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HDFC Life Group Protection Plans

An employee-employer relationship goes beyond work, with most employees looking for certain additional benefits to be truly invested in a company/organisation. Employers have taken note of this, with group protection plans not only providing peace of mind to employees, but also helping organisations create a better work atmosphere. These offer benefits to both the employees and the employer, with it possible for different types of organisations to choose plans which suit their needs.

HDFC Life is one of the leading insurers in the country and offers a range of plans designed to protect the interests of a group of people.

Benefits of HDFC Life Group Protection Plans

Some of the key benefits of HDFC Life Group Protection Plans are highlighted below:

  • These plans help build an employee superannuation fund, which can be beneficial for an employee’s retirement.
  • An employer can choose to increase/decrease the members under the plan, ensuring that it caters to the present needs of an organisation.
  • These plans are cheaper than purchasing individual policies for all members, thereby helping an employer use the saved money for other purposes.
  • One can avail tax benefits under these plans, as per existing rules under the Income Tax Act.
  • These plans can be renewed annually.
  • There are multiple investment options provided under these plans, ensuring that an organisation can meet its own growth needs.

Types of Group Protection Plans offered by HDFC Life

HDFC Life currently offers eight group insurance plans, as highlighted below:

HDFC Life Group Unit Linked Pension Plan:

As the name implies, this is a unit linked scheme which is designed to offer financial solutions to meet certain contingencies. An employer/master policyholder can choose from four fund options, based on the growth estimate and risk appetite. This scheme provides a death benefit to the nominee of an employee if the employee passes away while the plan is in force. The plan also provides a benefit if an employee resigns/retires, based on the rules enforced by the employer.

Plan Name Entry Age Maturity/Vesting Age Group Size Premium
HDFC Life Group Unit Linked Pension Plan Minimum: 18 years Maximum: 74 years Maximum: 75 years Minimum: 10 members Minimum: Rs.5 lakh

HDFC Life Group Variable Employee Benefit Plan:

This scheme offers employee benefit solutions to employers, designed to help them with their fiduciary duties. Under this scheme, an employer can be rest assured that issues pertaining to gratuity, superannuation, leave encashment, etc. are taken care of. Employers are also assured of a minimum interest on their investment. The policy pays a death benefit to the nominee of an employee if he/she passes away while the plan is in force. Similarly, an employee is also eligible for a benefit if he/she resigns/retires from the organisation.

Plan Name Entry Age Maturity/Vesting Age Group Size Premium
HDFC Life Group Variable Employee Benefit Plan Minimum: 16 years Maximum: 75 years NA Minimum: 10 members Minimum: Rs.5 lakh per policy

HDFC Life New Group Unit Linked Plan:

This plan offers life cover to members, with it linked to a fund. An employer/master policyholder can choose from six fund options, based on the risk appetite and benefits one is looking for. The plan offers an option of debt and equity funds. This plan provides a death benefit to members, in addition to a benefit if a member exits the scheme.

Plan Name Entry Age Maturity/Vesting Age Group Size Premium
HDFC Life New Group Unit Linked Plan Based on the scheme rules NA Minimum: 10 members Minimum: Rs.5 lakh per policy Maximum: No upper limit

HDFC Life Group Term Insurance:

This is a term plan designed to provide life cover to members of an organisation. A one-year policy which can be annually renewed, it provides a death benefit if a member passes away while the policy is active. There are no maturity benefits provided under this scheme. An employer can choose to enhance this policy by choosing additional riders.

Plan Name Entry Age Maturity/Vesting Age Group Size Premium
HDFC Life Group Term Insurance Minimum:
  • 16 years (without rider)
  • 18 years (with rider)
Maximum:
  • 79 years (without rider)
  • 64 years (with rider)
Maximum: 80 years Minimum:
  • 10 members (employer-employee groups)
  • 50 members (all other groups)
Based on sum assured chosen

HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan:

This is a non-participating group scheme which provides life cover to members. It is a pure term product which is available to individuals who have savings accounts with a bank. Under the scheme, a sum of Rs.2 lakh is paid to the nominee if a member passes away while the plan is in force. There is no provision for a maturity benefit under this policy.

Plan Name Entry Age Maturity Age Group Size Premium
HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan Minimum: 18 years Maximum:
  • 50 years for new members
  • 54 years in case of existing members
Minimum: 19 years Maximum: 55 years NA Rs.330

HDFC Life Group Credit Protect Plus Insurance Plan:

This is a non-participating group scheme which is not linked to any fund. It is designed to protect the interests of financial institutions which offer loans to members/customers. Under this plan, a sum assured is paid to the nominee of a member, thereby limiting the financial burden of repaying an existing loan. There are six options provided under this plan. There are no maturity or surrender benefits under this scheme.

Plan Name Entry Age Maturity Age Group Size Premium
HDFC Life Group Credit Protect Plus Insurance Plan Minimum: 14 years Maximum: 70 years Maximum: 75 years Minimum: 50 members Minimum: Rs.25 per member

HDFC Life Group Jeevan Suraksha:

This is a microinsurance scheme which caters to the needs of micro finance institutes (MFIs), cooperative societies, etc. A non-participating scheme which is not linked to any fund, it provides financial protection at affordable prices. The organisation/master policyholder can choose either a fixed sum assured or varying sum assured, based on current needs. The policy pays a death benefit to the nominee if a member passes away while the plan is in force. There is no maturity benefit under this scheme.

