HDFC Life Term Insurance

, provide you with insurance options, to help secure your family’s needs in the case of your demise. Taking a term insurance for a specific period provides your family with financial stability as well. understands, that each individual is different and may require different plans, therefore they offer you with two different term plans to choose from.

Types of HDFC Life Term Plans:

  • HDFC Life Click 2 Protect Plus: This term insurance plan is an affordable one. The Click 2 Protect Plus Plan, ensure that you can provide a secure future for your family, for a considerable period after your demise. This plan can be customized with 4 different options of . These options are:

  • Life Option

  • Extra Life Option

  • Income Option

  • Income Plus Option

  1. HDFC Life CSC Suraksha Plan: This plan is designed to suit the people of the Common Services Centre, it is an initiative taken up by the insurer, to provide insurance even in rural sectors of the country. The low premium cost makes this an affordable plan. The insurer will provide a lump sum payment of the sum assured, to the policy holder’s nominee, in the case of the untimely demise of the policyholder.

Features and Benefits:

HDFC Life Click 2 Protect Plus -

  1. This is an online term plan, which can be purchased within the comfort of your home.

  2. The Click 2 Protect Plus Plan provides you with life cover at a very nominal and affordable cost.

  3. You can get the financial protection you want to provide for your family.

  4. You have the option to customize your plans. Choose from the below mentioned cover options:

    1. Life Option - provides your nominee a lump sum amount on death of the policyholder.

    2. Extra Life Option - if death is caused by an accident, the option will provide an additional payout.

    3. Income Option - the nominee will receive a part of the sum assured as a lump sum, and the remaining amount will be divided into monthly instalments to provide the nominee with an income, these instalments will be paid for a 15 year period.

    4. Income Plus Option - this option will provide a part of the sum assured as a lump sum to the nominee, and the remaining in instalments, as income for a 10 year period. The income will increase at a rate of 10% per annum on the policy anniversary each year.

  1. For every milestone in your life, you have the option to increase your insurance coverage.

  2. The policy will offer coverage up to the age of 75.

  3. Non-smokers enjoy attractive premium rates.

  4. The policy also offers tax benefits under section 80C of the Income Tax Act 1961.

  5. You can choose the premium payment mode you would like, wherein you can pay your premiums in either a single, limited or regular payment mode.

  6. You have to option to choose the policy term as well, you can choose the policy term you require within the range of 10 - 40 years.

  7. The plan is a , hence there is no survival benefit.

  8. Riders can be added to the policy in order to customize the plan, these riders are - Accidental Death Benefit Rider and Life Stage Protection Rider.

  9. Surrender value - The surrender value is payable only if you choose the premium payment mode as a single pay option. Wherein, the surrender value will be calculated as per the below formula:

    1. Surrender value = 70% x premium (single) x (unexpired coverage term/original cover term), and the policy can be surrendered at any time.

  1. A period of 30 days will be provided as a free-look period, and if you don’t agree with any terms and conditions of the policy it can be cancelled.

Eligibility conditions of this plan:

Particulars

Minimum

Maximum

Sum assured

25 lakhs

No limit

Age of entry

18 years

65 years

Maturity age

28 years

75 years

Policy term

10 years

40 years

Premium payments

Single, Regular, Limited

Premium payment modes

Monthly, Quarterly, Half-yearly, Yearly

How does this plan work?

Let’s take an example for Ranesh, who is a 36 year old healthy non-smoker. He has chosen the policy for a sum assured of Rs. 25 lakhs, and a policy term of 20 years. He will make annual premium payment of an amount of Rs.4,994 per annum. After paying the 5 years premium Ranesh passes away. His nominee will get the benefits based on the chosen death benefit option.

If he chose the Life Option - the policy will provide his nominee a lump sum amount on death, this amount will be the higher of, either 10 times the annualized premium, or 105% of all premiums till death, or the sum assured.

If the option chosen is Extra Life Option - in addition to the above mentioned life option, and if death is caused by an accident, an additional payout will also be provided to his nominee.

If Ranesh chose the Income Option - the nominee will receive 10% of sum assured as a lump sum payment. While the remaining 90% will be divided into monthly income, for you and your family, over a 15 year period.

If the Income Plus Option was chosen - the death benefit will be paid in 100% to the nominee. In addition to this death benefit, the nominee will receive monthly instalments for a 10 year period, which will be 0.5% of the sum assured. This monthly income will increase at a rate of 10% per annum, each year on the policy anniversary.

Key feature and benefits of the HDFC CSC Suraksha Plan -

  1. Freedom to choose the policy period from anywhere between 5 to 15 years.

  2. The premium payment term will be the same as the policy term.

  3. Sum assured can be a minimum amount of Rs.30,000 and a maximum sum assured of Rs.2 lakhs.

  4. Death Benefit - The death benefit will be either 10 times the annual premium, or 105% of all premiums paid until the time of death or the sum assured, whichever is higher.

  5. The policy offers a free-look period of 15 days, within which time you can cancel the policy, if you don’t agree with the terms and conditions.

