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  • HDFC Life Group Jeevan Suraksha Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the HDFC Life Group Jeevan Suraksha Plan for?

    The eligibility criteria for this policy is based on the group size, age and Sum Assured, among other factors.

        Minimum Maximum
    Age at Entry One year renewable policy
    • Employer Employee Group - 18 years
    • Other Homogenous Group - 14 years
    69 years
    Single premium policy
    Regular premium policy
    Age at Entry One year renewable policy
    • Employer Employee Group - 18 years
    • Other Homogenous Group - 14 years
    70 years
    Single premium policy
    • Employer Employee Group - 18 years
    • Other Homogenous Group - 14 years
    Regular premium policy
    • Employer Employee Group - 18 years
    • Other Homogenous Group - 14 years

    All ages are calculated as per previous birthday of the individual.

    Sum Assured and Premium Range - What you Get and What it Costs?

    The Sum Assured and Premium Range vary based on what is chosen by the policyholder.

        Minimum Maximum
    Sum Assured   Rs.1,000 Rs.2,00,000
    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.

        Minimum Maximum
    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.

    Plan Coverage - What the HDFC Life Group Jeevan Suraksha Plan Covers?

    Death Benefit
    • In case of employee/member’s unfortunate death, the Sum Assured that has been specified in the Certificate of Insurance shall be payable to the Nominee.
    • In case of a lender borrower schemes, in the event of the employee/member’s unfortunate death under Regulated Entities, the outstanding loan amount will be paid to the Master Policyholder with prior authorisation from the member during policy commencement, out of the total benefit that would have been otherwise payable to the Nominee. Residual benefit will be paid to the nominee, as applicable.
    • In case of lender borrower schemes under other entities, the Sum Assured will be paid to the Nominee in case of member’s unfortunate demise.
    • Once the benefit has been provided to the Beneficiary or Nominee, the Member coverage will terminate and no additional benefits will be payable.
    Maturity Benefit There will be no benefit payable on maturity under the scheme.
    Surrender Benefit
    • One surrender of the One Year Renewable Policy prior to term completion, the Surrender Value that is payable will be premiums paid minus expenses multiplied by unexpired coverage term for which the premiums have already been paid.
    • On surrender of the Single Premium Policy prior to term completion, the Surrender Value will get acquired immediately and will be 70% of single premium paid multiplied by coverage term that has not expired.
    • On surrender of the Regular Premium Policy prior to term completion, the Surrender Value will get acquired immediately and will be 70% of premiums paid less expenses multiplied by coverage term that has not expired for which the premiums have been paid.
    • Once surrender benefit has been paid, the Coverage will terminate and further benefits are not payable.

     

    Add-On Plans – Additional Coverage under the HDFC Life Group Jeevan Suraksha Plan:

    This is not applicable for the plan.

    Exclusions - What the HDFC Life Group Jeevan Suraksha Plan does not Cover?

    • Under employer-employee scheme, the beneficiary will be entitled to the Sum Assured, in case of unfortunate demise of the Member due to suicide (insane or sane), within a period of 12 months from the Date of Risk Commencement or from the Date of Coverage Revival.
    • Under the non employer-employee scheme, the nominee will receive 80% of all premiums paid in case of unfortunate demise of the Member due to suicide (insane or sane), within a period of 12 months from the Date of Risk Commencement or higher of 80% of the premium or Surrender Value from the date coverage revival as long as the policy is in force, subject to compliance with IRDAI Regulations.

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

    Grace Period
    • The Group Jeevan Suraksha Plan from HDFC Life has a grace period of 15 days from the premium due date for monthly premium paying mode and 30 days from the premium due date for non-monthly premium paying mode. In case premium is not received within the Grace Period, the policy will lapse and no other benefits will be payable.
    • In the event of the Employee/Member’s unfortunate death during the Grace Period, Sum Assured will be paid to the Nominee subject to deduction of unpaid premium.
    • In case the premium has been collected by the Master Policyholder but insurer has not received this due to administrative delays within grace period, the insurer will be responsible for valid claims.
    Revival
    • In case payment is not received even after the Grace Period has ended, the policy will lapse. Requests from the Master Policyholder will be considered as long as this is received within the outstanding period in the policy year for the one year renewable policy and 2 years for Regular Premium Policy.
    • An agreement to revive would be dependent on the Board Approved Underwriting Policy and payment of all unpaid premiums along with interest. Present rate of interest is 10.5% per annum.
    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.

    Tax Benefits - How can you save with HDFC Life Group Jeevan Suraksha Plan?

    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.

    Other Benefits - How can you save with the HDFC Life Group Jeevan Suraksha 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 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.

    Why should you Buy the Group Jeevan Suraksha 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 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.

    HDFC Life Group Jeevan Suraksha Plan FAQs:

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

    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.

    Q. Are Service Taxes applicable while purchasing this of the HDFC Life Group Jeevan Suraksha Plan?

    A. Service tax is applicable based on Service Tax Laws, and is applicable on life insurance premium.

    Q. Are paid-up benefits applicable on the HDFC Life Group Jeevan Suraksha Plan?

    A. There are no paid-up benefits applicable on the HDFC Life Group Jeevan Suraksha Plan.

    Q. What are the conversion factors applicable on premiums paid during the non annual modes?

    A. Conversation factors are applicable as mentioned below -

    Premium Frequency Factor
    Monthly 0.086
    Quarterly 0.255
    Semi-Annually 0.507

    Q. What is the group size required for the HDFC Life Group Jeevan Suraksha Plan?

    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.

    Q. How does the HDFC Life Group Jeevan Suraksha Plan work?

    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
    • The Master Policyholder will be able to choose between Single Premium Policy, One Year Renewable Policy, Regular Premium Policy under this product.
    • Sum assured for every member will be proposed by the Master Policyholder and can vary from one member to another. The individual can also choose the extend insurance coverage to the spouse of the insured members.
    • All members of the Scheme proposed for coverage will be covered under the master policy and the same shall be issued to the Master Policyholder.
    • In case of new employees becoming eligible to be included under this plan, the Master Policyholder will have to provide details of these employees.
    • Addition of members will be subject to Board Approved Underwriting Policy.

    Q. Is cancellation allowed in the free look period of the policy?

    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.

    Q. Are alterations allowed in the HDFC Life Group Jeevan Suraksha Plan?

    A.

    • New members will be allowed to join the policy at any defined date as long as the application has been accepted.
    • For the one year renewable policy, member joining during the policy year will be charged a premium proportionately for the duration the member is covered during the policy year along with applicable charges.
    • Once their Certificate of Insurance has been issued, members will not be allowed to amend or alter benefits.
    • As per Master Policyholder’s request, increase in Sum Assured will be subject to Board Approved Underwriting Policy.

    Q. What are the other expenses that can be deducted?

    A. Expenses such as sum assured related expenses, if applicable, commission paid and member related administrative expense can be deducted.

    Q. Is there a maturity benefit payable under the HDFC Life Group Jeevan Suraksha Plan?

    A. There is no maturity benefit payable under the HDFC Life Group Jeevan Suraksha Plan.