Why Buying HDFC Term Plan Is a Good Decision?

Term plans are required to protect your family's future while you are absent. As a result, it becomes even more crucial to apply for the same. The term plans provided by HDFC offer substantial coverage at affordable premiums coupled with riders, making them well-liked by customers. The HDFC term plans also allow you the opportunity to modify your insurance policy such that a portion of the lump sum is put into an annuity plan to give your family members a steady income.

What Is A Term Plan?

A term insurance plan protects your savings from any unanticipated financial needs and firmly shields your loved ones from any financial hardships that may arise while you are absent. In times of economic stability, it's crucial to build up a sufficient corpus for future needs, and the necessity of a term plan in this situation cannot be overstated.

Why HDFC Term Plan Is A Good Choice?

Various complete protection plans are available through HDFC term insurance. One of the top companies offering insurance is HDFC. The following elements make HDFC term plans among the top options.

Benefits

The policyholders of HDFC term plans are provided with a range of advantages. They offer reasonably priced premium choices that are efficient and won't strain your wallet. In order to reward those who lead healthy lifestyles, the HDFC term plans offer lower premiums. The majority of term insurance policies allow you to choose a plan that best suits your needs because they are flexible and offer a range of coverage alternatives. Additionally, term plans offer tax advantages under Sections 80C and 10(D) of the Income Tax Act of 1961. You can register in the HDFC insurance policies under the MWPA act to safeguard your death benefit and secure your dear ones.

Riders

HDFC term plans offer three types of riders. 

• Benefit for Accidental Disability Income Rider: This rider offers protection against any kind of disabilities brought on by unforeseen incidents and also assists you in securing a monthly income. Since it offers a consistent income in the event of an unintentional handicap, there is no death benefit involved. At the start of the policy or on the anniversary of the policy, you can add this rider for single life.
• Critical Illness Plus Rider: This rider was created to safeguard your family by offering a lump sum payment upon diagnosis of any of the 19 critical illnesses. You can use this payment to pay for any related medical costs.
• Protect Plus Rider- Under this rider, the HDFC term plan offers you three more options to choose from. The first is the personal accident cover which is paid in the event of accidental death, accidental total death, or accidental partial permanent disability. These riders also provide cancer cover.

Easily Purchase HDFC’s Term Plans Through The Website

HDFC Life has approved two platforms through which you can purchase term insurance through HDFC. On the company's official website, you can choose a plan, or you can apply for one through a middleman like an agent, broker, etc.

Easy Claim Filing

Filing for HDFC’s claim is a very easy and simple task. You can easily fill and submit their claims online or offline. You first need to inform the company about the incident and provide details of your claim, then submit the required documents and at last, the verification is done by the company.

Conclusion

With their excellent coverage and cheap rates, HDFC's term plans are both convenient and reasonable. In a nutshell, having a long-term strategy is crucial for everyone. Term plans will take care of any financial issues your family could experience. With the aid of HDFC's term plans, you could ensure the financial security of your family in the event that something were to happen to you.

Also read:Is There An Ideal Age To Buy Term Insurance Plans?

Mandates for Buying A Term Insurance Plan