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HDFC Life Insurance
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HDFC Life Insurance Company was established in the year 2000 when the life insurance segment was deregulated and private insurance companies were allowed to do business. The company was established as HDFC Standard Life Insurance Company but today it is called HDFC Life Insurance Company. The company is a joint venture between HDFC Limited which is an Indian financial services giant and Standard Life Aberdeen which is an international investment company.
Top HDFC Life Insurance Plans (2020)
Here are some of the best life insurance plans offered by HDFC Life Insurance Company –
|Name of the plan||Salient features|
|HDFC Life Click 2 Protect 3D Plus|
|HDFC Life Click 2 Wealth|
|HDFC Life Sampoorn Samridhi Plus|
|KDFC Life Click 2 Protect Health|
|HDFC Life Click 2 Retire|
List of HDFC Life Plans:
HDFC Life offers a gamut of insurance solutions. So, here’s a look at the top life insurance policies offered by HDFC Life in different categories like:
- HDFC Life Term Plans
Term insurance plans are pure protection plans which allow you to create financial security for your family if you are not around. HDFC Life offers three types of term insurance plans which provide holistic coverage. They not only cover the risk of premature death but the risk of disability and disease too through the different variants that they offer. Moreover, there is also an option of lifelong coverage wherein you can get covered till 100 years of age for complete protection.
Term plans offered by HDFC Life are as follows –
|Name of the plan||Brief description|
|HDFC Life Click 2 Protect Plus||This term plan offers four types of coverage variants which provide coverage for death and also critical illnesses. Moreover, the Income options pay regular incomes to the family after the insured’s death|
|HDFC Life Click 2 Protect 3D Plus||This term plan is a comprehensive plan which comes in nine different variants. The plan covers three contingencies of death, disability and diseases giving you an all-inclusive scope of coverage|
- HDFC Life Whole Life Plans
Whole life plans are those which extend coverage lifelong, i.e. till 100 years of age. HDFC Life’s whole life policy allows you the option of lifelong coverage along with savings so that you can create a legacy for your family in your absence.
The whole life plan offered by HDFC Life is as follows –
- HDFC Life Sampoorn Samridhi Plus
This policy is a savings oriented plan which requires limited premium payments and allows you to extend your coverage lifelong for lifelong protection.
- HDFC Life Endowment / Saving Plans
Endowment plans are savings oriented life insurance plans. That is why they are also called saving plans. Under endowment plans, life insurance coverage is allowed against the risk of premature death during the policy tenure. However, if you survive the policy tenure, you get a maturity benefit which helps you meet your financial needs. Thus, with endowment plans, you can also create savings while enjoying insurance protection.
HDFC Life offers the following types of endowment plans –
|Name of the plan||Brief description|
|HDFC Life Sanchay Plus||The plan offers guaranteed benefits which you can avail in a lump sum or in the form of regular incomes. You can avail incomes till 99 years of age as well as the refund of premiums at the end of the pay-out period|
|HDFC Life Sanchay||This is a non-participating endowment plan which allows coverage for up to 40 years. 140% to 160% of the sum assured can be received on maturity through guaranteed additions|
|HDFC Life Classic Assure Plus||This is a limited premium endowment plan where premiums are paid for a limited period but coverage is allowed throughout the term. The plan can be bought easily by filling up a Short Medical Questionnaire|
|HDFC Life Uday||This is an affordable endowment plan where the annual premium is only INR 5000. Premiums are payable for a limited period and there are guaranteed additions too|
|HDFC Life Pragati||Another affordable endowment plan where premiums start as low as INR 100/month. The plan can be bought with a Declaration of Good Health in the shortest possible time|
- HDFC Life Money Back Plans
Money-back plans are like endowment plans with the benefit of regular incomes during the policy tenure. While under endowment plans the sum assured is paid on maturity, under the money back plans parts of the sum assured are paid during the policy tenure in the form of money back benefits. This benefit allows you liquidity along with insurance coverage. In case of death, however, money back plans pay the full sum assured irrespective of the money back benefits already paid. Bonus is also added to the sum assured under these plans which help you enhance your savings.
