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HDFC Life Term Insurance: Brief Overview

In a world that is evolving at an accelerated pace, it is not only reasonable but also necessary that you keep up with the times and protect the future of your family and your loved ones. Term insurance plans offered by HDFC Life helps you do that and provide you with the benefit of large life cover for an affordable premium.

Most popular HDFC Life Term Insurance Plans

Term plans are typically affordable plans that provide complete protection along with financial stability to your family and loved ones in case of unfortunate events. HDFC Life offers a unique and simplified term insurance policy to meet your insurance requirements. 

  1. HDFC Life Click 2 Protect Life Plan

    HDFC Life Click 2 Protect Life plan provides benefits as per your life stage and altering lifestyle ensuring that you stay truly protected in all the stages of your life. It provides an option to avail life cover for the entire life. HDFC Life Click 2 Protect life provides three plan options:
    1. Life Protect Option- Under the Life Protect Option, a lump sum amount is paid to the nominee on death of the life assured. This option provides basic protection to the family of the life assured. 
    2. Life and CI Rebalance Option- This option provides a balance of life cover and critical illness benefits. Critical illness cover under the plan increases at every policy year with a corresponding decrease in the life cover. Additionally, all the premiums are waived off in the event of diagnosis of any covered critical illness and the life cover continues till the expiry of the term of the plan.
    3. Income Plus Option- Income Plus Option not only provides life cover but also pays maturity benefit. Under this option, the life assured gets life cover for the entire tenure of the policy along with the lump sum payment on maturity upon survival. A fixed regular income is also paid to the life assured from 60 years of age. 

Highlighting Features of HDFC Life Click 2 Protect Life Plan

  • The plan provides three plan option to choose a cover which best suits your requirements
  • It provides an option to reduce the premium paying term of the plan from regular pay to limited pay
  • Provides auto-balance of death and critical illness cover
  • Insurance income payment from the age of 60 onwards
  • The plan offers three add-on benefits options available with a product which includes the return of premium option, waiver of premium on CI option and accidental death benefit option which can be brought an added premium cost. 

Eligibility conditions of HDFC Life Click 2 Protect Life Plan:

Entry AgeMinimum- 18 years/30 years/ 45 years (Depending on plan option and coverage term) Maximum- 65 years/ 50 years/ 55 years (Depending on plan option and coverage term) 
Age at Maturity

Minimum- 18 years/28 years/70 years (Depending on plan options) 

Maximum- 75 years/85 years/whole life (Depending on plan options) 

Premium Paying TermSingle pay, limited pay and regular pay
Basic Sum Assured

Minimum- INR 50,000/ INR 20 Lacs (Depending on plan options) 

Maximum- No Limit

Apart from the above, HDFC Life provides the following group term plans: 

  • HDFC Life Group Term Insurance Plan
  • HDFC Life Group Credit Protect Insurance Plan
  • HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana
  • HDFC Life Group Jeevan Suraksha
  • HDFC Life Group Credit Protect Plus Insurance Plan
  • HDFC Life CSC Suraksha-Term Insurance Plan
  • Ultra Loan Shield
  • HDFC Life Group Suraksha

Benefits of buying HDFC Life Term plan

Term Insurance plans offer various benefits to the policyholder and his/her family. The benefits of buying HDFC Life term plans are as follows: 

  1. Large cover in low premium- 
    HDFC Life term insurance policy offers substantial coverage for quite an affordable premium. Term insurance plans are the simplest form of insurance which are very affordable and also offer coverage for a long time. 

     
  2. Protecting your dependents- 
    Term insurance plans serve the primary purpose of protection of the financial dependence of the policyholder in the event of death. Lump-sum death benefit helps the financial dependence to manage their livelihood related expenses and enable them to achieve financial goals and life.

     
  3. Add- on riders- 
    Term insurance plans come with an option to add riders at an additional premium and customise your plan as per your insurance requirements. These riders are useful and can argument a term plan by offering enhanced protection.

     
  4. Pay-out options- 
    HDFC Life term plans provide you with an option to receive the pay-out at regular intervals instead of one large payment. You can select the pay-out option at the time of inception of the plan and receive the benefit either in a lump sum or as a regular income to meet your day-to-day immediate expenses. 

     
  5. Whole Life Coverage- 
    HDFC Life Click2Protect Life offers an option of whole life coverage in which life cover is offered for the entire life of the policyholder. 

     
  6. Easy to buy- 
    Buying the HDFC Life term plan is very easy, convenient and simple. You can just visit the website of the insurance company, select a plan, pay the premium and the plan will be issued to you within minutes without any requirement of much paperwork or agents. 

