About HDFC Life Insurance

One of the leading insurance companies in India, HDFC Life Insurance is a joint venture between India’s renowned finance company HDFC Ltd. and a well-known international long-term investment and saving company- Standard Life. The company shares the stake in the ratio of 61:35%. Started its operation in 2000, HDFC Standard Life Insurance Company has established a strong foothold in the insurance market and is known as one of the most reliable insurance brands in the country.

The company has a huge customer base and has more than 400 offices spread across various cities in India. Moreover, it offers a wide range of insurance products and services to cater the various requirements of the insurance seekers. Whether an individual is looking for pension plan, savings plans, life protection plan, children’s or women’s plans and investment plans, HDFC Life Insurance have it all. The company has a record of 99.89% grievances settled in the year 2016-17 and has a claim settlement ratio of 97.62% in the year 2016-2017.

Types of HDFC Life Insurance Plans

  • Life Insurance Protection Plan
  • Investment and savings Plan
  • Child Plan
  • Retirement Plan
  • Women’s Plan

HDFC Life Insurance Protection Plans

HDFC Life insurance plans are comprehensive insurance policies that are specifically designed to meet the needs of the insurance buyers. HDFC Standard Life Insurance policies offer life protection and provide financial security to the family of the insured in the event of demise of the insured person.  The plans provide lump-sum amount as death benefit to the beneficiary of the policy in case of policyholder’s demise. Plans offered by HDFC Standard Life Insurance are:

Plans Entry Age Policy Term Sum Assured Tax Benefit
HDFC Life Click 2 Protect Plus Minimum- 18 years

Maximum- 65 years

10-40 years Minimum- Rs.25,00,000

Maximum- No upper Limit

Tax benefit under section 80C and 10(10D) of Income Tax Act
HDFC Life Click 2 Protect Health Minimum-18 years

Maximum-25 years

5-40 years

For health Protection-1-2 years

Minimum-Rs.10,00,000

Maximum-No upper limit

Tax benefit under section 80C, 80D and 10(10D) of Income Tax Act.
HDFC Click 2 Protect 3D Plus Mnimum-18 years

Maximum-25 years

5-40 years

For 3D lifelong protection option- whole life

Minimum- Rs.10,00,000

Maximum-No upper limit

Tax benefit under section 80C, 80D and 10(10D) of Income Tax Act.

HDFC Life Insurance Investment and Savings Plans

HDFC life investment and savings plans are designed with an objective to provide an opportunity to the insured to save money so that it can multiply over a long period of time and help them to achieve their long-term objective. Let’s take a look at the investment and savings plans offered by HDFC life insurance.

Plans Entry Age Policy Term Sum Assured Tax Benefit
HDFC Life Classic Assure Plus Minimum- 30 days

Maximum- 60 years

10,15 &20 years Minimum-

For 10 years policy tenure- Rs.49,447

For 15 years policy tenure-

Rs.48,032

For 20 years policy tenure- Rs.73,516

 

Maximum- No upper limit

Tax benefit under section 80C of Income Tax Act
HDFC Life Sanchay Minimum-30 days

Maximum-45 years

15-25 years Minimum-RS.1,05,673

Maximum-No upper limit

Tax benefit under section 80C and 10(10D) of Income Tax Act
HDFC Life Super Income Plan Minimum- 30 days

Maximum-59 years

16,18,20,22,24 and 27 years Minimum-Rs.1,28,337

Maximum- No Upper Limit

Tax benefit under section 80C and 10(10D) of Income Tax Act
HDFC Life Sampoorn Samridhi Plus Minimum-30 days

Maximum-60 years

15-40 years Minimum-Rs.65,463

Maximum- No upper limit

Tax benefit under section 80C and 10(10D) of Income Tax Act
HDFC Life Uday Minimum- 18 years

Maximum- 55 years

12-15 years Minimum-Rs28,465

Maximum-No upper Limit

Tax benefit under section 80C and 10(10D) of Income Tax Act
HDFC Life Capital Shield Minimum- 8 years

Maximum-60 years

10 years Single Premium-

>45 age-125% of Single Premium

=45<age-110% of Single Premium

Tax benefit under section 80C and 10(10D) of Income Tax Act
Limited Premium-

>45 age-10*yearly premium

45-54 Age- 7*annualized premium/10*annualized premium

=55 years of age-7*annualized premium

 

