HDFC Term Insurance Plan

HDFC term insurance plan offered by HDFC Life is a type of life insurance policy that provides insurance coverage to the individual for a specified number of years. If the life assured dies while the term insurance policy is in force, the sum assured is paid as death benefit to the nominee by the life assured.

Through HDFC Term Insurance Plan , the insured person can work to increase the financial security of his family. HDFC term insurance also gives you the option of adding riders or add-ons to your term insurance plan. Through this, you can increase the cover of your term insurance more according to your need.

It is worth noting that HDFC term insurance plans offered by HDFC Life do not provide any benefit if the life assured survives the policy term. But now such term insurance plans have also been introduced in the market on which you are given the option of premium return after the end of the policy term.

HDFC Term Insurance Plan Features

The following are the features of HDFC Term Insurance Plan provided by HDFC Life-

1. Low Entry Age :

HDFC term insurance plan gives you an opportunity to avail the benefits of term insurance at a young age. You can avail the benefits of an HDFC term insurance plan if you are 18 years of age or above. Also you can benefit your family members through HDFC term insurance plan.

2. Long Term Security:

You can get coverage for your entire life through HDFC term insurance plans. Through this, if you die in any kind of accident, then your family members are provided financial security for several decades. Thus, in your absence, you can ensure the financial security of your family well in advance.

3. Easy to Buy:

Buying HDFC term insurance plans is very easy. You can easily buy it through online within few minutes. You can also compare different plans with each other through online medium. You can also add riders through the online medium itself to get additional coverage. Thus you do not need to go anywhere to buy an HDFC term insurance plan. You can easily buy it sitting at home.

4. Flexible Premium Payment Options:

HDFC term insurance plan comes with flexible premium payment options. You can opt for term insurance premium payment as per your convenience. You can choose to pay your HDFC term insurance premium annually, half-yearly, quarterly or monthly.

5. Adjustable Cover

HDFC term insurance plan now gives you the option to increase or decrease your sum assured as per your financial needs in future. Through this, you can easily adjust your term insurance plan anytime.

6. Liability Protection :

Through HDFC term insurance policy, you can provide financial security to your family members for the future. Through this term insurance policy, your family members can easily be able to settle their loan liabilities even in your absence. Thus an HDFC term insurance plan can go a long way in helping your family member repay the existing loan even in your absence.

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HDFC Term Insurance Plan Benefits

Some of the benefits of buying HDFC Term Insurance Policy are as follows-

1. High Protection at Low Premium:

The biggest advantage of HDFC term insurance plan is that it is available to you at low premium which promises to provide maximum insurance coverage protection.

HDFC term insurance plan is such a term plan which can be easily bought by the general public even if they have a low income. Through this term insurance policy, you can get a huge coverage by paying a low premium which serves to provide you financial security in the future.

The earlier you buy an HDFC term insurance plan in your lifetime, the less premium you have to pay. Along with this you can get the benefit of maximum protection cover.

2. Rider or Add-on:

HDFC term insurance plan also gives you the option of adding riders or add-ons. Through this you can add riders as per your requirement. In HDFC term insurance riders, you can opt to add riders like Accelerated Death Benefit Rider, Accidental Death Benefit, Critical Illness Rider, Waiver of Premium Rider, etc.

In critical illness cover riders, if the policy holder suffers from any type of critical illness covered, it will be covered through this. Also, in the Accidental Disability Rider, if the policyholder gets disabled in an accident, he will be provided income in the form of a regular monthly income so that his monthly expenses are not affected. This monthly income will be provided to him for a specified period which will be a fixed percentage of the sum assured.

It is worth noting that you may have to pay additional premium if you add riders to your HDFC term insurance plan. But by adding these riders you will get additional coverage in future which will act to provide you additional coverage in case of any untoward happening to you.

3. Financial Security:

You can ensure the financial security of your family through HDFC term insurance plans. In case you die in an accident, your family’s financial needs can be easily met through HDFC term insurance plans.

It covers the daily expenses of your family members and any kind of loan. Through this insurance policy, you can choose to receive your insurance benefits as a lump sum payment or in monthly instalments. Through this, you can easily meet the living expenses of your family.