     
  7. Rebate- 
    HDFC Life offers rebates on premium for higher sum assured. You can also avail discounts on the premium amount if you are a non-smoker.

     
  8. Tax Benefits- You can avail of tax benefit on the premiums paid for the term plans as well as on the pay-outs received from the plan under section 80C and 10 (10D)of the Income Tax Act, 1961. Hence, HDFC Life Term plans to help you to save tax. 

What is covered in HDFC Life Term Insurance Plans? 

When you opt for a term plan, you are securing your family and loved ones financially when you are not around. Let’s have a look at what is covered in HDFC Life term plans: 

  1. Death benefit- Death benefit is payable in the form of a lump sum amount to your nominee if you die during the term of the plan. 
  2. Maturity benefit- HDFC Life term plans provide maturity benefit upon survival till the maturity of the policy tenure. You will receive 100% of the total premiums paid as a lump sum amount on the expiry of the term of the plan. 
  3. Survival benefit- On survival by the life assured during the policy term, an income which is a fixed percentage of basic sum assured is paid to the policyholder.  
  4. Critical illness- A lump sum pay-out is offered if the life assured is diagnosed with any of 19 critical illnesses which include cancer, kidney failure or permanent paralysis of limbs, blindness, etc. The critical illness benefit is paid if the life assured survives 30 days following the diagnosis. 
  5. Your Liabilities- With HDFC Life Term plans you can ensure that your liabilities do not become a burden on your loved ones in your absence. Term plans cover your liabilities and help your family to pay off your liabilities from the benefits received under the plan.  

What is not covered in HDFC Life Term Insurance? 

In spite of wider coverage, there are a set of events that are excluded from the coverage of HDFC Life term insurance plans. The sum assured of the plan is not paid if the cause of death of the life assured is due to any of the following: 

  • Death due to drug or alcohol
  • Death of life assured in the event of War
  • Death due to participating in an adventurous sport or illegal activity
  • Accidental death while driving under intoxication
  • If the life assured passes away due to participating in a hazardous activity
  • Death due to HIV/AIDS or homicide

If the life assured suffers death due to suicide within 12 months from the date of risk commencement under the plan, the nominee of the policy will be paid at least 80% of the premiums paid for the plan till the date of death or the surrender value as on the date of death, whichever is higher. 

The above given are some of the most common exclusions of the term insurance policy. For a detailed list, you are advised to go through the terms and conditions of the term plan by visiting the website of the company. 

How to apply for an HDFC Life Term Insurance plan? 

Before buying a term insurance policy you need to completely access and select a term plan which best suits your requirements. You should ensure that your term insurance plan is able to cover your family’s expenses and future obligations in your absence. You will also have to check the amount of premium that you have to pay, the pay-out under the plan and its eligibility criteria. 

Purchasing term plans online is very easy and convenient. You can buy the HDFC Life term plan online by following the simple and easy steps stated as follows: 

  1. Step 1- Visit the website- Start off by visiting the official website of HDFC life and clicking on “I want to buy a term plan.” Alternatively, you can just click on https://onlineinsurance.hdfclife.com/buy-online-term-insurance-plans/click-2-protect-life/basic-details?source=NW_HP_C2PL_PopLinks&agentcode=00399206&language=en 
  2. Step 2- Fill in the details- Fill in the application form with the details such as your name, date of birth, email ID, mobile number, gender, smoking habit, city of residence and policy tenure. 
  3. Step 3- Get a quote- On the basis of the details submitted above, the insurance company will generate a code for you depending on the sum insured, age, smoking habits, etc and it will show you the amount of monthly or annual premium that is required to pay to get the insurance cover. 
  4. Step 4- Additional information and add- ons- If you are happy with the quote offered by the insurance company, you can go to the next tab and provide additional details which include employment details, your address, health details and the nominee’s name and address. You can also choose add-ons as per your requirements and customise your plan. 
  5. Step 5- Submit the documents- You will be required to submit certain documents while applying for term insurance online. One should keep the scanned copies of these documents handy. The documents required are as follows:
  • Age proof
  • Photo ID proof
  • Address proof
  • Proof of income
  • Recent passport size photograph
  1. Step 6- Apply for medicals- Depending on the sum assured selected, health condition and your age, you may be required to undergo a pre-medical screening before buying a term insurance plan. 
  2. Step 7- Make the payment- Make the payment online through any of the available digital banking modes. After payment, a copy of the insurance policy will be sent to you through email to your registered email ID. 