HDFC SL Crest Minimum-14 years

Maximum-55 years

10 years Minimum- entry age>45 years-10*yearly premium

entry age <45-7*yearly premium

Maximum-20 X annualized premium

Tax benefit under section 80C and 10(10D) of Income Tax Act
HDFC Life ProGrowth Plus Minimum-14 years

Maximum-65 years

10-30 years Minimum-

Entry age >45- higher of 10 X AP/ 0.5 X PTXAP

Entry age =<45- higher of7 X AP/ 0.25 X PT X AP

Maximum– 40 X AP, Subject to an absolute maximum sum assured of Rs.40,00,000

 

*AP is abbreviated as Annualized Premium & PT as Policy Term

Tax benefit under section 80C and 10(10D) o Income Tax Act
HDFC SL ProGrowth Flexi Life Option

Minimum- 14 years

Maximum- 65 years

10-30 years Minimum-

Entry age >45- higher of 10 X AP/ 0.5 X PTXAP

Entry age =<45- higher of7 X AP/ 0.25 X PT X AP

Maximum– 40 X AP

 

*AP is abbreviated as Annualized Premium & PT as Policy Term

Tax benefit under section 80C and 10(10D) of Income Tax Act
Extra Life Option- Minimum- 18 years

Maximum-55 years

HDFC SL ProGrowth Super II Minimum-14 years

Maximum- 65 years

10-30 years Minimum-

Entry age >45- higher of 10 X AP/ 0.5 X PTXAP

Entry age =<45- higher of7 X AP/ 0.25 X PT X AP

Maximum– 40 X AP

 

*AP is abbreviated as Annualized Premium & PT as Policy Term

Tax benefit under section 80C and 10(10D) of Income Tax Act
HDFC Life Sampoorn Nivesh Minimum-18 years

Maximum-60 years

10,15 &25 years Single Premium-

Entry age >45 years- 125% of Single Premium

Entry age=<45 years-110%of single premium

 

 

Tax benefit under section 80C and 10(10D) of Income Tax Act
Regular and Limited Premium-

Entry age >45 years- Higher of 10 x AP or 0.5 x PT x AP

Entry age=<45 years- Higher of 7 x AP or 0.25 x PT x AP

Maximum- 10 x AP

 

*AP is abbreviated as Annualized Premium & PT as Policy Term

HDFC SL ProGrowth Maximiser Minimum-14 years

Maximum-65 years

5-10 years Minimum– Entry Age >45 years : 125% x SP

Entry Age = 45 years<: 110% x SP

Maximum– 10 times single premium

Tax benefit under section 80C and 10(10D) of Income Tax Act
HDFC Life SL SarvGrameen Bachat Yojana Minimum-18 years

Maximum-60 years

5 years —- Tax benefit under section 80C of Income Tax Act
HDFC Life Pragati Minimum-8 years

Maximum-55 years

Single Pay – 5 to 20 Years

Limited Pay – 10 to 20 Years Regular Pay – 10 Years (Fixed)

Minimum- Rs.5,000

Maximum-

Single Pay – RS. 18,697 Limited Pay – Rs.64,869

Regular Pay – Rs.54,747

Tax benefit under section 80C and 10(10D) of Income Tax Act
HDFC Life Click2Invest-ULIP Minimum-30 days

Maximum-65 years

5-20 years —- Tax benefit under section 80C and 10(10D) of Income Tax Act

HDFC Life Insurance Child Plans

HDFC Life Child plan offered by HDFC Standard Life Insurance is designed with an objective to provide financial security to the child and help the insured to create a financial cushion for the child so that all their future expenses can be taken care of. The child insurance plans offered by HDFC life insurance also provide financial protection to the children in the event of the demise of the parents. Child plans offered by HDFC standard life insurance are:

Plans Entry Age Policy Term Sum Assured Tax Benefit
HDFC Life YoungStar Udaan Classic- Minimum-8 years Maximum-60 years

Classic Waiver-Minimum-18 years

Maximum-55 years

15-25 years Tax benefit under section 80C and 10(10D) of Income Tax Act
HDFC Life YoungStar Super Premium Minimum-18 years

