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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
      "GOOD"
      0.5 4.0/5 "Great!"
      I have purchased my life insurance from the HDFC through the on line and documentation also paperless and i received the soft copy too before 2 years. The tenuity period is for 20 years it is a long term policy. I pay the premium through the on line for yearly once.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • HDFC Life Life Insurance
      "Good overall"
      0.5 4.0/5 "Great!"
      HDFC Life has good benefits in the life insurance. The customer services are good too. They have a good sum assured and the benefits are also to my satisfaction. It is a term insurance. The best is the payment mode. There are many options as I can pay it online through my credit card too.
      Was this review helpful? 0
      , medak
      Reviewed on Jul 17, 2018
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      HDFC LIFE is the insurance provider where i am holding my life insurance policy where i have done my documentation with easy and simple procedure. The tenuity of my insurance is 15 years where i am using it long back and i am not completely satisfied with the process.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 15, 2018
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      From the HDFC LIFE i am using my life insurance from last few years. The documentation done through the on line where the process i easy to get the insurance. The tenuity period of my insurance is 10 years and the premium is nominal also it is very much satisfactory for me.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 15, 2018
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      As i am holding my life insurance from the HDFC since last 15 years. I have taken this HDFC as my life insurance the reason is that my colleague suggested me. The tenuity period of my insurance is for a long term. The sum amount that i am getting is of 1 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 10, 2018
    • HDFC Life Life Insurance
      "Overall good"
      0.5 4.0/5 "Great!"
      My life insurance is with HDFC Life. The process was easy to buy this policy. The customer services are good. The premium is normal and I am satisfied with the sum assured and the plan benefits. The payment options are also convenient and easy to use.
      Was this review helpful? 0
      , thane
      Reviewed on Jul 07, 2018
    • HDFC Life Life Insurance
      "Satisfied with the benefits"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with HDFC Life. The customer services are good. The tenure is for 15 years and I need to pay my premium only till 10 years. After the 15th year I would get my benefits. The sum assured is good and the benefits as well. The payment options are fine.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jul 04, 2018
    • HDFC Life Life Insurance
      "WORST"
      0.5 1.0/5 "Really Bad"
      I had a bad experience with the life insurance that i am holding with. I have a grace period of paying the due but they have not accepted that. The customer service is not good and they have mis guided me by paying the premium. I have suffered a lot a lot by paying the due and holding the insurance.
      Was this review helpful? 0
      , nellore
      Reviewed on Jul 04, 2018
    • HDFC Life Life Insurance
      "Satisfied with the benefits"
      0.5 4.0/5 "Great!"
      I have taken my life insurance from HDFC Life. The customer services are good. The process is smooth and easy and there is no hassles to make a payment online. There are good benefits and the sum assured is also satisfactory. It is a normal traditional policy.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 03, 2018
    • HDFC Life Life Insurance
      "Process is satisfactory"
      0.5 4.0/5 "Great!"
      HDFC Life is good in the customer services and there are no hassles in the process. I have taken a term insurance from them. I am satisfied with the sum assured and the plan benefits in the policy. The premium is also normal and the whole process is nice.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 28, 2018
    • HDFC Life Life Insurance
      "Good features overall"
      0.5 5.0/5 "Blown Away!"
      HDFC Life is good in the overall benefits and services. I have taken a life insurance. The tenure is for ten years and there is a lock in period for five years. After the fifth year, I do not have to pay a premium. After the maturity term I would get my sum assured. The premium is normal and I pay it on a yearly basis.
      Was this review helpful? 0
      , rupnagar
      Reviewed on Jun 14, 2018
    • HDFC Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using since 3 years. Premium i pay for my insurance is for monthly once that too i do the payment through the on line. Actually i am not aware of the tenuity. Apart from that i have don the documentation which is very easy and it is simple.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 12, 2018
    • HDFC Life Life Insurance
      "Good policy. Payment mode can be more flexible."
      0.5 5.0/5 "Blown Away!"
      I have taken my term insurance from HDFC Life. The services are good. I bought the policy with ease. The sum assured is for 60 Lakhs and the tenure is for 35 years. The only drawback is with the payment options. There are no options online and by chance if I skip a monthly payment the policy gets lapsed. This inconvenience does not happen with the other insurance providers.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Jun 07, 2018
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 4.5/5 "Excellent!"
      My life insurance is good. Customer service is good and helped. I have been using since 5 months. Payment i do through on line for monthly once. Plan benefit is good. Policy coverage is for 85 lakhs, 40 years i have to pay for my insurance. In case of paralysis then in can avail the policy that i applied. Documentation is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 31, 2018
    • HDFC Life Life Insurance
      "Best Family Protection Policy"
      0.5 3.0/5 "Satisfactory"
      They provided me a toll free number, I have been tried this number its keep on not responding. They are giving different numbers for sales, Service and policy so i don't need to repeat my issue again and again to a different people. I have applied for auto debit option. They are not giving the information pro-actively about auto deduction. 1st they have rejected auto deduction since the account was not in my name. Customer service is not up to the mark.
      Was this review helpful? 0
      , erode
      Reviewed on May 22, 2018
    • HDFC Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      Got my Life insurance from Hdfc life . It has good benefits with accidental coverage and critical medical claim . It has good policy cover with tenure period of 15 years . I pay the payment annually through online banking . Am getting Income tax benefits from this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have been using Life insurance from Hdfc life . It has good benefits with accidental coverage and critical medical claim . The policy coverage is 60 years with tenure period of 25 years . I pay the payment annually through online banking . Am getting Income tax benefits from this policy.
      Was this review helpful? 0
      , arwal
      Reviewed on May 22, 2018
    • HDFC Life Life Insurance
      "One of the Best Insurance Company"
      0.5 4.0/5 "Great!"
      In Life insurance, HDFC is the one of the best company. They are providing the Wide range options to choose. When comes to payment they make your life is easy. They used to send notification regularly through email and message. So, I can make the payment on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 16, 2018
    • HDFC Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      I do not prefer any policy. I just want a term insurance policy. I have chosen Endowment plan from LIC. The premium amount is Rs. 4000 to 5000 per month. Tenure is 5 years. Sum Assured amount is Rs.10 Lakhs. Only for the Tax consumption option i have selected this policy. I am not aware of the whole features and benefits of this policy.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 14, 2018
    • HDFC Life Life Insurance
      "Very good "
      0.5 5.0/5 "Blown Away!"
      I have a Life Insurance policy from Hdfc Life. The policy contains the premium amount of around Rs. 7,900 and sum assured amount is around Rs. 5,00,000 for the period of 4 years. I am satisfied with the policy as the plan benefits are good in this policy coverage.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 14, 2018
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