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HDFC Life Group Variable Employee Benefit Plan

Overview

The 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 .
  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 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

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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HDFC Life Group Variable Employee Benefit Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Useful Plan for the child education"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 05, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "Better Policy"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Nov 25, 2019
  • HDFC Life Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 23, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 19, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , amritsar
    Reviewed on Oct 17, 2019
  • HDFC Life Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • HDFC Life Life Insurance
    "People more aware of their offerings &its better than others"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 18, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 03, 2019
  • HDFC Life Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 27, 2019
  • HDFC Life Life Insurance
    "Quickest way to insure"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 25, 2019
  • HDFC Life Life Insurance
    "Coverage for the premium is good"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 1
    , bangalore
    Reviewed on Aug 16, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 1
    , bangalore
    Reviewed on Aug 06, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 06, 2019
  • HDFC Life Life Insurance
    "Satisfied"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 02, 2019
  • HDFC Life Life Insurance
    "If you want save tax, purchase this policy"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 01, 2019
  • HDFC Life Life Insurance
    "Excellent Plan"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 31, 2019
  • HDFC Life Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 31, 2019
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 30, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 29, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the life insurance policy with HDFC LIFE and the maturity period of the policy is for 7 years but the premium have to pay for 5 years. The documents submitted through the offline. The sum assure value of the policy is for 5L. I got the hard copy too.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jul 27, 2019
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