Maximum-65 years

10-20 years Minimum– Entry Age >45 years : 10 X AP

Entry Age = 45 years<: 7 X AP

Maximum– 40 x AP

Tax benefit under section 80C and 10(10D) of Income Tax Act

HDFC Life Insurance Retirement Plans

The retirement plans offered by HDFC Standard Life Insurance safeguards the future of the insured financially by providing them with regular income after the retirement. The retirement plans help the individuals to do a proper retirement planning and create a financial cushion so that they can deal with any type of emergency situation and maintain a good lifestyle after retirement. Retirement Plans offered by HDFC Life Insurance are:

Plans Entry Age Policy Term Sum Assured Tax Benefit
HDFC Life Personal Pension Plus Minimum- 18 years

Maximum- 65 years

10-40 years Tax benefit under section 80CCC and 10(10A) of Income Tax Act
HDFC Life Pension Super Plus Minimum-35 years

Maximum-65 years

10,15,&20 years Tax benefit under section 80CCC and 10(10A) of Income Tax Act
HDFC Life Single Premium Pension Super Plan Minimum- 40 years

Maximum- 70 years

10 years Tax benefit under section 80CCC and 10(10A) of Income Tax Act
HDFC Life Guaranteed Pension Plan Minimum-35 years

Maximum-65 years

10-20 years Tax benefit under section 80CCC and 10(10A) of Income Tax Act
HDFC Life New Immediate Annuity Plan Minimum- 30 years

Maximum-85 years

Differs according to the annuity option chosen
HDFC Life Click 2 Retire Minimum-18 years

Maximum-65 years

10,15 & 35 years Tax benefit under section 80CCC and 10(10A) of Income Tax Act
HDFC Life Assured Pension Plan Minimum-18 years

Maximum-65 years

10,15 & 35 years Tax benefit under section 80CCC and 10(10A) of Income Tax Act
HDFC Life Pension Guaranteed Plan Minimum- 35 years

Maximum-65 years

10-20 years Tax benefit under section 80CCC and 10(10A) of Income Tax Act

HDFC Life Insurance Women’s Plan

HDFC Standard Life Insurance offers plans specifically designed to cater the requirements of women. HDFC Life Women’s plans are particularly designed to ensure financial protection to women at different stages of life like for child’s education, retirement, protection, etc. Women’s plan offered by HDFC Life Insurance is:

  • HDFC Life Smart Woman Plan– This plan offers the dual benefit of investment cum insurance under the same policy. According to once own choice the insurance buyers can choose from three benefit options. In case of diagnosis of cancer in female organs, pregnancy complication and in case of demise of the policyholder’s spouse, the policy offers premier waiver benefit.
Plan Entry Age Policy Term Sum Assured Tax Benefit
HDFC Life Smart Woman Plan Minimum- 18 years

Maximum- 45 years

10, 15 years Minimum-

Entry age less than 45 years- 10* AP

Entry age equal to 45 years- 7*AP

 

Maximum

Entry age less than 45 years and equal to 45 years- 40* AP

 

AP*is abbreviated form Annual Premium

Under Section 80C and 10(10D) of Income Tax Act.

Claim Process of HDFC Life Insurance

HDFC Standard Life Insurance offers very easy and simple process to file a claim. The Policyholder can file a claim through the online and offline process. Here is the procedure to file a claim with HDFC Life Insurance.

  1. In order to make claim online, the nominee of the policy is required to log in to the official website of HDFC Standard Life Insurance.
  2. The beneficiary will be required to thoroughly fill the claim form.
  3. Once the form is filled properly, he/she will have to submit the form along with the other required documents like address, policy number, policyholder’s name, date of birth, etc.
  4. Once the form is submitted, the insurance company verifies the form and the submitted documents and after the approval of the claim, the final sum assured amount as a death benefit is paid to the nominee of the policy.
  5. If the beneficiary of the policy wants to file claim offline then he/she will have to visit the branch office of HDFC Standard Life Insurance and fill the claim settlement form.
  6. Along with properly filled claim form, the nominee will have to submit the key documents like date of birth, policy number, address, policyholder’s name, etc.
  7. Once the nominee submits the claim form, the insurer will verify the form and the submitted documents thoroughly.
  8. After the completion of verification process, the final amount as a death benefit is paid to the beneficiary of the policy.

