HDFC Term Life Insurance Review

HDFC Life Click 2 Protect Life

HDFC Life Click 2 Protect Life is one of the financial protection plans, which aims to provide life assured benefits and protection at every stage of life. The plan comes in three types: Life Insurance and Critical Illness Rehabilitation, Life Protect and Income Plus, which covers death, disability and critical illness. It also offers significant discounts to women who are legal and non-smokers.

Essentials:

  • There are three types of this plan: Life Insurance and Critical Illness Rehabilitation, Life Protect and Income Plus.
  • The plan ensures auto cover and critical illness cover.
    Start receiving benefits after the age of 60 under “Income Plus”.
  • The life assured can start repaying the entire premium over its life up to the maturity of the plan under the RoP option.
  • Special discount on the price of the lives of women and non-smokers.
  • The life assured can also get additional sum assured in case of accidental death under the Accidental Death Benefit (ADB).
  • Option to waive premium for diagnosis of any specified critical illness.

Who is Eligible for HDFC Life Click 2 Protect Life?

Eligibility Criteria:

Details of the three types:

Lifestyle Changes and Critical Illnesses:

In this plan, the life assured gets a fair balance between death and critical illness benefits, as the sum assured is divided between life cover (80%) and critical illness cover (20%) of the sum assured. However, it should be noted that with the increase in the duration of the process, the cover for critical diseases increased and the life expectancy decreased. And, on diagnosis of any critical illness, all future premiums are waived and the life cover continues.

Note: if critical illness policy is offered, then the life cover premium will be fixed at the same rate and the same amount will continue till the end of the policy term.

Benefit of Death: The benefit is paid as lump sum to the nominee, in case of death during the policy.

  • A certain number of deaths.
  • 105% of the total amount paid.
  • Life cover is guaranteed., whatever is higher

The confirmed death rate due to high wages is the highest among:

  • 125% of the single premium.
  • A definite figure for the maturity of the process.

The guaranteed death rate for a method other than a single payment such as a minimum payment or a fixed payment, is the highest of:

  • 10 times the annual cost.
  • A definite figure for the maturity of the process.

Maturity Benefit

  • The sum assured is paid to the assured, if the policy matures on life.
  • The amount that will be determined on growth will be equal to the total amount paid if the RoP benefit is selected, otherwise the amount will be Nil.
  • If payment is made under the maturity benefit as described above, then the policy ends immediately and no other benefit will be paid.

Life Protect Plan:

Under the policy, the assured receives a death benefit during the policy period, while the entire sum assured in the form of cash benefits is paid to the policyholder’s nominee, in case of death.

Benefit of Death: The benefit is paid as lump sum to the nominee, in case of death during the policy.

  • A certain number of deaths.
  • 105% of the total amount paid, (whichever is higher)

The confirmed death rate due to high wages is the highest among:

  • 125% of the single premium.
  • The guaranteed cost of the initial investment.
  • A definite figure for the maturity of the process.

The guaranteed death rate for a method other than a single payment such as a minimum payment or a fixed payment, is the highest of:

  • 10 times the annual cost.
  • A number has been determined on the maturity of the process.
  • The guaranteed cost of the initial investment.

Maturity Benefit:

The sum assured is paid to the assured, if the policy matures on life.
If payment is made under the maturity benefit as described above, then the policy ends immediately and no other benefit will be paid.

Income Plus Plan

Under this option, the assured has the option of receiving a fixed monthly annuity after the age of 60. This option provides you with your life annuity for a specified period of time and your monthly income from the age of 60 onwards along with the maturity value of the policy. The assured has the option to choose the maturity age as per the table below:

Benefit of Death: The benefit is paid as lump sum to the nominee, in case of death during the policy. I am above:

  • A certain number of deaths.
  • 105% of the total amount paid.

(Excluding benefits paid up to the date of death.)

The confirmed death rate due to high wages is the highest among:

  • 125% of the single premium.
  • The guaranteed cost of the initial investment.
  • A definite figure for the maturity of the process.

The guaranteed death rate for a method other than a single payment such as a minimum payment or a fixed payment, is the highest of:

  • 10 times the annual cost.
  • A definite figure for the maturity of the process.
  • The guaranteed cost of the initial investment.