One must know that it is very important to inform the insurance company about your medical history and provide correct details so that your claims are not rejected at the time of settlement. If the questions asked by the portal are answered incorrectly, there would be an impact at the time of filing the claims. If you have any query while filling the application form you can call the toll free number at 1800 266 9777 or email the insurance company at buyonline@HDFCLife.in

HDFC Life Term Insurance Riders

Term insurance plans provide basic protection to your family against the uncertainty of death. However, different individuals have different insurance requirements. HDFC Life helps you customise your term plan by attaching riders at nominal premiums. With riders, you can ensure the financial security of your family and increase the coverage of the term plan. HDFC Life offers the following riders that can be attached with its term insurance plans: 

  1. HDFC Life Critical Illness Plus Rider- Under this rider, if the life assured is diagnosed with any of the listed 19 critical illnesses and survived 30 days following the diagnosis, a lump sum payment is made which is equal to the sum insured to the nominee of the plan.
  2. HDFC Life Protect Plus Rider- Protect Plus Rider provides a proportionate benefit of the rider sum assured in case of accidental death or partial total disability suffered by the life assured due to an accident or on diagnosis with cancer as per the option selected under the rider. The benefit under the rider is paid as a proportion to the events covered. However, no maturity benefit is payable. 
  3. HDFC Life Income Benefit on Accidental Disability Rider - As the name suggests regular monthly income which is 1% of the sum insured is paid under this rider in the event of total permanent disability suffered by the life assured due to an accident. The regular income is paid for a fixed tenure of 10 years. 
  4. HDFC Life Waiver of Premium Rider- This Rider waives off all the future premiums under the plan, in case of disability or on the diagnosis of covered critical illness. In such cases, the benefit under the policy continues to be in force in spite of not paying the premiums and the death benefit is paid in the event of the death of the life assured
  5. HDFC Life Accidental Death Benefit Rider- Under this rider, an additional sum is paid to the nominee over and above the basic sum assured in case of accidental death of the life assured.

HDFC Life Term Insurance Claim Process

HDFC Life provides a simpler, easier and an efficient claim settlement process. Claim Settlement process of HDFC Life Term plan is discussed as follows: 

  1. Initiate the claim- you can initiate the claim by visiting the official website of the insurance company or by clicking on https://www.hdfclife.com/customer-service/claims. You can also call on 18602679999 or visit the branch of the insurance company or email to service@hdfclife.com for initiating your claim. 
  2. Fill the claim form- Download the claim form and fill it with the relevant details such as your policy number, name, address, phone number and email address.
  3. Submit the documents- Certain documents are required to be attached in case of online claim settlement or to be submitted to the nearest bank branch in case of offline claim settlement. You will have to submit the following documents along with the claim form to process the claim: 

In case of natural death

  • Duly filled and signed claim form with bank account proof
  • Claimant’s PAN card and proof of address
  • Death certificate of the life assured issued by the Government
  • Original policy document
  • Hospital doctors certificate
  • Medical records of the treatment and diagnosis

Additional documents in case of unnatural death

  • Post-mortem report attested by the hospital authorities
  • Attested police record by police authorities

 In case of terminal or critical illness

  • Duly filled and signed critical illness claim form along with bank account proof
  • Claimant’s PAN card and address proof
  • Original policy document
  • The medical records of the life assured such as hospital treatment record for critical illness diagnosed reports of the diagnostic test

After submitting the documents you will receive an acknowledgement and will be updated regarding your claim settlement process by the insurance company executive. You can check the status of your claim on the official website of the insurance company

HDFC Life Term Insurance Customer Care Details

Websitewww.hdfclife.com 
Toll-free number

1800 266 9777 to buy online

1860 2679 999 for customer service

1800 266 0315 for online queries

1860 267 9999 for claim settlement

Email

buyonline@hdfclife.com 

service@hdfclife.com 

onlinequery@hdfclife.in 

nriservice@hdfclife.com 

SMSSMS LIFE to 56161
Instant call backGive a missed call at 1800 315 7373
Company addressLodha Excellus, 13th Floor, Apollo Mills Compound,  N.M. Joshi Marg, Mahalaxmi, Mumbai 400011
Corporate Number022 67516666
WhatsappChat on Whatsapp at 91 8291890 569

Review of HDFC Life Term Insurance

HDFC Life is one of the best and most trusted insurance providers in the country. It offers a range of group and individual insurance solutions to meet its customers’ insurance needs. It provides a one-day claim settlement process making it easy and hassle-free for its customers. Individual death claim settlement ratio of HDFC Life for the financial year 2019-20 stood at 99.0 7%. HDFC Life’s total Assets under Management for the financial year 2019-20 crossed 1, 27, 000 crore. HDFC Life Click 2 Protect 3D Plus was selected as the winner in the Best Term Plan of the Year category in the year 2020. Being awarded as “The Best Life Insurance Company '' in the BFSI Awards 2018, HDFC Life is the right choice if you are looking for a reliable term insurance policy. 

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