Eligibility Criteria of HDFC Life Insurance

  1. HDFC Life Insurance has a minimum age eligibility of 18 years, whereas the maximum age eligibility is 65 years.
  2. HDFC Standard Life Insurance policies offer a maximum tenure of 40 years.
  3. An individual should be a professional, salaried employee, self-employed or a businessman to avail the policy.

Documents Required to File Claim with HDFC Life Insurance

  1. Address Proof
  2. Identity Proof
  3. Income Proof
  4. Age Proof
  5. Pan Number

In case of demise of the insured naturally-

  • Death claim form
  • Original documents of the policy
  • Government-issued death certificate or a relevant authority
  • NEFT account details
  • Policyholder’s medical report at the time of demise
  • Identity and address proof of nominee
  • Annuity claim documentation- for pension/money back and for maturity claim

In case of demise of the insured unnaturally-

  • Death claim form
  • Original documents of the policy
  • Government-issued death certificate or a relevant authority
  • Identity and address proof of nominee
  • NEFT account details
  • Annuity claim documentation- for pension/money back and for maturity claim
  • Post-mortem report
  • FIR/ police inquest report and panchanama

In case of demise of the insured from disasters/ natural calamities-

  • Death claim form
  • Original documents of the policy
  • Government-issued death certificate or a relevant authority
  • NEFT account details
  • Identity and address proof of nominee
  • Annuity claim documentation- for pension/money back and for maturity claim

In case of demise of the insured from Critical Illness-

  • Critical illness claim form
  • Original documents of the policy
  • NEFT account details
  • Identity and address proof of nominee
  • Annuity claim documentation- for pension/money back and for maturity claim

Current and past medical history, hospital records, diagnostic test reports, etc.

HDFC Life Insurance FAQ’S

What are the premium payment modes available for HDFC Life Insurance?

Ans- The premium payment modes available for HDFC Standard Life Insurance are:

  • Online mode include:
  1. Debit Card
  2. Net Banking
  3. Credit Card
  4. Payment Through Standing Instructions
  • Offline mode includes:
  1. Through ECS facility
  2. Money Order
  3. Cheque /Cash/DD
  4. IVRS
  5. Visit the nearest branch to your location.

How to check the policy status of HDFC Standard Life Insurance?

Ans- There is various different methods to check the status of the policy. The insured can check the policy status through online method, by visiting the website of the company or through offline method. In offline method, the insured can send SMS and Email to the company and know the status of the policy. Moreover, the policyholder can also call to the toll free number of the company and know the status of the policy.

What is Free-look period?

Ans- In case, the policyholder is dissatisfied with the terms and conditions of the policy then a free-look period of 15 days is provided by the company during which the policyholder can cancel the policy.

What is a Grace Period?

Ans- If the insured fails to pay the premium of the policy within the due date, then a grace period of 30 days is offered by the company during which they can clear the entire due amount and continue with the benefits of the plan.

What are the tax benefits offered by HDFC Life Insurance?

Ans- HDFC Standard Life Insurance offered tax benefit on the premium amount and maturity proceeds under section 80C and 10(10D) of Income Tax Act 1961.

What is the claim settlement process of HDFC Standard Life Insurance?

Ans- To settle the claim of the policy, the beneficiary of the policy will be required to submit the document of the policy along with the thoroughly filled claim form to the nearest branch office of the company. Once the submission of the claim form and document is done, it is verified by the insurance company. After the completion of the verification process, the claim amount is paid to the beneficiary of the policy within 30 days.

What are the documents required to apply for HDFC Life Insurance?

Ans- The documents required to apply for HDFC Standard Life Insurance are:

  • Age proof
  • Identity proof
  • PAN number
  • Address proof
  • Income Proof
  • Passport size photograph.

How to cancel the existing policy of HDFC Life Insurance?

Ans- In order to cancel the policy of HDFC Standard Life Insurance, the insured will have to fill the surrender form thoroughly and submit it to the branch office. The insured will also have to pay the cancellation charge while submitting the surrender form.

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