HDFC Term Insurance Calculator

HDFC Term Insurance calculator helps interested individuals to assess probable premium to be made during the policy purchase. The calculator is accessible online free of cost. It calculates insurance premium rates in terms of assured amount, premium terms, policy buyer’s annual income, health condition, number of family dependents, age and similar key factors.

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The policy buyer can also choose multiple riders if that meets their financial expectations and expense capacity.

Why Should You Use Term Insurance Premium Calculator? 

The term insurance premium calculator helps to compare the expected premium amount that the policy buyer must pay monthly, quarterly, biannually or annually. The individuals can decide the suitable amount of assured sum, and premium payment modes based on their needs and affordability. 

HDFC Term Insurance Calculator provides return information based on the age, income, health and other aspects of the person. Therefore, it helps them understand the premium cost and coverage amount based on their present life stage and expected financial security. The policy buyers can also try various combinations of coverage amounts for better affordability and benefits. 

Here are the reasons why you should use a Term Insurance Premium Calculator:

  • The term insurance premium calculator is freely available at insurer websites. Thus, it is easily accessible to anyone interested.
  • HDFC term insurance calculator helps compare different investment plans available in terms of overall premium cost and life cover benefits. 
  • It saves the cost of investing in multiple plans which may not offer any additional benefits to individuals.

How to use HDFC Term Insurance Calculator? 

The interested individuals must visit the company website and then go to term insurance plans, wherein they can click on the ‘calculate premium’ option and enter the following details:

  1. Provide personal data

    You must provide name, gender, date of birth, contact details, nominee details, etc. You also need to mention tobacco consumption habit, citizenship to help the insurer project life expectancy. Add other details mentioned on the calculator page.

  2. Select the assured sum amount

    Choose the assured sum amount as per your financial capacity and budget constraints.

  3. Calculate the premium

    The system will help you calculate premiums based on monthly, annual or lump-sum premium mode. It will help you choose the right premium term, mode and rate based on your ability to continue the term plan and get all the benefits offered. 

Advantages of HDFC Term Insurance Calculator 

HDFC term insurance calculator helps purchase suitable insurance plans efficiently. It has the following advantages:

  • Plan comparison: The calculator helps compare different term plans available as per premium modes and assured sum amount. It further helps identify the best plan for individuals as per their requirements and budget constraints.
  • Cost-saving: The term insurance calculator helps save time for critical calculations relating to premium payment, sum assured, and other related parameters. Therefore, it helps to make a better purchase decision. 
  • Right policy selection: Since HDFC Term Insurance Calculator helps do better plan comparison in terms of investment and return in very little time, individuals can easily choose the right policy. It in turn helps them to get a better return by reducing unnecessary investment expenses or losses.

Information required while using HDFC Term Insurance Calculator 

The individuals who want to use the HDFC term insurance calculator are required to provide the following information:

  • Personal information: The individuals are required to provide their name, contact details, age, gender, nominee details, etc. They are also required to mention their citizenship information.
  • Health information: The individuals are required to mention their tobacco or smoking habits.
  • Financial Information: They are required to provide the assured sum amount and premium payment mode.
  • Financial Planning and Expectations: The individuals are required to mention budget conditions and financial goals to choose a suitable plan which will help get maximum benefits.

Benefits of buying HDFC Term Insurance Plan 

HDFC term insurance plan offers benefits that help the policyholders to secure their family’s future expenditures and make better financial decisions. The key benefits the term insurance plan offers are:

  • Financial security: The term plan offers insurance cover as death benefits to secure the financial need of the family in the absence of policyholders. It also acts as an investment to overcome key life risks of policyholders and their families such as sudden death, accident, financial instability, etc.
  • Add-on facilities: The term insurance plan offers additional riders to get more benefits. These riders are critical illness cover, an accidental disability rider, accelerated death benefit rider, waiver of premium rider, etc.
  • High sum assured at low premiums: The insurance plan offers policyholders an opportunity to pay low premiums while getting higher protection by purchasing the policy at a younger age. 
  • Flexible premium payment term: The policy offers annual, single or limited premium payment terms to meet expense needs and financial constraints of policyholders. *Standard T&C Apply
  • Online operations: They can compare plans while using an online term insurance calculator. Proceeding the same, they can also purchase the policy online. The policyholders can check the policy status, make policy renewals and operate the claim settlement process through the website by providing policy number and other necessary details.
  • Tax benefits: HDFC term insurance plan offers tax benefits as per Section 80C of Income Tax Act 1961. *Tax benefits are subject to change as per tax laws.

