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HDFC Life Insurance
HDFC Life Insurance

About HDFC Life Insurance Life Insurance

HDFC Standard Life Insurance Company is a private life insurance company providing long term insurance services to its customers. It has a wide network of more than 400 branches that cater to all the insurance related needs of customers. Its key products include pension, savings, health, investment, and a wide range of plans catering to the needs to children and women.

Types of insurance plans

HDFC Life has a range of life insurance plans ranging from Term plans to Unit Linked Plans with comprehensive features and benefits. All these plans come at competitive rates of.

  • Protection plans
  • Retirement plans
  • Health plans
  • Savings and investment plans
  • Young star plans
  • Woman’s plans

HDFC Life Insurance Plans Details

1. Protection plans:

Also called Term Plans; these plans provide life insurance coverage of a large amount at very reasonable prices so that customers can secure their families against the possibility of their untimely death. The company offers one type of term plan which is also available online. The plan is: HDFC Life Click to Protect Plus- This plan is a financially affordable term insurance plan that provides coverage for up to 75 years and also offers an additional accidental cover benefit. The tax benefit is also offered under Section 80C* and it prolongs the cover on life in case of a birth of a child as well as marriage. However, if a customer lives through the policy term, no benefit is given at the end of the policy term.

2. Retirement plans:

HDFC Life offers different types of retirement plans also called pension plans which take care of income post retirement by providing regular flow of annuity payments for as long as the policy holder is alive. The variety of retirement plans offered by HDFC Life are as follows:

  • HDFC Life Personal Pension PlansThis is a plan taken on a single life basis with easy EMI options and flexible premium frequency options. The investments can be selected anywhere from 10 to 40 years tenure and also offers an assured benefit of about 101% of the paid premiums at the time of death or also vesting.
  • HDFC Click to Retire ULIP-This is an online Unit Linked Plan (ULIP) offering assured vesting benefits with a wide option of premium payment like regular, limited or single pay. This plan can be started as early as 18 years and also provides tax benefits under Section 80C and Section10(10A) of the Income Tax Act 1961.
  • HDFC Life Pension Super Plans- :- This is a unit linked pension-plan that offers benefits to the customers post their retirement. It involves extra premium distribution rate of 102.5% from the 11th year onwards and also includes vesting benefits on maturity. It helps the customers to choose the term of the policy on their own wish with flexible retirement date and also guaranteed income on the annuity purchased through them.
  • HDFC Life Single Premium Pension Plans- It is a unit-linked single premium policy plan that helps the customer in getting income post retirement. It involves the benefits of vesting on maturity with an extra advantage of flexibility to choose single premium with an option to opt for top-up premiums. It also guarantees regular income on the purchased annuity and offers freedom to plan the retirement date suitable to the customer.
  • HDFC Life Guaranteed Pension Plans- This in a one of a kind plan that helps the customers to save and develop their retirement fund that can be used post retirement. It provides assured benefit of 3% of the assured sum each year with premium payment tenure of 5, 7, and 10 years. The term of the policy ranges from 10 to 20 years and is taken on a single life basis.
  • HDFC Life New Immediate Annuity Plan- This plan is a non-linked traditional annuity plan that provides financial independence by offering assured income even after retirement for as long as the customer as well as their spouse lives. It offers a host of annuity options with the flexibility to choose from the different annuity options like monthly/quarterly/half-yearly/or annually.
3. Health Plans:

The rising cost of medicine has mandated the coverage of a health plan to take care of any medical expense which might arise if an individual suffers from any medical contingency. The company issued various types of health insurance plans which are mentioned below:

  • HDFC Life Cancer Care Plan - This plan is a best-in-class and comprehensive Cancer insurance policy that helps the customer as well as their family to remain financially and mentally stable in case of Cancer diagnosis and at an Early Stage and also Major Cancer. It generally involves three options like Silver, Gold and Platinum and an added advantage of premium waiver of cancer diagnosis at an early stage. Under platinum option, a monthly income is provided in case of major cancer. The plan issuance process is simple without undergoing any medical check-ups..
  • HDFC Life Health Assure Plan- it is a comprehensive plan which reimburses all the medical expenditures incurred in case of hospitalization. These plans are generally of two types namely Individual and Family Floater Plan with two major options to choose from like Gold and Silver Option. Even after the claim is made, it guarantees the customers of premium for 3 more years and the cover gets doubled after 3 claim free years. The reimbursement process is trouble-free and also offers cashless claim service.
4. Savings and investment plans:

These plans provide the facility of saving and wealth creation while at the same time providing life insurance benefit in case of unfortunate death. The plan also earns tax reliefs and as such is great for creating good savings corpus. The range of saving plans offered by the company include:

