HDFC Life ULIP Plans

4.2 / 5 based on 24 User Reviews
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HDFC Life ULIP Plans

HDFC Standard Life Insurance Company is a joint venture between Housing Development Finance Corporation Limited (HDFC) and Standard Life plc based out of UK. While HDFC holds 74.60% of the company’s stake, Standard Life (Mauritius Holding) Limited holds 26% while the remaining is held by others. With the expertise of HDFC and Standard Life together under one umbrella, HDFC Standard Life has become a market leader in the insurance sector offering a wide range of products at competitive rates. Moreover, the company boasts of a strong foundation of sales force which helps to increase the company’s market share in the insurance sector. The range of products offered by HDFC include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans.

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans combined with the features of a mutual fund. The premiums paid by the policyholder are held in a corpus which is then invested in stocks and shares of different companies operating in the capital market. The total market value of the corpus invested divided by the number of securities purchased give the Net Asset Value (NAV) which is the price of one unit of the fund. The premium paid is invested at the prevailing NAV which changes every moment with the market trend. ULIPs promise good returns linked to the market and also insurance coverage. The basic features of ULIPs are as follows:

  • The premium paid is invested in a choice of funds offered by the company. Each fund represents different risk criteria. The basic funds offered are Equity Fund which has a high risk, Debt Fund which has low risk and Balanced Fund a mix of Equity and Debt Fund with a moderate risk. The returns are directly related to the risk profile of the fund.
  • Applicable charges are deducted from the premium paid for insurance coverage, administration charge, fund management charge, etc.
  • Insurance coverage depends on the amount of premium paid
  • The premiums are to be locked-in for 5 years after which partial withdrawals are allowed from the fund value
  • Switching option is available which enables the policyholder to switch his investment between funds

HDFC Life ULIP Plans

HDFC offers different types of ULIPs under different types of plans like pension plans, child plans and savings and investment plans. Let us take a look at the different types of ULIP plans offered by the company.

Pension Plans

HDFC Click 2 Retire Plan –an online ULIP plan which has the following features:

  • The plan promises an assured Vesting Benefit equal to {101% + 1% * (policy Term – premium paying term)}*total premiums paid
  • The death benefit payable will be higher of the fund value as on the date of death or 105% of all premiums paid till death
  • The vesting age can be postponed if the policyholder is below 55 years of age
  • Three types of funds to choose from which are Pension Equity Plus Fund, Pension Income Fund and Pension Conservative Fund
  • Income Tax Benefit on the premiums paid under Section 80C and on the commuted part of the fund value under Section 10(10A) of the Income Tax Act.
  • On maturity, 1/3rd of the fund vale can be commuted, i.e. withdrawn in cash and the remaining 2/3rd should be used to draw a pension or the policyholder can also use the entire proceeds to purchase an annuity with the fund value

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

65 years

Vesting Age

45 years

75 years

Policy Term

10 years

35 years

Annual Premium amount

Regular pay – Rs.24, 000

Single Pay – Rs.50, 000

No limit

Premium Payment Term

Equal to the policy term or Single Pay or Limited Pay

 

HDFC Life Pension Super Plus –a pension plan with the following features:

  • On vesting, the company pays higher of the fund value or an assured benefit of 101% of all premiums paid under the plan
  • On vesting, the policyholder can purchase a joint life annuity from the company guaranteeing regular income till the policyholder or his spouse is alive. The policyholder may also commute 1/3rd of the fund and receive annuity from the remaining portion.
  • From the 11th year onwards 102.5% of the premiums paid are allocated to the fund
  • On death, the company pays higher of the fund value or total premiums paid accumulated at a rate of 6% per annum or 105% of the total premiums paid till death.

