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HDFC Life Group Variable Employee Benefit Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Overview

The HDFC Life Group Variable Employee Benefit plan is a plan that allows employers to effectively carry out schemes that benefit employees in a transparent manner. This plan from HDFC Life allows employers to provide schemes such as gratuity and superannuation and recognize the valuable contribution made by the employees towards the company. It serves as a motivator and helps retain for employees and helps employers retain their staff and cut down on attrition. Such plans also help to motivate the workforce and thereby increase the productivity.

Eligibility Criteria of HDFC Life Group Variable Employee Benefit Plan

  • The employer will be the master policyholder.
  • The term of the policy is indefinite. It can be renewed each year.

Criteria

Minimum

Maximum

Size of the group

10 members is the minimum size

No maximum limit

Age at Entry

16 years as at last birthday

75 years as at last birthday

Premium

Each policy has a minimum of RS 5,00,000

No maximum limit

Features of HDFC Life Group Variable Employee Benefit Plan

  1. The plan is a non participating variable insurance plan.
  2. The policy is of a group basis.
  3. The policy offers the option of maintaining individual member accounts in case of superannuation schemes.
  4. There will be a guaranteed addition of 1% p.a for the entire term of the policy. This is also known as the minimum floor rate.
  5. In addition to the minimum floor rate, the plan also offers a bonus or additional interest rate that is declared at the beginning of every financial quarter and is credited to the policy account
  6. The additional interest rate is credited after the minimum floor rate is credited and is a non zero positive interest rate.
  7. The policy offers income tax benefits to both employer and employee under the applicable income tax laws
  8. The policy also provides for residual additions. These additions are positive non zero additions and if any are credited, they would be done towards the end of every financial year.
  9. The policy covers various employee benefit schemes such as Gratuity, superannuation, leave encashment among others.
  10. The policy attracts a mortality charge.
  11. The policy has a free look period of 15 days.
  12. The policy allows for alterations.
  13. The scheme administrator maintains the nomination records and in accordance with these records, the benefits will be processed through the master policyholder.

Benefits of HDFC Life Group Variable Employee Benefit Plan

The benefits for Gratuity, encashment of leaves and other schemes that benefit employees are as follows

Event

Benefit

Death of a member

In the unfortunate case a scheme member dies, then the benefit paid to the nominee will fall in line with the rules set forth by the employer and is subject to a maximum value equal to the value of the policy account. If life cover has been chosen, then the death benefit is an additional RS 1000 per member

Exit due to resignation, early retirement or termination

The benefit paid will fall in line with the rules set forth by the employer and is subject to a maximum value equal to that of the value of the policy account

The benefits for superannuation is as follows

Event

Benefit for a policy account

Benefit for Individual member accounts

Death of a member

The benefit paid will fall in line with the rules set forth by the employer and is subject to a maximum value equal to that of the value of the policy account or the assured benefit

In the unfortunate event of the death of a member, the nominee will receive a death benefit which is equal to higher of the value of the account of the member or the assured benefit

Exit due to resignation, early retirement or termination

The benefit paid will fall in line with the rules set forth by the employer and is subject to a maximum value equal to that of the value of the policy account

The benefit paid to the member is equal to the account value of the member

Maturity or vesting of the policy

The benefit paid will fall in line with the rules set forth by the employer and is subject to a maximum value equal to that of the value of the policy account or the assured benefit

In the event of the policy reaching maturity, the member will receive the maturity benefit which is equal to higher of the value of the account of the member or the assured benefit

The benefits of the plan also include

  1. A minimum floor rate is 1% p.a. This is guaranteed for the entire term of the policy and is credited at the end of every financial quarter.

  2. An additional interest rate which is calculated as 95% of the gross yields expected to be earned on the backing assets minus the minimum floor rate is credited after the floor rate has been credited. This additional interest rate is a non zero positive rate and is declared at the beginning of every financial quarter.

  3. At the end of every policy year, residual additions that are non zero positive additions, if any are credited to the policy account. These residual additions are determined such that the reduction in yield requirements are not breached. These reductions are set to 80 bps.

  4. The policy allows for opting for additional funding only in the first year of the contributions made to the policy. There are 3 options for additional funding which are 3%, 2% or 1% of the contributions as additional funding. The additional funding will be recovered by deducting a percentage of contributions on which additional funding was opted from the account value.

