Insurance Companies 4250 views July 12, 2019

HDFC Life Insurance

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.

HDFC Life Insurance Plans

Term Insurance Plans

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.

Benefits of HDFC Life Insurance 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

Protection Plans

Right now the company sells HDFC Life Click 2 Protect Plus, HDFC Life Click2Protect 3D Plus and HDFC Click 2 Protect Health at very reasonable rates to ensure that their customers can secure the lives of their loved ones against any sudden and unfortunate death.

Created with the idea to protect against the three uncertainties of life, viz., Death, Disability and Disease, this plan serves to provide all-around security at affordable premium prices.

Benefits of paying for HDFC protection plans include

  1. Comprehensive security at all times, especially during trying times of financial insecurity
  2. Affordable premium rates make it easier to pay for these plans
  3. Ensures that the dependents of the deceased policyholder continue with the same standard of living even under adverse circumstances.

Retirement Plans

Saving enough for old age or planning for retirement is a must. These kinds of plans promise a regular flow of payments every year till the day the annuitant is alive. These include

  1. HDFC Life Personal Pension Plus
  2. HDFC Life Click 2 Retire
  3. HDFC Life Pension Guaranteed Plan
  4. HDFC Life New Immediate Annuity Plan
  5. HDFC Life Pension Super Plus

Benefits of paying for HDFC pension plans include

  1. Minimum premium charges
  2. Policyholders get eight fund options to choose from while making investments
  3. Choice of policy period as per need
  4. Tax benefits on both premiums paid and annuity received.

Savings and Investment Plans

Timely savings and investments are important too, which explains how buying these plans can ensure an added income option apart from the inherent feature of providing the benefit of the life insurance to the nominee(s) of the insured as a measure of financial security in case of unfortunate death. These include the HDFC Life Click2Invest ULIP, HDFC Life Sanchay, HDFC Life Super Income Plan, HDFC SL Crest, HDFC Life Classic Assure Plus, HDFC Life Super Savings Plan, HDFC Life ProGrowth Plus, HDFC SL ProGrowth Super II, HDFC SL ProGrowth Flexi, HDFC Life Sampoorn Samridhi Plus, HDFC Life Sampoorn Nivesh and HDFC Life Uday.

Savings and investments are better when one does with HDFC. This is because:-

  1. Policyholders get the opportunity to invest from six different investment options.
  2. The policyholders can choose from among different combinations of term insurance policies, premium paying terms and the benefits involved
  3. Loan available on the plan to the extent of 80 percent of the plan’s surrender value
  4. Tax benefits on both premiums paid and the claim amount.

Young Star Plans

The untimely death of parents can wreak havoc in children’s lives. More so, if they do not have access to any source of income. With these plans in place, parents can now secure the future of their children that ensure an amount in the event of unfortunate death of the policyholder. These include HDFC SL YoungStar Super Premium and HDFC Life YoungStar Udaan.

These plans are essentially unit-linked, which means that parents can secure their children’s growth through returns while ensuring them an added protection through life insurance. Policyholders can choose from four different fund options including:-

  1. Income Fund
  2. Balanced Fund
  3. Blue Chip Fund
  4. Opportunities Fund

Women’s Plans

Created with the idea to cater to varying needs of women at different stages of their lives, these plans include benefits essential to women’s financial security.

One of its kind, as no other insurance company has ever rolled out life insurance plans dedicated to women for their safety and growth. This market-linked plan financially secures during difficult times including pregnancy complications, cancer, etc. A sum assured equal to 40 times the yearly premium charges paid is one of the major benefits that these plans promise. Also, the policyholders avail Premium Waiver Benefit + Complete funding of the next three years’ premiums + Cash Payouts for the next three years in the event of children born with congenital disorder problems or cancer detection or death of the husband.

Group Insurance Plans

The group insurance plans are bought to cover all the members of a group by paying for a single policy at nominal premium rates. These plans include:-

  1. HDFC Life Group Pension Plan
  2. HDFC Life Unit Linked Pension Plans
  3. HDFC Life Group Variable Employee Benefit Plan
  4. HDFC Life New Group Unit Linked Plans
  5. HDFC Life Group Term Insurance Plan
  6. HDFC Life Group Credit Protect Insurance Plan
  7. HDFC Life Group Credit Protect Plus Insurance Plan
  8. HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

Eligibility Criteria

HDFC Life Insurance PlansMin Entry Age Max Entry AgeMaturity AgeMinimum Sum Assured (INR)
Min Policy TermMax Policy Term
Standard Life Insurance Term Plan18 Years65 Years75 Years25,00,00010 Years40 Years
Endowment Plan18 Years60 Years75 Years25,00,000
15 Years30 Years
Retirement Plan18 Years65 Years75 Years2,00,00010 Years40 Years
Child Plan30 Years60 Years75 YearsAccording to age, term, premium, etc.15 Years25 Years
Savings Investments Plan
30 Years 45 Years70 Years1,00,00015 Years25 Years

These plans serve best to ensure an annual income after one has retired. An essential element of retirement planning, these insurance policies not only tackle the rising inflation but also enable comfortable living throughout till death.

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

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 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.

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

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

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