HDFC Life Insurance Plans

The table below depicts the insurer’s key highlights:

HDFC Life Insurance Company offers different types of life insurance plans, each of which is explained below:

• Term Plan: A term plan is a well-known life insurance option that offers financial protection for a specific period. If the policyholder passes away during this time, the nominee receives the insured amount. Moreover, HDFC Life's term insurance plans ensure the financial security of the policyholder's family at an affordable rate.
• Savings Plan: Savings plans by HDFC Life Insurance Company are investment tools that help you save for short-term and long-term goals while providing life coverage. By investing a fixed amount monthly, your savings grow over time. And, in case of any unfortunate event during the plan's tenure, these plans will offer a payout to your beneficiary. Additionally, these plans also provide a fixed maturity return and are ideal for those who prefer low-risk investment options.
• ULIPs (Unit-Linked Insurance Plans): ULIPs are life insurance policies that offer investment opportunities along with life coverage. You as a policyholder can invest in various debt and equity funds through ULIPs in order to build a corpus of funds for your future financial goals. These plans are tied to the capital market and provide life coverage during the policy term.

• Child Plans: Child education plans combine life insurance with savings to secure a child's future, particularly for higher education. Parents pay premiums for these plans and those premiums accumulate into a maturity benefit for the child's education. Along with offering life coverage, these plans provide additional benefits like covering remaining premiums in case of a parent's demise.

• Retirement - Annuity Plans: Annuity plans by HDFC Life Insurance Company provide a guaranteed income stream after the policyholder's retirement. In other words, these plans help in accumulating funds for your post-retirement needs.

• Retirement - Pension Plans: A pension plan assists in accumulating funds for a comfortable retirement. By investing in the best HDFC Life pension plans, you can ensure monthly payouts to maintain your standard of living post-retirement. Moreover, these plans offer a high degree of flexibility with options for monthly or annual payouts based on your financial requirements.

A few of the top HDFC Life insurance plans are added in the table below, along with their respective plan type, entry age, and sum assured:

The details of each plan added in the table above are as follows:

1. Click 2 Protect

The Click 2 Protect Plan is a term insurance that provides individuals with essential coverage against life's uncertainties at an affordable cost. This plan is especially designed to offer financial protection to policyholders and their families in the event of the insured's demise.

To be eligible for this term insurance plan, you must be between 18 and 65 years old at the time of policy issuance. Additionally, the policyholder should not exceed the age of 75 years at the policy's maturity.

One of the flexible features of this plan is the option to choose different premium payment methods. You as a policyholder can opt for single premium payments, limited premium payments over a specific period, or regular premium payments. Moreover, the frequency of premium payments can be customised to suit individual preferences, with options for yearly, half-yearly, quarterly, or monthly payments.

2. Saral Jeevan Bima

HDFC Life Saral Jeevan Bima is an essential term insurance plan designed to provide financial security to your family in case of your absence. This no-frills plan offers simplicity and peace of mind by ensuring that your loved ones are protected against unforeseen events in the future.

With HDFC Life Saral Jeevan Bima, you have the flexibility to choose from different premium payment options that suit your financial preferences. Whether you prefer a single premium payment, limited payments over a specific period, or regular payments, this plan caters to all your needs.

In addition to the basic coverage, you can enhance your protection by opting for additional riders that offer supplementary benefits such as critical illness coverage, accidental death benefit, or waiver of premium in case of disability, etc.

3. Smart Term Pro

If you're searching for a life insurance plan that offers financial security for your family and also returns all your premiums at the end of the policy term, then HDFC Life Smart Term Pro is an ideal choice.

This plan provides life insurance coverage for the entire policy term, ensuring that your family is financially protected in case of your unfortunate demise during the policy period. Moreover, if you survive till the maturity of the policy, you are guaranteed to receive a refund of all the premiums you paid during the policy term.

With HDFC Life Smart Term Pro, you also have the flexibility to choose the duration of premium payments. You can opt to pay premiums for 5, 8, 10, or 12 years only, making it convenient for you to manage your financial commitments.

