HDFC Term Plan for Women offers comprehensive coverage at affordable premiums to females, ensuring that they have the peace of mind while their loved ones’ financial security is taken care of. With its tailored features, flexible options, and extensive coverage, this plan is specifically crafted to address the unique needs and aspirations of women, providing them with a strong foundation for a protected and stress-free future.Read more
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In this article, we will understand the features and benefits of HDFC Term Plan for Women and how to purchase it from Policybazaar.
The HDFC Term Plan for Women has been carefully created to address the specific requirements of women in India. It aims to provide them with comprehensive financial coverage and a sense of security in the event of unfortunate situations, such as critical illnesses or death. HDFC Term Insurance has a claim settlement ratio of 98.66% during the financial year 2021-22. This means that a significant majority of claims made by policyholders were successfully settled by HDFC, instilling a high level of trust and confidence in the company among individuals seeking insurance coverage in the country.
For example: Ms. Komal, a 25-year-old woman who doesn't smoke, has purchased the HDFC Life Click 2 Protect Super term plan to provide financial protection for her loved ones in case of her unexpected demise. With an annual salary of Rs. 13.5 Lakhs, she has opted for a life cover of Rs. 1 Crore, and will pay Rs. 961 per month until the age of 60. Throughout the duration of her term plan, the premium amount will remain unchanged for Ms. Komal.
Women should prefer the HDFC Life Term Plan for its relevance to their busy lives balancing family and work responsibilities. Here are some reasons why term insurance is advantageous for women:
Financial Security of Family: Just like men, women play vital roles in supporting their families. The HDFC term plan ensures that if something unfortunate happens to them, their families will receive financial support. The sum assured helps maintain the family's standard of living without imposing financial burdens.
Debt/Loan Repayment: Women often have financial commitments like loans and debts that help fulfill their dreams and needs. However, if they pass away prematurely, their families may be responsible for repaying those debts. The HDFC Term Plan provides the necessary funds through the death claim amount to clear existing loans or debts.
Lower Premium Rates: In India, women generally pay lower premiums for term insurance compared to men. While eligibility criteria are the same for both genders, women enjoy reduced premium rates. This affordability encourages more women to invest in the HDFC Term Plan, or any term plan for that matter.
Critical Illness Coverage: Women face specific health risks, such as cervical and breast cancer, which have become more prevalent in recent times. The HDFC Term Plan, along with an additional rider like Critical Illness benefit, offers coverage against such critical illnesses. The plan addresses women's needs, including complications related to pregnancy.
Below is a list of all the critical illness provided by HDFC Term Plan for Women:
|Critical Illnesses Covered by HDFC Term Plan for Women|
|Cancer of Specified Severity||Myocardial infarction – First heart attack of specific severity||Open Heart Replacement or Repair of Heart Valves|
|Kidney Failure Requiring Regular Dialysis||Major Organ/ Bone Marrow Transplant||Coronary Artery Bypass Graft (Open, Keyhole or minimally invasive or Robotic Cardiac CABG)|
|Multiple Sclerosis with persisting symptoms||Stroke resulting in permanent symptoms||Coma of specific severity|
|Permanent Paralysis of Limbs||Motor Neuron Disease with Permanent Symptoms||Benign Brain Tumor|
|Blindness||Deafness||End stage lung failure|
|Primary (idiopathic) pulmonary hypertension||Loss of Limbs||End stage liver failure|
|Third Degree Burns||Major Head Trauma||Loss of Speech|
|Alzheimer’s Disease||Systemic Lupus Erythematosus (SLE) with Lupus Nephritis||Fulminant Viral Hepatitis|
|Aplastic Anaemia||Apallic Syndrome||Cardiomyopathy|
|Medullary Cystic Kidney Disease||Major Surgery of Aorta||Muscular dystrophy|
|Parkinson’s Disease||Brain Surgery||Poliomyelitis|
|Pneumonectomy||Severe Rheumatoid Arthritis||Progressive Scledorma|
Retirement Security: Many women aspire to enjoy a stress-free and secure life after retirement. However, they may worry about leaving their families financially burdened. The HDFC Term Plan provides a solution by relieving the financial stress through the death benefit paid to the nominees, ensuring their financial security.
