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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 features"
      0.5 4.0/5 "Great!"
      HDFC Life also has good benefits and a good policy coverage for the life insurance. I have taken a iconnect plan. The tenure of the policy is until the age of 65 to 70 years. If anything uncertain happens to the policy holder, the sum assured is given to the nominee.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 11, 2018
    • HDFC Life Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Recently I took term policy from HDFC Life, in the particular policy, there was one option, I can increase the coverage value upto 10% every year, however premium also will be increasing. But in other insurance company if I go for Rs.1 crore policy after 20 years it will be the same. Hence I found benefits are good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 30, 2018
    • HDFC Life Life Insurance
      "Need scope of improvement"
      0.5 4.0/5 "Great!"
      From HDFC Life no body have contacted me to activate my ecs payment, every time I used to HDFC portal to make my payment it was very inconvenient. They need to work on the service part, remaining all good even cost of the policy is also economical with better cover.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 30, 2018
    • HDFC Life Life Insurance
      "Good among all the private companies"
      0.5 4.0/5 "Great!"
      The reason behind for choosing the HDFC LIFe is more claim ratio compared to other companies. They are offering a better premium amount. I have chosen the coverage amount of Rs. 50L. I'm doing the payment on monthly mode and for annually its around Rs. 5500 as total premium amount. I have selected the 35 years as tenure period. This is covered for accidental benefits and critical illness benefits.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Oct 24, 2018
    • HDFC Life Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I bought a life insurance policy with HDFC Life and i have chosen the plan name called Sampoor Nivesh. I used to pay the premium amount of Rs. 6000 per month and i have no idea about the sum assured amount. I have taken the policy in 2017 January month. Its a 15 years tenure period policy. Through online i have purchased this policy. They have are providing accidental coverage and life coverage.
      Was this review helpful? 0
      , rewari
      Reviewed on Oct 24, 2018
    • HDFC Life Life Insurance
      "Good Service provider"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of HDFC, they are providing very good service in terms of saving account, online service, customer service etc. Hence I have availed HDFC LIFE term policy, they are providing additional benefits for critical illness and disability cover.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 23, 2018
    • HDFC Life Life Insurance
      "Needs lots of improvement"
      0.5 1.0/5 "Really Bad"
      HDFC is ranking good based on the claim settled ratio, I am paying the premium around Rs. 1480. I have selected the coverage value of Rs. 75 lakhs. But I am not told about the benefits, also they were not guided me throughout the process. Everytime I tried to update the details it was not upto the mark.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 22, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      For my tax benefit i have gone through HDFC life. There is a supporting manager for my account they used to provide a different kind offers at a different times. Because of the best service i have taken the life insurance with HDFC LIFE. They are giving so many payment options like monthly, yearly and quarterly however i have chosen the annual payment mode.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 17, 2018
    • HDFC Life Life Insurance
      "Excellent policy for the future"
      0.5 5.0/5 "Blown Away!"
      My money back life insurance policy was taken with HDFC LIFE. I have bought the money back policy 1.5 years ago. I pay the premium amount of Rs. 4198 approximately . I have chosen the monthly payment mode and they used to deduct directly from my account. This is a 25 lakhs sum assured policy.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 17, 2018
    • HDFC Life Life Insurance
      "Should explain the benefits."
      0.5 4.0/5 "Great!"
      I had a life insurance with HDFC Ergo, while selling the product they won't explain the features. HDFC doesn't have separate agent only bank staff used to sell the polices. However my life insurance policy cover is good for the amount of Rs.35 lakhs with the yearly premium of around Rs. 2.60 lakhs.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 15, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I just want to add the accidental benefits along with the policy hence i have selected this policy. They have a very good claim ratio. Almost 9 months ago, i have purchased this policy. I have chosen the yearly payment mode and I'm paying through online by using the debit card. I will get a coverage amount of Rs. 35 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 04, 2018
    • HDFC Life Life Insurance
      "Good protection for family"
      0.5 5.0/5 "Blown Away!"
      I have term insurance with HDFC Life, I used to pay quarterly payment around Rs. 3500 till the age of 65 age. It has accidental coverage , death coverage for the cover of Rs.1 crore. The plan option is good, the insurance company gave me log id to view all the insurance policies in one page.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 01, 2018
    • HDFC Life Life Insurance
      "Good for future"
      0.5 5.0/5 "Blown Away!"
      HDFC have hassle free process, now I can make life insurance premium through online. The executive shared complete information about the policy benefits. I have three policies with the coverage value of Rs. 2 lakhs, 5 lakhs and 10 lakhs. I used to pay Rs. 1 lakh per annum all policies has the tenure period of 15 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 01, 2018
    • HDFC Life Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      I had been using life insurance of HDFC LIFE because the customer service is satisfactory and comparatively good. I had been using it since last 1 year. The name of the policy that i am holding a PENSION PLAN where it covers for the self and the premium i pay for yearly once.
      Was this review helpful? 0
      , nagpur
      Reviewed on Sep 19, 2018
    • HDFC Life Life Insurance
      "Good Insurance Policy"
      0.5 4.0/5 "Great!"
      I have taken my life insurance with HDFC LIFE. The policy name is called young star. I have purchased this policy in 2014. I used to pay the premium amount of Rs. 1 lakhs. I have no idea about the benefits right now. I used to make the payment through online
      Was this review helpful? 0
      , sultanpur
      Reviewed on Sep 12, 2018
    • HDFC Life Life Insurance
      "Good term insurance policy"
      0.5 4.0/5 "Great!"
      Total tenure period of the term insurance is 20 years. I used to pay the premium amount of Rs. 5000 quarterly. I have taken my term insurance policy as life insurance policy. I have chosen the HDFC LIFE for my term insurance policy. Before i have paid huge amount for my premium amount.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Sep 09, 2018
    • HDFC Life Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have been holding the life insurance from HDFC LIFE since 2014 where they have provided the maturity period of 15 years but i am not aware of the name of the policy. The premium i pay annually through ecs and the sum assured amount i get 2 lakhs also it covers the family.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have purchased the TERM POLICY with HDFC LIFE on 2014 and they provided the coverage till my 75 years and also the premium i pay annually once. The policy covers the life also added on that the policy of life insurance and it is very much good to use.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "BETTER POLICY"
      0.5 4.0/5 "Great!"
      The reason behind taking the life insurance from HDFC LIFE because it is a new plan from HDFC which has launched before 1 months. The premium i pay 30k for yearly once and the tenuity period they provided for 10 years and after 5 years they give 5 lakhs added on that they provide with the life coverage and also the accidental benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "Good Money back policy"
      0.5 5.0/5 "Blown Away!"
      I have taken the Life insurance with HDFC LIFE. In 2012, I have bought my life insurance policy. This is 20 years tenure period policy. I'm not much aware of the policy coverage and benefits provided by this policy. This is the money-back policy.
      Was this review helpful? 0
      , kochi
      Reviewed on Sep 03, 2018
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