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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 5.0/5 "Blown Away!"
      I have taken the life insurance policy with the HDFC LIFE where i have a good experience along with that the documentation process is simple and good. the maturity period is for 12 years where the premium i pay for 8 years which gives the family coverage.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jan 22, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am holding the life insurance policy with the HDFC LIFE since from last four years and it is the term plan and it is for long term policy which gives the policy coverage for self. The policy premium i pay on yearly once with this insurance policy.
      Was this review helpful? 0
      , new panvel
      Reviewed on Jan 19, 2019
    • HDFC Life Life Insurance
      "GOOD POLICY"
      0.5 3.0/5 "Satisfactory"
      The reason for taking the life insurance policy with the HDFC LIFE is because i am an existing customer of this HDFC. The customer service is very good and they are responsive. The maturity period of this policy is for 25 years as i pay the premium for yearly once.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 17, 2019
    • HDFC Life Life Insurance
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      I have been using the life insurance policy with the HDFC LIFE where the documentation process is simple and easy with this policy added on that the maturity period of this policy is for long term policy which gives the policy coverage for complete family.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 16, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have purchased the life insurance policy with the HDFC LIFE where i have purchased it since from last 5 years. The premium for this policy i pay on 6 months once basis where it gives the policy coverage for my complete family. I am satisfied with this life insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2019
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      LIFE ASSURANCE is the policy name where i have been using t from last 7-8 years where i have taken it from the HDFC LIFE. The maturity period of this policy is for 15 years where it is good and i am satisfied with this policy. the premium i pay on yearly once with this policy.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jan 12, 2019
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      PRO GROWTH PLUS id the name of the policy where i am using it from the HDFC LIFE where i am using it since from last many years but the maturity period of this policy is for 15 years. the premium i pay for yearly once for this insurance policy.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jan 12, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using the life insurance policy with the HDFC LIFE since from last 2 years as the where it is the term insurance policy. The premium is nominal with this policy where i pay for monthly once. It is the good policy to use as well as it is satisfactory.
      Was this review helpful? 0
      , bhilwara
      Reviewed on Jan 12, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I am holding the life insurance policy with the HDFC LIFE since from last one year where the premium i pay for once with this policy at the time of purchasing this policy. the policy coverage is for self with this policy. The process of getting this policy is good.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 12, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 3.5/5 "Pretty good"
      They have taken the life insurance policy with the HDFC LIFE because of the best features when compared to the others. The premium is nominal than others comparatively with this policy. The maturity period of this policy is for 28 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 09, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      It is a term plan where i have purchased it from the HDFC LIFE and i am using it since from last one year where the premium i pay monthly basis through the online. It is a good policy to access and also they are giving the sufficient sum assured value.
      Was this review helpful? 0
      , indore
      Reviewed on Jan 05, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The life insurance policy i have purchased it from the HDFC LIFE and using it from past 6 moths as the premium i pay it for monthly once. The maturity period if this policy is for long term which covers for the complete family. The documentation process is simple.
      Was this review helpful? 0
      , fatehabad
      Reviewed on Jan 03, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The life insurance policy from the HDFC LIFE i have purchased it and i am using it since from past 7-8 years the documentation process is very good with this and it was simple. The policy coverage is for self also the premium i paid is for 50k approximately.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 03, 2019
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a term insurance from HDFC Life since I got a good feedback from my friends. Actually I have submitted the documents for auto debit premium which was not happening. Am paying the premium manually every month through online. The benefits are good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 03, 2019
    • HDFC Life Life Insurance
      "Average"
      0.5 4.0/5 "Great!"
      The customer service is good. The claim settlement ratio is high and the premium is low so have taken the term insurance from HDFC LIFE through online portal. The sum assured value is 50L. I have received the insurance paper. I have paid 10K for a year to purchase the policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 29, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Basically I wanted the whole amount which I have submitted and I got the same option from HDFC Life through online portal. The customer service is good and there is no issues so far. The sum assured value is 1cr. I have paid premium of 20k per year through online. It will be auto debited of every month on 20th, this option was offered by Yes Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 29, 2018
    • HDFC Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      The benefits are good and I have taken the term policy before 2 or 3 months. The Final copy not arrived and paid 12K for a year through ECS. The customer service and response was good. I have compared 4 to 5 companies, claim settlement ratio was good with HDFC LIFE. The sum assured value is 1cr and need to pay age of 65 years.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 29, 2018
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I do have a life insurance with HDFC Life. Till date I have submitted the premium on time and don't have much experience. The customer service is good and the represntative contact me regarding the policy. The benefits are moreover same like LIC. I make the premium through online.
      Was this review helpful? 0
      , bareilly
      Reviewed on Dec 19, 2018
    • HDFC Life Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have taken term insurance through online portal before one month. It has the cheapest premium compared to the others. I need to pay till the age of 70. I have paid 16,500 rupees for a year. The customer service is good. They have explained me about the policy which am satisfied. The payment mode is online. I got the insurance paper.
      Was this review helpful? 0
      , delhi
      Reviewed on Dec 17, 2018
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a term insurance with HDFC Life and previously I had other plans with them since the benefits are good and the settlement rate is also okay. They did not contacted me to inform about the policy. I did not get the hard copy and have paid 9,300 rupees per annum. The sum assured value is around 50L.
      Was this review helpful? 0
      , hoshangabad
      Reviewed on Dec 15, 2018
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    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.