Insurance Companies 3393 views July 12, 2019

HDFC Life Insurance Company

HDFC Life Insurance Company – Overview

NameHDFC Life Insurance
Company TaglineSar Utha Ke Jiyo
Managing Director & CEOVibha Padalkar
Founded2000
HeadquartersMumbai
OwnerJoint venture between HDFC Ltd. and Standard Life Aberdeen
Serving CountryIndia
ProductsLife Insurance
Total No of Employees17600+

A leading private insurance company in India, HDFC Life Insurance Company, enjoys the reputation of selling multiple insurance products as an essential cover to secure life. This company was formed as a result of a joint venture between the  Housing Development Finance Corporation Limited and Standard Life Aberdeen plc. While the former is one of India’s biggest financial institutions, the latter is renowned for its financial investment solutions in the United Kingdom.

Term Insurance

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The company has multiple insurance products under its ambit and has been operating since 2000. These products may include insurance plans including Protection, Savings, Pension, Investments and Health solutions. Currently, the company is selling more than 34 individual insurance products and 11 group insurance plans that cater to the varying needs of its customers. The company has made its presence felt across more than 900 towns and cities across India and operates through its liaison office in Dubai. The management at the helm attributes its multiple and effective channel distribution to its high claim settlement ratio, be it individual life insurance claims or group claims.

This is one insurance company that stands tall among all its competitors owing to its high claim settlement ratio and years of brand reputation that the company enjoys. HDFC Life resulted from a joint venture between two business conglomerates Housing Development Finance Corporation Ltd (HDFC) and Standard Life Aberdeen PLC. HDFC is the country’s leading housing finance institution, while Standard Life Aberdeen PLC is an investment company in the United Kingdom that provides investment services across the globe.

Term Plans Offered by HDFC Life Insurance Company in India

HDFC Life is currently offering below term plans:-

  1. HDFC Life Click 2 Protect 3D Plus
  2. HDFC Life Sampoorn Nivesh Plan
  3. HDFC Life Super Income Plan
  4. HDFC SL Youngstar Super Premium Plan
  5. HDFC Click to Protect Plus
  6. HDFC Life CSC Suraksha

HDFC Life recently came out with its own version of online term insurance product called HDFC Life Click 2 Protect 3D Plus that promises full financial security in the event of any unforeseen event during the term of the policy. Launched in August 2018, this term insurance policy promises flexibility and can be customized as per the customers’ requirements.

With HDFC Life Click 2 Protect 3D Plus, the customer gets to choose from nine cover options as per their requirement. The purpose of buying term insurance is to secure one’s loved ones from the three Ds, i.e., Death, Disability and Disease, that can make them economically vulnerable and prone to life-long misery. Improved medical conditions have resulted in people living longer, i.e., greater life expectancy and increased life span. This limits customers looking to pay for term insurance plans with longer policy period. To improve customer experience, the HDFC Life Click 2 Protect 3D Plus allows an extended policy period to 50 years as the maximum age at maturity has been increased to 85 years from 75 years. In addition, the Critical Illness Plus Rider benefit has been upped from Rs. 50 lakhs to Rs. 1.5 crores.

HDFC Click to Protect Plus

This term insurance plan provides four cover options. They are:

  1. Life Option
  2. Extra Life Option
  3. Income Option
  4. Income Plus Option

Both single premium and regular premium options are available to customers opting for this plan. For customers choosing to take the single premium feature, the maximum amount of death benefit is either 125 percent of the single premium paid or the sum assured, whichever is higher. For policyholders opting to pay premiums at regular intervals, the death benefits promised is higher of the sum assured or 10 times the yearly premium decided. In either case, the death benefits payable to the nominee(s) cannot be less than 105 percent of the total premium amounts paid till the death of the policyholder.

The minimum policy period is 10 years and must not exceed beyond 40 years. While the minimum amount of sum assured is Rs 25 lakhs, there is no upper limit on the same.

HDFC CSC Suraksha Plan

This is an inexpensive term plan aimed to tap the population living in rural areas. Low premium rates in this plan make it more affordable. The death benefits are similar to those availing the benefits of HDFC Click to Protect Plus by paying regular premiums, i.e., higher of the sum assured or 10 times the yearly premium amounts paid. The death benefits paid must not be lower than 105 percent of the total premiums paid till date. Tax benefits remain the same as in other term insurance plans with premiums eligible for tax deduction under Section 80(C) and death benefits exempt under Section 10(10D) of the Income Tax Act.

How Do You Benefit By Choosing Life Insurance Policies Of HDFC?

When it comes to choosing the right insurance product, one must not compromise on features by just looking at the premium prices. HDFC Standard Life Insurance ensures that its customers avail added benefits in addition to what most other life insurance companies promise to their customers. Moreover, the company realizes the need for flexibility which is evident on its unwavering focus on customization of insurance plans. For example, the company’s policyholders can benefit from increased rider protection in lieu of added premiums. The ease of claim settlement is what attracts customers the most. After all, the aim of buying any kind of life insurance product is timely and smooth claim settlement. HDFC ensures that the insured or their nominee(s) do not have a hard time getting the claim settled.

Benefits of HDFC Life Insurance Company Plans

HDFC Life Insurance Plans are designed to cater to varying and increasing needs of today’s customers. In addition to their affordability and online availability, other benefits of these plans include:-

  1. All-around security for policyholders and their nominees
  2. Guaranteed protection in the event of sudden death, disability or disease
  3. Non-smokers benefit from discounted premium rates
  4. Tax benefits on both premiums charged and life cover promised
  5. Special premium rates for women
  6. Option to increase the sum assured at life’s different milestones
  7. Option to increase cover through yearly top-ups

Why Should You Check Your HDFC Life Insurance Policy Status?