HDFC Life offers the following types of money back policies –
|Name of the plan||Brief Description|
|HDFC Life Sanchay Par Advantage||The policy allows lifelong coverage till 100 years of age. You can choose to receive money back incomes immediately or after a specified period as per your needs|
|HDFC Life Super Income Plan||Money-back benefits start accruing after the completion of the premium paying tenure whether you pay premiums for a limited period or in a single instalment. The money back benefits range from 3.84% to 12.5% of the sum assured on maturity|
- HDFC Life ULIP Plans
ULIPs are investment-oriented insurance plans which help you get the benefit of capital appreciation as well as life insurance cover. HDFC Life offers a range of unit-linked plans in different variants so that you can create wealth while at the same time fulfilling your financial goals. Some HDFC Life ULIPs also allow lifelong coverage while some pay both the sum assured and the fund value on death.
The list of HDFC Life ULIP plans are as follows –
|Name of the plan||Brief Description|
|HDFC Life Click 2 Wealth||This is an investment-oriented unit-linked plan where only fund management and mortality charges are deducted from the premium. Moreover, 101% of the premium is allocated to the chosen fund(s) for maximum returns|
|HDFC Life Sampoorn Nivesh||The plan offers you three benefit options which you can choose as per your needs. Loyalty additions are added to boost the fund value and you can choose the Accidental death benefit rider through the Extra Life plan option.|
|HDFC SL ProwGrowth Flexi||There are two coverage options, one which offers an only death benefit and the other which offers an additional benefit on accidental deaths. There are ten investment fund options and you can choose a high sum assured for enhanced coverage|
|HDFC Life ProGrowth Plus||This is a simple unit linked plan which offers you ten types of investment funds to choose from as per your investment strategy|
|HDFC Life SL ProGrowth Super II||This is a unit-linked plan with a varied choice of ten investment funds. You can also choose a sum assured multiple depending on your coverage needs and pay premiums annually for a hassle-free experience|
|HDFC SL Crest||The plan is easily available through a Short Medical Questionnaire and offers you a choice of ten investment funds to suit your risk appetite|
|HDFC Life Capital Shield||As the name suggests, the plan offers a guaranteed maturity benefit of 101% of the total premiums paid irrespective of market movements. Loyalty additions also boost the fund value from the 6th policy year|
|HDFC Life Click 2 Invest||The plan offers different premium payment modes to suit your pockets and also a choice of 11 funds to suit your investment strategy and risk profile|
- HDFC Life Child Plans
Child plans are those which aim to create a secured corpus for the child’s future whether or not the parent is alive. HDFC Life offers two types of child plans. One is a traditional plan which offers guaranteed benefits while the other is a unit-linked plan which allows you to earn market-linked returns.
The child plans offered by HDFC Life are as follows –
|Name of the plan||Brief Description|
|HDFC Life YoungStar Udaan||The plan is available in a combination of endowment and money-back variant as it allows you to opt from three plan variants. There are also two death benefit pay-out options while premiums are payable for a limited period only|
|HDFC SL YoungStar Super Premium||This is a unit-linked child plan which offers four types of funds to choose from as per your risk appetite.|
- HDFC Life Women Plans
HDFC Life is among the few life insurance companies which offer specialized insurance plans for women. HDFC Life offers one specialized plan for the financial needs of women. This is a unit-linked plan which allows different plan variants. You can avail premium waiver benefit in case of pregnancy-related complications, cancers and tumours or death of the spouse.
The woman plan offered by HDFC Life is as follows –
- HDFC Life Smart Woman Plan
This is a unit-linked policy which offers you four fund variants to choose from. The plan also offers three types of coverage benefits which allow you to get covered for unexpected contingencies like cancer, pregnancy or death of the spouse.
- HDFC Life Retirement Plans
Retirement plans are insurance plans which help in building up a retirement corpus as well as provide lifelong incomes after retirement. HDFC Life offers both deferred and immediate annuity plans for its customers. While deferred annuity plans help in the creation of a retirement corpus, immediate annuity plans utilize a corpus and pay lifelong annuities.