Eligibility Details

 

Minimum

Maximum

Entry Age

35 years

65 years

Vesting Age

55 years

75 years

Policy Term

10 years

20 years

Annual Premium amount

Rs.24, 000

No limit

Premium Payment Term

Equal to the policy term

 

HDFC Life Single Premium Pension Super Plan –a single premium ULIP plan with the following features:

  • On vesting, the company pays higher of the fund value or an assured benefit of 101% of the single premium paid under the plan
  • The vesting age can be extended if the policyholder is aged less than 55 years
  • On vesting, the policyholder can purchase an annuity from the company with multiple options like availing a joint life annuity guaranteeing regular income till the policyholder or his spouse is alive. The policyholder may also commute 1/3rd of the fund and receive annuity from the remaining portion or purchase another Single Premium deferred annuity from the company
  • On death of the insured, higher of the available fund value or 105% of the premium is paid to the nominee who may choose to receive annuities or withdraw the entire amount

Eligibility Details

 

Minimum

Maximum

Entry Age

40years

75 years

Vesting Age

50 years

85 years

Policy Term

10 years

Annual Premium amount

Rs.25, 000

No limit

Premium Payment Term

Equal to the policy term

 

Savings and Investment Plans

HDFC life Click 2 Invest –a unit-linked plan aimed at creating wealth with the following features:

  • The applicable fund value is paid on maturity.
  • In case of death, higher of the applicable fund value on the date of death or the Sum Assured or 105% of all premiums paid till the date of death is paid to the nominee
  • On maturity, the proceeds can be availed in instalments over a period of 5 years
  • There are 8 types of Funds to choose from
  • 4 free partial withdrawals and switches are allowed in a year
  • Premium redirection option is available where future premiums can be redirected to new funds.
  • There is no premium allocation chare, administration charge or discontinuation charge under the plan.
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

30 days

65 years

Maturity Age

18 years

75 years

Policy Term

5 years

20 years

Annual Premium amount

Regular Pay - Rs.12, 000

Single Pay – Rs.24, 000

No limit

Sum Assured

1.25 times the Single Premium or 10 / 7 times the annual premium

Premium Payment Term

Equal to the policy term or Single Pay of Limited Pay

 

HDFC SL Crest –a limited premium paying Unit-linked plan with the following features:

  • A limited paying plan with premium payment for 5 years and policy tenure of 10 years
  • An option of 4 funds to choose from
  • On maturity, the applicable fund value is payable
  • On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or Fund Value is payable to the nominee if age attained was less than 60 years. If attained age was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or Fund Value is payable subject to a minimum of 105% of all premiums paid
  • Partial withdrawals and switching are allowed every year
  • Premium redirection is also allowed every year for redirecting future premiums
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

14 years

55 years

Maturity Age

-

65 years

Policy Term

10 years

Annual Premium amount

Rs.50, 000

No limit

Sum Assured

10 / 7 times the annual premium

20 times the annual premium

Premium Payment Term

5 years

 

HDFC Life ProGrowth Plus–a ULIP plan with the following features:

  • The plan comes in two benefit variants of Life Option and Extra Life Option
  • An option of 4 funds to choose from
  • On maturity, the applicable fund value is payable which can be availed in instalments over the next 5 years post maturity.
  • On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or Fund Value is payable to the nominee if age attained was less than 60 years. If attained age was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or Fund Value is payable subject to a minimum of 105% of all premiums paid
  • In case of Extra Life option, besides the above mentioned death benefit, an extra benefit equal to the applicable Sum Assured is payable if the insured meets with an accidental death. Thus, there is an inbuilt Accidental Death Benefit Rider under the Extra Life option
  • Partial withdrawals and switching are allowed every year
  • Premium redirection is also allowed every year for redirecting future premiums
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

14 years

65 years

Maturity Age

-

75 years

Policy Term

10 years

30 years

Annual Premium amount

Rs.24, 000

Rs.1 lakh

Sum Assured

Higher of 10 / 7 times the annual premium or 0.5/0.25*term*annual premium

40 times the annual premium subject to a maximum of Rs.40 lakhs

Premium Payment Term

Equal to policy term

 

HDFC SL ProGrowth Super IIa ULIP plan with the following features:

  • There are 8 coverage options under the plan with a combination of Accident Death Benefit, Critical Illness Benefit and Accidental Total & Permanent Disability (ATPD)Benefitinbuilt in the options.
  • The inbuilt benefits are applicable in case of death of the insured wherein an additional Sum Assured is paid in case of Accidental Death, total of the Sum Assured and Fund Value is paid in case of being diagnosed with a Critical Illness under the Critical Illness Benefit and 10% of the Sum Assured is paid following the year of disability to the end of the term or 10 years whichever is lower in case of ATPD benefit.
  • In case of death, aggregate of the Sum Assured and the Fund Value is paid subject to a minimum of 105% of total premiums paid
  • On maturity, the applicable fund value is payable which can be availed in instalments over the next 5 years post maturity
  • An option of 4 funds to choose from
  • Partial withdrawals and switching are allowed every year
  • Premium redirection is also allowed every year for redirecting future premiums
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

