HDFC Life Insurance - Compare and Buy Life Plans to Secure your Family

HDFC Life Insurance is one of the top firms in the private life insurance industry in India. Similar to most top companies in the market, the company offers different varieties of life insurance plans for its customers. In additional to various individual plans, the company also offers various group life insurance plans and add-on covers for its customers. The online policies offered by the company can be purchased anytime through the official website of HDFC Life. If you wish to secure the financial situation of your loved ones, you must take a look at the policies offered by HDFC Life before taking a final decision. Let’s take a detailed look at various aspects of HDFC Life Insurance and how it is beneficial for customers.

Highlights of HDFC Life Insurance _{Updated on 04 Oct 2023}

Percentage of Grievances Solved	99.97%
Claim Settlement Ratio	97.80%
Group Death Claims	99.27%
Percentage of Claims Rejected	0.29%
Solvency Ratio	1.92 (for the quarter ended March 2018)

Products and Services offered by HDFC Life:

HDFC Life has a massive roster of insurance products, with each of them catering to the insurance needs of a wide demographic of Indians. Currently, the firm has over 29 individual products, 9 group products, and 8 optional riders. Below is a list of all the products HDFC Life offers:

 

• HDFC Life Protection Plans:

  Protection plans offered by HDFC Life are basically term plans and are available at a relatively lower cost. They help individuals secure their family's’ future even if they pay small premiums each year. At present, HDFC Life has just one protection plan available for its customers. It is as follows:

  • HDFC Life Click2Protect Plus

• HDFC Life Health Plans:

  HDFC Life also has a few health insurance plans in its portfolio, which help policy buyers secure the medical expenses of their family members. Here are the health plans offered by HDFC Life:

  • HDFC Life Easy Health Plan
  • HDFC Life Cancer Care Plus

• HDFC Life Retirement Plans:

  Retirement plans help individuals to set up a corpus which they can make use of at the time of their retirement. This again requires the policyholder to pay a certain premium for a period mentioned in the policy they have chosen. In the retirement plan section, HDFC Life has two policies available. They are as follows:

  • HDFC Life Assured Pension Plan
  • HDFC Life Click2Retire
  • HDFC Life Personal Pension Plus
  • HDFC Life Super Pension Plus
  • HDFC Life Single Premium Pension Super Plan
  • HDFC Life Guaranteed Pension Plan
  • HDFC Life New Immediate Annuity Plan

• HDFC Life Savings and Investment Plans:

  People these days are always looking to save and invest at the same time. To cater to such individuals, HDFC Life has introduced a number of policies that help individuals get the dual benefit of saving and investing. The policies offered by the company include:

  • HDFC Life Capital Shield
  • HDFC Life Click2Invest - ULIP
  • HDFC Life Sanchay
  • HDFC Life Super Income Plan
  • HDFC Life Uday
  • HDFC Life Sampoorn Nivesh
  • HDFC Life Super Savings Plan
  • HDFC Life ClassicAssure Plan
  • HDFC SL Crest
  • HDFC Life ProGrowth Plus
  • HDFC SL ProGrowth Flexi
  • HDFC Life ProGrowth Super II
  • HDFC Life Sampoorn Samridhi Plus
  • HDFC SL ProGrowth Maximiser

• HDFC Life Women’s Plans:

  HDFC Life also has a few women-specific insurance plans, which help women secure their future by paying a premium every year. These plans include:

  • HDFC Life Smart Woman Plan
  • HDFC Life Click2Protect Plus
  • HDFC Life Youngstar Super Premium
  • HDFC Life Pension Super Plus

• HDFC Life YoungStar Children’s Plans:

  The firm also offers a few children-related policies, which help family-oriented individuals secure their children's future. The plans offered under this category are as follows:

  • HDFC SL YoungStar Super Premium
  • HDFC Life YoungStar Udaan

• HDFC Life Rural and Social Plans:

  HDFC Life also has an insurance plan that is specifically designed keeping in mind the requirements of rural populace.This plan offers stable returns as well as insurance cover for the customers. It is as follows:

  • HDFC SL SarvGrameen Bachat Yojana

While the aforementioned list lists out individual products, HDFC also offers group plans for protection and retirement purposes.