The list of HDFC Life retirement plans is as follows –
|Name of the plan||Brief Description|
|HDFC Life Pension Guaranteed Plan||This is an immediate annuity policy which gives you different types of annuity options to choose from. You can also increase the annuity amount by paying top-up premiums.|
|HDFC Life Guaranteed Pension Plan||This is a traditional deferred annuity plan which helps you create a retirement corpus through regular savings. Premiums are payable for a limited period and the plan allows guaranteed additions to boost the benefit payable|
|HDFC Life New Immediate Annuity Plan||This is also an immediate annuity plan which pays a guaranteed amount of annuity monthly, quarterly, half-yearly or annually as per the chosen frequency. You can choose to receive annuities either on a single life or on joint life covering your spouse too|
|HDFC Life Assured Pension Plan||This is a unit-linked deferred pension plan which allows you to create an inflation-adjusted retirement corpus with market-linked returns. Though the plan is market-linked, a minimum vesting benefit is guaranteed on maturity even if the markets are volatile|
|HDFC Life Personal Pension Plus||This is a traditional deferred annuity plan which promises an assured benefit on death or vesting. The policy tenure ranges from 10 years to 40 years and you can choose the premium paying frequency of the policy|
|HDFC Life Click 2 Retire Plan||This is a unit-linked deferred pension plan which promises a minimum vesting benefit and also allows you to earn market-linked returns.|
- HDFC Life Cancer Plans
HDFC Life offers a cancer-specific health insurance policy which covers mild, moderate as well as advanced stages of cancer. The policy pays a lump sum benefit to the insured depending on the type of cancer suffered. This allows you to pay for the expensive treatment costs of cancer without any financial difficulty.
HDFC Life’s Cancer Plan is as follows –
- HDFC Life Cancer Care
The plan comes in three coverage variants and covers early and major stage cancers. On diagnosis of early-stage cancer, premiums are waived off to allow you financial relief in the contingency. The plan can be bought easily without the need for medical check-ups.
- HDFC Life Health / Hybrid Plans
HDFC Life offers health insurance plans too which cover specific illnesses and pay a lump sum benefit on diagnosis of such illnesses.
The different types of health insurance plans offered by HDFC Life include the following –
|Name of the plan||Brief Description|
|HDFC Life Click 2 Protect Health||This is a comprehensive health plan with nine coverage options to choose from. Premiums are waived off in case of accidental total permanent disability and critical illnesses. Moreover, coverage under the plan can be taken lifelong|
|HDFC Life Cardiac Care||This plan covers a list of cardiac-related illnesses and pays a lump sum benefit irrespective of the medical costs incurred. Multiple claims are also entertained under the plan and you can opt for indexation benefit to ensure that the plan does not fall short of inflated medical costs|
|HDFC Life Easy Health||This is a fixed benefit plan which can be taken to cover critical illnesses, surgeries or hospitalisation or a combination of these coverage benefits. The plan can be bought easily without medical check-ups|
- HDFC Life NRI Plans
HDFC Life offers life insurance plans for NRIs too. If you are an NRI you can buy any life insurance policy offered by HDFC Life as per your coverage needs whether it is term insurance, endowment, money back, ULIPs or retirement plans.
- HDFC Life Insurance Riders
Riders are additional coverage clauses which can be added to the base policy for extended coverage. HDFC Life offers two riders which cover illnesses and disabilities.
HDFC Life offers the following life insurance riders –
|Name of the rider||Brief Description|
|HDFC Life Critical Illness Plus Rider||This rider covers 19 critical illnesses. If the insured is diagnosed with any covered critical illness during the policy tenure, the rider sum insured is paid|
|HDFC Life Income Benefit on Accidental Disability Rider||This rider covers total permanent disablement suffered in an accident. In such cases, a regular monthly income of 1% of the rider sum assured is paid for 10 years|
Benefits of Buying HDFC Life Insurance Plans
HDFC Life Insurance Company offers a range of benefits to its customers when they invest in the company’s life insurance policies.
These benefits depend on the type of life insurance plan that you choose.
Following are the benefits of Buying HDFC Life insurance plans –
- Life cover
HDFC Life plans provide coverage against the risk of premature death. If the insured dies during the policy tenure, a death benefit is paid in almost all types of HDFC Life insurance plans except health plans and immediate annuity plans. This death benefit helps the family manage the financial loss suffered due to the death of the breadwinner. Moreover, some HDFC Life plans also offer the option to avail coverage till 100 years of age allowing you to cover your whole lifespan against the risk of premature death.
- Financial security for the family
Since life insurance plans cover the risk of premature death, your family is financially secured against a possible loss due to unforeseen contingencies. Besides covering the risk of death, HDFC Life plans can also cover the risk of disability and critical illness if you want thereby providing your family with a 360-degree financial assurance against adverse contingencies.