14 years

65 years

Maturity Age

-

75 years

Policy Term

10 years

30 years

Annual Premium amount

Rs.15, 000

No limit

Sum Assured

Higher of 10 / 7 times the annual premium or 0.5/0.25*term*annual premium

40 times the annual premium

Premium Payment Term

Equal to policy term

 

HDFC SL ProGrowth Flexia plan with the following features:

  • The plan comes in two benefit variants of Life Option and Extra Life Option
  • An option of 4 funds to choose from
  • On maturity, the applicable fund value is payable which can be availed in instalments over the next 5 years post maturity.
  • On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or Fund Value is payable to the nominee if age attained was less than 60 years. If attained age was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or Fund Value is payable subject to a minimum of 105% of all premiums paid
  • In case of Extra Life option, besides the above mentioned death benefit, an extra benefit equal to the applicable Sum Assured is payable if the insured meets with an accidental death. Thus, there is an inbuilt Accidental Death Benefit Rider under the Extra Life option
  • Partial withdrawals and switching are allowed every year
  • Premium redirection is also allowed every year for redirecting future premiums
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

14 years

65 years

Maturity Age

-

75 years

Policy Term

10 years

30 years

Annual Premium amount

Rs.24, 000

No limit

Sum Assured

Higher of 10 / 7 times the annual premium or 0.5/0.25*term*annual premium

40 times the annual premium

Premium Payment Term

Equal to policy term

 

HDFC Life Invest Wise Plan– a single pay ULIP plan with the following features:

  • 4 fund options to choose from
  • On maturity, the applicable fund value is payable which can be availed in instalments over the next 5 years post maturity.
  • On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or Fund Value is payable to the nominee if age attained was less than 60 years. If attained age was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or Fund Value is payable subject to a minimum of 105% of all premiums paid
  • Partial withdrawals and switching are allowed every year
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

45 years

70 years

Maturity Age

60 years

85 years

Policy Term

15 years

Annual Premium amount

Rs.25, 000

No limit

Sum Assured

110% of Single Premium

Premium Payment Term

Single Pay

 

Child Plans

HDFC SL YoungStar Super Premium– a plan with the following features:

  • There are 2 cover options of Life Option and Health Option
  • Two benefit options of Save and Save – n – Gain
  • 4 fund options to choose from
  • Fund value is paid on maturity
  • On death the benefit is paid depending on the cover option and the benefit option
  • Partial withdrawals, switching and premium redirection are allowed
  • Income tax benefit under section 80C and 10(10D)

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 / 65 years

Maturity Age

-

65 / 75 years

Policy Term

10 years

20 years

Annual Premium amount

Rs.15, 000

No limit

Sum Assured

10 / 7 times the annual premium

40 times the annual premium

Premium Payment Term

Equal to policy term

 

HDFC Life Smart Woman Plan –a plan for women with the following features:

  • There are 3 benefit options under the plan
  • Premium waiver option is inbuilt
  • Two plan options of Premier and Elite
  • On maturity the fund value is payable
  • On death higher of the Sum Assured or fund value or 105% of premiums paid is payable
  • 4 fund options to choose from
  • Partial withdrawals, switching and premium redirection are allowed
  • Income tax benefit under section 80C and 10(10D)

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

50 years

Maturity Age

28 years

60 years

Policy Term

10 or 15 years

Annual Premium amount

Rs.24, 000

Rs.1 lakh

Sum Assured

10 / 7 times the annual premium

40 times the annual premium

Premium Payment Term

Equal to policy term

 

Applying for a Term Insurance Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the 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 policy will be issued

Intermediaries

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

HDFC Life ULIP Plans - FAQs

1. How to pay premium? What are the modes of payment available?

You can pay your HDFC Life Insurance premium through ANY these following methods:

  • ECS SYSTEM
  • Bill Pay – EBPP (Electronic Bill Presentment and Payment)
  • Drop box
  • YES /AXIS Bank debit card
  • Bill pay-EBPP(Electronic bill presentment and payment)
  • Cash/Cheque Payments
  • NEFT

For paying premium online, please visit e-portal.

