
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If I miss the premium payment, will my policy lapse?
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.
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What is the premium payment frequency for life insurance policies?
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.
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Can I cancel my policy after a while if I no longer want it?
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.
