HDFC 50 Lakh Term Plan

It is, therefore, an intelligent term plan and comes with three different options in Life Protect, Life & CI Rebalance and Income Plus.

The other HDFC 50 Lakh Term Plan includes the Click 2 Protect Health plan. It is a comprehensive plan; hence different plans need not be combined. It is easy to purchase and requires just a single cheque and single documentation to proceed to buy this policy. 

Eligibility Criteria for HDFC 50 Lakh Term Plan

To be eligible for the HDFC 50 Lakh Term Plan, the minimum age at entry is as follows:

• Click 2 Protect Health Life Option – 18 years
• Click 2 Protect Health 3D Life Option, Extra Life Income Option, Extra Life Option, Extra Income Option – 18 years
• Click 2 Protect Health Return of Premium Option, Income Replacement Option – 18 years
• Click 2 Protect Health Life Long Protection Option – 25 years
• Click 2 Protect Health 3D Life Long Protection Option – 25 Years
• Click 2 Protect Life; Life and CI Rebalance Option – 18 years
• Click 2 Protect Life; Life Protect Fixed Term Option – 18 years
• Click 2 Protect Life; Life Protect Whole Life Option – 45 years
• Click 2 Protect Life; Income Plus Fixed Term Option – 30 years
• Click 2 Protect Life; Income Plus Whole Life Option – 45 years

To be eligible for the HDFC 50 Lakh Term Plan, the maximum age at entry is as follows:

• Click 2 Protect Health Life Option – 65 years
• Click 2 Protect Health 3D Life Option, Extra Life Income Option, Extra Life Option, Extra Income Option – 65 years
• Click 2 Protect Health Return of Premium Option, Income Replacement Option – 65 years
• Click 2 Protect Health Life Long Protection Option – 65 years
• Click 2 Protect Health 3D Life Long Protection Option – 65 years 
• Click 2 Protect Life; Life and CI Rebalance Option – 65 years
• Click 2 Protect Life; Life Protect Fixed Term Option – 65 years
• Click 2 Protect Life; Life Protect Whole Life Option – 65 years
• Click 2 Protect Life; Income Plus Fixed Term Option – 50 years
• Click 2 Protect Life; Income Plus Whole Life Option – 50 years for 10 Pay, 55 years for Single Pay and 5 Pay

To be eligible for the HDFC 50 Lakh Term Plan, the maximum age at maturity is as follows:

• Click 2 Protect Health Life Option – 23 years
• Click 2 Protect Health 3D Life Option, Extra Life Income Option, Extra Life Option, Extra Income Option – 23 years
• Click 2 Protect Health Return of Premium Option, Income Replacement Option – 23 years
• Click 2 Protect Health Life Long Protection Option – Whole Life
• Click 2 Protect Health 3D Life Long Protection Option – Whole Life
• Click 2 Protect Life; Life and CI Rebalance Option – 28 years
• Click 2 Protect Life; Life Protect Fixed Term Option – 18 years
• Click 2 Protect Life; Life Protect Whole Life Option – Whole Life
• Click 2 Protect Life; Income Plus Fixed Term Option – 70 years
• Click 2 Protect Life; Income Plus Whole Life Option – Whole Life

To be eligible for theHDFC 50 Lakh Term Plan, the maximum age at maturity is as follows:

• Click 2 Protect Health Life Option – 85 years
• Click 2 Protect Health 3D Life Option, Extra Life Income Option, Extra Life Option, Extra Income Option – 85 years
• Click 2 Protect Health Return of Premium Option, Income Replacement Option – 85 years
• Click 2 Protect Health Life Long Protection Option – Whole Life
• Click 2 Protect Health 3D Life Long Protection Option – Whole Life
• Click 2 Protect Life; Life and CI Rebalance Option – 75 years
• Click 2 Protect Life; Life Protect Fixed Term Option – 85 years
• Click 2 Protect Life; Life Protect Whole Life Option – Whole Life
• Click 2 Protect Life; Income Plus Fixed Term Option – 85 years
• Click 2 Protect Life; Income Plus Whole Life Option – Whole Life

Salient Features of 50 Lakh Term Insurance Plan

Within the HDFC 50 Lakh Term Plan, each plan brings its own features. Some features of each are given below. For the Click 2 Protect Life Plan, they are:

• Comprehensive financial protection for self and family.
• Multiple options when choosing coverage.
• Critical illnesses and death get adjusted automatically.
• Multiple add-on benefits to get added advantage.

For Click 2 Protect Health plan, the features are:

• Affordable cost of plan for family. 
• 9 different plans for customization.
• Lifelong protection options for entire life.
• Flexibility in choosing premium payment plans. 
• Female and non-tobacco users get special rates. 

