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  • HDFC Life Group Credit Protect Plus Insurance Plan

    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.

    Eligibility - Who is the HDFC Life Group Credit Protect Plus Insurance Plan for?

    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 - What you Get and What it Costs?

    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
    Premium Single

    Customers should note that premiums vary based on age, location, plan term and other factors.

    Plan Coverage - What the HDFC Life Group Credit Protection Plan Covers?

    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 -

    Plan Option Cover
    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

    Other Benefits are as Follows:

    Type of Benefit Description
    Death Benefit In case of unfortunate death of member, the benefit that will paid is -
    • Sum Assured, if the level term assurance has been selected
    • Decreasing Sum Assured as per agree schedule of repayment, in case decreasing term assurance is selected
    Accelerated Terminal Illness Benefit In case member has been diagnosed with a terminal illness, the benefit that is payable is -
    • Sum Assured, if the level term assurance has been selected
    • Decreasing Sum Assured as per agree schedule of repayment, in case decreasing term assurance is selected
    The risk cover will cease after this.
    Additional Accidental Death Benefit In case of death of member due to an accident, the additional death benefit equal the following will be -
    • Sum Assured, if the level term assurance has been selected
    • Decreasing Sum Assured as per agree schedule of repayment, in case decreasing term assurance is selected
    This is in addition to the death benefit mentioned above.
    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 -
    • Sum Assured, if the level term assurance has been selected
    • Decreasing Sum Assured as per agree schedule of repayment, in case decreasing term assurance is selected
    Risk cover will cease after this. The Critical Illness benefit term will be equal to the main benefit term of 5 years, whichever is lower.
    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 -
    • Sum Assured, if the level term assurance has been selected
    • Decreasing Sum Assured as per agree schedule of repayment, in case decreasing term assurance is selected
    Risk cover will cease after this. The Critical Illness benefit term will be equal to the main benefit term of 10 years, whichever is lower.
    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 -
    • Sum Assured, if the level term assurance has been selected
    • Decreasing Sum Assured as per agree schedule of repayment, in case decreasing term assurance is selected
    The risk cover will cease after this.
    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.

    Riders/Add-on Plans - Additional Coverage under the HDFC Life Group Credit Protect Plus Insurance Plan:

    There are no riders or add-on plans that can be procured under this policy.

    Exclusions - What the HDFC Life Group Credit Protect Plus Insurance Plan doesn’t Cover:

    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.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    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 - How you can save with the HDFC Life Group Credit Protect Plus Insurance Plan?

    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.

    Other Benefits - How can you save with the HDFC Life Group Credit Protect Plus Insurance Plan?

    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.

     

    Why should you Buy the Group Credit Protect Plus Insurance Plan from HDFC Life?

    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.

    HDFC Life Group Credit Protect Plus Insurance Plan FAQs:

    Q. How can customers find out the status of their policy application?

    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.

    Q. Are Service Taxes applicable while purchasing this of the HDFC Life Group Credit Protect Plus Insurance Plan?

    A. Service tax along with education cess will be charged by cancellation of units.

    Q. What factors is the premium for each member dependent on?

    A. The premium for every member is calculated as a single premium. The actual premium will depend on -

    • Plan option that has been chosen
    • Amount of Sum Assured selected
    • Cover Term
    • Type of Cover (level or decreasing)
    • Age of the member
    • Underwriting
    • Mortality Class

    Q. What Critical Illnesses are covered under the HDFC Life Group Credit Protect Plus Insurance Plan?

    The critical illnesses covered under the HDFC Life Group Credit Protect Plus Insurance Plan are -

    • Cancer
    • Coronary Artery Bypass Graft Surgery
    • Heart Attack
    • Kidney Failure
    • Major Organ Transplant where the member is the recipient
    • Stroke
    • Apallic Syndrome
    • Benign Brain Tumour
    • Coma
    • End Stage Liver Disease
    • End Stage Lung Disease
    • Heart Valve Surgery
    • Loss of Independent Existence
    • Loss of limbs
    • Loss of sight
    • Major Burns
    • Major head trauma
    • Paraplegia/Paralysis
    • Aorta Surgery

    Q. What are the specific exclusions applicable to the Critical Illness Benefit?

    A. HDFC Life is not liable to pay benefits in case critical illness is caused either directly or indirectly by the following -

    • Any of the listed critical illnesses wherein death occurs within a period of 30 days of the diagnosis
    • Any sickness related condition that manifests itself within 90 days of policy inception or date of acceptance of risk or reinstatement, whichever is later
    • Intentional self-inflicted or attempted suicide, irrespective of mental condition
    • Solvent or alcohol abuse, or taking of drugs except under the direction of a registered medical practitioner
    • War, hostilities, invasion, rebellion, revolution or taking part in a commotion
    • Service in police, military or similar organisation
    • Taking part in an act with criminal intent
    • Pre-existing medical condition
    • AIDS or HIV
    • Unreasonable failure to seek medical advice
    • Nuclear accident resulting in radioactive contamination
    • Treatment or diagnosis outside India

    Q. Is nomination allowed for the HDFC Life Group Credit Protect Plus Insurance Plan?

    A.