Plan Name Entry Age Maturity Age Group Size Premium
HDFC Life Group Jeevan Suraksha Minimum:
  • 18 years for employer-employee groups
  • 14 years for other groups
Maximum: 69 years
Minimum: One year policy
  • 19 years for employer-employee groups
  • 15 years for other groups
Single premium policy
  • 20 years for employer-employee groups
  • 16 years for other groups
Regular premium policies
  • 19 years for other groups
Maximum: 70 years
Minimum: 5 members Maximum: No upper limit Based on the sum assured

HDFC Life Group Credit Protect Insurance Plan:

This scheme is ideal for financial institutions which offer credit to members. It is designed to protect the interests of both, the lender and the borrower. This scheme is not linked to any fund, offering a death benefit to the nominee of a member if he/she passes away while the plan is in force.

Plan Name Entry Age Maturity Age Group Size Premium
HDFC Life Group Credit Protect Insurance Plan Minimum: 18 years Maximum: 57 years Maximum: 59 years Minimum: 50 members Minimum: Rs.50

Why do you need HDFC Life Group Protection Plans?

In this era of competitive trends, it is important for an employer to make his/her employees feel special. One way to do this is by offering insurance protection to members, ensuring that they need not worry about the financial health of their loved ones in the event of their demise. They become even more important if a member has borrowed money, with the debt of repayment falling on his/her family members.

HDFC Life offers a range of products designed to meet the requirements of different institutions. The company is among the largest private insurers in the country, having a claim settlement ratio of 95.02% as of 2015-2016. It also had a grievances solved ratio of 99.38%, highlighting its attention to customer issues. The option to enhance the cover through riders make group plans offered by HDFC Life even more attractive.

HDFC Life Group Protection Plans Reviews

  • HDFC Life Life Insurance
    "My requirement is not fulfilled"
    0.5 3.0/5 "Satisfactory"
    I had applied and got a life insurance from HDFC LIFE. But i am totally dis satisfied by their policy agent. He deducted some hidden charges and didn't responded regarding about those charges. I have a suggestion that please recruit these type of Policy agents. Otherwise i like the policy and all benefits are covered in single policy.
    Was this review helpful? 0
    , silvassa
    Reviewed on Feb 17, 2018
  • HDFC Life Life Insurance
    "Payment options need to be made more simple"
    0.5 5.0/5 "Blown Away!"
    I have taken a Life Option Plan Lumpsum from HDFC Life. I am okay with the benefits and coverage in the policy. The customer services are good. The policy coverage is for 10000000 and the Policy Term is for 30 years. The only thing I was not okay with is the ECS formalities for the premium payment. It involves a lot of inconvenience by visiting the branch and finishing the procedures. It should be made more simple.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Feb 02, 2018
  • HDFC Life Life Insurance
    "Good Child Plan"
    0.5 5.0/5 "Blown Away!"
    At the time of activation HDFC LIFE gave me a good plan for my child. It has the term of 16 years for the sum assured of Rs. 15 lakhs, yearly I make the premium around Rs. 30,000 it has different payment option. HDFC is providing life cover, tax benefits, financial security against unforeseen events.
    Was this review helpful? 0
    , hosur
    Reviewed on Feb 01, 2018
  • HDFC Life Life Insurance
    "Satisfied with the features"
    0.5 4.0/5 "Great!"
    My life insurance is with HDFC Life. I have taken a money back plan. There are good benefits in this policy. I get a bonus every four to five years. After which I would get the sum assured after the maturity term. The tenure is for 25 years. The premium is reasonable. I pay it through ECS on a quarterly basis.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 01, 2018
  • HDFC Life Life Insurance
    "Good features"
    0.5 5.0/5 "Blown Away!"
    My term insurance is with HDFC Life. I have taken a Life Option Plan Lump sum plan. There is a sum assured for Rs. 75,00,000. The customer services are good, I received the necessary documents on time. The tenure is for 36 years and the premium is also reasonable.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2018
  • HDFC Life Life Insurance
    "Good protection for family"
    0.5 5.0/5 "Blown Away!"
    I am an existing customer of HDFC and also I am working with the same company, hence I know about the benefits of term insurance with HDFC Life. Their claim settlement ratio is high, when its comes to the term insurance, premium doesn't matter. for me. My nominee will survive after my absence, I paid the premium around Rs. 6100 it has the term of 20 years for the sum assured value of Rs. 50 Lakhs with tax benefits, financial security against unforeseen events.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 18, 2018
  • HDFC Life Life Insurance
    "Process is good"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance from HDFC Life. The customer services is good. Though I am not too sure of the plan name. The features and coverage is good. The tenure is for 30 to 35 years. There are no add ons and only a life cover. The premium is reasonable.
    Was this review helpful? 0
    , vadodara
    Reviewed on Jan 11, 2018
  • HDFC Life Life Insurance
    "Good plan"
    0.5 4.0/5 "Great!"
    I have taken my life insurance from HDFC Life. It is a Click to invest plan. The customer services are good and they were always on time and they are very quick when it comes to response. The tenure is for five years. The premium is for 1200 on a monthly basis. After the maturity term I would get around a lakh.
    Was this review helpful? 0
    , machilipatnam
    Reviewed on Jan 11, 2018
  • HDFC Life Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I believe HDFC Life is a very secured one, my yearly premium was around Rs. 6500. It has the term of 40 Years, end of the policy I wont get any maturity benefits but my nominees will get the lump sum amount of Rs. 50 lakhs. The policy has tax benefits , accidental, critical illness and waiver of disability cover.
    Was this review helpful? 0
    , rajkot
    Reviewed on Jan 10, 2018
  • HDFC Life Life Insurance
    "Fabulous"
    0.5 4.0/5 "Great!"
    With the HDFC life, I am having the life insurance policy and the customer service is all good one for me. I have not faced any issues with them till now. Overall, the services are really good one for me with the HDFC life and everything is really fine for me..
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 05, 2018
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