All About HDFC Life Rider for Cancer, Accidental Health and Disability

Life insurance add-ons are additional coverages that can be opted for with a standard life insurance plan in order to extend and customize the basic coverage. HDFC Life Insurance is one of the renowned life insurance providers that has been offering life insurance products for more than 2 decades now. 

HDFC Life Insurance last month in May launched a new life insurance rider by the name Protect Plus. Let’s read about this rider plan in detail in this article.

All About HDFC Life Protect Plus Rider

HDFC Life Protect Plus Rider offers 3 benefit options in HDFC Life Insurances, which can be opted for as per the requirement of the policyholder - 

Option 1: Cancer Cover 

Under this benefit option, a lump sum benefit is paid on diagnosis of Carcinoma-in-situ or Malignant cancer, early-stage cancer, or a major cancer. It pays 25% of the rider amount guaranteed on diagnosis of early-stage cancer as well as Carcinoma-in-situ (CIS). In case the policyholder gets diagnosed with a major stage cancer then 100% of the rider amount is paid out at once. 

In case of diagnosis of Early Stage Cancer or Carcinoma-in-situ (CIS), the company waives off the premiums payable under this rider option for the next 3 policy years.

Option 2: Personal Accident Cover

Under this benefit option, the sum assured is payable in the following 3 cases - 

• Accidental Death - In case of an unfortunate death of the life assured in an accident, 100% of the sum assured is paid to the nominee. The nominee can choose to receive the amount as regular monthly income for 10 years or a lump sum. The nominee can also choose to receive a part of the sum assured as a lump sum immediately on the death of the life assured and the balance benefit amount as regular monthly income for 10 years.
• Accidental Total Permanent Disability (ATPD) - In case of permanent disability after an accident, the nominee receives an amount as regular monthly income equal to 1% of the rider sum assured for the upcoming 10 years.
• Accidental Partial Disability (APD) - In case of partial disability after an accident, the nominee receives 10% to 75% of the rider sum assured will be paid depending on the type of disability. 

Option 3:  Accidental Death Cover

In the unfortunate event of the death of the life assured in an accident, 100% of the rider sum assured is paid to the nominee. The Accidental Death must have occurred within 180 days of any bodily injury. The rider also provides coverage for bodily injury caused by an accident. After payment of the death benefit, the rider plan stands terminated. 

The nominee can choose to receive the death benefit as regular monthly Income payable over 10 years in lump sum or a combination of both payout methods.
HDFC Life Protect Plus Rider Features

The HDFC Life Protect Plus Rider plan comes with the following key features - 

• Entry Age: The minimum entry age under the plan is 18 years. The maximum entry age for Option 1 is 65 years and for Option 2 and 3 it is 74 years.
• Maturity Age: The maximum maturity age under the plan for Option 1 is 85 years and for Option 2 and 3 it is 75 years.
• Sum Assured: The minimum sum assured under the rider plan is Rs. 50,000 for Option 1 and Rs. 5,000 for Option 2 and 3. There is no limit on the maximum sum assured under the rider, however, the same is subject to the underwriting approval of the company’s board.
• Free-look Period: The rider plan comes with a free-look period of 15 days from the date of receipt of the policy. During this period, you can return the plan if dissatisfied with its terms and conditions.

Conclusion

HDFC Life Protect Plus Rider is a unique plan that offers 3 kinds of coverages - cancer cover, personal accident cover, and accidental death cover. This rider can opt for as many as 20 HDFC life insurance plans including HDFC Life Click 2 Protect Plus and HDFC Life Classic Assure Plus. 

Also read - All About Star Union Dai-ichi Life COVID-19 Benefit Rider