Many people believe that buying a life policy is enough. They ignore the need to check its status regularly. The importance of investing in a life policy cannot be understated as it ensures a financial shield against contingencies like death, disability or disease. You must check your policy status to check that:- 

  1. The policy is not lapsed owing to some unknown reason
  2. The policy is earning good returns in sync with your future needs
  3. The bonus and other benefits are regularly being added to the policy

HDFC Standard Life Insurance Company Reviews

  1. I still find it hard to believe the extent to which the HDFC Customer Care department went just to ease my claim process. Without their support, I would not have never received the term insurance claim amount that my son had bought to secure his loved ones.
  2. I wanted to buy a child’s plan but was unable to understand whom I must approach. So, I left my details on the contact form of most financial institutions including insurance companies. Surprisingly, the team at HDFC contacted me within minutes of filling up the form. The marketing team advised me about the nuances of the policy, thus, aiding my buying decision.
  3. I don’t usually recommend names as experiences tend to differ. However, investing in HDFC changed my outlook. Not only did they advise me the best plan suited to my requirements, but they also ensured that I understand the terms and conditions of the policy before I choose to pay for it. 

How to Get in Touch With HDFC Life Insurance Company?

Toll-free Customer Service Number: 1800 – 266 – 9777

Office Number: (022)67516666

Awards Won by HDFC Standard Life Insurance Company

It feels good to be recognized for one’s efforts. For once you suddenly feel that you have been heading in the right direction all along while your employees realize that the efforts have not gone futile. While HDFC Standard Life Insurance Company feels proud of its efforts, some of the most prominent awards that it feels proud of includes:-

  1. India’s Best Companies to Work
  2. Gold Shield in the ICAI Awards
  3. Finnoviti 2016 Award for innovations in BFSI
  4. Indian Insurance Awards 2016 – Best Product
  5. SAP ACE Awards 2016
  6. DataQuest Business Technology Award
  7. QCI – D. L. Shah Quality Awards – Gold Award
  8. Most Customer Responsive Insurance Company of the Year in 2015

HDFC Standard Life Insurance Company Contact Details

HDFC Standard Life Insurance Company Limited CIN: L65110MH2000PLC128245

Registered Office

HDFC Life Standard Insurance Company Limited

Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011

For Online Buying, you may email to buyonline@hdfclife.in 

For Service Request, you may email to service@hdfclife.com

FAQs About HDFC Life Insurance Company India

How to buy an HDFC life policy online?

Buying insurance policy online is easy as insurance companies not only now share their details on the web but have eased the online process considerably, thus, allowing interested customers to buy their choice of policies with just the click of a few buttons.

  1. Go to HDFC Life’s official portal and click on the “Online Plans” option
  2. Scan details of the various plans published on the site to find out which plan suits your needs best
  3. Choose your preferred insurance plan option and find out the premiums you have to pay on that policy
  4. Check for additional rider benefits that you may wish to pay for
  5. Find out whether the premium charges corresponding to the benefits that you wish to avail and are within your budget
  6. After you have chosen your policy, click on the “Buy Online” option
  7. Fill in the form asking for your name, email id, mobile number, date of birth, the name of your residence city, occupation, etc.
  8. After filling in the form details, click the “Submit” option
    Follow other given steps to complete the plan-buying process online.

How to get HDFC Life Insurance Policy canceled?

Policyholders looking to get their policies canceled must download the surrender form from the insurance company’s site. The policyholders must then fill in the details in the surrender form and attach the same with policy documents before submitting them to any of the branch locations in the country. Post receipt of the policy cancellation application, the insurance company will refund the policy charges to the bank account minus the cancellation charges, stamp duty, and medical tests.

How does HDFC settle the claims made by its customers?

Download the claim form from HDFC Life Insurance Company’s site. Alternately, you may email the claim intimation to the following email ids.

For making Life Insurance or Critical Illness claims: service@hdfclife.com

For making Health Insurance claims: healthassure@hdfclife.com

Can one pay the premiums towards HDFC Life Insurance in online mode?

Yes. Customers can choose to pay HDFC Life Insurance premiums in both online and offline mode depending on their needs and payment suitability.

What is the procedure of HDFC policy renewal?

Online policy renewal is simple. Just log on to myaccount.hdfclife.com with your id and password. Click on the “Instant Renewal” tab and enter your policy details so that the renewal premium gets generated. You may consider making premium payment through any of the multiple payment options given online to get your policy renewed.

How can I check my policy status?

You can check the status of your policy online. Log in to myaccount.hdfclife.com with your id and password. You will automatically find all the features of your policy including its current status published on the site’s page.

Is it possible to check the fund value of my HDFC Life policy?

Checking the fund value online is easy as you simply have to dial the toll-free number 08000006609 from your registered mobile number. The call gets disconnected post which you will receive details of the fund value on your mobile.

I wish to surrender my HDFC Life Insurance Policy. What are the documents required for the same?

There may be myriad reasons for surrendering or canceling your life insurance policy. However, you would be required to submit the following document for hassle-free cancellation. These include:-

  1. Original policy documents
  2. Cancelled cheque in the policyholder’s name
  3. Proof of identity including Pan Card, Aadhar Card, Passport, Driving
  4. License, Voter’s ID
  5. Policy surrender or cancellation form.

I wish to revive my HDFC Life Insurance Policy. Please advise me about the procedure.

An insurance policy will get lapsed if you stop paying the premiums. However, the same can be revived through the following process:-

Step 1: Pay the outstanding premium amounts and the interest applicable to the same
Step 2: Pay the revival charges or fee applicable
Step 3: If more than a year has passed since payment of the last premium amount, you have to submit your identity and address proofs
Step 4: You will also have to submit a personal health statement