HDFC Life Click 2 Achieve Plan

Features of HDFC Life Click 2 Achieve Plan

The key features of the HDFC Life Click 2 Achieve Plan are as follows: 

• Life Insurance Cover: Keeps your family financially safe for the whole time the policy is in effect.
• Guaranteed Benefits: This plan guarantees returns, which helps you plan your goals with confidence.
• Flexible Payouts: You can choose to get your benefits as a lump sum or as recurring payments.
• Premium Offset: This lets you change future premiums according to how much you get in survivor benefits.
• Deferral of Income Benefits: This lets you put off income benefits and save them for later.
• Tax Benefits: Depending on current tax regulations, premiums and benefits may be eligible for tax benefits.
• Juvenile Critical Illness Cover: Gives your youngster extra protection against serious illnesses.

Eligibility Criteria for HDFC Life Click 2 Achieve Plan

Benefits of HDFC Life Click 2 Achieve Plan - Smart Student 

1. Death Benefit - Smart Student Option: 

   The policy pays a death benefit to child in case of death of the insured, which is the highest of:

   • Sum Assured on Death (10× annualised premium)
   • 105% of total premiums paid
   • Surrender value on the date of death

2. Survival Benefit - Smart Student Option: 

   Survival benefits start when the life assured reaches age 16 or 18 (as chosen at inception) and are paid during the last 3, 4, or 5 policy years, with the final installment payable at maturity. No additional maturity benefit is payable.

3. Outstanding Achievement Award

   Pays 2× annualised premium if the child (life assured) achieves one of the following (only once during the policy term):

   • Admission to a top 100 global or top 10 Indian university
   • Qualification for the Olympics, Paralympics, or Winter Olympics
   • Medal in Asian Games, Commonwealth Games, or World Championship under recognised Indian sports federations
   • Medal in the Delphic Games in any art category

4. Waiver of Premium on Death

   If the proposer dies, all future premiums are waived, and the policy remains in effect with all benefits intact.

5. Waiver of Premium on Critical Illness (CI)

   If the proposer is diagnosed with a covered critical illness, all future premiums are waived, and the policy continues with all benefits intact.

6. Waiver of Premium on Total and Permanent Disability (TPD)

   If the proposer suffers total and permanent disability, all future premiums are waived, and the policy continues with all benefits intact.

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Benefits of HDFC Life Click 2 Achieve Plan - Dream Achiever 

1. Death Benefit - Dream Achiever Option:

   The death benefit is payable to the nominee if life assured dies during the policy term. The amount is the highest of:

   • Sum Assured on Death (chosen at inception, minimum 7× annualised premium as per current regulations)
   • 105% of total premiums paid
   • Surrender value on date of death.

   You can choose the desired death benefit multiple above the regulatory minimum (7× annualised premium) based on your protection needs.​

2. Survival Benefit - Dream Achiever Option: 

   You can choose to receive survival benefits during the policy term. The amount of survival benefit in each year is chosen at inception and paid as per the structure selected.​

3. Maturity Benefit (Dream Achiever Option)

   On maturity, Sum Assured on Maturity is paid as a guaranteed lump sum (as selected at inception).​ Additionally, you may choose a post‑maturity income benefit:

   • Income term starts from the policy maturity date. 
   • You decide the yearly income you want and the income term (within product limits) at inception.
   • Maximum income term for maturity benefit is 40 years minus policy term.
   • This lets you fund specific goals (e.g., EMIs, lifestyle income, secondary retirement income, etc.).

4. Commutation Option: 

   If the insured dies during the income term, the nominee continues to receive the remaining income till the end of income term, or can opt to commute future income to a lump sum equal to the present value (PV) of remaining payouts.

5. Waiver of Premium on Death (WOP Death)

   If selected at policy inception, all future premiums are waived on the proposer’s death, and the policy continues with all benefits as applicable under the policy; once chosen, this option cannot be opted out of.

6. Waiver of Premium on Critical Illness (WOP CI)

   If selected at policy inception, all future premiums are waived if the proposer is diagnosed with any covered critical illness. The policy continues with all benefits as per the policy terms and conditions. Once chosen, this option cannot be opted out.

7. Waiver of Premium on Total and Permanent Disability (WOP TPD)

   If selected, all future premiums are waived if the proposer suffers total and permanent disability. The policy continues with all benefits as applicable under the policy. See the Terms and Conditions for applicable definitions and exclusions.

Rider Benefits of HDFC Life Click 2 Achieve Plan - Dream Achiever 

The plan offers optional riders (as updated from time to time) to help enhance your overall protection:

1. HDFC Life Income Benefit on Accidental Disability Rider – Non-Linked

   This is a non-linked, non-participating, pure risk individual life rider that pays 1% of the Rider Sum Assured every month for 10 years in case of Accidental Total Permanent Disability, with no maturity benefit.

2. HDFC Life Protect Plus Rider – Non-Linked

   This is a non-linked, non-participating, pure risk individual life/health rider that provides coverage against cancer and accidental death or disability, with no maturity benefit.

Policy Details of HDFC Life Click 2 Achieve Plan

• Grace Period: You get a grace period of 15 days for monthly premiums and 30 days for other frequencies, during which the policy remains in force with full risk cover; if a claim arises, it will be honoured after deducting unpaid premiums, failing which the policy may lapse or become paid-up.
• Lapse and Paid-up Status: If the premium remains unpaid after the grace period, the policy lapses if no surrender value is acquired, or becomes reduced paid-up if a surrender value exists, with all benefits ceasing in case of lapse.
• Guaranteed Surrender Value (GSV): The policy acquires a Guaranteed Surrender Value after payment of at least the first two policy years’ premiums.
• Reduced Paid-up Benefits: Once paid-up, death, survival, and maturity benefits are reduced in proportion to premiums paid versus premiums payable, adjusted for any survival benefits already paid, with minimum death benefit being 105% of total premiums paid.
• Waiver of Premium in Paid-up Policy: Waiver of future premiums does not apply once the policy becomes reduced paid-up.
• Surrender Benefit: On surrender during the policy term, the payable amount is the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
• Revival of Policy: A discontinued policy can be revived during the revival period by paying all due premiums and charges, subject to underwriting approval and continued insurability.
• Policy Loan: Loans up to 80% of the surrender value are available, with outstanding loan and interest adjusted against benefits, and foreclosure rules applying as per policy status.
• Tax Benefits: Tax benefits are available under Section 80C and Section 10(10D) of the Income Tax Act, 1961. 
• Free-Look Cancellation: You may cancel the policy within 30 days of receipt and receive a refund after deducting proportionate risk premium, medical costs, and stamp duty, if applicable.

Suicide Exclusion Criteria of HDFC Life Click 2 Achieve Plan

If death occurs due to suicide within 12 months from risk commencement or revival, at least 80% of total premiums paid or surrender value (whichever is higher) is payable, provided the policy is in force.