HDFC Home Loan Insurance

Name: HDFC Home Loan Insurance: Premium Calculator & Protection Plans
Brand: Policybazaar
Rating: 4.8 (74228 reviews)

Most people who buy a house take out a loan and spend the next 15 to 30 years paying it off. It's a big commitment. And if something happens to you halfway through, the EMIs don't stop. Your family would have to keep paying them.

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That is how HDFC home loan insurance works. In the event of death during the loan term, the remaining balance would be paid out, and your family would get to keep the house for free.

In this article, we will understand how it works, how to calculate the HDFC home loan insurance premium and how it differs from term insurance.

Home Loan Amount

Loan Tenure

5 Years 30 Years

Interest Rate

5% 15%

Loan Tenure Completed

0 40 yrs

Get the coverage you need-quick and easy! Choosing the right Home loan insurance is now effortless. Simply enter your details, hit “Calculate,” and receive a personalized plan designed just for you.

What is HDFC Home Loan Insurance?

HDFC loan insurance is a life insurance policy offered by HDFC Life that is availed with your home loan. In case of your premature death, the balance amount due is paid directly to the bank. The property always stays in the bank's name, so they do not worry about procuring funds for EMI; yet, the cover reduces as you keep paying subsequent EMIs in most policies. Some policies cover permanent disability or critical illness.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Who Offers HDFC Home Loan Insurance?

People often mix up the bank and the insurer, so here's the difference:

Company	What it does
HDFC Bank	Gives you the home loan (HDFC Ltd merged into HDFC Bank in July 2023)
HDFC Life	Offers life cover for your loan, like the Home Loan Protection Plan

So if you've been searching for HDFC home loan insurance, you're looking for loan cover from HDFC Life.

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HDFC Life Home Loan Protection Plan (HLPP)

The HDFC Life Home Loan Protection Plan is the plan most borrowers go for. It's built around your loan amount and tenure, and if you pass away during the term, it clears whatever you still owe.

Key Features of the HDFC Home Loan Protection Plan

The cover matches your loan. Your sum assured is based on your outstanding loan.
The cover shrinks over time. Every EMI lowers your loan, and your cover goes down with it.
It lasts as long as your loan. In most cases, you're covered for the full tenure.
The money goes to the bank. The claim is paid to the lender to close the loan.
You usually pay once. Most people pay a single premium, and banks often add it to the loan amount.

How Does HDFC Home Loan Insurance Work?

Here's an example. Amit takes a ₹50 lakh home loan for 20 years and buys a loan protection plan with it. Eight years later, he still owes about ₹35 lakh. If he dies at that point, the insurer pays that ₹35 lakh to the bank, and the loan is closed. His family keeps the house and doesn't pay another EMI.

HDFC Home Loan Insurance Premium Calculator

Before you buy, it helps to know what the cover will cost. An HDFC home loan insurance premium calculator gives you a rough figure in a minute or two. You put in a few loan and personal details, and the HDFC loan protection plan premium calculator shows you an estimate.

How to Use the HDFC Home Loan Insurance Calculator

The following are some simple steps to use the HDFC loan insurance calculator:

Enter your loan amount.
Add the loan tenure.
Fill in your age, and say whether you smoke.
Enter your loan's interest rate.
Choose a single or regular premium.
Check your estimated premium.

You can also use Policybazaar's home loan insurance calculator. It shows your premium and lets you compare it with a term plan for the same amount.

HDFC Home Loan Protection Plan Premium Calculator: What Affects Your Premium?

The following are the factors that affect your HDFC home loan protection plan premium calculator results:

Loan amount: A larger loan costs more to service.
Loan tenure: If you go for a longer loan tenure, you will usually end up paying a higher premium.
Your age: The older you are, the more you pay.
Health and smoking: Your premium may be increased by health problems or smoking.
Interest rate: This makes your loan and cover go down faster.
Payment frequency

HDFC Home Insurance vs HDFC Home Loan Insurance

Many homeowners confuse these two types of insurance. However, they serve different purposes.

Feature	HDFC Home Insurance	HDFC Home Loan Insurance
What it protects	House structure and contents	Outstanding home loan
Offered by	HDFC ERGO	HDFC Life
Payout goes to	The bank	Your nominee
Coverage type	Property protection	Loan repayment protection
Who should buy	Homeowners and tenants	Home loan borrowers

Does HDFC Also Offer Home Insurance for Property and Belongings?

Apart from home loan cover, homeowners might also be interested in insuring their home and assets. And this is exactly what HDFC ERGO home insurance is for.