Step 1: Enter your policy details – policy number and policyholders date of birth

Step 2: Pay from your debit/ credit card or select your online bank account to make the payment

Step 3: Authenticate and confirm your payment details and receive online premium payment receipt

2. How can I check policy status for HDFC Life ULIP plans?

You can check policy status online, if you are a registered user. Simply log into the e-portal with your Client ID and password to check the policy status.

3. What is the policy renewal process for HDFC Life ULIP plans?

Renew your policy online. Here are the steps;

Step 1: Login with your customer ID and password on

Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now

Step 3: Choose payment option- Credit/Debit Card or NEFT

Step 4: Authenticate and confirm your payment details and print the payment receipt

4. What is the company’s process to settle claim for HDFC Life ULIP plans?

For HDFC Life Insurance policyholders, Cashless facility is permitted in case of hospitalization or surgery. For others the process is as follows;

Step 1: Duly fill the claims form

Step 2: Attach the relevant documents- medical bills, reports, accident report- with your claims form

Step 3: Submit the documents at the Claims Office at any of your nearest HDFC branch in your city

Alternatively, you can post it at their registered headquarter:

HDFC Standard Life Insurance Company Ltd.Lodha Excelus, 13th Floor Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India.

5. What is the policy cancellation process for HDFC Life ULIP plans?

Policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. Within 72 hours, the refund will be made into your bank account, post deducting cancellation charges, stamp duty (if any), and medical tests.

HDFC Life ULIP Plans Reviews

TOTAL REVIEWS (24)
Ravi
Mishrpur
September 21, 2016

Good

I found nice ulip insurance policy which i took from hdfc standard life insurance. Premium of the policy is very less. Payback is very good and the policy coverage is high. Claiming process is easy and amount is good after maturity of insurance policy.

Vikram
Korba
August 22, 2016

ULIP Plan

The ulip insurance plan of mine is fantastic which has low premium and come's in less investment too. The hdfc life insurance is the best terms and conditions which facilitates me many benefits. The policy coverage is high approx. 90% and easy online renewal is possible with online portal.

Mukesh
Gurgaon
May 06, 2016

best service

overall best service good conversation with the financial adviser...

Rohit
Raipur
April 15, 2016

Fantastic plan

My ulip policy plan is really nice, i.e., HDFC standarad life insurance. It has good benefits and services. Policy coverage is 89% and claims are around 39 L. Service is very good and fast that's why the work is done in very shot time period. I like it.

Sandeep
Jalpaiguri
April 15, 2016

Perfect

I have ulip plan from hdfc standard life insurance. The plan works for me. Policy coverage is also good with claiming amount of Rs.41 L. Service provided by you is awesome and fabulous with fast interface. Good future investment.

Harish
Chattarpur
April 15, 2016

Better Plan

My ulip policy plan is from hdfc standard life insurance and the policy is the best because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high 89% and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick. Great job guys.

Ishant
Pondicherry
April 15, 2016

Above Average

The hdfc life ulip plan policy i have and happy to own it. The policy coverage is 81% and the claims are normal. Services are little bit slow provided by the staff members. Good future investment which saves tax also. Just improve the services and even the web services are better. Good Work.

Umakant
Karnal
April 15, 2016

Manageable

Policy premiums are low and the claims are high. HDFC ulip policy plan facilitate the people provide good response. One of my friend introduced this company for insurance. Getting reminders regularly and sum assured is double. Accidental and risk coverage is there. Good service by executives. I like it.

Farhan
Dasarathpur
April 15, 2016

Nice Policy Plan

Recently find the great policy plan that is ulip insurance policy plan and buy one from hdfc standard life insurance. The policy coverage is high ~87% with very low premium. The service of all staff of your company is great with nice response. The return payback amount is around Rs 37 L at end of the policy.

Lalit
Jhansi
April 15, 2016

Fantastic plan

I purchase ulip policy plan from hdfc standard life insurance. The policy coverage is high around 91% and the claims are huge. The policy premiums are low ~42 K and the recovery returning amount is 39 L. Services are good and on time too. Executives are doing there jobs very well and with nice behaviour too. And the web services are also fantastic. Superb future investment which reduces taxes.