Tax Benefits: The HDFC Term Plan offers annual tax benefits under Section 10(10D) and 80C of the Indian Income Tax Act. These tax benefits provide an additional advantage for women who choose to invest in the plan.
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HDFC Life Click 2 Protect Super is an ideal term plan for women keeping in mind the wide range of benefits that they provide. Moreover, the premium rates are very affordable in exchange for the high life cover. You also get to enjoy 3 plan options and waiver of premium on the diagnosis of any critical illness. In addition, it also offers an additional cover for your spouse and the option of receiving the death claim amount in the form of installments.
Below mentioned are the key features and benefits of the HDFC Life Click 2 Protect Super Term Plan:
3 Plan Options: HDFC Life Click 2 Protect Super Term Plan offers 3 plan options, namely:
Return of Premium Option: In this option, you will be returned 100% of your premiums paid if you outlive the policy term.
Waiver of Premium Option: Under this option, you will be able to waive off your future payable premiums if you are diagnosed with any critical illness or in case of total and permanent disability.
Coverage for Spouse: Under this option, the spouse will receive a payout equal to a certain percentage of the basic sum assured for the remaining duration of the policy, in case something happens to the policyholder during policy term. This chosen percentage is determined by the Benefit Adjustment of the Policy (BAUP) and cannot exceed 50% of the sum assured.
Death Benefits Paid As Installments: Under this option, the nominee will receive the sum assured/death claim amount in the form of installments from a chosen period of 5-15 years.
Renewability at Maturity: You can also extend/renew your existing policy’s term for up to 5 times. However, the availability of the renewability option is subject to Benefit Adjustment of the Policy (BAUP).
Below mentioned is the eligibility criteria to buy HDFC Term Insurance Plan for women:
|Entry Age||18 years||65 years|
|Maturity Age||-||85 years|
|Policy Term||5 years||5 years to 85 years minus entry age|
|Sum Assured||50 Lakhs||20 Crores|
Here's how you can buy HDFC Term Plan for Women from Policybazaar:
Step 1: Visit the Term Insurance Page of Policybazaar
Step 2: Fill in your name, gender (select "Female"), date of birth and contact number
Step 3: Provide more information like your annual income, occupation type, educational qualification, tobacco consumption habits, and your pincode
Step 4: Choose the HDFC Term plan from the available options
Step 5: Fill in the other details required to purchase the HDFC Term Plan for Women
Step 6: Proceed to the payment option and choose your preferred payment method to complete the payment process
Here are some important things to consider before purchasing the HDFC Term Plan for women:
Calculate Your Debts and Loans: Before buying the HDFC Term Plan, make sure to carefully evaluate and determine all the money you owe, i.e. in debts and loans. This will ensure that if something unfortunate happens to you, your loved ones won't have to worry about repaying those financial obligations.
Check the Claim Settlement Ratio (CSR): It's important to check the Claim Settlement Ratio (CSR) of HDFC Term Insurance. This ratio shows how efficiently and reliably claims are settled by the insurer. Always check the CSR of the past five consecutive years to ensure a good track record of claim settlements.
Contact Customer Care: If you have any questions or concerns about the HDFC Term Plan you are thinking of buying, or if you need more information, you can easily get in touch with their customer care service.
With its customer-centric approach and one of the highest CSRs among all insurers, the HDFC Term Plan for women is one of the best choices for females seeking to safeguard their future and the future of their families. As a female, you can also ensure that you fight against critical illnesses with the rider available. Moreover, you can buy it from Policybazaar to enjoy a seamless purchase process and some extra savings.
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