    • The member of the policyholder of a life insurance will be able to nominate an individual or individuals who will receive the death benefit.
    • In case the nominee is a minor, member of policyholder will be allowed to appoint a person to receive the benefit in case of member’s death during minority of the nominee.
    • Nomination can be made prior to policy maturity.
    • Nomination can be incorporated in the policy text itself.
    • Nomination can be changed or cancelled at any time prior to policy maturity by an endorsement.
    • Fee to be paid for registering change will be specified by the authority via regulations.
    • A notice in writing of cancellation or change of nomination will have to be delivered to the insurer for the insurer to be liable, to the nominee.

    Q. What are the two types of Death Benefit available?

    A. The main benefit is of the following types -

    • Level wherein the Sum Assured is maintained at the same level as at policy commencement during the individual’s membership tenure.
    • Decreasing wherein the Sum Assured decreases as per repayment schedule selected by the individual during his/her membership term.

    Q. What does the repayment schedule for the HDFC Life Group Credit Protect Plus Insurance Plan dependent on?

    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.

    Q. What conditions are excluded under the Major Head Trauma Illness Benefit?

    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.

    Q. What does Major Burns refer to with respect to 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.

    HDFC Life Group Credit Protect Plus Insurance Plan Reviews

    • HDFC Life Life Insurance
      "Good features"
      0.5 4.0/5 "Great!"
      HDFC Life also has good benefits and a good policy coverage for the life insurance. I have taken a iconnect plan. The tenure of the policy is until the age of 65 to 70 years. If anything uncertain happens to the policy holder, the sum assured is given to the nominee.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 11, 2018
    • HDFC Life Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Recently I took term policy from HDFC Life, in the particular policy, there was one option, I can increase the coverage value upto 10% every year, however premium also will be increasing. But in other insurance company if I go for Rs.1 crore policy after 20 years it will be the same. Hence I found benefits are good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 30, 2018
    • HDFC Life Life Insurance
      "Need scope of improvement"
      0.5 4.0/5 "Great!"
      From HDFC Life no body have contacted me to activate my ecs payment, every time I used to HDFC portal to make my payment it was very inconvenient. They need to work on the service part, remaining all good even cost of the policy is also economical with better cover.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 30, 2018
    • HDFC Life Life Insurance
      "Good among all the private companies"
      0.5 4.0/5 "Great!"
      The reason behind for choosing the HDFC LIFe is more claim ratio compared to other companies. They are offering a better premium amount. I have chosen the coverage amount of Rs. 50L. I'm doing the payment on monthly mode and for annually its around Rs. 5500 as total premium amount. I have selected the 35 years as tenure period. This is covered for accidental benefits and critical illness benefits.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Oct 24, 2018
    • HDFC Life Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I bought a life insurance policy with HDFC Life and i have chosen the plan name called Sampoor Nivesh. I used to pay the premium amount of Rs. 6000 per month and i have no idea about the sum assured amount. I have taken the policy in 2017 January month. Its a 15 years tenure period policy. Through online i have purchased this policy. They have are providing accidental coverage and life coverage.
      Was this review helpful? 0
      , rewari
      Reviewed on Oct 24, 2018
    • HDFC Life Life Insurance
      "Good Service provider"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of HDFC, they are providing very good service in terms of saving account, online service, customer service etc. Hence I have availed HDFC LIFE term policy, they are providing additional benefits for critical illness and disability cover.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 23, 2018
    • HDFC Life Life Insurance
      "Needs lots of improvement"
      0.5 1.0/5 "Really Bad"
      HDFC is ranking good based on the claim settled ratio, I am paying the premium around Rs. 1480. I have selected the coverage value of Rs. 75 lakhs. But I am not told about the benefits, also they were not guided me throughout the process. Everytime I tried to update the details it was not upto the mark.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 22, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      For my tax benefit i have gone through HDFC life. There is a supporting manager for my account they used to provide a different kind offers at a different times. Because of the best service i have taken the life insurance with HDFC LIFE. They are giving so many payment options like monthly, yearly and quarterly however i have chosen the annual payment mode.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 17, 2018
