HDFC Life Insurance

HDFC Standard Life Insurance Company is a private company providing long term insurance services to the customers. This company was founded in the year 2000 by Hasmukhbhai Parekh and it head-quartered in Mumbai, India. HDFC Life Insurance company provides employment to more than 13,771 employees and has a presence in over 980 cities spread across India. It also has a wide network of more than 400 branches that cater to all the insurance related needs of the customers. It key products includes pension, savings, health, investment, and a wide range of plans catering to the needs to children and women. These products sum up to a total of 37 retail products with an additional 8 group products. It also offers extra optional rider benefits to the customers and it totals to 9. HDFC Life Insurance company also holds a representative office outside India in Dubai. It has also become the first life insurance company to offer pension plans to the new customers under new IRDA regime by launching two pension plans namely HDFC Life Pension Super Plus and HDFC Life Single Premium Pension Super.

HDFC Life Insurance Plans - Eligibility Criteria's

Types of HDFC Life Insurance Plans

Life is a gift that each one of us cherishes. Undoubtedly life is beautiful but then at the same time, it is uncertain too. No matter whether one is a working professional, businessman, homemaker, and so forth nobody knows what will happen tomorrow?

HDFC life duly understands this and does not believe in leaving anything to chance. Now let us get into the nitty-gritty of the types of plans provided, which helps the individuals to secure the life at the earliest.

HDFC Life has a range of life insurance plans ranging from Term Plans to Unit Linked plans with great features and benefits. All these plans come at competitive rates of premiums and meet all types of requirements of the customers. The range of HDFC Life Insurance plans offered by the company includes:

• Term plans
• Retirement plans
• Health plans
• Investment plans
• Child plans
• Woman plans

Let us take an in-depth understanding of the various types of plans.

1. Term Plans

The HDFC term insurance plans provide a large sum assured for a cost-effective and pocket-friendly premium so that maximum people can avail the benefit from it. The HDFC term insurance plans are designed in a manner that offers comprehensive coverage and life protection, which can be customized and enhanced by option additional rider options. It also assures securing the family members financially when you are not around. The table below consist of the different HDFC term plans that fulfil the requirements.

HDFC Life Click 2 Protect Plus

The HDFC Life Click 2 Protect Plus is one complete protection plan, which provides comprehensive security at pocket-friendly cost through, which can protect the family from any uncertainty that may occur at any point in time. It offers a range of additional coverage alternatives wherein one can also customize the plans as per the needs. It provides an attractive rate of premium for all those who do not consume tobacco and offers benefits such as death benefit, maturity benefit and life stage protection.

HDFC Life Click 2 Protect 3D Plus

The HDFC Life Click 2 Protect 3D Plus plan will shield your family from making any financial compromises. The plan provides a safety net to the family at an affordable cost. One can simply customize the plan with a choice of a total of nine plan alternatives. Likewise, the plan also offers to choose the policy and premium payment term. The plan also offers special premium rates for the females and through a top-up option; one can also increase the cover each year. As per the existing tax laws, one can also avail the tax benefits.

Click 2 Protect Health

With Click 2 Protect Health plan, the overall well being of the family is safeguarded, which means ideally nothing is left for a chance. This plan makes sure that the policyholder and the family’s health is always taken care of even in case of any adversities. To lead a life of pride both HDFC Ergo Health Insurance Limited and HDFC Life have come together to provide the advantages of both life and health insurance within this affordable an comprehensive plan. Within this one has the option of a total of nine plan options that can be easily customized.

2. Retirement Plans

HDFC Life offers different types of retirement plans also called pension plans which take care of the income post retirement by regular flow of annuity payments for as long as the annuitant is alive. HDFC Life offers following retirement plans:

HDFC Life Personal Pension Plans

This is a plan taken on a single life basis with easy EMI options and flexible premium frequency options. The investments can be selected anywhere from 10 to 40 years tenure and also offers an assured benefit of about 101% of the paid premiums at the time of death or also vesting.

HDFC Click to Retire ULIP

This is an online Unit Linked Insurance Plan (ULIP) offering assured vesting benefits with a wide option of premium payment like regular, limited or single pay. HDFC Life ULIP plans can be started as early as 18 years and also provides tax benefits under Section 80C and Section10(10A) of the Income Tax Act 1961.

HDFC Life Pension Super Plans

This is a unit linked pension-plan that offers benefits to the customers post their retirement. It involves extra premium distribution rate of 102.5% from the 11th year onwards and also includes vesting benefits on maturity. It helps the customers to choose the term of the policy on their own wish with flexible retirement date and also guaranteed income on the annuity purchased through them.

HDFC Life Single Premium Pension Plans

It is a unit-linked single premium policy plan that helps the customer in getting income post retirement. It involves the benefits of vesting on maturity with an extra advantage of flexibility to choose single premium with an option to opt for top-up premiums. It also guarantees regular income on the purchased annuity and offers freedom to plan the retirement date suitable to the customer.

HDFC Life Guaranteed Pension Plans

This in a one of a kind plan that helps the customers to save and develop their retirement fund that can be used post retirement. It provides assured benefit of 3% of the assured sum each year with premium payment tenure of 5, 7, and 10 years. The term of the policy ranges from 10 to 20 years and is taken on a single life basis.

HDFC Life New Immediate Annuity Plan

This plan is a non-linked traditional annuity plan that provides financial independence by offering assured income even after retirement for as long as the customer as well as their spouse lives. It offers a host of annuity options with the flexibility to choose from the different annuity options like monthly/quarterly/half-yearly/or annually.

