There are a plethora of insurance plans available in the market today, catering to different needs and requirements of individuals as well as groups. The Group Credit Protect Plus Insurance Plan by HDFC Life is one plan that is tailor made for all those who are members of financial institutions. In case disability, death or illness of the members who are insured, this plan will provide protection for their families from the burden of loan repayment.
This comprehensive benefit plan provides financial protection in case of member’s disability, death or critical illness. Members have the flexibility to choose their plan options, increase or decrease their cover. They also have the option to choose loan cover term. Coverage for this plan is available on both single and joint life basis. Members can choose a coverage term that is lesser than their loan tenures. The HDFC Life Group Credit Protect Plus Insurance Plan also provides top-up loans via separate repayment schedule. This plan is also quick and easy to administer without the need for a lengthy underwriting process. The Group Credit Protect Plus Insurance Plan is a comprehensive policy that has 6 plan options.
The eligibility criteria for the HDFC Life Group Credit Protect Plus Insurance Plan is decided based on age and cover chosen, among other factors.
|Cover Term||2 years to 30 years|
|Minimum age at entry||14 years|
|Maximum age at entry||70 years|
|Maximum cover ceasing age||75 years|
|Size of Group||Minimum size is 50|
All ages are as per last birthday of the individual.
Sum Assured and Premium Range will vary based on the sum opted for by the customer and their premium payment term.
|Minimum premium amount per member||Rs.25|
|Minimum Sum Assured||Rs.1,000|
Customers should note that premiums vary based on age, location, plan term and other factors.
Customers have the option to procure different types of plans based on the cover that they wish to avail. These options are given in the table below -
|Life Option||Death Benefit|
|Extra Life Option||Death Benefit + Additional Accidental Death Benefit|
|Terminal Life Option||Death Benefit + Accelerated Terminal Illness Benefit|
|Critical Life Option 1||Death Benefit + Accelerated Critical Illness (With Critical Illness Benefit term being equal to the benefit term of the main plan or 5 years, whichever is lower.)|
|Critical Life Option 2||Death Benefit + Accelerated Critical Illness (With Critical Illness Benefit term being equal to the benefit term of the main plan or 10 years, whichever is lower.)|
|Life Disability Option||Death Benefit + Accelerated Total Permanent Disability|
|Type of Benefit||Description|
|Death Benefit||In case of unfortunate death of member, the benefit that will paid is -
|Accelerated Terminal Illness Benefit||In case member has been diagnosed with a terminal illness, the benefit that is payable is -
|Additional Accidental Death Benefit||In case of death of member due to an accident, the additional death benefit equal the following will be -
|Accelerated Critical Illness Option 1||In case a member has been diagnosed with any of the critical illness that are covered under the Critical Illness benefit term, the benefit that will be paid is -
|Accelerated Critical Illness Option 2||In case a member has been diagnosed with any of the critical illness that are covered under the Critical Illness benefit term, the benefit that will be paid is -
|Accelerated Total Permanent Disability||In case of death of insured member or upon occurrence of disability due to an accident, the benefit that is payable is -
|Maturity Benefit||Under this plan, there is no maturity benefit available.|
In case of joint life, the benefit that is payable on occurrence of disability, death or illness of either of the joint insured members. After the benefit has been paid, the cover will cease for other members as well.
There are no riders or add-on plans that can be procured under this policy.
In case of death of member due to suicide within a year (12 months) from the commencement of membership, the nominee will receive 80% of all premiums paid.
|Cancellations in the free-look period||In case individuals are not satisfied with the policy terms and conditions, they can return the same to HDFC Life while stating reasons, within a period of 15 days from the date of receipt of policy. Once the letter has been received by HDFC Life along with policy documents, premium will be refunded minus deductions of proportionate risk premium and other expenses incurred, such as stamp duty. Once policy has been returned, it cannot be revived, restored or reinstated at any given point of time and a new proposal will have to be made.|
|Moratorium Period||Member will be allowed to take a mortgage, home loan or an education loan which can be disbursed in two or more payments. In these cases, coverage will be provided during the moratorium period which is equal to the initial Sum Assured. Member can choose a moratorium tenure of 1 to 7 years. The term of the cover will have to be equal to the term of the moratorium period along with term of reducing cover. Once the moratorium period has ended, death benefit will follow reducing cover based on repayment schedule. However, this is available only with the decreasing cover option.|
|Surrender Benefit||Customers do not have the option to surrender their main policy. At the member level surrender value will be available when the need for risk cover does not exist anymore, such as in case of complete prepayment of loan. In this case surrender benefit will be available and calculated as - 70% x Single Premium x (Unexpired Coverage Term (in complete months)/Original Coverage Term (in months)) x (Current Sum Assured/Initial Sum Assured)|
Tax Benefits applicable for the HDFC Life Group Credit Protect Plus Insurance Plan is subject to the prevailing tax laws (Section 80C and Section 10 (10D)) of the Income Tax Act, 1961. Customers will have to note that tax benefits will vary if there is a change in the prevailing tax laws change. Hence, they are advised to discuss the same with their tax consultants.
HDFC Life is one of the foremost insurance providers in the country. Customers can choose between a variety of products based on their necessities.
|Online Applications||HDFC Life Group Credit Protect Plus Insurance Plan can be purchased online by logging in to the HDFC Life website. This method is perfect for those who are not able to visit one of the HDFC branches to purchase the plan or stay in far-off places.|
|Customer Care||In case customers have any queries, they can contact the customer care centre. They can contact the customer service department via SMS,email, toll free number, letter, etc.|
|Calculator||Before purchasing the HDFC Life Group Credit Protect Plus Insurance Plan, customers can identify their insurance needs on the basis of income, liabilities and expenses by using the HLV or Human Life Value Calculator, available on the HDFC Life website. Similarly, customers can also use the tax calculator by HDFC Life and find the amount of tax that they’ll have to pay.|
HDFC Life is one of the foremost providers of life insurance policies within the country. Through this provider, customers can avail insurance plans that come with a number of unique benefits and services. HDFC Life has a network of about 39 offices that are spread across 9,000 touch points in India for easy access. HDFC Life also has one of the highest Claims Track Record in the company with 95% of claims being honoured. This company has a financial consultancy wing in India and abroad that provides some of the most successful insurance plans for a wide variety of clientele. Cutting edge technology is employed by HDFC Life resulting in the company having one of the best claim settlement records in the company as compared to certain other insurance providers.
A. Customers can find out the status of their policy application by either calling HDFC Life on the toll free customer care number or by sending them an e-mail.
A. Service tax along with education cess will be charged by cancellation of units.
A. The premium for every member is calculated as a single premium. The actual premium will depend on -
The critical illnesses covered under the HDFC Life Group Credit Protect Plus Insurance Plan are -
A. HDFC Life is not liable to pay benefits in case critical illness is caused either directly or indirectly by the following -
A. The main benefit is of the following types -
A. The repayment schedule will depend on moratorium period and underlying rate of interest, among other factors. Hence, a repayment schedule will be agree with master policyholder.
A. Spinal cord injury and head injury due to causes not acceptable to HDFC Life are two exclusions to the Major Head Trauma aspect of the Critical Illness Benefit.
A. Major Burns would refer to third degree (full thickness of the skin) burns that cover a minimum of 20% of the Life Assured’s body. The condition will have to be confirmed by a consultant physician or a specialist acceptable to HDFC Life.