4. Security of Assets:

If you take an HDFC term insurance plan, it also provides protection to your assets. Suppose if you die in an accident then your family members may have to sell the property to meet their financial needs or repay the loans if they do not have HDFC term insurance plan.

But if you have taken HDFC term insurance plan then the financial needs of your family can be easily met through HDFC term insurance plan. In this way your assets remain safe.

5. Lifestyle Benefits:

An HDFC term insurance plan also helps in maintaining the lifestyle of you and your family members. If suppose you have some kind of serious illness and you have to spend more on it, then your financial budget may get disturbed. But through a term insurance policy you can easily cover your medical expenses through HDFC term insurance plans.

HDFC Term Insurance

Following are the HDFC Term Insurance Plans offered by HDFC Life-

1. HDFC Life Click 2 Protect Life

HDFC Life Click 2 Protect Life Term Insurance Plan offered by HDFC Life endeavors to provide benefits to the insured as per the needs of lifestyle and stage of life.
Through this term insurance policy, you can get the following benefits-

• This term plan comes with 3 plan options (1. Basic Life Cover, 2. Life Cover + Critical Illness Cover, 3. Life Cover + Regular Income). You can choose any of these options as per your requirement.
• Through this you get the option of getting cover for the whole life.
• In this term insurance policy, you get the option of Income Plus Option through which you can get monthly income payouts after completing 60 years of age.
• This term insurance plan also gives you the benefit of return of premium option. Through this, if the policyholder survives the maturity of the policy, all the premiums paid are returned to him.
• The benefit of special premium rates is provided to women and a person who is a non-tobacco user.
• In case of accidental death of the insured, additional sum assured is provided to him. You can add this as a rider option to your policy.
• This term plan gives you the benefit of waiver of premium in case of critical illness. You can get this benefit by adding a rider.
• Its claim settlement ratio is 98.01%.
• In this plan you get tax benefits as per the tax laws.

2. QuickProtect by HDFC Life

Following are the features of this term insurance plan-

• It comes with comprehensive protection with 4 coverage benefits.
• This term insurance includes HDFC Life Critical Illness Plus Rider, HDFC Life Income Benefit on Accidental Disability rider etc.
• In case of accidental death, an additional sum assured equal to 100% of the basic sum assured is available.
• This term plan provides a regular monthly income benefit equal to 1% of the Rider Sum Assured per month for the next 10 years on Accidental Total Permanent Disability. Is
• You can buy this term plan in a quick and hassle-free manner.
• This term plan offers the option to choose from three different package Sum Assured.
• In this, you also get tax benefits as per the prevailing tax laws.

HDFC Term Insurance Plan Eligibility

The eligibility to buy HDFC Term Insurance Plan is as follows-

• You must be an Indian citizen, Non-Resident Indian (NRI) or Person of Indian Origin (PIO).
• You will have to undergo a medical examination so that the insurer can get information about your medical condition.
• You must have a photo identity proof, which includes your address, age and income proof.

Documents Required For HDFC Term Insurance Plan

The documents required for buying HDFC Term Insurance Plan are as follows-

1. Identity and Address Proof:

• Passport,
• Voter ID card issued by the Election Commission of India,
• permanent driving license,
• Aadhar card,
• Letter issued by a Gazetted Officer (not more than 6 months old) mentioning the address of the individual with a duly attested photograph.
• Bank Account Statement / Passbook (not older than 6 months) (if it has photo).

2. I Ratio:

• Salary Slip (issued in the last 3 months),
• ITR,
• Form 16
• Audited Company Accounts Statement/Certificates issued in the last 3 years.

HDFC Term Insurance Plan Premium

You are provided with the option of premium payment while purchasing an HDFC term insurance policy. You can choose any of these premium payment options as per your convenience.

You are provided with the following premium payment options in HDFC term insurance plans-

• annual
• half yearly
• quarterly
• monthly
• Solo

Your HDFC term insurance premium depends on your coverage amount. If your coverage amount is higher then you will have to pay higher premium. But if your coverage amount is less, then you will have to pay a lower premium.

How To Buy HDFC Term Insurance Plan?

To buy HDFC term insurance plan, you need to visit the official website of HDFC Life. You can easily buy the HDFC term insurance plan of your choice online by going to the term insurance section there.