Insurance Plans India 343 views May 8, 2021

HDFC ERGO Home Credit Assure Plan is a unique quadruple benefit product that protects yourself and your dream home from unfortunate incidents. This product from HDFC ERGO is a multi-risk package insurance product with which individuals can fulfill different personal insurance requirements concerning their homes.

With Home Credit Assure Plan, individuals can also get protection against an untimely diagnosis of critical illnesses or accidental death/disablement. Moreover, in case of the policyholder’s demise, this comprehensive plan provides the education benefit to his/her dependent children.

We are showing the prominent features of the HDFC ERGO Home Credit Assure Plan that you should check before going any further.

  1. Comprehensive Package Policy
  2. Long coverage term of 5 years
  3. Dependent Child Education Support (in case of accidental death)
  4. Hassle-free claim procedure
  5. Tax benefit under Section 80D (on critical illness cover only)
  6. 15-day free look period

On this page, we will discuss these benefits of the HDFC ERGO Home Credit Assure Plan in detail so that you can understand them better. Keep reading to know more!

Let’s Discuss the HDFC ERGO Home Credit Assure Plan Benefits in Detail

Home Loan is one of the popular options among customers to purchase their dream homes. However, several reasons may stop people from paying their home loan EMIs. HDFC ERGO Home Credit Assure Plan provides financial security in such situations. With this comprehensive insurance product, you will receive coverage against any losses due to the following conditions.

  1. Major Medical Illnesses and Procedures
  2. Personal Accident
  3. Loss of Employment
  4. Fire and Burglary Insurance

Now, we will be discussing each of them below in detail. Let’s start!

Major Medical Illnesses and Procedures

If a policyholder is diagnosed with specified critical illnesses and procedures during the policy term, this plan from HDFC ERGO will provide a sum insured, which can be less than or up to a maximum of your home loan amount. Following illnesses and procedures will be covered.

  1. Cancer of specified severity
  2. Kidney Failure Requiring Regular Dialysis
  3. Multiple Sclerosis with persisting symptoms
  4. Major Organ/Bone Marrow Transplant
  5. Open Chest CABG
  6. Stroke resulting in permanent symptoms
  7. Permanent Paralysis of Limbs
  8. Open Heart Replacement or Repair of Heart Valves
  9. Myocardial Infarction (First Heart Attack -of Specified Severity)

Personal Accident

With this benefit, this plan will provide the sum insured if the policyholder meets with an accident, and bodily injuries result in death or permanent disablement. In case of permanent disability due to an accident, the policyholder will get up to the sum insured if the accident happens within 12 months of its occurrence.

If an insured person dies due to an accident, this plan provides the dependent child the education benefit, which pays the education fees for that individual’s surviving dependent child up to the amount specified in the following table. Please check!

Loan Amount (in INR)Child Education Benefit (In INR)
FromToOne ChildrenTwo Children
15,00,000NILNIL
5,00,00110,00,00025,00050,000
10,00,00120,00,00050,0001,00,000
20,00,00130,00,0001,00,0002,00,000
30,00,00140,00,0001,50,0003,00,000
40,00,00150,00,0002,00,0004,00,000
50,00,0013,00,00,0002,50,0005,00,000

Loss of Employment/Job

HDFC ERGO Home Credit Assure Plan offers up to 3 EMIs of your home loan in case you face termination from employment by the employer on account of the following conditions

  1. Rules or regulations of the employer complying with any laws for the time being in force or
  2. Directives from any public authority

Fire Insurance

This policy also provides up to the sum insured in case a policyholder’s structure of the house faces any loss or damage due to the following reasons –

  1. Fire and allied perils such as lightning, riot, strike, malicious damage, storm, cyclone, typhoon, flood, etc.
  2. Earthquake and Terrorism

Note: Here, the sum insured can be less than or up to the loan amount only.

Burglary, Theft and Housebreaking Insurance

This plan from HDFC ERGO provides coverage up to the maximum sum insured in case of a loss or damage to the contents insured due to burglary, theft or housebreaking. Have a look at the important points mentioned below.

  1. The maximum sum insured can be 25% of the policy sum insured
  2. The maximum sum insured for jewellery kept in safe can be 20% of the burglary section sum insured
  3. You will get the claim on a 40% first-loss basis.

What is the Coverage Term of the HDFC ERGO Home Credit Assure Plan?

The policy period of the HDFC ERGO Home Credit Assure Plan ranges from 1 year to a maximum of 5 years. After this period, the plan can be renewed by mutual consent of the insurer and policyholder.

HDFC ERGO Home Credit Assure Plan Eligibility Criteria

There is one condition related to the eligibility criteria of this plan from HDFC ERGO – The Indian citizen should have taken a home loan and that should be outstanding at the time of purchasing this policy.

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