Additionally, this plan offers the option of a Family Income Payout for either 5 or 10 years, providing regular income to your family members in your absence to meet their ongoing needs.

4. Sanchay Plus

HDFC Life Sanchay Plus is a secure savings plan that aims to provide financial stability for your family's future and help you build a legacy for them. With this plan, you can choose a guaranteed income for a fixed period of 10, 12, 25, or 30 years, or even for life. Additionally, you can benefit from tax advantages as per the prevailing tax laws, helping you save more over the long term.

Sanchay Plus also allows you to customise your plan by adding various riders to expand the coverage, such as the HDFC Life Income Benefit on Accidental Disability Rider and the HDFC Life Critical Illness Plus Rider.

5. Click 2 Achieve

This plan by HDFC Life offers a guaranteed immediate income along with the flexibility to choose the duration of the income based on your specific needs and preferences. This means you can start receiving a guaranteed income immediately, and you can decide how long you want this income to continue.

Furthermore, the Click 2 Achieve plan allows you to customise your benefits based on what suits you best. You can opt for receiving a lump sum amount, regular periodic income payments, or even get back a portion of your money periodically. In addition to income options, you can even select the Death Benefit Multiple that aligns with your preferences

6. Smart Protect Plan

HDFC Life offers the Smart Protect Plan, a Unit Linked Life Insurance Plan that addresses long-term savings needs while providing essential life cover protection. Some of the key features of the Smart Protect Plan include the ability to boost fund value through Loyalty Additions, seven different fund options, flexibility in premium payment options, etc.

Additionally, the Smart Protect Plan provides options such as Decreasing Cover and Decreasing Cover with Capital Guarantee, allowing policyholders to adjust their Death Benefit Cover after a chosen period to align with changing financial needs.

7. Click 2 Wealth

You can select from 11 different fund options to maximise your investment opportunities with the HDFC Life Smart Protect Plan. With this plan, you can benefit from unlimited free switching between funds to optimise your portfolio based on market conditions and your investment strategy.

Moreover, all future premiums will be waived off in the unfortunate event of the proposer's death, ensuring that your investments continue to grow for your beneficiaries. You also have the option to opt for systematic withdrawals from your funds to generate a post-retirement income stream.

8. Guaranteed Pension Plan

The HDFC Life Guaranteed Pension Plan is a type of retirement savings plan that provides guaranteed benefits upon death or at the time of vesting (when the policy matures). This plan ensures that policyholders receive fixed returns on their investments, making it ideal for individuals looking to secure a stable income after retirement.

One of the key features of this plan is the Guaranteed Additions, which amount to 3% of the sum assured and are accrued every year until the policy reaches maturity. Additionally, there is a lump sum Vesting Addition that is paid out when the policy matures.

On the payment of the extra premium, you can choose to add any of the following riders to your HDFC Life insurance policy:

• HDFC Life Income Benefit on Accident Disability Rider: If you become disabled due to an accident and are unable to work, this rider provides a monthly income to support you and your family during the period of disability.
• Waiver of Premium on Critical Illness Rider: This rider ensures that if you are diagnosed with any of the 36 critical illnesses covered, you will receive a lump sum payment to help with medical expenses. Moreover, there is a 90-day waiting period and a requirement to survive for 30 days after diagnosis.
• Life Stage Benefit Rider: This rider allows you to increase your Sum Assured without further medical checks at certain life events specified by the insurance provider. You can opt for this rider when you start your policy.
• Renewability Option at Maturity Rider: When your insurance policy is about to end, this rider allows you to extend the policy tenure up to a maximum of five times. However, the policy extension will require additional payments, which will be calculated based on specific factors.
• HDFC Life Protect Plus Rider: Under this rider, if the insured person dies due to an accident either immediately or within 180 days of the accident, the nominee will receive double the sum assured.
• HDFC Life Terminal Illness Rider: If two IMA-certified doctors confirm in writing that you are not expected to live beyond 180 days, you will receive a payment equal to your insurance amount (up to a maximum of 2 crores) before your death.
• HDFC Life Critical Illness Plus Rider: If you are diagnosed with one of the 60 critical illnesses listed by HDFC Life, this rider provides a lump sum payment to cover your medical expenses related to that illness. Notably, the rider activates after 90 days of diagnosis, and you must survive for at least 30 days after diagnosis to receive the benefit.