    • HDFC Life Life Insurance
      "Excellent policy for the future"
      0.5 5.0/5 "Blown Away!"
      My money back life insurance policy was taken with HDFC LIFE. I have bought the money back policy 1.5 years ago. I pay the premium amount of Rs. 4198 approximately . I have chosen the monthly payment mode and they used to deduct directly from my account. This is a 25 lakhs sum assured policy.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 17, 2018
    • HDFC Life Life Insurance
      "Should explain the benefits."
      0.5 4.0/5 "Great!"
      I had a life insurance with HDFC Ergo, while selling the product they won't explain the features. HDFC doesn't have separate agent only bank staff used to sell the polices. However my life insurance policy cover is good for the amount of Rs.35 lakhs with the yearly premium of around Rs. 2.60 lakhs.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 15, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I just want to add the accidental benefits along with the policy hence i have selected this policy. They have a very good claim ratio. Almost 9 months ago, i have purchased this policy. I have chosen the yearly payment mode and I'm paying through online by using the debit card. I will get a coverage amount of Rs. 35 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 04, 2018
    • HDFC Life Life Insurance
      "Good protection for family"
      0.5 5.0/5 "Blown Away!"
      I have term insurance with HDFC Life, I used to pay quarterly payment around Rs. 3500 till the age of 65 age. It has accidental coverage , death coverage for the cover of Rs.1 crore. The plan option is good, the insurance company gave me log id to view all the insurance policies in one page.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 01, 2018
    • HDFC Life Life Insurance
      "Good for future"
      0.5 5.0/5 "Blown Away!"
      HDFC have hassle free process, now I can make life insurance premium through online. The executive shared complete information about the policy benefits. I have three policies with the coverage value of Rs. 2 lakhs, 5 lakhs and 10 lakhs. I used to pay Rs. 1 lakh per annum all policies has the tenure period of 15 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 01, 2018
    • HDFC Life Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      I had been using life insurance of HDFC LIFE because the customer service is satisfactory and comparatively good. I had been using it since last 1 year. The name of the policy that i am holding a PENSION PLAN where it covers for the self and the premium i pay for yearly once.
      Was this review helpful? 0
      , nagpur
      Reviewed on Sep 19, 2018
    • HDFC Life Life Insurance
      "Good Insurance Policy"
      0.5 4.0/5 "Great!"
      I have taken my life insurance with HDFC LIFE. The policy name is called young star. I have purchased this policy in 2014. I used to pay the premium amount of Rs. 1 lakhs. I have no idea about the benefits right now. I used to make the payment through online
      Was this review helpful? 0
      , sultanpur
      Reviewed on Sep 12, 2018
    • HDFC Life Life Insurance
      "Good term insurance policy"
      0.5 4.0/5 "Great!"
      Total tenure period of the term insurance is 20 years. I used to pay the premium amount of Rs. 5000 quarterly. I have taken my term insurance policy as life insurance policy. I have chosen the HDFC LIFE for my term insurance policy. Before i have paid huge amount for my premium amount.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Sep 09, 2018
    • HDFC Life Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have been holding the life insurance from HDFC LIFE since 2014 where they have provided the maturity period of 15 years but i am not aware of the name of the policy. The premium i pay annually through ecs and the sum assured amount i get 2 lakhs also it covers the family.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have purchased the TERM POLICY with HDFC LIFE on 2014 and they provided the coverage till my 75 years and also the premium i pay annually once. The policy covers the life also added on that the policy of life insurance and it is very much good to use.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "BETTER POLICY"
      0.5 4.0/5 "Great!"
      The reason behind taking the life insurance from HDFC LIFE because it is a new plan from HDFC which has launched before 1 months. The premium i pay 30k for yearly once and the tenuity period they provided for 10 years and after 5 years they give 5 lakhs added on that they provide with the life coverage and also the accidental benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "Good Money back policy"
      0.5 5.0/5 "Blown Away!"
      I have taken the Life insurance with HDFC LIFE. In 2012, I have bought my life insurance policy. This is 20 years tenure period policy. I'm not much aware of the policy coverage and benefits provided by this policy. This is the money-back policy.
      Was this review helpful? 0
      , kochi
      Reviewed on Sep 03, 2018
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