  5. The recovery period is mentioned below

Funding Option

Reduction in % p.a

Period of recovery

3% of contributions

0.60%

6

2% of contributions

0.60%

4

1% of contributions

0.60%

2

Charges

The policy attracts a mortality charge which is calculated as RS 1 for every RS 1000 of sum assured. This charge is not inclusive of statutory fees such as service tax.

Premium Discontinuance

In the case where the policyholder would like to surrender the policy the surrender benefit where the individual member level accounts are maintained with HDFC is equal to the value of the policy account. The surrender benefit for policy where the individual member accounts are not maintained by HDFC is equal to the aggregate account value of all members.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

HDFC Life Group Variable Employee Benefit Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC LIFE, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using HDFC LIFE for my life insurance,the agent had clearly explained me about the policy and the benefit coverage,they use to call me if any further update they change it, they have given me hard copy as well ,the premium amount is based on yearly they charged me,that was nominal,and till now no hidden charges they have charged from me.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Bad return value in this policy"
    0.5 1.0/5 "Really Bad"
    I hold a investment policy from HDFC LIFE. Friend has told me about this policy. They are not providing a good service to the customer. I took this policy in 2016. I have been paying the premium amount of Rs. 25000 per annum and the sum assured amount is Rs. 2.40 lakhs. This is a tax benefitable policy.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Good for investment"
    0.5 5.0/5 "Blown Away!"
    HDFC Life is best as per my experience, their claim ratio is good. They are providing terminal premium for the critical illness, disability cover. I took the policy cover for Rs. 10 lakhs, I make the premium of Rs. 30,000 on quarterly basis it has term of 10 years. They do have life cover for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy from Hdfc Life based on the benefits and income tax benefits i have chosen this policy . I make the payment through credit card . Their customer service is good as they respond that much.This policy covers accidental and critical illness benefits . Overall ma satisfied with the policy
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with HDFC LIFE INSURANCE recently in december , they have charge me nominal premium for a yearly basis, and it use to get through on line , and there agent was good they help me to get good policy and they use to update me if any update is there in this policy time to time.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE,there service is good, i use to pay my premium on yearly basis , they have charged me up to 5000 rupees ,i use to pay through on line , they are not taken any extra charges,the agent had explain me clearly about there policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Insurance for life"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 16, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have applied my life insurance with HDFC LIFE , there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal,like i pay premium up to 6000 rupees for two years, it was on yearly basis , and it use to get auto debited from my account.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis, and they have charged me up to 14,000 it is nominal , and i use to pay the premium amount through on line.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy with HDFC life,there service is good, there premium they have charged me was nominal, i pay premium on monthly basis, and there agent had properly explain about the plan benefits and policy ,overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 07, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC life, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 07, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with HDFC life insurance, there service is good, there agent had explained me clearly about the policy coverage and benefits,and the premium amount i use to pay in yearly basis, and the premium amount is nominal,and overall service is good.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 06, 2019
  • HDFC Life Life Insurance
    "Don't go with HDFC LIFE for Insurance"
    0.5 2.0/5 "Expected more"
    I have invested Rs. 80000 in HDFC LIFE. They have deducted the money from my account but they have not able to generate a bill. Due to the uncertanity, i have not continued with this policy. They charged me twice for single premium. I closed the policy but they have taken long time to return the money anyway it took a long process. I spoke with the call centre regarding this issue but they were not helpful.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 02, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 4.5/5 "Excellent!"
    I have been using the HDFC Life Insurance policy for long time. they charge nominal premium for this policy it also offers accidental benefits and I make payment through online. so in terms of features and their service it has been a good experience with them. HDFC Life is a recommendable insurance provider.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 02, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with Life insurance corporation of India, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 24, 2018
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen the investment plan in HDFC. In 2016, i have taken this policy. I pay the premium of Rs. 40000 per annum. Through online, i make the payment. Total tenure period of the policy is 10 years. This is a tax benefitable policy. I don't remember about the sum assured amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 22, 2018
  • HDFC Life Life Insurance
    "Good Benefits after tenure"
    0.5 4.0/5 "Great!"
    I am an existing customer I used to pay the premium around Rs. 25,000 per annum for the total tenure of 10 years. Then I get the benefits with the sum assured value and bonus of the premium and they do have life coverage and I am getting the tax benefits too.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 20, 2018
  • HDFC Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I hold a life insurance policy with HDFC LIFE from last 7 years and it is a long term policy. I make my premium payments on yearly basis through net banking and i am convenient with the payment options. The returns and benefits are good with this policy and tenure period is 10 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 20, 2018
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