A home insurance policy can provide coverage for:

The building structure
Furniture and household items
Electronic appliances
Valuable personal belongings

The cover includes protection from fire, natural disasters, theft, and accidental damage. Many homeowners choose to maintain both types of protection; home loan insurance on the mortgage and home insurance.

HDFC Home Loan Insurance vs. HDFC Term Insurance

Both protect your family, just in different ways:

Feature	HDFC Home Loan Insurance	Term Insurance
What it does	Pays off your home loan	Gives your family a lump sum
Cover amount	Goes down as the loan goes down	Stays the same throughout
Payout goes to	The bank	Your nominee
How the money is used	Only to close the loan	Anything your family needs
If you prepay or switch loans	Cover may end or shrink	Cover continues
GST	Usually 18% (group policy)	0% on individual plans

Here's why this matters. Say you have a ₹50 lakh loan, and instead of a loan protection plan, you buy ₹50 lakh of term cover. If you pass away in year 10, when about ₹32 lakh is left on the loan, your family gets the full ₹50 lakh. They pay off the loan and still have around ₹18 lakh for everything else.

You can compare term insurance plans on Policybazaar to see what the same cover would cost you.

Who Should Buy HDFC Home Loan Insurance?

It is optional in most cases to take out home loan protection insurance but it could be worthwhile for any person who would like to safeguard their family against future loan liabilities.

It may be particularly useful for:

First-time home buyers taking a long-term housing loan.
Individuals who are the sole earning member of the family.
Borrowers with large home loan amounts.
Families that may find it difficult to continue EMI payments if the primary borrower is no longer around.
Homeowners who want dedicated protection specifically for their outstanding home loan.

Those who already have adequate term insurance will be able to compare the two options and decide whether they need a separate home loan insurance policy.

Is HDFC Home Loan Insurance Worth It?

Honestly, it depends on what cover you already have. If your family relies on your salary for the EMIs and you don't have term insurance, a loan protection plan fills that gap. But if you already have enough term cover, or you can buy a term plan for your loan amount, that usually works out better. You get more flexibility, often for a similar or lower price.

Try the HDFC home loan insurance calculator and a term insurance calculator side by side before you decide.

How to Claim HDFC Home Loan Insurance

Your family informs HDFC Life and HDFC Bank about the death.
They submit the claim form, death certificate, loan account details, policy documents and ID proof.
The insurer looks into the claim.
Once approved, the insurer pays the loan balance to the bank, and the loan is closed.

FAQs

Is home loan insurance mandatory in HDFC?

Ans: In most cases, there is no compulsion to get home loan insurance for HDFC. Lenders generally advise HDFC home loan insurance to safeguard the borrower and their family in case of unforeseen circumstances that prevent repayment of to loan.
Do you have to have property insurance to get an HDFC home loan?

Ans: For an HDFC home loan, there is no requirement to have home insurance but it is recommended by many financial institutions to have home insurance. This will cover your house for fire, floods or any other natural calamity for the loan tenure.
How do you cancel HDFC home loan insurance?

Ans: In most cases, one needs to request to the insurer or the lending institution, along with their insurance policy details and identification proof, to cancel HDFC home loan insurance.
What are the benefits of HDFC loan protection insurance?

Ans: The HDFC loan protection insurance provides you with security with regard to the repayment of the loan. The remaining loan amount is covered in case the individual dies during the loan term. It protects the family from going into debt due to loan repayment.
What happens to my cover if I prepay or transfer my HDFC home loan?

Ans: Your cover may go down or stop, depending on the plan. Some plans refund part of the premium. Read your policy document before you prepay.
Is GST charged on HDFC home loan insurance?

Ans: Usually, yes. Loan protection plans are mostly group policies, and those still carry 18% GST. Individual term plans have been GST-free since 22 September 2025.
Can I cancel HDFC home loan insurance?

Ans: Yes, you can cancel and get a refund within the free look period, with a lesser deduction. Alternatively, you can even write a cancellation letter to the insurer or bank along with the policy details and ID proof. “You’ll get the money, as per the policy.”
Which is better: HDFC home loan insurance or term insurance?

Ans: In many cases, term insurance provides more flexibility as the cover is available till the expiry date of the policy, and your family can use the money in any way they need. If you only want to insure against the home loan and you don’t have enough term cover, it makes sense to use home loan insurance.

Different types of Plans

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TROP

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 410/month (Rs.14/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age rounded off to nearest 10

+Rs. 245 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 504/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 494/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

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