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HDFC Life Insurance Calculator

HDFC Life Premium Calculator is a useful tool for understanding and comparing different types of life insurance plans and policies. Since HDFC Life offers a variety of personal and community insurance options, it's a good idea to use this online platform to find the best policy based on the premium to be charged.

It is often a good idea to determine the premium sum to be charged during the contract term before purchasing an insurance policy. People normally look at a variety of policies to determine which one is best for them. Thus, one can take great advantage of the HDFC Life Premium Calculator before buying a life insurance policy.

How to use the HDFC Life Premium Calculator

The HDFC Life Premium Calculator is used to measure one's premium sum and continue with a specific term cover in a few easy steps. One can access the tool on the insurer’s website free of cost.

Each plan includes a premium calculator from HDFC Life.

Simple steps that need to be followed to use the premium calculator:

Step 1: Visit the official website.

Step 2: Select the package on which you want the premium calculation.

Step 3: A red tab labelled 'Calculate Premium' can be found under the plan introduction.

Step 4: Upon clicking, one will be redirected to a new tab, which will contain a form.

Step 5: Enter the necessary information, such as your name, birth date, gender, pin code, and so on.

Step 6: By checking the box at the bottom, one will also allow HDFC Life to take your permission to contact one about the schedule.

Step 7: Select the "Go" button.

Step 8: A rough estimate of the premium amount will get displayed.

Information Required when using the HDFC Life Premium Calculator

A person must provide the following information to determine or measure HDFC Life premium payment:

  • Gender is a factor
  • Name (first and last)
  • Phone number
  • E-mail address
  • Year of Birth (DOB)
  • Whether the user is a Tobacco user or not
  • State and city
  • Nationality is guaranteed in whole (Select YES or NO to indicate whether you are an NRI or a Non-NRI.)

After filling in all of the details, click "Proceed" to get a premium estimate. Keep in mind that this is an estimation, not your actual premium. You need to contact the insurance agent or the company to obtain the correct details.

Advantages of HDFC Life Premium Calculator

The HDFC Life Premium Calculator will assist you in determining the appropriate level of insurance coverage to fulfil your needs and achieve your family's objectives.

It has several advantages, which are as follows:

1. Speedy Calculations

It aids the comparison and calculation of premiums for various insurance policies. Since premiums are calculated based on a mixture of variables, the entire process proves to be a difficult job when done manually.

2. Estimates Budgets

The HDFC Life online premium calculator assists applicants in planning their budgets based on their premiums. People may choose from a variety of frequency options, such as monthly, quarterly, half-yearly, yearly, or even a one-time payment, when they research to find the right insurance package.

3. Comparison of Insurance Plans Made Easy

The HDFC Life insurance premium calculator aids in determining the plan's feasibility before comparing and selecting one. Other advantages, such as retirement benefits, maturity benefits, death benefits, and so on, can be found using this tool. It is to be noted that the HDFC Life online premium payment calculator offers just representative values or figures. The amount of the actual premium would vary. 

Benefits of Premium Calculator

Here is a rundown of the core benefits of using the HDFC Life Insurance Calculator:

1. Helping Hand

One can figure out the coverage needed and the premium amount needed to be paid.  It aids in the selection of the appropriate cover and the related policy.

2. Easy Comparison of Plans

One can easily choose the best insurance cover that is available for you and meets the criteria, based on a comparison of the premium rates, plans, and covers from different providers.

3. Saves Money

This calculator lets one save money and allows one to find the best price. As a result, one will be able to determine the best deal on your own.

HDFC Life Premium Rates

Premiums are the costs associated with purchasing an insurance policy. These term insurance premium rates must be calculated carefully so that the policy benefits can be distributed in a fair manner. Their determination is determined by the company's level of risk. The premium rates are determined by the following:

  • An insurer's prediction of deaths among a specific group of lives insured at specific ages known as the mortality rate.
  • The gross premium for a term insurance policy is a different measure. It is known as the net premium plus loading. The net premium is determined by the death rate, investment profits, and lapse rate, while loading is the company's operating cost.

Why should you use the HDFC Life Premium Calculator?

With so many term insurance policies available in the market, picking the best one to meet one's needs becomes difficult. Comparing and analysing the various insurance plans available is beneficial. Investors may use it to find the best option that suits their budget and meet their requirements.

It is a free online application available on the HDFC's Life website. Based on age, policy word, sum assured, and other factors, this tool estimates the amount of premium a person would have to pay for the selected policy.

Here are the reasons why you should use HDFC Life Premium Calculator:

  • A term insurance premium calculator is an online application that assists in calculating the cost of a term insurance policy.
  • One can quickly determine the appropriate premium amount for a specific policy by using this term insurance premium calculator.
  • It is used to figure out the different premium amounts for a variety of term plans.
  • A term insurance calculator will assist you in understanding and calculating the total premium cost on your term insurance contract.
  • A free term plan calculator is available on the internet.
  • It enables you to comprehend the differences between different products before making a purchase.
  • Having a good understanding of the premium sum will aid in determining the scope of one's life insurance coverage.

FAQs 

  • Q1. What plans are available for purchase online?

    A1. HDFC Life offers a variety of online insurance policies. This includes HDFC Life Click 2 Wealth, ULIPs like HDFC Life Click2Invest & HDFC Life Click 2 Retire, Click 2 Protect Health, HDFC Life Cancer Care Plan, HDFC Life Easy Health Plan, and HDFC Life Cardiac Care.

  • Q2. What are the various premium payment options?

    A2. Premiums are paid in a variety of ways, including:

    • Using a debit or credit card
    • Banking on the internet
    • PIN-protected debit card
    • On the booklet, there are standing directions.
  • Q3. Why should I buy insurance online?

    A3. The following are some of the advantages of buying a life insurance policy online.

    • Fast and Convenient: Simple steps toward a secure and stable future.
    • Paperwork Requirements: The policy is provided with the bare minimum of paperwork.
    • Purchasing a term insurance policy online is more cost-effective than other methods.
    • Customer port allows you to monitor the status of your application in real-time.
  • Q4. In an insurance contract, what does the term "vesting date" mean?

    A4. The term "vesting date" is close to the term maturity date. Pension schemes are referred to as "pension plans." The policy owner will take one-third of the maturity value of a policy as a cash lump sum at the end of the vesting period, and the remaining balance is used to purchase annuities.

  • Q5. What does "Standing Instruction" entail, and how do I get this service?

    A5. Standing training is a means of paying insurance premiums. However, the policyholder must have an account with HDFC Bank, which can be located anywhere in the world. To use this service, you must apply a completed and signed ‘Auto Debit Mandate' to your nearest HDFC Life branch office at least one month in advance (30 days).

  • Q6. How do I get premium payment receipts for HDFC Life Insurance Policy?

    A6. Contact any HDFC Life contact point or simply download from the ‘e-Service Section’ of My Account to collect premium payment receipts. Policyholders may also use HDFC Life’s IVR to submit.

  • Q7. Is there no choice for maturity proceeds with term insurance?

    A7. Nowadays, many insurance companies have a provision for return of premium, which allows the policyholder to receive the paid premiums in the event of contract maturity, though this raises the payable premiums.

  • Q8. Is it possible to accept multiple claims?

    A8. Multiple claims from various insurers can be accepted, given that these claims and their specific existence were declared at the time of policy purchase.

  • Q9. How would I know if a claim is registered?

    A9. Within 10 days of receiving the papers, HDFC Life will send an acknowledgement message. Any additional specifications will be intimated to you through this post, e-mail at your registered address, and SMS at your registered mobile number.

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

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

Written By: PolicyBazaar - Updated: 04 May 2021
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