One can buy HDFC life insurance plans either via the InsuranceDekho website or from the official website of the insurer. The detailed steps for both are as follows:

Buying HDFC Life Insurance Plan Via InsuranceDekho

Here are the steps that can help you buy an HDFC life insurance policy through the InsuranceDekho website:

Step 1: Open your web browser and visit InsuranceDekho's official website.

Step 2: Click "Insurance" option on the top menu, then choose "Life Insurance" from the drop-down list.

Step 3: Enter your personal details and click "View Plans for Free".

Step 4: Use filters to select the best HDFC Life Insurance plan; add riders if needed.

Step 5: Provide additional details on the next page and click "Next Step".

Step 6: Review and pay for your selected HDFC life insurance plan.

Step 7: After payment, submit the Proposal Form and basic documents like KYC, income proofs, etc.

Step 8: For HDFC Life Term Plans, you might need a medical check; and then the underwriting team will decide on policy issuance.

Step 9: If approved, your HDFC Life Insurance policy will be issued, and you'll get confirmation by email and phone.

Buy HDFC Life Insurance Plan Via Insurer Website

Alternatively, you can buy an HDFC life policy directly through the insurer's website:

Step 1: Initiate by opening the HDFC Life Insurance website.

Step 2: To proceed, follow the same steps (starting from Step 2) outlined in the section above, and your policy will be issued without any hassle.

To proceed further with buying an HDFC life insurance policy, you need to provide the following documents to the insurer:

• Proof of Identity - Aadhaar Card, Driving Licence, Voter ID, etc.
• Proof of Address - Passport, Voter ID, Aadhaar Card, etc.
• Income Proof - Salary Slip, Bank Statement, etc.
• Passport-size Photographs
• Medical Report
• Details of Existing & Previous Insurance Policies
• Details of Past Medical History

Upgrading your HDFC Life Insurance is hassle-free with InsuranceDekho, whether at renewal or in between:

• At Renewal Time: When your life insurance policy is due for renewal, it's a great chance to boost your coverage. InsuranceDekho offers several options for upgrading your HDFC life insurance plan, like increasing your coverage amount or adding extra riders. So, it's better to review your current coverage at the time of renewal and discuss upgrades that better fit your needs.

• In Between Renewals: You don't need to wait until your policy renewal date to upgrade your HDFC life insurance policy. So, whenever you find that your current coverage isn't enough or your needs change, you can contact InsuranceDekho's support team to explore upgrade options.

• Portability Benefits: If you are thinking about switching to HDFC Life from another insurance provider then InsuranceDekho's portability feature allows you to transfer your existing policy to a new HDFC plan while keeping certain benefits. This can be a convenient way to upgrade your coverage.

Q 1. How much is the grace period in HDFC Life Insurance?

Ans. The grace period for monthly premium payments is 15 days. For all other premium payment modes (like quarterly, half-yearly, or annually), the grace period is 30 days.

Q 2. How can I check my HDFC Life insurance policy status?

Ans. You can check your HDFC Life insurance policy status by visiting the InsuranceDekho or HDFC official website and logging into your account. Once logged in, you can find an option to check the status of your policy on the dashboard.

Q 3. What are the tax benefits of HDFC Life insurance plans?

Ans. HDFC Life insurance plans offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. This means that premiums paid towards your policy are eligible for tax deductions, and the maturity proceeds or death benefits are also tax-free.

Q 4. What types of insurance plans does HDFC Life offer?

Ans. HDFC Life offers various types of insurance plans including:

• Term Insurance
• Savings Plans
• Unit Linked Insurance Plans (ULIPs)
• Pension Plans
• Retirement Plans
• Child Plans

Q 5. Are medical tests necessary while purchasing a Life Insurance Policy?

Ans. Yes, sometimes medical tests are necessary when purchasing a Life Insurance Policy. The insurance company may require such medical check-ups to assess your health risk accurately.