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 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 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. These plans 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: The key features of the plan are as follows:

   • This policy enables the policyholder to choose from 4 life cover options.
   • A monthly income is offered to the beneficiary under the policy under Income and Income Plus variants.
   • There is an option to increase the insurance coverage at key milestones under the Life variant.
   • The policy term varies between 10 years and 40 years.
   • Riders can be added to enhance the coverage of the base plan.
   • The plan also offers flexible premium payment term options and tax benefits.

2. HDFC Click 2 Protect Health: This is a single policy that provides the dual benefits of life and health insurance protection. The key features of the plan are as follows:

   • This is the only insurance plan that provides tax benefits under Sections 80C, 80D, and 10(10D) of the Income Tax Act.
   • The policy is affordable and offers 9 variants to choose from.
   • If the life assured suffers accidental total permanent disability, all future premiums are waived off.
   • Lifelong protection options are made available under this plan and the insurance coverage can be increased at certain milestones in life.
   • Female customers and non-tobacco users can avail special rates on premium.
   • Sum assured restoration facility is offered under health insurance.
   • Customers who stay active and observe claim-free years can benefit from premium discounts and increase in basic sum assured, respectively.
   • Cashless hospitalisation facility is offered under the plan.

3. HDFC Click 2 Protect 3D Plus: 3D stands for the three uncertainties in life, i.e., disability, disease, and death. This plan is available in 9 variants to choose from. The key features of the plan are as follows:

   • In the event of accidental total permanent disability, the future premiums are waived off.
   • Whole life protection can be availed under certain plan variants.
   • The customer has the flexibility to choose the premium payment term and the policy term.
   • The insurance coverage can be enhanced at certain milestones in the life of the customer.
   • The insurer offers special rates of premium for non-tobacco users and female customers.
   • Tax benefits are offered under the plan.

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:

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 Sanchay: HDFC Life Sanchay is a non-participating, traditional plan that offers guaranteed benefits. The plan has limited period of 15-25 years as policy term. If all the premiums are paid then the guaranteed maturity benefit can be anywhere between 220%-325% of the sum assured.
3. HDFC Life Super Income Plan: Super Income plan is a participating plan that offers guaranteed benefits as well as bonuses. It is best suited for individuals looking for a regular income through life insurance.
4. HDFC Life Sampoorn Samridhi Plus: This is a participating, savings insurance 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 the plan comes with a built-in accidental death rider which provides additional sum assured.
5. HDFC Life Uday: This is an insurance plan aimed to provide increased benefits on future savings through bonuses and additions. It also provides the sum assured along with said bonuses as a maturity benefit or death benefit.
6. 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.
7. HDFC 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.
8. 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. The plan provides market-linked returns and has policy term between 10 years and 30 years.
9. HDFC SL ProGrowth Super II: The SL ProGrowth Super II 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 are always financially covered. The customer has the option to select the investment funds under the policy and even move from one fund to another during the policy term.
10. HDFC SL ProGrowth Flexi: The Progrowth Flexi from HDFC Life is a savings and insurance unit linked insurance plan that provides financial security to the family of a policyholder. The customer can choose from two plan variants i.e., the Life option and the Extra Life option. The Extra Life option has an in-built Accidental Death Benefit rider.
11. HDFC Life Sampoorn Nivesh: Sampoorn Nivesh is a distinctive insurance and investment plan that offers the option of multiple funds so that the policyholder can optimise his/her investments. The customer can choose the investment period from 10 to 25 years. The plan offers 3 benefit options to choose from and optional accidental death benefit coverage. After 10 years of investment in the plan, loyalty additions boost the fund value.
12. HDFC SL ProGrowth Maximiser: The SL ProGrowth Maximiser plan from HDFC Standard 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. The customer can also pay a single premium top-up starting from Rs.10,000 based on the investment option selected. This will enhance the fund value and provide greater returns.
13. HDFC Life SL SarvGrameen Bachat Yojana: This is a microinsurance product that offers significant returns even for an investment as low as Rs.200. The plan provides guaranteed returns and life insurance protection to the rural sections of the society.
14. HDFC Life Pragati: This is a non-linked savings and protection plan that can be bought for an affordable premium as low as Rs.100 per month. Multiple premium payment options and policy term options are available under the plan. Bonuses can enhance the value of the policy.
15. HDFC Life Click 2 Invest - ULIP: This is a unit linked insurance plan with 8 fund options from which the customer can pick one. There are multiple premium payment options under the plan. The policy term ranges from 5 years to 20 years. The policyholder can receive up to 10 times the annualised premium as sum assured based on his/her age of entry and the premium payment option chosen.

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:

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. There are three maturity benefit options to choose from. The coverage can be availed for varying policy tenures and premium payment terms.
2. 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.

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:

1. 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.
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 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.
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. There are seven single life annuity options and four joint life annuity options to choose from.
6. 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.
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 through strategic and systematic planning in advance. The entry age for the plan is as low as 18 years.
8. 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.

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:

1. 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.

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 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:

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:

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 Frequently Asked Questions:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.