Benefits of HDFC 50 Lakh Term Plan

The HDFC 50 Lakh Term Plan has various advantages. For the Click 2 Life plan, they are:

1. Life Protect Option – 

   • Benefit of a lump sum plan to the nominee on untimely demise of the policyholder. 
   • The sum assured on death or 105% of the total premiums is the death benefit, considering the higher of the two values. 
   • For a single pay option, sum assured on death is 125% of the single premium or the sum assured, either basic or at maturity, whichever is higher.
   • For limited and regular pay options, it is ten times the annualized premium or the sum assured, either basic or at maturity, whichever is higher.

2. Life & CI Rebalance Option

   • Benefit of the sum assured split between life cover and cover for critical illness. 
   • The sum assured on death, the life cover, or 105% of the total premiums is the death benefit, considering the higher of the two values. 
   • For a single pay option, the sum assured on death is 125% of the single premium or the sum assured at maturity, whichever is higher.
   • For limited and regular pay options, it is ten times the annualized premium or the sum assured at maturity, whichever is higher.

3. Income Plus Option

   • Benefit of a lump sum plan to the nominee and regular monthly income from sixty years of age.
   • The sum assured on death or 105% of the total premiums, after subtracting survival benefits, is the death benefit, considering the higher of the two values. 
   • For a single pay option, sum assured on death is 125% of the single premium or the sum assured, either basic or at maturity, whichever is higher.
   • For limited and regular pay options, it is ten times the annualized premium or the sum assured, either basic or at maturity, whichever is higher.

For Click 2 Protect Health, the following options are there:

1. Protections Benefits

   • Death 
   • Terminal Illness 
   • Accidental and Total Permanent Disability 
   • Critical Illness 
   • Accidental Death 
   • Maturity
   • Life Stage Protection
   • Top Up Option

2. Health 

   • Death 
   • Restore Benefit
   • Health Check-up
   • Portability
   • Critical Advantage Rider
   • Multiplier Benefit

The Process to Purchase the Plan

The process to purchase HDFC 50 Lakh Term Plan is best done online as it is done without any hassles and any intermediaries. An offline process is also possible with the help of an insurance agent. However, the steps given here are for the online process:

• The applicant should register their details on the company website and then log in through it. 
• The first step to buying any insurance will be to fill in the sum assured, which in this case will be 50 lakhs. 
• Then one would have to choose the appropriate policy out of Click 2 Protect Life or Click 2 Protect Health. 
• After that, the applicant must determine the premium payment terms. 
• Accordingly, they will say their premiums and they must agree to proceed further with that.
• Then they need to make the payment and for that they need to link their bank details here.
• Once a payment has been paid successfully, they will receive an acknowledgement.
• On the approval of the policy, the applicant will first receive a soft copy of the policy confirming they have become a policyholder. Only later will a hard copy follow after that in most cases.

Documents required

Certain KYC documents are always required at the time of application. These should be kept ready during the process. The required documents are PAN Cards and Aadhar Cards. These both act as identity proofs. Driving licenses and utility bills like those for gas and electricity make up address proofs. Passport copy is generally the most universally accepted age proof. Keep proof of income ready in the form of IT returns and also keep some passport photographs that may be required just in case. For the HDFC 50 Lakh Term Plan,within the Click 2 Protect Health Plan especially, the documentation is just required once and only one medical test is sufficient. 

Terms and Conditions

The HDFC 50 Lakh Term Plan has some basic terms and conditions. Some of the terms and conditions are explained slightly in brief below:

• The policy buyer must study the risk factors before proceeding to buy. 
• Tax benefits are applicable in both the plans. However, all such provisions are dependent on the amendments to the Income Tax Act. 
• The plans have a free-look policy. It has been designed for maximum assurance to the buyer. In it, a buyer can choose to return the policy even after buying it. They can send it back with their reasons within fifteen days. 
• One cannot exercise a policy loan under this product. 
• Nominations are governed under section 39 of the Insurance Act of 1938, and any amendments that may take place in the future. Before the maturation of the policy at any time, one can choose their nominee. 
• Section 38 of the Insurance Act of 1938 governs assignments. 
• Provisions of rebates are governed by Sections 41 of the Insurance Act of 1938. 
• Non-disclosure is governed by the Section 45 for the Insurance Act of 1938. 

Key Exclusions

The HDFC 50 Lakh Term Plan has suicide exclusion. Within twelve months of the commencement date of the policy, or the date of the renewal of the policy, if a person commits suicide, then the nominee is entitled to four-fifth of premiums until death. Or it could be 80% of the surrender value, again as available on the date of death. As long the policy is in effect, the nominee will receive higher of these two values. 

For the Click 2 Protect Life plan, an extra fee is levied for underwriting for those with lives who live in a sub-standard manner or those who use tobacco. This is done as per the policy of the company.

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