HDFC Life Term Insurance Plans

Term Plans offered by HDFC Standard Life

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

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 an exhaustive plan in the sense that it provides the customer with four options of life cover wherein the death benefit can be availed in four different ways. This makes the HDFC life term plan universal in nature because it becomes suitable for all and sundry through providing four death benefit options to the individuals. 

HDFC Life CSC Suraksha is another HDFC life term plan. The plan focuses on rural areas to facilitate 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. The HDFC term plan is retailed through Common Services Centre (CSC) increasing the reach in rural areas at a low cost. CSC Suraksha HDFC life term plan provides a lump sum amount to the family of the insured upon his or her demise.

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

HDFC Term Insurance Plans – Summary

HDFC Term Insurance - Click2Protect 3D Plus Plan

• 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 policy holders.
• 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.
• Tax benefits on premiums paid under Section 80(c) of the Income Tax Act, 1961.

Eligibility Conditions:

HDFC Term Insurance - Click to Protect Plus Plan

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

• Life option – under this HDFC term insurance plan, the death benefit is paid in lump sum in case of unfortunate death of the life insured
• 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
• Income Option – under this HDFC term insurance plan, 10% of the Sum Assured is paid in lump sum immediately on death of the life insured. The remaining 90% of the Sum Assured is paid in equal monthly installments over a period of 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 from the next month following the date of death of the life insured.
• 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 a period of 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 @ 10% per annum every year.
• The death benefit paid under this HDFC term insurance plan will be higher of 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 of 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, child birth, 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 on 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.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

 Eligibility Details:

 Exclusions

• In case of suicide committed within 12 months of policy inception or policy revival only 80% of premiums paid are returned to the nominee and no Death Benefit will be paid under this HDFC life term plan.
• In case of the rider benefit in this HDFC term plan, if death occurs 6 months after the accident it is excluded from the scope of the rider coverage. Accidental death due to intentional self-inflicted injury, alcohol abuse, war, aviation, acts of criminal nature or due to participating in hazardous activities are some of the other cases where the rider coverage will not operate and the following event will be excluded from the rider cover.

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 conditions, the premium payable by the 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 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 sum assured or 10 times the annualised premium or 105% the total premiums paid as on the date of death
• Tax benefits on premiums paid under Section 80(c) of the Income Tax Act, 1961

 Eligibility Details:

HDFC Term Insurance Plans - FAQs