- Wealth creation
Endowment plans and unit-linked plans help in the creation of a savings corpus after the end of the policy tenure if the insured is alive. This corpus can, then, be used for the fulfilment of your different financial goals. Endowment plans help you create a guaranteed corpus while under HDFC Life ULIPs you can enhance your wealth through market-linked returns.
- Fulfilment of financial goals
The different types of life insurance plans offered by HDFC Life help you to meet your different long-term and short-term financial goals. Term insurance plans help you fulfil the income replacement goal while child plans help in a child’s education planning. Similarly, retirement plans help you create a corpus for your retirement which would also yield guaranteed annuities for your life.
- Availing loans
Under endowment and money back life insurance plans, having a Surrender Value, you can avail policy loans after a specified tenure. Moreover, your HDFC Life insurance plans can be used as collateral security to avail loans for your financial needs. Your life insurance policies are financial assets which can help you in availing loans when needed.
- Provision of liquidity
Money-back plans to provide money back benefits at regular intervals which provide your liquid funds for your financial needs. With such plans, you can strategically plan to meet your short-term financial goals.
Although, it is not at all advisable to do so unless and until in case of the absolute financial crisis and when no other option is available to meet financial needs, you have an option to withdraw from your fund value partially under ULIP after the first five policy years are over and even to have a surrender value benefit under endowment plans if you surrender the policy before the completion of the tenure. Thus, HDFC Life plans offer you the benefit of liquidity when you need funds.
- Tax benefits
HDFC Life insurance plans offer you tax benefits both on the premiums paid for the policy as well as on the benefits received from the policy subject to certain terms and conditions. This tax benefit helps you lower your taxable income and save taxes. You can enjoy tax-free returns from HDFC Life insurance plans. You can read about the detailed tax benefits below.
HDFC Life Insurance Claim Process
Having a high Claim Settlement Ratio of 99.07% for the financial year 2019-20 HDFC Life has shown that settlement of its life insurance claims is simple and easy. You can intimate the insurance company of the claim online through the company’s website. Here are the steps –
- Visit https://lifeeasy.hdfclife.com/ and click on ‘Request Claim’
- Provide your policy number, date of birth, date of death of the insured and mobile or PAN card number
- You would then have to furnish the details of the claim which would be verified by the insurance company
- Once verified, the claim would be settled
You can also visit the branch of HDFC Life and initiate the claim process. For WhatsApp users, HDFC Life has also facilitated the process of initiating the claim through a QR code.
The process of different types of claims is as follows –
In case of death
- In case of death of the insured, the nominee would have to make a claim in the policy
- A claim can be made online, through WhatsApp or by visiting the company’s branch
- The claim form should be submitted with other relevant documents
- The insurance company would verify the claim form and the documents submitted and pay the claim
Documents needed for death claim
- The claim form, filled and signed
- Policy bond
- Death certificate of the insured
- Police FIR, coroner’s report, Medico-Legal Certificate, panchnama, post-mortem report, etc. in case of accidental deaths
- Identity proof of the nominee
- Bank account details of the nominee
In case of maturity or survival
- If the policy matures or a money-back benefit is due, the insurance company would send a claim discharge voucher to you
- Fill up the voucher and submit it along with the policy bond
- The claim would be paid after the submitted documents are verified by the insurance company
In case of illness
For health-related claims, you should send a mail to firstname.lastname@example.org. The company would then process the claim. You would have to submit the relevant medical documents and policy bond at the time of claim. The insurance company would verify the documents and process your claims.
HDFC Life Insurance Tax Benefits
As stated earlier, HDFC Life insurance plans offer tax benefits on investments as well as returns. Let’s have a look at the tax benefits which you can avail from HDFC Life insurance policies –
|Income Tax Act Sections||Tax benefit available|
|Section 80C||The tax benefit is allowed on the premiums paid for HDFC Life plans. Premiums paid towards HDFC Life plans, except retirement plans, are allowed as a deduction under Section 80C up to INR 1.5 lakhs per annum. Premiums up to 10% of the sum assured are allowed as a deduction under this Section.|
|Section 80CCC||The tax benefit is allowed on the premiums paid towards HDFC Life pension plans. Premiums up to INR 1.5 lakhs per annum towards deferred annuity plans are allowed as a deduction under this Section. Premiums up to 10% of the sum assured can be claimed as deduction under this Section.|
|Section 80D||If you invest in HDFC Life health insurance plans, the premiums paid towards the plan would be allowed as a deduction under this Section up to INR 25,000 for every financial year. Moreover, if you are aged 60 years and above, you can claim a deduction of up to INR 50,000 in one financial year|
|Section 10 (10A)||Under deferred annuity plans, you are allowed to withdraw 60% corpus on maturity. This withdrawal is called commutation of pension. However, only 33% of the corpus is tax-free under this Section. The rest of the amount, if commuted is taxed as per slab.|
|Section 10 (10D)||Maturity and survival benefit received from life insurance plans are allowed as tax-free incomes under this Section. However, to claim tax exemption, the premium should not exceed 10% of the sum assured. If the premium exceeds 10% of the sum assured, the maturity benefit would become taxable.|
Death Benefit is completely tax-free U/S 10(10)D in the hands of the nominee, irrespective of the premium amount.