Survival Value: If the assured survives during the term of the policy, then an amount equal to 0.1% of the sum assured is paid to them at the end of every month, after the assured attains the age of 60 years, till death or death. the end of the policy period, whichever comes first.

Maturity Benefit:

  • For a fixed period of time, the guaranteed amount on maturity is paid to the assured.
  • For lifetime: Nil

Additional features of HDFC 2 Click Protect Life Plans

  • In the RoP option, the assured has to pay a certain amount to receive 100% of the total amount paid as premium, if it survives to maturity.
  • Waiver of premium on critical illness policy, where all future premiums are waived, if the life assured is diagnosed with any of the specified critical illnesses.
  • Accidental death benefit, if one opts for this, then 100% of the sum assured is paid to the nominee, on the death of the life assured due to accidental death.
  • Long-term premium payment changes with no fees or charges.
  • A way to shorten the premium payment period from regular payments to minimum payments without any fees or charges.

Life of HDFC Saral Jeevan Bima

HDFC Life Saral Jeevan Bima is HDFC Life’s permanent plan that provides comprehensive financial protection to the family in the absence of a legal guardian. The system also provides additional safety and security through multiple riders.

Essentials:

  • Assured life has the option of choosing single, limited and permanent options.
  • There are several options for riders who want to provide additional protection.
  • This plan provides the following death and maturity benefits:

Benefit of Death: Life of HDFC Saral Jeevan Bima has a waiting period of 45 days from the first day of accident.

a) Death during pregnancy:

1. In the case of accidental death at the normal or minimum value, the death benefit is paid as the total amount, whichever is higher:

  • 10 times the annualized premium
  • 105% of the total amount paid up to the date of death
  • Or, the total amount payable on death.

2. In case of accidental death on a single premium policy, the death benefit is paid as the sum total which is the highest of:

  • 125% of just one investment.
  • Or, the total amount payable on death.

3. If the insured person dies for reasons other than an accident, the benefit is equal to 100% of the total amount paid (excluding tax of any kind).

b) Death after the waiting period: If the assured dies after the waiting period, but before the maturity date, then the death benefit will be paid to them as follows:

  1. For regular or partial payment policies, receive a lump sum payment upon death, whichever is the higher of:
  • 10 times the annualized premium
  • 105% of the total amount paid up to the date of death
  • Or, the total amount payable on death.

2. For a single value plan, receive a single payment upon death, whichever is the greater of:

  • 125% of just one investment.
  • Or, the total amount payable on death.

Maturity Benefit: No benefit can be provided here for survival till the end of the policy period.

Who is Eligible for HDFC Life Saral Jeevan Policy?

Additional passengers:

HDFC Life Benefit for Accidentally Disabled Driver

This rider provides additional benefits beyond the sum assured in the event of total disability resulting from an accident. A life assured is paid a fixed amount of 1% of the sum assured for ten years. However, no maturity benefit is available under this rider. This rider is not available for orders sold through agents. Entry age is 18 years to 65 years and maturity age is 75 years. Minimum sum assured is INR 1 lakh.

HDFC Life Protect Plus Rider

It is also a value add-on to the basic policy that provides additional life protection at a premium price. This rider comes with three benefits, A, B and C which are accident cover, accidental death cover and cancer cover respectively. Under option A, in case of accidental death of the assured life, 100% of the sum assured is paid to the nominee. The compensation will also be paid in case of total disability and permanent disability. However, in option B, 100% of the entire sum assured is paid to the nominee, unless there is an accidental death.

In option C, the payment is made in case of cancer such as advanced cancer, primary cancer or any type of advanced cancer.

The premiums for passengers must not exceed 100% of the initial capital for options A and C and 30% of the initial capital for option B.

Quick Protect Plan by HDFC Life

Quick Protect Plan by HDFC Life offers a choice of three guaranteed products from INR 75 lakh to INR 1.25 crore. It also provides monthly income up to ten years in case of accidental disability.

Essentials:

  • It offers three guaranteed options: INR 75 lakh, INR 1 lakh and INR 1.25 crore.
  • It provides comprehensive treatment against 19 serious diseases with severe diseases.
  • It provides life cover for 2 times accidental death.
  • They offer a monthly income plan up to 10 years in case of accidental disability.
  • No medical examination is required to purchase this policy.

Here are the features of the sum assured package along with the sum assured for the passengers:

Who is Eligible for Instant Protection with HDFC Life?