Akash
Mahad
April 01, 2016

Nice

Click2Invest plan is the best plan in comparison. However the returns are very low. Please provide some good returns and If possible provide details regarding funds which you have, specially debt funds. thank you.

Shobhit
Bengaluru
March 01, 2016

Good Plan.

My ulip policy plan is really nice. It has good benefits and services. Policy coverage is 80% and claims are around 26L. Service is very good and fast that's why the work is done in very shot time period. Thanks, hdfc standard life insurance.
Plan Name: Click2Invest
Agent Code: BPW01312

Rachna
Delhi
February 27, 2016

slow service issue.

My ulip plan is good but the only thing is the service is badly slow rather than this all things are good. Like, policy coverage and claims are high but the investments are low. Please modify your services and behaviour of your staff too.
Plan Name: Click2Invest
Agent Code: BPW01312

Prashant
Gurgaon
February 27, 2016

Good ULIP Plan.

My ulip policy plan is one of the best plan ever. Thank you, HDFC standard life insurance, your premiums are less and coverage is high. Service you provided is super sonic, Claiming procedure get so simple and easy.
Plan Name: Click2Invest
Agent Code: BPW01312

Naveen
Dehradun
February 25, 2016

Good Plan.

I buy hdfc standard ulip insurance policy plan. The policy coverage and claims are high but investment is low. Service is nice and executives are available anytime for assistance. I like the policy.
Plan Name: Click2Invest
Agent Code: BBE04411

Anjali
Mumbai
February 25, 2016

bad customer support

i have done my policy wid your guys. but once you purchase a policy to your executive then no one will be help to manage all things such like documents, form filling and if in case im call on yours toll free no...no one guide me proper....its very bad

Yogesh
Pune
February 23, 2016

"Above Average"

I have ulip plan with hdfc standard life insurance and the policy is good. Policy coverage is high and the investment is low. The services are great that's why the claiming process is easy. Nice policy plan.
Plan Name: Click2Invest
Agent Code: BBE03914

Vipin
Bengaluru
February 20, 2016

Fantastic Policy.

HDFC life insurance provides me ulip policy. I have say this that the policy is very good and the terms and conditions are very reliable and flexible. Policy coverage is 90% and the service is okay with good behaviour.
Plan Name: Click2Invest
Agent Code: BBE05131

Veer
Lucknow
February 20, 2016

Perfect Policy Plan.

I have ulip plan with hdfc standard insurance. Plan is good and the benefits are better. Premium is low and payback are high. Claims and policy coverage is really awesome with good interest. The service is very quick and on time till now. Happy with this policy plan.
Plan Name: Click2Invest
Agent Code: BPW00248

Anand
Mundra
February 19, 2016

Good Policy.

I have purchase hdfc standard life insurance ulip plan. The plan has good returns and the premiums are high. Policy coverage is 80% and claims easily sanctioned with waiting in queue. Nice terms and conditions too.
Plan Name: Click2Invest
Agent Code: BPW01312

Rajesh
Jaipur
February 18, 2016

Nice Insurance Policy.

I found fine policy at last from internet. HDFC life insurance ulip plan i purchase which has low premiums and the the policy coverage is high. Service is good with claiming amount of Rs.19 lakh. happy with it.
Plan Name: Click2Invest
Agent Code: BBE03914

Ashish
Navi_mumbai
February 18, 2016

Great Policy.

I have ulip plan from hdfc life insurance. The plan works for me from last 1 year. Policy coverage is also good with claiming amount of Rs.19 lakh. Service provided by you is awesomely fabulous and fast too :D
Plan Name: Click2Invest
Agent Code: BBE04411

Tarun
Mumbai
February 18, 2016

Malhotra

Policy bazaar it's a good comparison site to compare the various company policy and even it's very easy to access

Advait
Pune
February 18, 2016

"Life Insurance Plan"

I own HDFC life insurance ulip plan. Plan is good with low investment. Policy coverage is 82% and premium is Four thousand (quarterly). Claims are ~Rs.23.9 Lakhs. Service you facilitate is really good with fast interface.
Plan Name: Click2Invest
Agent Code: BBE04411