Life Insurance 7201 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+

HDFC Life Insurance Company, a leading private insurance company in India, enjoys the reputation of selling multiple life insurance products. 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 offering 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 at 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.

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 2 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 policy term. Launched in August 2018, this term insurance policy promises flexibility and can be customized as per the requirements of customers.

With HDFC Life Click 2 Protect 3D Plus, customers get to choose from nine cover options as per their requirements. The purpose of buying term insurance is to secure your loved ones from the adverse financial effects of three Ds, i.e., Death, Disability and Disease. Improved medical conditions have resulted in people living longer, i.e., greater life expectancy and increased life span. This makes customers go for term insurance plans with a longer policy period. The HDFC Life Click 2 Protect 3D Plus comes with an extended policy period of 50 years with the maximum age at maturity getting raised to 85 years from 75 years. In addition, the Critical Illness Plus Rider benefit has been upped from INR 50 lakhs to INR 1.5 crores.

HDFC Click to Protect Plus

This term insurance plan provides four cover options –

  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 the single premium feature, the maximum 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 benefit promised is higher of the sum assured or 10 times the yearly premium decided. In either case, the death benefit payable to the nominee(s) cannot be less than 105% of the total premium amounts paid till the death of the policyholder.

The minimum policy period is 10 years and won’t exceed 40 years. While the minimum amount of sum assured is INR 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% of the total premiums paid till date. Tax benefits remain the same as in other term insurance plans with premiums and death benefits eligible for a tax deduction under Section 80(C) and Section 10(10D) of the Income Tax Act, respectively.

Benefits of HDFC Life Insurance Plans

HDFC Life Insurance Plans are designed to meet the 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 with discounted premium rates
  4. Tax benefits on both premiums charged and life cover amount promised
  5. Special premium rates for women
  6. Option to increase the sum assured at different milestones of life
  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 premiums.

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 plans promise a regular flow of payments every year till the day the annuitant is alive. These include

  1. HDFC Life Personal Pension Plus Plan
  2. HDFC Life Click 2 Retire Plan
  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. Policyholders can choose from among different combinations of term insurance policies, premium paying terms and the benefits involved
  3. Loan available upto 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 –

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

Women’s Plans

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 secures them financially 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, 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 getting born with congenital disorder problems or cancer detection, or the 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.

HDFC Life Insurance Calculators

HDFC Life Insurance helps you plan your investments, retirement corpus, life cover amount by putting in place certain calculators. You could thus use these calculators to get estimates. Let’s check the function of several HDFC Life Insurance Calculators without any further delay.

Investment Returns Calculator

The calculator estimates the amount you will have investing a particular amount periodically at an assumed rate of return. In addition, you will get a comparison of investment proceeds too, helping you plan your investments even better. All you need to do is input these details – your age, monthly investment amount via premium, investment period and the expected rate of return. Now while filling the return rate, one has to be realistic. So, put a conservative rate of 7-8%, although the actual rate might notch higher. Let’s consider an example below to understand investment mathematics better.

Example – You are a 35-year old individual wanting to invest INR 5,000 monthly in an HDFC life insurance-cum investment plan for 15 years. In case the rate of return remains 8%, you will have an estimated surplus amount of INR 17.42 lakh over a total investment of INR 9 lakh. In case you start investing the same amount 10 years later, the surplus amount could drop to INR 11.10 lakh at an assumed rate of 8%. So, the Investment Returns Calculator is an eye-opener too!

Retirement Planner Calculator

Retirement days are a refreshing change to one’s life after years of keeping themselves busy with work. But what worries many is the lack of regular income during such days. So, you need to invest accordingly to generate the corpus required to sustain the lifestyle, that too, amidst the inflation of such times. So, don’t delay and lose out on the much-needed sum.

Use the retirement planner calculator and start investing in a disciplined manner. By mentioning a few details, you will get to know the amount you need to invest for a smooth retirement life. These details include your current age, desired retirement age, annual income, income growth rate, current savings for retirement and current monthly expenses. Again here, if we consider an example, we could plan our retirement better.

Example – You are 35 years old and want to retire by the time you attain 60 years of age. Your current annual income stands at INR 7 lakh, the income growth expectancy remains 10% and you do spend INR 25,000 per month. Assuming you have about INR 1 lakh for retirement as of now, you will need an additional INR 4.39 crore. For this, you need to invest around INR 30,000 per month. You could invest a majority or all of them in an HDFC life insurance cum investment plan.

Note – Here, we have assumed that your current amount for retirement is in either mutual funds or ULIPs. In case of low-return yielding instruments like fixed deposits, the investment amount required would go up.

HDFC Human Life Value Calculator

Having protection for your dependents in your absence is absolutely vital. While there are a plethora of term plans to ensure the same, not many are able to figure out the right sum assured (coverage amount). This is where HDFC Life Insurance Calculator could help you! Just mention a few details to know the life cover amount you need. These details are your current age, desired retirement age, education status, annual income, monthly expenses, existing insurance cover and liabilities, if any. Let’s consider an example to get an idea of the cover amount you may require for your dependents in your absence.

Example – You are a 35-year graduate working in an IT firm and earn around INR 7 lakh a year. Your monthly expenses amount to INR 25,000, and you don’t have any insurance cover and liabilities. Assuming you will retire by the time you become 60 years old, you will need a life cover amount of around INR 2 crore.

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 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 Life Insurance Company Contact Details

HDFC Life Insurance Company Limited CIN: L65110MH2000PLC128245

Registered Office

HDFC Life 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 the best
  3. Choose your preferred insurance plan option and find out the premiums you need 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 correspond 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 on 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 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 customizing 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 reasons
  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. They should 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 online?

Yes. Customers can choose to pay HDFC Life Insurance premiums in both online and offline modes depending on their needs and payment suitability. To pay the premium of your HDFC Life Insurance Plan online, you will need to follow the steps mentioned below.

Step 1: Go to the official website of HDFC Life

Step 2: Here, you will see the option of ‘I want to’ with different options. Choose ‘Pay My Premium’ and click on continue.

Step 3: After clicking on the Continue’ option, you will be redirected to a page. Here, you will need to enter your policy number and date of birth (as on policy) to pay the premium of your life insurance plan.

Important Note: You can choose from different payment instruments such as Netbanking, Credit Cards, Debit Card, EMI on Credit Cards, UPI, PayTM, and Payzapp wallet options.

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 need 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 a myriad of reasons for surrendering or canceling your life insurance policy. However, you would be required to submit the following documents 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 the payment of the last premium amount, you will need to submit your identity and address proofs
Step 4: You will also need to submit a personal health statement

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