  6. The premiums can be paid as per preferences of the policyholder, either in monthly, quarterly, half-yearly or yearly mode.

  7. There is no maturity or survival benefit for this policy, since it’s a pure term plan.

  8. Tax benefits will be provided under section 80C on the Income Tax Act 1961.

How does this plan work?

Preetham Hasta, a 30 year old farmer in rural Tamil Nadu, want to secure his family’s future in case anything happens to him in the future. He opts to take up the CSC Suraksha plan, and opts for a policy with a term of 5 years. The sum assured he’s chosen is an amount of Rs. 1 lakh. He makes yearly payments of Rs. 500 as premium payments. In an unfortunate event, Preetham dies in an accident after he has paid 3 annual premiums. While taking the policy he named his wife, Nidhi Hasta, the nominee for this policy. At the time of Preetham’s death, Nidhi will be paid a 105% of the total premiums he paid until his demise, or the sum assured or 10 times the annualized premium, whichever is higher.

Eligibility conditions for this policy:

Particulars

Minimum

Maximum

Entry age

18 years

55 years

Maturity age

23 years

60 years

Sum assured

Rs. 30,000

Rs. 2,00,000

Policy term

5 years

15 years

Annual premium

Rs. 112

-

Premium payment term

same period as the policy term

Premium payment modes

Yearly, Half-yearly, Quarterly, and Monthly

HDFC Term Insurance FAQs:

1. Q. Are there any exclusions under the policy?

  1. Yes, in the case of suicide of the insured within 12 months of taking the policy, the nominee will receive only 80% of premiums paid.

2. Q. What if I cannot make the payment of premiums on time?

  1. As per the HDFC Life Click 2 Protect Plus, there’s a grace period of 30 days to pay your premiums if the payment mode is quarterly, half-yearly or yearly. And a 15 day period for monthly premium payments. Once the grace period is over to make payments, the policy will lapse upon non-payment.

    As for the HDFC CSC Suraksha Plan - grace period of 30 days will be provided to the policyholder to ensure premium payments are made.

3. Q.Is there a surrender benefit for these plans?

  1. For the HDFC CSC Suraksha Plan, there isn’t any surrender benefit.

    For the HDFC Life Click 2 Protect Plus, can be surrendered at any time. This again will depend on the premium mode chosen. If you choose a single premium payment - 70% x single premium x (unexpired coverage term/original cover term). Regular premium payment - no surrender value. Limited premium payment - no surrender value.

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

 4.5 / 5.0   by 172 users
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HDFC Life Term Insurance Reviews

