HDFC Life Term Insurance Plans

Why a Term Insurance Plan?

Term Insurance, being the basic insurance plan, is the cheapest plan in the market in which, by paying a minimal amount of premium one can avail a high coverage for protection purposes. Life is uncertain and everybody faces the risk of untimely death. On the death of a family member, the family suffers both, emotional and financial loss. While emotional loss cannot be compensated, the financial loss suffered can be compensated considerably through insurance.

Term insurance, at the same time, offers high coverage at lower costs thus making it affordable to have high coverage. A high coverage ensures that the family is properly taken care of in the absence of the breadwinner without any financial hiccups. Most of the term plans in the market come with various payment options such as lump sum, annuity, or a combination of both. There are also term plans that use a part of the lump sum to invest in an annuity plan for the nominees. This ensures that the family members of the insured get a regular income without having to manage the large lump sum amount. 

Term Plans Offered by HDFC Standard Life

1. HDFC Click2Protect 3D Plus Plan

   HDFC Click2Protect 3D Plus plan is one of the latest non-linked, life-long protection plans. This plan comes loaded with a host of benefits and features to ensure comprehensive protection and complete financial security for the policyholders. This plan is available in 9 different cover options and each option has plenty on offer for the policyholders.

2. HDFC Click2Protect Plus Plan

   HDFC Standard Life offers a term plan which is called HDFC Click to Protect Plus Plan. The plan is a pure term insurance plan which is available online through the website of the company. The HDFC term plan is exhaustive in the sense that it provides the customer with 4 options of life cover wherein the death benefit can be availed in four different ways. This makes the HDFC life term plan universal because it becomes suitable for all and sundry through providing four death benefit options to the individuals.

3. HDFC Life CSC Suraksha Plan

   HDFC Life CSC Suraksha is another HDFC life term insurance plan. The plan focuses on rural areas to facilitate the inclusion of the non-urban population into mainstream insurance and gives them the benefit of a life insurance policy. HDFC Life CSC Suraksha is being offered in a public-private partnership framework between HDFC Standard Life and the Government of India. This HDFC life term plan is simple, low cost, and easy to understand making it appropriate for first-time life insurance customers. This plan is retailed through Common Services Centre (CSC) increasing the reach in rural areas at a low cost. HDFC life CSC Suraksha’s term plan provides a lump sum amount to the family of the insured upon his or her demise.

HDFC Term Insurance Plans 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Let us take a look at the features of the plans in detail for better understanding. 

HDFC Term Insurance - Click2Protect 3D Plus Plan

A non-linked, innovative HDFC term insurance plan, Click2Protect 3D Plus Plan comes loaded with the following features:

• Low cost, easy to understand, and simple term insurance plan, click2Protect 3D Plus has been designed to ensure comprehensive savings and complete financial security of the policyholders.
• This HDFC life term plan provides a lump sum amount as the death benefit to the family in the event of death of the insured.
• This plan comes with 9 different cover options.
• Low premiums under this HDFC term plan make this plan affordable.
• Flexible policy term options ranging from 5 to 40 years.
• Premiums paid are exempt from taxation under Section 80C and claim received is exempt under Section 10(10D) of the Income Tax Act, 1961.

Eligibility Conditions under Click2Protect 3D Plus Plan

Below is the product specification for Life Long Protection Option & 3D Life Long Protection Option:  

 Below is the product specification for Life All Options except Life Long Protection Option & 3D Life Long Protection Option:  

HDFC Term Insurance – Click2Protect Plus Plan

There are four coverage options under this HDFC term plan which are:

1. Life option

   Under this HDFC term insurance plan, the death benefit is paid in a lump sum in case of unfortunate death of the life insured

2. Extra Life Option

   This HDFC term insurance plan has an inbuilt Accidental Death Benefit Rider which promises an additional payout of the Sum Assured in case the life insured dies during the term of the policy through accident. So, in case of accidental death, the death benefit and the Accidental Death Benefit which is equal to the Sum Assured chosen under the policy is paid to the nominee

3. Income Option

   Under this HDFC term insurance plan, 10% of the Sum Assured is paid in lump sum immediately on the death of the life insured. The remaining 90% of the Sum Assured is paid in equal monthly installments over 15 years post the death of the life insured. The rate of payment of the monthly installments will be 0.5% of the Sum Assured every month for 15 years. The monthly installments start the next month following the date of death of the life insured.