  • HDFC Life Click2Invest Plans- This is a type of online unit-linked plan that provides insurance coverage on life. It has 8 fund options with a structure that is non-chargeable.
  • HDFC Life Sanchay-:It is a non-participating traditional plan with a premium payment term of 5, 8 and 10 years. The policy term ranges between 15 to 25 years and offers added advantage of 8% or 9% of sum assured on maturity.
  • HDFC SL Crest- This is a unit-linked insurance investment plan without any limit on maximum premium and offers the benefit of free of cost distribution of assets. Easy EMI options are also available in these plans that it can be taken up by filling a small medical form consisting of questions.
  • HDFC Life ClassicAssure Plus - This plan is both an investment and insurance plan that helps the development of the money to meet future requirements. The premium payment term ranges from 7 to 10 years and easy EMI facility is also available. Assured bonus and insurance coverage is also provided throughout the total term of the policy.
  • HDFC Life Super Savings Plan - This is a type of long-term investment plans that meets the requirements of the customers’ near and dear ones when they are absent. This plan is taken on a single life basis and easy EMI option is also available
  • HDFC Life ProGrowth Plus -- This plan is both savings as well as insurance plan that channelizes the savings of the customers efficiently and thus provides life cover. A host of funds namely Income Fund, Balanced Fund, Blue Chip Fund, Opportunities Fund are available with easy EMI options.I
5. Child Insurance Plans:

These plans are built with the sole aim of securing the child’s future against the unfortunate death of the parent and also generating funds supporting child’s growth. The company offers two types of child plans which are:

  • HDFC YoungStar Super Premium- - This plan helps the customers to develop funds in order to meet different needs of the children like education, marriage, house or car that might arise in the future. It offers 4 types of funds with limitless maximum premium amount. It also offers flexibility of tenure and sum assured.
  • HDFC Life YoungStar Udaan-This is a traditional participating insurance plan for parents with maturity benefits like academics, aspirations, career etc. The bonuses are accrued and payable at maturity and also offer tax benefits.
6. Woman’s Insurance Plans:

These plans cater to a wide variety of financial needs and requirement of woman arising at different stages of their lives. The type of plan under this are as follows:

  • HDFC Life Smart Woman Plan- This is a type of life insurance policy for women that help in the growth of their savings. It offers 4 different fund options and 3 benefit options. It also provides flexibility to choose the assured sum and the policy term ranges from 10 to 15 years.
  • HDFC Life Group Insurance Plans-HDFC Life also has a variety of group insurance plans which cover all the members of a group under a single policy at lower rates of premiums. The range of group plans offered by the company includes:
  • HDFC Life Group Pension Plan
  • HDFC Life Group Unit Linked Pension plans
  • HDFC Life New Group Unit Linked Plans
  • HDFC Life Group Term Insurance Plan
  • HDFC Life Group Credit Protect Insurance Plan
  • HDFC Life Group Credit Protect Plus Insurance Plan
  • HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

FAQs about Hdfc Life Insurance Life Insurance:

Are there any advantages in buying Hdfc Life Insurance insurance at an early age?

Yes. The premium that you pay on your insurance policy is mainly dependent upon two things - your age and the tenure of the policy. The younger you are, the lower is your insurance premium amount. At younger age, you would be physically sound and may not be suffering from illnesses/ medical. This would entitle you to a lower premium on the policy. Therefore it is advisable to buy insurance at an early age to reduce the cost of insurance.

Do you need life insurance?

If you have dependents and financial responsibilities towards them, then you certainly need insurance. Imagine what would happen if you were to lose your life suddenly or become disabled and cannot earn. Being insured in a situation like this is a necessity. When you insure your life, in effect what you are doing is insuring your earning capacity. This guarantees that your dependents will be able to continue living without financial hardships even in case of your demise. Most insurance plans available today come with a savings element built into it. These policies help you plan not only for protection against death but also for a financially independent future, which would enable you to have a comfortable retirement.

How else does life insurance help?

The primary need is buying financial security for your family. Other aspects that insurance helps fulfill are:

Tax benefits of opting Hdfc Life Insurance Life Insurance?

The Tax exemption available under our insurance and pension policies are described below:

Deductions

*The aggregate amount of deduction under section 80C and 80CCC shall not exceed one lakh fifty thousand rupees.