• HDFC Life Group Retirement Solutions

  • HDFC LIfe Group Pension Plan
  • HDFC Life Unit Linked Pension Plan
  • HDFC Life Group Variable Employee Benefit Plan
  • HDFC Life New Group Unit Linked Pension Plan

• HDFC Life Group Protection Plans

  • HDFC Life Group Jeevan Suraksha Plan
  • HDFC Life Group Term Insurance Plan
  • HDFC Life Group Credit Protect Plus Insurance Plan
  • HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana

• HDFC Life NRI insurance Plans:

  Apart from all the health and other such plans, HDFC Life also has plenty of products in its portfolio dedicated to non-resident Indians. These plans are spread across various categories. They include:

  • HDFC Life Click 2 Protect Plus - Term plan
  • HDFC Life Children Udaan - Child plan
  • HDFC Life Click2Invest - ULIP investment plan
  • HDFC Life Personal Pension Plan - Retirement plan

• HDFC Life Riders

  Currently, HDFC Life offers only one rider. It is:

  • HDFC Life Income Benefit on Accidental Disability Rider

• Other Plans offered by HDFC Life:

  Apart from these plans listed above, HDFC Life also has a plan that is especially dedicated to people serving in the armed forces. The plan is as follows:

  • Shaurya by HDFC

Awards Won by HDFC Life:

Ever since HDFC Life began in the year 2000, it has won plenty of awards and accolades due to its contribution to the insurance market sphere.Below is a list of some of the awards the company has won:

• Finnoviti 2016 - For its Cancer Care product
• Golden Peacock Innovative Product Award 2015 - For the launch of Click2Invest, a low cost ULIP plan
• DL Shah National Award -
• ISQ
• NIQR Annual Competition on Six Sigma
• Frost & Sullivan
• Inspiring Workplace Award 2015- Insurance Sector
• IDC Insights Awards
• CIO 100 India - Mobility Maven Special Award
• CeBIT India - Digital Transformational Leaders
• Data Security Council of India (DSCI) - Infosec Award
• PC Quest - Best IT Implementations - 2016
• BW CIO 3.0 Award - Mobility
• BW CIO 3.- Award - BFSI
• ABP News - Stars of the Industry Awards - Banking & Financial Services
• DataQuest Business Technology Award - 2016
• Dynamic CISO Summit & Excellence Awards
• Infosec Maestros
• CIO 100 International -2015

Company Location - Where you can find HDFC Life Offices?

Below is a tabular column which lists out HDFC Life offices located in major metropolises across the country:

HDFC Life - Board of Directors and Shareholding Patterns:

HDFC Life has a number of esteemed members that form a part of the company’s board of director, who serve at varying capacities. Below is a list of names and the roles they are fulfilling.

• Mr. Deepak S. Parekh - Non-executive Chairman
• Sir Gerry Grimstone - Non-executive Director
• Mr. Keki M Mistry - Non-executive Director
• Mr. Norman Keith Skeoch - Non-executive Director
• Ms. Renu Sud Karnad - Non-executive Director
• Dr. J J Irani – Independent Director
• Mr. AKT Chari – Independent Director
• Mr. Prasad Chandran – Independent Director
• Mr. Vish Vishwanathan – Independent Director
• Mr. Sumit Bose – Independent Director
• Mr. Ranjan Mathai – Independent Director
• Mr. Ketan Dalal – Independent Director
• Ms. Vibha Padalkar - Managing Director and Chief Executive Officer
• Mr. Suresh Badami – Whole-time Director
• Mr. James Aird – Alternate Director
• Mr. Rushad Abadan – Alternate Director

HDFC Claim Settlement Ratio

HDFC Life has one of the highest claim settlement ratios of all the insurance companies in the country. Here’s a table that lists out the claims settled by the company during the fiscal year 2017-18:

No. of claims received	No. of claims approved	Claim settlement ratio
12,566	12,289	97.80%

Here’s another table that gives you a clear idea of HDFC Life’s claim settlement ratio from 2009-10 to 2017-18. This statistic was made available by Insurance Regulatory Authority of India (IRDA).

How to Settle a Life Insurance Claim with HDFC Life - Claim Documentation and Process:

The claim settlement procedure is pretty standard for HDFC Life. Here’s how the claim settlement process works:

• The policyholder/nominee needs to send in a duly filled Claim Request Form.
• Along with the claim request form, the beneficiary must also submit various documents like policy details, death certificate (for death claims), proof of address, proof of identity, police FIR (for accident claims), etc.
• If the documents submitted to the company are good enough, a decision is made and the claim is settled.
• However, on the off chance that the documents provided are not adequate, the company will send a notification to request the additional documents.
• If the claim is rejected even after providing all the required documents, a proper communication is established to explain the reasons that led to the rejection of the plea.

Documents Required for Claim Settlement:

To make it easier for claimants, HDFC Life has listed out all the documents required during the claim settlement process. These documents are as follows:

• For natural death:
  • Death claim form with NEFT details
  • Certificate of death issued by relevant authority/government
  • Original policy document
  • Identity and residential proof of the claimant
  • Medical documents relating to death and past illnesses
• For unnatural death (Suicide/Accidental death/ Murder)
  • Death claim form with NEFT details
  • Certificate of death issued by relevant authority/government
  • Original policy document
  • Identity and residential proof of the claimant
  • Police inquest report, FIR, and Panchnama
  • Post mortem report