The Group Jeevan Suraksha Plan by HDFC Life is a micro insurance product. This non-linked, non-participating, Group Term Micro insurance product is designed to cater to the needs to employees who are a part of Micro-Finance Institutions and Co-operatives along with members and employees of other homogenous groups. This product provides security at a minimal cost in case of unfortunate death of an employee or a member.
Through this option, life cover can be procured for all employees and members at minimal cost. They also have the option to choose between Varying Sum Assured or Fixed Sum Assured and premium can be paid as per their convenience. In case of the employee/member’s death, the nominee will receive a lump sum payout. There are a number of other benefits to this plan as well, which will be explained below.
The eligibility criteria for this policy is based on the group size, age and Sum Assured, among other factors.
|Age at Entry||One year renewable policy||
|Single premium policy|
|Regular premium policy|
|Age at Entry||One year renewable policy||
|Single premium policy||
|Regular premium policy||
All ages are calculated as per previous birthday of the individual.
The Sum Assured and Premium Range vary based on what is chosen by the policyholder.
|Cover Term for members||1 year renewable policy||1 year||Member coverage can be renewed on member anniversary or on policy anniversary|
|Single premium policy||2 years||10 years|
|Regular premium policy||5 year|
|Premium Paying Term||1 year renewable policy||1 year|
|Single premium policy|
|Regular premium policy||5-10 years|
Under the 1 year renewable policy, in case the Master Policyholder has opted to allow coverage for mid-joiners for the remainder of the Cover Term, the minimum coverage period for a member could be below a year. However, minimum cover term will be as per the table above.
|Premium||1 year renewable policy||1.10 per member||Premium will be based on Sum Assured and premium rate|
|Single premium policy||2.26 per member||Rs.750 per member for every year|
|Regular premium policy||1.23 per member|
|Premium Paying Frequency||1 year renewable policy||Annual/Semi-Annual/Monthly/Quarterly|
|Single premium policy||Single|
|Regular premium policy||Annual/Semi-Annual/Monthly/Quarterly|
For modes that are non-annual, premiums paid are calculated as annual premium that has been multiplied by a conversion factor.
|Maturity Benefit||There will be no benefit payable on maturity under the scheme.|
This is not applicable for the plan.
|Reinstatement||For the 1 year renewable policy, in case premium is not received within 30 days of the scheme renewal date, coverage under policy would expire. Once coverage has expired, the company will consider requests from Master Policyholder for reinstatement based on Board Approved Underwriting Policy.|
In case the premium is being paid by the Master Policyholder without him/her recovering the same from members, the Master Policyholder can claim a deduction under Section 37(1) of the Income Tax Act of 1961 for the entire amount that has been paid as premium. In case members are paying the premium under the Scheme, he/she can avail benefits under Section 80C of the Income Tax Act of 1961.
Customers should note that Death Benefits are tax free in the hands of the Beneficiary under Section 10(10D) of the Income Tax Act, 1961. Income Tax benefits will be applicable as per prevailing tax laws in the country. Customers are advised to consult their tax advisors for more details regarding the same.
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 Jeevan Suraksha Plan can be procured online by logging in to the HDFC Life website. This method is perfect for those who are unable to visit any of the HDFC branches to purchase the plan or stay in far-off places.|
|Customer Care||In case individuals have any questions, they contact the customer care centre. Customer Service Department can be contacted via SMS,email, toll free number, letter, etc.|
|Calculator||Before purchasing the HDFC Life Group Jeevan Suraksha Plan, customers can identify and decide 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. In the same way, 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 fantastic financial consultancy wing in India and abroad while providing 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 information regarding 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 is applicable based on Service Tax Laws, and is applicable on life insurance premium.
A. There are no paid-up benefits applicable on the HDFC Life Group Jeevan Suraksha Plan.
A. Conversation factors are applicable as mentioned below -
A. The minimum number of members required under a group for this plan is 5. There is no limit on the maximum number of members.
A. The Master Policyholder can choose between compulsory/voluntary coverage under the product.
|Voluntary Coverage||Compulsory Coverage|
|Member/Employee||May choose to participate in this policy||Obligatory participation in this policy to avail coverage once the individual is eligible|
|Life Coverage||Will be on the life of the employee/member|
A. In case the Master Policyholder is not satisfied with the terms and conditions, the Master Policy Document can return the Master Policy Document within a period of 15 days from the date of receipt of Master Policy Document. In case the policy was procured through Distance Marketing Mode, 30 days is the time provided.
Upon receipt of letter and Master Policy Document, the premium paid will be refunded, subject to deduction of the proportionate risk medium for period on cover along with expenses incurred by HDFC Life on stamp duty.
A. Expenses such as sum assured related expenses, if applicable, commission paid and member related administrative expense can be deducted.
A. There is no maturity benefit payable under the HDFC Life Group Jeevan Suraksha Plan.