HDFC Life Insurance Customer Care Details
HDFC Life offers you different modes to contact it in case of any query, complaint or feedback. To contact the customer care department of the company, here are the details –
1800 266 9777 which is available from 9 am to 9 pm every day
1860 267 9999 from Monday to Saturday from 10 am to 7 pm
|SMS||SMS LIFE and send it to 56161|
email@example.com for service related queries
|Call back||Visit https://www.hdfclife.com/contact-us/call-me-now and arrange for a call-back by the company|
|Missed call||1800 315 7373 and give a missed call to arrange a callback|
|Chat through WhatsApp on + 91 8291890569|
02261131333 which is available from 9 am to 9 pm every day
Send an email to firstname.lastname@example.org
HDFC Life Insurance Review
Ever since its inception HDFC Life has offered a range of insurance solutions to retail and corporate customers. Here are some details about the company –
- As at the end of the financial year 2019-20, HDFC Life has 37 individual and 11 group life insurance products in its kitty
- HDFC Life has a pan India presence with more than 420 branches in every major city
- The products offered by the company provide all-encompassing coverage for your different financial needs
- The Claim Settlement Ratio of the company for the financial year 2019-20 stood at 99.07%
- The company offers 1-day claim settlement for policies bought online
- The Assets under Management (AUM) of the company crossed INR 127,000 crores in the financial year 2019-20 and the company had insured 6.1 crores lives so far
These statistics show that the company is one of the leading life insurance providers in India with different types of policies and easy claim settlement procedures.
HDFC Life Insurance FAQs
What is the HDFC Life Insurance policy cancellation process?
If you want to cancel your HDFC Life insurance policy you can do so within the free-look period. Free-look period is allowed from the date of policy inception till 15 days or 30 days for distance marketing channels. Thus, within this free-look period, you can cancel your policy.
How can I check my HDFC Life Policy Fund Value?
You can check your HDFC Life insurance plan’s Fund Value online through the company’s website. You can log into your account, provide your policy number and other details and check the fund value online with some simple clicks of the button. Alternatively, HDFC Life also allows missed call service for checking the fund value. You can give a missed call at 08000006609 for your fund value.
How do I check my HDFC Life Insurance Policy status?
You can check your policy status online through the company’s website. Log into your online account and check the status of your policy.
How to change the nominee in HDFC Life Insurance Policy?
To change the nominee in your HDFC Life insurance policy you can log into your online account and make the necessary changes. You can also submit a written request to the company for the same.
What happens if I surrender my HDFC Life Insurance Policy?
If you surrender your HDFC Life insurance policy, you would get a surrender value under the plan. Surrender value is, however, available under endowment and money back plans. Term plans do not have a surrender value. In ULIPs too surrender is allowed after the completion of the first five years.
How many riders can I choose under HDFC Life insurance plans?
You can choose one or both the available riders under HDFC Life insurance policies. When you choose the rider you would have to pay an additional premium.
Which premium payment frequencies are allowed under HDFC Life insurance plans?
You can pay HDFC Life insurance premiums annually, half-yearly, quarterly or monthly.
How much grace period is allowed under HDFC Life insurance plans?
A grace period of 30 days is allowed under HDFC Life insurance plans. However, if you pay premiums in the monthly mode you would get a grace period of 15 days.
Can a lapsed insurance policy be revived?
Yes, you can revive a lapsed policy within 2 years from the date of the first unpaid premium. Revival is allowed after you pay the outstanding premiums with interest thereon and a declaration of good health.
Which HDFC Life insurance plans earn a bonus?
Money-back and endowment life insurance plans can be offered as participating plans which earn a bonus.
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