4. Income Plus Option

   Under this HDFC term insurance plan, the entire death benefit which is the chosen Sum Assured is paid out in case of death of the life insured. After this, 0.5% of the Sum Assured is paid monthly for 10 years. The monthly payouts can be chosen to be of level payouts or increasing payouts as per the choice of the policyholder. Increasing payouts will increase by 10% per annum every year.

   • The death benefit paid under this HDFC term insurance plan will be higher than 125% of the Single Premium or the Sum Assured for plans which have the Single Premium feature. For Regular Premium plans, the death benefit will be higher than the Sum Assured or 10 times the annual premium. In any case, the death benefit paid to the nominee should not be lower than 105% of the total premiums paid till the date of death.
   • There is a Life Stage Protection feature under this HDFC term insurance plan which enables the policyholder to increase the Sum Assured at important milestones of the customer’s life like marriage, childbirth, etc. without having to undergo a medical test for the coverage enhancement
   • On marriage, 50% of the Sum Assured can be increased, and on the birth of each child, 25% of the SA can be increased in this HDFC life term plan.
   • The additional coverage can also be decreased by the policyholder in this HDFC term plan after attaining 45 years of age which will subsequently lower future premiums
   • Premiums can be paid either in a lump sum at the commencement of this HDFC term insurance plan under the Single Premium plan option or regularly for the entire duration of the term under the Regular Premium plan options. Moreover, the facility of paying premiums for a limited-term which is lower than the entire term of the plan is also available under the Limited Premium Plan options
   • Preferential rate of premium for non-smokers offering them lower rates in this HDFC term plan
   • HDFC Life Income Benefit on Accidental Disability Rider is available under this HDFC term insurance plan which can be added to the plan at the request of the policyholder. Adding the rider makes the coverage under the plan comprehensive because the rider promises to pay 1% of the rider Sum Assured every month to the insured for a fixed period of 10 years if the insured suffers Total Permanent Disability arising out of an accident.
   • Premiums paid are exempted from taxation as per the prevailing tax laws.

Eligibility Details Under Click2Protect Plus Plan

Exclusions

In accidental death benefit, nothing is paid if the accident is caused directly or indirectly due to the following reasons:

• Death occurrence after 180 days from the date of the accident
• Suicide, intentional or due to medical conditions whatsoever
• Overdose of alcohol or any other drug consumption
• Act of a criminal nature
• Death in war, invasion, riots, or hostilities

Sample Premium

The following table shows the sample premium payable by individuals of different ages if they opt for coverage of Rs.50 lakhs. The policy term of the opted HDFC term plan is assumed to be 20 years and the premium is also deemed to be paid regularly i.e. for the entire tenure of 20 years. For this condition, the premium payable by individuals of different ages for the available four types of life coverage are tabulated below: 

HDFC Term Insurance - CSC Suraksha Plan

A simple, hassle-free HDFC term insurance plan with the following features:

• Low cost, simple to understand term insurance plan aimed at rural areas to facilitate inclusion of rural population into mainstream insurance
• This HDFC life term plan provides a lump sum amount to the family in the event of the death of the insured
• Low premiums under this HDFC life term plan ensure affordability
• Flexible policy term options ranging from 5 to 15 years
• Policy issued in a hassle-free manner with Declaration of Good Health (DOGH)
• Under this HDFC life term plan, the nominee will receive on death of the policyholder, higher of either sum assured, or 10 times the annualized premium, or 105% the total premiums paid as on the date of death
• Premiums paid are exempt from taxation under Section 80C and claim received is exempt under Section 10(10D) of the Income Tax Act, 1961.

Eligibility Details Under CSC Suraksha Plan

Applying for HDFC Term Insurance Plan from the company -

1. Online

   The company offered term plan may be availed online. The customer only needs to log into the company’s website, choose the coverage, calculate the relevant premium and provide his details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card, or net banking facilities, and the HDFC life term plan policy will be issued 

2. Intermediaries

   HDFC life term plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

HDFC Term Insurance Plans - FAQs