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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

 4.0 / 5.0   by 1291 users
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Plan Benefits

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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
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the life insurance policy with HDFC LIFE since from last 5 years where the maturity period of the policy is for 7 years with the policy. The premium paying for monthly once as 2000 rupees. The executive has explained the details of the policy also i have received the hard copy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 13, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    Since i have a salary with HDFC i have chosen the HDFC LIFE for my accidental insurance. I'm not sure about the premium amount and they have provided me a coverage amount of Rs. 5 lakhs and i used to visit their branch to renew the policy. I do not have any claim experience
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 13, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the term plan since from last 3 years with HDFC LIFE, the documentation process was done through online, the premium paying was through the yearly once through online. It give the coverage for self. The are no benefits provided with the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 10, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the TERM PLAN with the HDFC LIFE where i have been using t since from last 3 years. The premium paying was for yearly once with the policy added on that the executive explained the details of the policy and given the hard copy too of the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 10, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in HDFC LIFE on 6 months before. The policy is for 45 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 09, 2019
  • HDFC Life Life Insurance
    "Need to improve customer service"
    0.5 2.0/5 "Expected more"
    I have taken a life insurance in HDFC LIFE before 8 years ago. The policy is for 10 years. I am paying premium in the monthly package. While getting a policy my agent has not given proper information about the details hidden policy has not update in proper. I use to do payments through an online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 08, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the life insurance policy with HDFC LIFE and the maturity period of this policy is for 10 years and i am using the card since from last 2 years. The premium paying for yearly once added on that the policy coverage is for family.
    Was this review helpful? 0
    , jamnagar
    Reviewed on Jul 05, 2019
  • HDFC Life Life Insurance
    "Good benefits"
    0.5 5.0/5 "Blown Away!"
    I have taken a term plan with HDFC Life. The benefit of this policy is for my nominee. The process to buy the policy online was smooth and easy. It is till the age of 65 years. The sum assured is for 25 lakhs. The premium is not that costly. I pay in annually online.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 28, 2019
  • HDFC Life Life Insurance
    "AVERAGE"
    0.5 3.0/5 "Satisfactory"
    I am using from last one month and done the documentation process through online but i have not received any of copies through hard copy also the mail is not clear. The name of the pension plan and it has the maturity period of 60 years. The premium paid at the beginning it gives for self.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 27, 2019
  • HDFC Life Life Insurance
    "Good insurer"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in HDFC LIFE . The policy is for 15 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and also provided hard copy documents as well. I use to do payment through an online.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 24, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am satisfied with HDFC Banking service so I took a life insurance with HDFC Life. The policy coverage is 6L but need to increase more. I am paying yearly premium through online and its very easy for me. I did the policy in 20years and need to pay till the age of 45. I got the insurance paper online and also through courier.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 24, 2019
  • HDFC Life Life Insurance
    "Unhappy with the service"
    0.5 2.0/5 "Expected more"
    I purchased another ULIP policy from HDFC Life. I had to pay a premium on a yearly basis. After I bought the policy, I did not get much of benefits. There were a lot of charges as well, so I surrendered the policy. To surrender the policy I had to visit the bank and give a canceled cheque and got back my investment.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 23, 2019
  • HDFC Life Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have taken a ULIP policy from HDFC Life. I am satisfied with this policy benefits. I bought this policy online. I pay a premium on a monthly basis. There is a lock in period of three years. The payments can be done online. In all no hassles with policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 23, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the ACCIDENTAL POLICY with HDFC LIFE since from last 2 years. The premium paying was 800 rupees where the claim amount was 20L in this loan. There is a policy coverage for death, the coverage is for self in this policy. The overall experience was good.
    Was this review helpful? 0
    , delhi
    Reviewed on Jun 22, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    Every year, I need to pay 7200 rupees to HDFC Life renew the policy. I got a self accidental policy through IDFC Bank. They will be providing the insured value of 50L. HDFC Ergo has sent the insurance paper on time. I have paid the first payment via online and then enabled automatic debit. The customer service is very good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 21, 2019
  • HDFC Life Life Insurance
    "Customer friendly"
    0.5 5.0/5 "Blown Away!"
    I took a policy called Super Income policy from HDFC Life before 3years, they have informed me many benefits but I don't recollect now. If I pay 30K for 8yearrs then I will be getting the premium and plus return on 16 years. Its a worthable policy, Am paying the premium through online. The payment mode is convenient. I got the insurance paper.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have holding one life insurance policy with Life insurance corporation of India from long time, the agent had clearly explain me about the plan benefits and policy coverage, the premium amount i use to pay one time it self to the agent now i do not want to pay any more.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance in HDFC LIFE. The policy is for more than 50 years. I am paying premium in the annual package. Through an online I have came to know about all the policy details. I use to do payments through an online. This policy covers up to myself.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the MONEY BACK policy with HDFC LIFE and using from last one year. The policy coverage is for self added on that the policy maturity period is fir self, i have got no cash backs so far with this policy. Premium paying for yearly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    TERM plan that i am using with the HDFC LIFE since from last 2 months. It gives the coverage of the critical illness and also accidental death coverage and permanent disability also there is no need of paying for these coverage. The coverage for self, premium paying for yearly once of 11500 rupees approximately.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 12, 2019
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