Exemption

  • Benefit is available to individual assessee and Hindu Undivided Family assessee.
  • In case of individual assessee - himself/herself, spouse, children of such individual.
  • In case of HUF assessee - any member of HUF.
  • Premiums paid under a life insurance policy are eligible for deduction under Section 80C* of the Income Tax Act, subject to the provisions of the said section.
  • Contributions to a pension plan are eligible for deduction under Section 80CCC* of the Income Tax Act, subject to the provisions of the said section.
  • The proceeds under a life insurance policy are exempt under Section 10(10D) of the Income Tax Act, subject to the provisions of the said section.
    Note: If the amount of premium paid in a financial year for a policy is in excess of 10% of the actual capital sum assured, then deduction will be allowed only for premiums up to 10% of the actual capital sum assured.

How much do I insure myself for?

One of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Calculate your total income for the years that you expect to work. Assuming that the prevailing interest rate is 8%, you need to insure your life for at least 12 times your current annual income. Assuming that a family needs Rs.100 annually for household expenditure and the rate of interest would be at 8%, then the breadwinner needs to have a life insurance policy of approximately Rs.1200. If the insurance amount were to be put in the bank by the family, the family would get a comfortable Rs.96 p.a., which would at least let the family maintain the current life style.

However to calculate your insurance need more precisely, use the following steps:
  • Calculate Monthly Livable Income required (Post tax). This is the monthly amount that the survivors of the policyholder will need in the event of his death. This is taken at 70% of the current total family expenses. Denote this as "M".
  • Calculate Monthly Income required (Pre tax) as M/ (100-t)%. Denote this as "M1". Here t = Tax rate.
  • Assume Estimated-earning rate on capital as 8%. Denote this as "r".
  • Calculate Capital livable income required (C ) as A/ r%.
  • Subtract Existing Insurance Cover amount (if any) from "C".
  • The final amount you arrive at is the amount for which you should buy insurance

How much does it cost to buy Hdfc Life Insurance life insurance?

Pure protection covers have become fairly affordable over a period of time. Further, the amount of premium depends on the cover and benefits one needs

Is there any policy where I can receive money during the tenure of the policy?

Yes, a MoneyBack Policy. This is an anticipated endowment policy with an additional feature of receiving benefit at regular intervals during the tenure of the policy. The risk cover continues for the entire policy term inspite of the installments already paid. If you outlive the policy, the maturity benefit along with accumulated bonus is paid back to you.

This is suitable for you if
  • You plan to coincide the funds received from the policy with your future anticipated needs like a car, an overseas holiday, children's educational needs, marriage expenses, etc.

What are riders?

Riders are additional benefits that can be attached onto your basic life insurance policy. These riders give you the benefit of increasing your risk cover in case of certain events happening. For instance if you have taken an Accident Death Benefit rider and you die due to an accident then your beneficiaries can get up to a maximum of twice the basic sum assured subject to Claims acceptance. Similarly there are different riders addressing different contingencies like Critical Illness, Permanent Disability Benefit, etc. There are riders available that waive your future premiums in case of death or disability of the proposer. These riders come at a nominal cost and can be availed of depending on the policy taken. These can be taken at the beginning of the policy term or during the policy term.

What are the different premium paying options available?

Nearly all policies provide yearly, half yearly, quarterly and monthly modes of premium payment. In addition, some plans also have the option to pay the premiums only for a limited period of time and not for the full policy term

What is an Hdfc Life Insurance Endowment Policy?

An Endowment Policy is a combination of savings along with risk cover. These policies are specifically designed to accumulate wealth and at the same time cover your life. In simple words, these polices are issued for specific time periods during which you pay premiums. If you die during the tenure of the policy, your beneficiaries will receive the death benefit along with the accumulated bonus additions and if you outlive the policy tenure you will receive the maturity benefit along with accumulated bonus additions (if any). This is suitable for you if You want to accumulate capital for anticipated financial needs like buying an asset such as a home, providing for your old age, your children's education, marriage, etc.

What is Hdfc Life Insurance Term Insurance?

Term Insurance, also known as pure life cover, is the cheapest and the simplest form of insurance. Under this insurance policy, against payment of regular premium, the insurer agrees to pay your beneficiaries the Death Benefit in event of your premature death. However, if you survive till the end of the policy term, nothing is payable to you. This policy has no savings component and the premiums you pay are purely a cost to buy you a life cover. This is suitable for you if
• You are looking for a low cost life cover without any savings benefits attached.

What is Life Insurance?

Life Insurance is a contract between you and a life insurance company, which provides your beneficiary with a pre-determined amount in case of your death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family. In case of your unfortunate premature demise, your family can remain financially secure because of the life insurance policy that you have purchased. The primary purpose of life insurance is therefore protection of the family in the event of death. Insurance is also seen as a tool to plan effectively for your future years, your retirement, and for your children's future needs. Today, the market offers insurance plans that not just cover your life and but at the same time grow your wealth too.

What will I receive on maturity of my policy?

On maturity, you will receive the maturity benefit as defined as for respective Plan.

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