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  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the HDFC LIFE since from last 12-15 years with this insurance provider. The policy has the maturity period of 20-25years and the premium paying for 3 months once and some with 6 months and some of 1 year once. Coverage is for family and it is a term plan.
    Was this review helpful? 0
    , kolkata
    Reviewed on May 10, 2019
  • HDFC Life Life Insurance
    "Life protection policy with good benefits"
    0.5 5.0/5 "Blown Away!"
    I taken a term plan in HDFC life insurance for a sum assured of Rs 50 lakhs till my age of 70 years . While getting a policy my agent has given me a complete information about the policy details . Now I am paying premium in the quarterly package . I am so happy for sending the hard copy in digital era .
    Was this review helpful? 1
    , dehradun
    Reviewed on Apr 29, 2019
  • HDFC Life Life Insurance
    "Good for Family Protection"
    0.5 5.0/5 "Blown Away!"
    I have term plan with HDFC Life, I have selected Rs. 1 crore. Yearly I pay Rs.29,000 to the insurer it has the duration of 25 years. They will be providing the lump sum amount to the nominees and second thing they give Rs.50,000 on monthly basis. They disclosed all the terms and condition to me.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Apr 20, 2019
  • HDFC Life Life Insurance
    "Good Insurance company"
    0.5 5.0/5 "Blown Away!"
    I took term plan from HDFC Life, by paying the premium Rs. 16,000 on yearly basis it has sum assured of Rs . 50 lakhs. The lump sum amount paid to the nominee in certain demise, I make the payment through ecs. There is a critical illness cover along with waiver option.
    Was this review helpful? 0
    , kadapa
    Reviewed on Apr 20, 2019
  • HDFC Life Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken the Term Insurance Policy from them a long time back and the premium had been paying on an annual basis. The premium amount has not been high and the payment method is also high. The policy coverage and the plan benefits with the policy is also pretty good.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 17, 2019
  • HDFC Life Life Insurance
    "Good for family protection"
    0.5 5.0/5 "Blown Away!"
    I took personal accidental policy from HDFC Life based on the credit card, last time I paid the premium around Rs. 7000 for 25 lakhs of sum assured its a pure term plan. They give the critical illness if some thing happens to me, they give weekly Rs. 5000 for the treatment. For any certain demise my nominee will be getting the lump sum amount. They took premium from the credit card and converted into emi.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 17, 2019
  • HDFC Life Life Insurance
    "Good for nominees"
    0.5 5.0/5 "Blown Away!"
    I have term plan for Rs. 50 lakhs from HDFC Ergo, I am paying the premium around Rs. 7000 per annum. I need to pay upto 60 years, total life cover upto 80 years. Then nominees will get lump sum amount for certain demise. The customer support is great, I used to pay through online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 25, 2019
  • HDFC Life Life Insurance
    "Good plan"
    0.5 4.0/5 "Great!"
    I have a long term plan with HDFC LIFE and the tenure is 8 years. I have got the insurance with Clubmiles credit card and I need not to pay the premium every month through online. The premium will be directly debited from the outstanding bill amount on the credit card. The sum assured is 80,000 but after maturity it will be around 1.30L or 1.40L.
    Was this review helpful? 0
    , new delhi
    Reviewed on Mar 09, 2019
  • HDFC Life Life Insurance
    "Very useful Term service "
    0.5 5.0/5 "Blown Away!"
    I taken a term life insurance policy in HDFC life for a Sum assured of 1 Crore till 80 years of my age . I am paying a Annual Premium of Rs : 16000/- It is risk protection cover which is going all coverage of death benefit cover . HDFC has good settlement Ratio.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 07, 2019
  • HDFC Life Life Insurance
    "Important for life cover"
    0.5 5.0/5 "Blown Away!"
    HDFC life provided me a Term insurance of 25 lakhs till the 65 years of coverage . Every type of risk benefit covered in term plan . Immediately Amount will be sent to my family . It is a annual package , Premium is affordable .It is one most important term insurance for me.
    Was this review helpful? 0
    , guwahati
    Reviewed on Mar 06, 2019
  • HDFC Life Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I do have a term plan in HDFC Life and have not compared much, its a minimum policy. It was purchased 2 years back. They have not explained well about the policy. The benefits are okay. I pay the premium through cheque. It was paid yearly around 18K.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 19, 2019
  • HDFC Life Life Insurance
    "This policy is very good "
    0.5 4.5/5 "Excellent!"
    Bought my ULIP(Unit Linked insurance Policy ) from HDFC LIFE, I just did a research and i found HDFC ULIP has better benefits and i have chosen the HDFC LIFE for the better return and security for my money. I have got the policy an a year back. Total tenure period of the policy is 20 years and this is a long term plan with the tax benefits covered one.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 18, 2019
  • HDFC Life Life Insurance
    "Good in offers"
    0.5 4.0/5 "Great!"
    Purchased my term insurance policy from HDFC LIFE. The policy has been suggested by my uncle by comparing all the life insurance companies and its benefits. I have selected the annual premium amount and I'm happy about the sum assured amount. This is tax benefits policy. I used to make the premium through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 02, 2019
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have taken term insurance from HDFC life . This policy covers with accidental and critical illness coverage .Am satisfied with premium amount which am paying for that which is quiet high one . Am pretty much satisfied with the customer service where they have explained the benefit and features of the policy
    Was this review helpful? 1
    , ghaziabad
    Reviewed on Jan 30, 2019
  • HDFC Life Life Insurance
    "Better policy"
    0.5 5.0/5 "Blown Away!"
    My term insurance policy was purchased from HDFC LIFE. I got the policy 2 years before. My son has recommended me about this policy. I purchased the policy through online. I pay the premium amount of Rs. 2700 per month. By online, I'm making the premium. Total sum assured amount of the policy is 50 lakhs which covers for accidental benefits also.
    Was this review helpful? 0
    , lucknow
    Reviewed on Jan 28, 2019
  • HDFC Life Life Insurance
    "Good Protection for Family"
    0.5 5.0/5 "Blown Away!"
    I took term plan for the amount of Rs. 25 lakhs, I have done the payment of Rs. 5700. Payment option is good, life cover is very good, I can avail during emergency purpose, even it has the accidental and death policy. I have added wife and Children as nominees.
    Was this review helpful? 0
    , jaipur
    Reviewed on Nov 30, 2018
  • HDFC Life Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    I have taken 2 life insurance policies with HDFC Life, one was taken in the year 2007 and other is year back. I am very much satisfied with the policy coverage and benefits. They have introduced term plan and giving partial disability benefits. I am paying the premium of 3700 rupees monthly through ECS.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 13, 2018
  • HDFC Life Life Insurance
    "Good policy to have"
    0.5 5.0/5 "Blown Away!"
    I hold a term insurance with HDFC worth of Rs. 15 lakhs. I opened a term insurance in the year of 2013. I have been paying the premium of Rs. 6174. I have chosen the annual payment mode. Total tenure period of the policy 15 years. This is tax benefitable policy. Since I'm a existing customer of HDFC, i have chosen the same company.
    Was this review helpful? 0
    , dehradun
    Reviewed on Nov 13, 2018
  • HDFC Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a term plan with HDFC LIFE from last 1 year and it is one of the best policy. I pay my premium for Rs 16000 every year through net banking and i am convenient with the payment options. The tenure period for this policy is 40 years and benefits are good in this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 28, 2018
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have a term insurance with HDFC LIFE from last 3 years and it is one of the good policy to use. I pay my premium once in a year through net banking services and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Jun 04, 2018
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