HDFC Life Insurance for Home Loans

Buying a home is a long term goal for many a people. Owning a home is a sign of financial stability and is also an impressive feat considering the long term commitment one must make toward the repayment of the home loan or the mortgage. Having a home provides you and your loved ones with a sense of security but life is what happens when you are busy making other plans. The only thing one can be certain of in this world is uncertainty and hence it is a wise choice to protect a home loan so that in the unfortunate event of the borrower’s death, the life insurance clears the remainder of the money so that the burden of repaying the home loan doesn’t fall onto the borrower’s family or loved ones.

HDFC Life Home Loan Protection Plan offers protection plans such as the Click 2 Protect Plus plan which is a term against the many uncertainties in life. This option allows policyholders to provide for their family either through lump sums or regular income options.

Eligibility of HDFC Click 2 Protect Plus:




Entry Age

18 years as at last birthday

65 years as at last birthday

Maturity Age

75 years of age as at last birthday

Term of Policy

10 years to 40 Years depending on age of maturity

Premium payment modes

Yearly, half yearly, quarterly or monthly

Sum Assured

RS 25,000

No limit


RS 3000

No Limit

Features of HDFC Click 2 Protect Plus:

  1. The policy provides comprehensive protection at a very affordable cost. The minimum annualized premium to be paid is only RS 3000
  2. The plan protects the policyholder’s family against any unpaid debts and provides regular income in case of the policyholder’s death
  3. The plan can be customized according to the policyholder’s requirements and offers 4 options
  4. Life option provides a lump sum to the family upon the death of the policyholder, extra life option provides the family an additional sum along with the lump sum in case of death of the policyholder by accident, Income option provides the family with half the sum assured as a lump sum and the remaining half as regular income for 15 years and the income plus option which provides the family the sum assured and a regular income of 0.5% of the sum assured for 10 years upon death of the policyholder
  5. The policy has 4 modes of premium payment which ranges from monthly, quarterly, half yearly and annually. Policyholders can also choose the frequency of premium payments with 3 options of regular, limited and single pay options.
  6. Regular pay is where policyholder pays premium throughout the chosen term of the policy, limited pay is when the premium is paid for a period of the term of the policy minus 5 years and single pay policy where you pay the premium only once

Benefits of HDFC Click 2 Protect Plus:

  1. Death Benefit: If the policy chosen has a single premium payment then the death benefit is the highest of 125% of single premium or sum assured. If any other premium payment policy is chosen the benefit paid is the highest of 10 times the annualized premium or the sum assured or 105% of all the premiums paid to date. Depending on the plan option of life, extra life, income and income plus these benefits will be paid out accordingly either as lump sum or part sum, part income.
  2. The policy does not provide any maturity benefit. If the policyholder survives to the end of the tenure he/she does not receive any benefit
  3. Life Stage Protection is available under the life option of the policy provided an additional premium is paid. This allows the policyholder to increase the sum assured according to the different milestones reached life. IF the policyholder gets married or if the policyholder has another child then he/she can increase the sum assured and when the policyholder reaches an age where the children are independent and there is no need for additional cover he/she can also reduce the additional sum insured and bring down the amount of premium paid.

Premium Discontinuance:

If the premium payment due date has been missed a grace period of 30 days is provided for those policies with premium payments of yearly, half yearly or quarterly. For those policies with monthly premium payments, a grace period of 15 days is provided after which the policy will be lapsed. This policy provides a surrender value only to single pay options and those policies with regular or limited pay options do not receive a surrender value

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

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