Insurance Plans 1049 views November 21, 2019

HDFC Life Term Plan

HDFC Life is one of the largest and most successful life insurance companies in India. It has a wide range of life insurance policies on offer, including the best-selling term insurance plans. The HDFC Life term plan and policies are much sought after because they offer wholesome coverage at a very affordable rate.

Term Insurance

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What is HDFC Life term insurance plan?

The term plan from HDFC Life is life insurance policies that offer coverage for your life. They offer a pure life cover. You compare life insurance and buy the best term insurance plan in India from HDFC Life. the HDFC Life Click 2 Protect Plus insurance plan and the Click 2 Protect Health insurance plan are among the very best available in the country. You choose an appropriate policy period and a suitable coverage amount. You pay the premiums on time. If you happen to die within the policy period, your family receives a death benefit and the policy ends. If you outlive the policy period, the insurer does not pay anything in return to you.

This is the basic concept behind term insurance.

Features of HDFC Life Term Plan

1. Long policy period

The HDFC Life term plan offers an extended life cover. A policyholder can stay covered for a maximum of 25 years from the time he buys the life insurance policy. This is a huge advantage as a person can keep his loved ones secured for a long duration. The premium needs to be paid for the entire duration to ensure a continuous and uninterrupted life cover.

2. Flexible terms

There are many benefits of the HDFC Life term plan. One of them is the flexibility on offer. A policyholder can make the plan more customised by adding some term insurance riders. Then, he can choose to pay the premium yearly, semi-yearly, quarterly or monthly. He can also surrender the plan if there is such a requirement.

3. Easily available

The different types of online term insurance plan can be bought digitally with the click of a button. It makes it very easy for you to buy a term plan from HDFC Life. This apart, you can also pay your term life insurance premiums online. You can also use a premium calculator to see how much the term cover will cost, even before you make a purchase. These digital benefits make the HDFC Life term plan much sought after.

4. Multiple payout options

Depending upon the financial knowledge and requirement of your nominees, you can decide how the sum assured will be paid out to them if you die within the policy period. You can opt for a lump sum option where the entire amount will be paid in one go. Or you can opt for the staggering benefit where it will be paid in parts over a period of time.

5. Huge market share

HDFC Life enjoys a large share of the market. This means many people across India trust the HDFC Life term plan. This happens because the term life insurance plan from this particular insurance company is loaded with features, as you can see. This fact also validates the trustworthiness of HDFC Life.

6. High claim ratio

And finally, the company with high claim settlement ratio. It has a ratio of over 97%. This is undoubtedly a huge pointer towards the efficiency and the professionalism of HDFC Life Insurance Company.

If you are looking for the best term insurance plan and policy in India, consider getting your term cover from HDFC Life.

How Buying HDFC Term Plan Will Make Family Safe?

Buying term insurance can make your family safe in many ways. If you die, the insurer will offer them a sum assured against your term insurance plan. This sum can help them in the following ways:

  1. Paying their bills – Running a family involves making several payments in a month. From paying all the utility bills such as the electricity bill, phone bill, water bill, etc to paying rent, many payments need to be done on a  regular basis. If your income stops, your family can use the coverage amount to pay for their expenses and continue with their lifestyles.
  2. Paying for education – If you have young children, the school or college fees need to be paid. Also, there has to be a lump sum amount to pay for their higher studies. The money received from the term insurance plan can be used for these purposes.
  3. Paying for healthcare – Every family needs to spend money on their health care needs. If someone has a chronic illness or undergoes a medical emergency, they need the funds to get treated properly. A portion of the sum assured can be used for this.
  4. Clearing mortgages and loans – If you die without repaying your loans and mortgages, your family can use the term insurance death benefit to do so, without having to exhaust their own savings. It would be tremendously unfair of you to expect your aged parents or young children to pay your loans off. It may become a huge financial burden for them. Get one of the HDFC Life term plan and protect your loved ones from such situations.

It is therefore important to buy a good term insurance plan from a reliable insurer like HDFC Life. when you do so, your guarantee the financial well being of your loved ones.

The final word about HDFC term plan

Keeping all the points mentioned above in mind, it can safely be said that the HDFC term plan is very handy and useful. Get a good policy and stay secured in every possible manner.

FAQs

What are the documents required while buying HDFC term plan?

Basic KYC documents, along with the applicant’s salary proof are required.

Do the HDFC term plan also offers joint policies for spouses?

Yes, joint term insurance plans are available.

Do I need to buy HDFC term plan even if I am not married?

Yes, it will help you later on when you marry and have kids.

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