3. Health Plans

The rising cost of medicine has mandated the coverage of a health plan to take care of any medical expense which might arise if an individual suffers from any medical contingency. The company issued various types of health insurance plans which are mentioned below:

HDFC Life Cancer Care Plan

This plan is a comprehensive Cancer insurance policy that helps the customer as well as their family to remain financially and mentally stable in case of Cancer diagnosis and at an Early Stage and also Major Cancer. It generally involves three options like Silver, Gold and Platinum and an added advantage of premium waiver of cancer diagnosis at an early stage. Under platinum option, a monthly income is provided in case of major cancer. The plan issuance process is simple without undergoing any medical check-ups.

HDFC Life Health Assure Plan

it is a comprehensive plan which reimburses all the medical expenditures incurred in case of hospitalization. These plans are generally of two types namely Individual and Family Floater Plan with two major options to choose from like Gold and Silver Option. Even after the claim is made, it guarantees the customers of premium for 3 more years and the cover gets doubled after 3 claim free years. The reimbursement process is trouble-free and also offers cashless claim service.

4. Savings & Investment Plans

These plans provide the facility of saving and wealth creation while at the same time providing life insurance benefit in case of unfortunate death. The plan also earns tax reliefs and as such is great for creating good savings corpus. The range of saving HDFC Life Insurance plans offered by the company include:

HDFC Life Click2Invest Plans

This is a type of online unit-linked plan that provides insurance coverage on life. It has 8 fund options with a structure that is non-chargeable.

HDFC Life Sanchay

It is a non-participating traditional plan with a premium payment term of 5, 8 and 10 years. The policy term ranges between 15 to 25 years and offers added advantage of 8% or 9% of sum assured on maturity.

HDFC Life Super Income Plan

This is a participating regular income plan with an assured income for 8 to 15 years ranging from 8% to 12.5% of the sum assured on maturity.

HDFC SL Crest

This is a unit-linked insurance investment plan without any limit on maximum premium and offers the benefit of free of cost distribution of assets. Easy EMI options are also available in these plans that it can be taken up by filling a small medical form consisting of questions.

HDFC Life ClassicAssure Plus

This plan is both an investment and insurance plan that helps the development of the money to meet future requirements. The premium payment term ranges from 7 to 10 years and easy EMI facility is also available.  Assured bonus and insurance coverage is also provided throughout the total term of the policy.

HDFC Life Super Savings Plan

This is a type of long-term investment plans that meets the requirements of the customers’ near and dear ones when they are absent. This plan is taken on a single life basis and easy EMI option is also available.

HDFC Life ProGrowth Plus

This plan is both savings as well as insurance plan that channelizes the savings of the customers efficiently and thus provides life cover. A host of funds namely Income Fund, Balanced Fund, Blue Chip Fund, Opportunities Fund are available with easy EMI options.

HDFC SL ProGrowth Super II

This is a both savings and insurance unit linked plan that helps the customers to enjoy long-term savings. The premium payment is done annually and is a trouble-free process with an option to choose the assured sum multiple.

HDFC SL ProGrowth Flexi

This is a savings-cum-insurance unit-linked plan that helps the customer in providing financial stability to their loved ones. It involves two benefit options namely Life Option and Extra Life Option with the freedom to choose sum assured multiple from the range of 10 to 40 of the annual premium.

HDFC Life Sampoorna Samriddhi Plus

It is a limited period endowment plan with a policy term less than 5 years. The plan offers profit by taking into account the bonuses from the 1st year. It also offers tax benefits.

HDFC Life Sampoorna Nivesh Plan

This is a special insurance as well as investment plan that aim at optimizing the investments of the customers. The investment term ranges from 10 to 25 years with 3 benefit options to choose from. Extra benefit of 8 different fund options is also provided to the customers.

HDFC Life Invest Wise Plan

It is a single premium unit-linked plan that helps the customers to form savings and safeguard financial stability. It is offered at a fixed policy term of 15 years with an assured sum fixed at 110% of the single premium. The amount of the maximum single premium is limitless.

HDFC Life Uday Plan

This plan involves assured bonuses and additions with an additional; benefit of offering lump sum to the relatives of the plan-holder in case of their death. It involves minimum monthly premium as low as Rs. 500 and annual premium of Rs. 5000.The plan issuance process is also very easy and simple.

5. Child Plans

These HDFC Life Insurance Child plans are built with the sole aim of securing the child’s future against the unfortunate death of the parent. The company offers two types of child plans which are:

HDFC SL YoungStar Super Premium

This plan helps the customers to develop funds in order to meet different needs of the children like education, marriage, house or car that might arise in the future. It offers 4 types of funds with limitless maximum premium amount. It also offers flexibility of tenure and sum assured.

HDFC Life YoungStar Udaan

This is a traditional participating insurance plan for parents with maturity benefits like academics, aspirations, career etc. The bonuses are accrued and payable at maturity and also offer tax benefits.

6. Woman’s Insurance Plans

These plans cater to a wide variety of financial needs and requirement of woman arising at different stages of their lives. The type of plan under this are as follows:

HDFC Life Smart Woman Plan

This is a type of life insurance policy for women that help in the growth of their savings. It offers 4 different fund options and 3 benefit options. It also provides flexibility to choose the assured sum and the policy term ranges from 10 to 15 years.

7. Group Plans

HDFC Life also has a variety of group insurance plans which cover all the members of a group under a single policy at lower rates of premiums. The range of group plans offered by the company includes:

• Group Pension Plan
• Group Unit Linked Pension plans
• Group Variable Employee Benefit Plan
• Life New Group Unit Linked Plans
• Group Term Insurance Plan
• Group Credit Protect Insurance Plan
• Group Credit Protect Plus Insurance Plan
• Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

Let us take an in-depth understanding of the various types of plans.

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