Insurance Plans 875 views April 8, 2020

Life Click 2 Wealth Plan of HDFC Life Insurance is a unit-linked life insurance product. It is a non-participating insurance plan. It offers market-linked returns to the holder of the policy and provides protection of life to the insured and his/her family. This plan offers flexibility and reliability to the policyholder and offers the facility of investment, protecting the life of the dependants as well as facilitates to plan the retirement along with whole life insurance cover. It offers financial support and protection against unforeseen future events and helps you to safeguard the wealth created by you to meet your desired goals.

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Features of HDFC Life Click 2 Wealth

The key features of HDFC Life Click 2 Wealth plan are as follows:

  1. HDFC Life Click 2 Wealth offers the policyholder to choose from 10 options of funds with free switching as many times as the policyholders wants.
  2. The policyholder can choose from three plan options as per their investment and protection needs. The three plan options include Option of Invest Plus, Option of Premium Waiver and option of golden year benefit. An option once selected cannot be changed throughout the term of the plan.
  3. The mortality charges towards the life cover of the insured and the fund management only charges towards the management of the funds.
  4. The plan also offers 1% special deduction of the annualised premium for the plan. This special addition is done to the value of the fund for first five years and for the single pay plans, 1% of the single premium while allocating the single premium mode. >The benefit of the premium waiver offered under the plan protects the future of the family of the policyholder in his/her absence.
  5. The plan offers three options of premium payment which includes Single pay option, regular pay option and limited pay option. If you opt for monthly premium paying mode, then three months premium amount is to be paid in advance.
  6. The strategy of systematic transfer plan provides advantage to the policyholder of rupee cost averaging.
  7. The plan offers return of the mortality charges at the time of maturity of the plan. In case of option of premium waiver, the mortality charges which are pertaining towards only the life assured will be paid. However, if the waiver of the premium for the plan has been triggered on death of proposer, the return of mortality charges will not be paid.

Eligibility Criteria of HDFC Life Click 2 Wealth

The eligibility conditions are necessarily required to be fulfilled before buying the plan. You are required to check your eligibility for the plan and choose the term of the premium payment, the term of the policy and the amount of the premium. The eligibility conditions of HDFC Life Click 2 Wealth are as follows:

Parameters Invest Plus Option  Premium Waiver Option Golden Years Benefit Option
Entry AgeMinimum
0 years (30 Months)
Maximum
60 years
Minimum
For life Assured- 0 years (30 days)
For the proposer- 18 years
Maximum
For life assured-60 years
For the proposer- 65 years
Minimum
0 years ( 30 days)
Maximum
60 years
Age at MaturityMinimum
18 years
Maximum
75 years
Minimum
18 years
Maximum
75 years
Maximum
99 years
PremiumsMinimum Single premium- Rs 2400
Minimum Annual Premium- Rs 12000
Minimum Half-yearly premium- Rs 6000
Minimum Quarterly premium- Rs 3000
Minimum Monthly premium- Rs 1000
Minimum Single premium- Rs 2400
Minimum Annual Premium- Rs 12000
Minimum Half-yearly premium- Rs 6000
Minimum Quarterly premium- Rs 3000
Minimum Monthly premium- Rs 1000
Minimum Single premium- Rs 2400
Minimum Annual Premium- Rs 12000
Minimum Half-yearly premium- Rs 6000
Minimum Quarterly premium- Rs 3000
Minimum Monthly premium- Rs 1000
Policy TermMinimum
10 years
Maximum
40 years
Minimum
10 years
Maximum
40 years
99 years minus the age at entry
Premium paying termSingle pay
Limited Pay- 5 years, 7 years and 10 years
Regular pay- Minimum: 10 years
Maximum: 40 years
Limited Pay- 5 years, 7 years and 10 years
Regular pay- Minimum: 10 years
Maximum: 40 years
Limited pay- Minimum: 10 years
Maximum: 70 years minus the age at entry
Sum AssuredMinimum
Single Pay: 1.25 of single premium
Regular and Limited Premium: 10times of annualised premium
Top-up: 1.25 of top-up premium
Maximum- No Limit.
Minimum
Single Pay: 1.25 of single premium
Regular and Limited Premium: 10times of annualised premium
Top-up: 1.25 of top-up premium
Maximum- No limit
Minimum
Single Pay: 1.25 of single premium
Regular and Limited Premium: 10times of annualised premium
Top-up: 1.25 of top-up premium
Maximum- No Limit

Benefits of HDFC Life Click 2 Wealth

Benefits offered by the HDFC Life Click 2 Wealth plan are as follows:

Choose the plan option

There are three options offered to choose from as per your investment needs and each option offers a different benefit to the policyholder. The three options include:

  1. Invest Plus Option- This option provides life insurance cover to the insured and ensures your investment needs by paying the value of the accumulated fund at the maturity.
  2. Premium Waiver Option- This option takes care of all the financial liabilities of the policyholder in his/her absence. The future premiums of the plan will be waived on the death of the proposer of the plan. The insurance policy under this option continues with the risk cover for the insured individual and the total accumulated fund value is paid to the insured on the maturity of the plan
  3. Golden Years Benefit Option- Golden years benefit option as the name suggest, secure the golden years of your life after your retirement. It offers the policyholder to build the fund value along with the life insurance cover benefit for the whole life (up to 99 years). The systematic withdrawal facility is also available under this option to general post-retirement income from the amount of fund accumulated.

Fund Options

You get to choose how you want to manage your portfolio of investment. There are 10 different fund options that help to manage the money according to your risk appetite. The option of a systematic transfer plan is also available in which you get the benefit of rupee cost averaging.

Maturity Benefit

On the maturity of the plan, the fund value is paid to you. The accumulated fund value is calculated by the insurance company by multiplying the balance units in the fund by the prevailing price of the units. You also have the option to receive the accumulated fund value at maturity in instalment by entering into a settlement option with the insurance company.

Death Benefit

In case of unfortunate death of the insured individual, the death benefit will be paid which shall be the highest of the accumulated fund value of the plan or 105% of the total premiums paid for the plan or the total sum assured under the plan less the partials withdrawals made by the policyholder if any.

Return of the mortality charges

On the date of the maturity of the plan, the total amount of the mortality charges which were deducted for the life insurance cover of the insured individual will be added to the value of the fund. However, this benefit is not available in the premium waiver benefit option and golden years benefit option.

Switching

You are allowed to move the accumulated fund from one to another as many times as you want. Unlimited free switches can be made by you during the term of the insurance plan.

Top-Up Premiums

You can also pay top-up premiums under this insurance plan. However, the top-up premiums cannot be more than limited or single premium and it is not permitted during the last five years of the insurance contract. The top premiums carry sum assured under the plan of 125% of the amount of the top-up premium.

Conclusion

HDFC Life Click 2 Wealth ensured financial support to you and your family. It offers various options and flexibility to the holder of the policy to choose as per their needs and requirements. With the choice of fund, one easily gets to decide if they want to invest in high or low-risk funds adding to the free unlimited switching facility. You can also choose from the flexible premium payment modes according to what suits you best.

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