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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.