A term insurance plan is one of the many types of life insurance plans available in the market. In term insurance, the insurance company provides the death benefit to complete family or nominees of the insured when insured dies before the specified period.
Life is very uncertain; it is not possible to predict what is going to happen next. That is why people buy a term plan to protect their family and fulfill the requirements of the family even in their absence. It is important that people should do a lot of research before buying any term policy. It is a long-term investment so it should be made wisely after considering all the important factors including sum assured, the premium amount to be paid, the tenure of the policy, additional benefits or riders, and more. There are various tools available online by which you can check to compare various plans. If you are planning to buy a term insurance plan sometime soon then you should check HDFC Click 2 Protect Plus Plan.
HDFC Click 2 Protect Plus Plan is a term insurance plan present in the Indian market. The main aim of this plan is to provide you complete protection at a reasonable price. This plan assures to provide financial assistance to your loved ones in case of uncertainties that may come in the way. Many cover options are available in this plan; you can choose any as per your requirement. HDFC Life Click 2 Protect Plus Plan is for those who are the sole bread earners of their family. This plan helps your family to live a standard life even when you are not around. This plan also ensures financial stability for your family. As per section 80C and section 10 (10D) of Income Tax Act 1961, you are eligible for some tax benefits. According to Insurance Regulatory and Development Authority Claim Settlement Ratio 2016 - 2017, the claim settlement ratio of HDFC Life is 97.62%. So HDFC Life Click 2 Protect Plus Plan is an ideal plan if you want to protect your family from all the uncertainties in your absence.
Other important information:
Check out other important information that you must know about HDFC Life Click 2 Protect Plus Plan:
Frequency |
Conversion Factor |
Monthly |
0.0875 |
Quarterly |
0.2600 |
Half-yearly |
0.5100 |
Annual |
1.0000 |
Conclusion:
A term insurance plan is a life insurance plan. The death benefit is provided in a term plan. The family or nominees are provided with death benefit when the insured dies before the term of the policy. No benefit is provided when insured survives till the policy term in case of a term plan. Many term plans from different insurance companies are present in the Indian market. You should select a plan after doing a lot of research and comparison. There are various tools available online that can help you to compare plans and select the best one. If you are the sole earner of your family then it is important that you buy the best term plan. You should not completely rely on agents as sometimes they try to missell the plans in order to earn the higher commission. The claim settlement ratio of HDFC Life insurance company is 97.62% as per Insurance Regulatory and Development Authority Claim Settlement Ratio 2016 - 2017.
Life option, income option, extra life option, and income plus option are the various cover options available in the plan. You can choose the cover option as per your requirement. Life option provides a death benefit. Death benefit and accidental death benefit are provided in extra life option. 10% of the death benefit is provided as a lump sum and 90% of the death benefit is paid as monthly income over a term of 15 years in income option. In income plus option, 100% sum assured is paid on the death of the policyholder. 0.5% of sum assured is also paid in income plus option as monthly income for a term of 10 years. HDFC Click 2 Protect Plus Plan provides you flexibility for the payment of premium. Single pay, regular pay, and limited pay are the various options available for the payment of the premium amount. Monthly, quarterly, half-yearly, and annual are the various premium payment frequencies; you can select any as per your suitability. The minimum annualised premium is Rs. 3,000. There is no limit for the maximum premium.
The minimum eligibility age for HDFC Click 2 Protect Plus Plan is 18 years. The maximum eligibility age for this plan is 65 years. The maximum maturity age for this plan is 75 years. The sum assured depends on the age, plan option, and gender. The minimum sum assured is Rs. 25,00,000 while there is no limit for the maximum sum assured. The policy term of this plan is 10 - 40 years. You can choose as per your requirement. Life stage protection and death benefit are some of the benefits provided under HDFC Click 2 Protect Plus Plan. The insurance company provides the death benefit to the beneficiary of the policyholder on the unfortunate death of the policyholder. Life stage protection is a feature available under life option. With this feature, policyholders can increase the life coverage on the achievement of certain milestones in their life. With the help of this feature sum assured can be increased and additional cover can also be reduced later. Under section 80C and section 10 (10D) of Income Tax Act 1961, you are eligible for various tax benefits on the premium paid and benefits received.
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