Factors Affecting Term Insurance Premium Rates 

The term insurance plan offered by HDFC can be customized based on different factors applicable to the needs, consumption, and overall life stages of the insured individual. The insurer suggests applying for term insurance up to 10 or 20 times the annual income of the policyholder. 

However, the rate varies based on other key factors as mentioned below:

  • Age: The younger policyholders get lower premiums than the older policyholders
  • Income: Women policyholders get better premium rates than their male counterparts as they are believed to outlive men. (*Standard T&C Apply)
  • Occupation: The rate of premium changes based on the type of occupation also. The policyholders are required to pay high premium rates if they are employed in hg risk jobs such as pilot, firefighters, mining and others.
  • Expenditure: The premium rates are determined based on present and future expenditures. Therefore, it considers life planning, investment planning and other life milestones to understand the overall financial need of the insured individuals.
  • Premium Payment terms: The term insurance with a yearly premium payment system offers lower premium rates compared to that of the limited or single premium payment term.

Therefore, individuals can easily use the HDFC term insurance calculator if they want to assess investment returns and expenses from various available insurance policies. The online calculator is freely accessible. 

Since it offers premium rates based on the health and financial aspects of the interested individuals, they can get a better assessment of insurance investments.

FAQ's

  • Q1. How can I check my HDFC term plan status?

    A. The policyholders are required to visit the HDFC website and select the term plan purchased. They are required to log in to their account and provide a policy number to check the policy status. They can also call, SMS, email the customer care department to know their current policy status. 
  • Q2. How should I choose a term insurance plan?

    A. It is always suggested to purchase term insurance plans early since it offers a lower premium amount and higher sum assured. The individuals are required to assess their needs and investment capacity thoroughly before making any final purchase decision.
    Term insurance plans do not offer any maturity benefits except increasing sum assured plans. If the policyholders would require more benefits from the plan, they are must pay more premiums. The individuals are also required to assess the claim settlement ratio of various insurers before purchasing the product. It will help get expected benefits without incurring high expenses.
  • Q3. What is a Term Insurance Rider? 

    A. The term insurance rider acts as an add-on service that helps the policyholders to get additional benefits with the existing plan purchased. The riders can be added at the time of policy purchase or later during the renewal period. HDFC term insurance offers some key riders - critical illness rider, an accidental disability rider, waiver of premium cover.
  • Q4. Can I renew my HDFC Term Plan online? 

    A. HDFC's term plan can be managed through the company's website. The policyholders can log in to the account by providing the required credentials. They are required to provide a policy number to renew the existing policy or buy a new policy within the policy renewal period. They can make payment through online facilities, auto-debit, over-the-counter system and other options.
  • Q5. How can I file an HDFC Insurance Claim? 

    A. The policyholders are required to submit necessary policy details and claim forms at an online link or nearest branch. The policyholders will get a call from the company to further verify the provided details. The claim processing will take around 30 days. Once processed successfully, the claim amount will be deposited in the policyholder’s bank account.
  • Q6. Do Term plans provide any maturity benefit? 

    A. No. However, one can buy Term Plan Return of Premium to receive maturity benefits. 
  • Q7. What is the age limit to buy term insurance plans? 

    A. The policyholders must be at least 18 years old to buy an HDFC term insurance plan. The maximum age to buy the term plan is 65 years.
  • Q8. How can I find the required term insurance coverage? 

    A. The interested persons can assess the available insurance plans online. They can choose the insurance coverage based on their financial expectations, budget constraints, life stages and income and family dependencies. HDFC term insurance calculator can be availed online which will help to calculate the expected return and investment from available plans based on those aspects. It is always recommended to assess one's budget and financial aspects before making a final purchase decision.
  • Q9. Do I have the option to increase my sum assured amount? 

    A. There are certain term insurance plans which offer facilities to increase assured sum. The assured sum amount increases as per the increased income of the policyholders. Some plans offer the opportunity to purchase an increased assured sum amount each year without the need for further underwriting. It requires them to pay increased premiums. However, they can avail of additional benefits from the term insurance plan as the policy year lapses. This term insurance plan increases the assured sum amount as a multiple of the initial assured sum amount. However, not all term insurance plans offer this facility. The type of insurance which offers the option is known as the "increasing sum assured plan".

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