Workers are the backbone of every successful business or company. It is their hard work and drive that catapults a company into reaching the pinnacle of success. It is therefore, essential for companies to ensure that their workers are taken care of in the best possible way. Insurance policies are something that every individual requires as life is unpredictable and anything can occur at any given point of time. The Group Term Insurance Plan by HDFC Life meets every need of individuals and allows employers to safeguard their employees’ interests.
This plan comes with a number of unique benefits and features such as life cover for all groups of individuals, deletion and addition of members at any time during the year and a simple enrollment process. Nominee will receive the Sum Assured on death of member. Additional covers can also be added.
The eligibility criteria for the HDFC Life Group Term Insurance Plan is decided based on age and number of members, among others. The table below provides details regarding this.
|Minimum Age of Entry||16 years|
|Minimum Age of Entry in case rider is chosen||18 years|
|Maximum Age of Entry||79 years|
|Maximum Age of Entry in case rider is chosen||64 years|
|Maximum Age of Maturity||80 years|
|Minimum members per policy||Employer-Employee Groups - 10 Others - 50|
All ages are calculated as per previous birthday of the individual.
The Sum Assured depends on the age, premium amount and other rules of the scheme. The table below provides additional details regarding the same.
|Minimum Sum Assured||Rs.5,000|
|Maximum Sum Assured||No limit and it depends on the occupation profile and age of the employee|
|Premium Payment Frequency||Single installment at policy inception/semi-annual/quarterly/monthly|
Customers should note that premiums vary based on location, age, plan term and other factors.
|Death Benefit||In case of unfortunate death of policyholder, the nominee will receive the Sum Assured amount as long as the policy is in force at that time.|
|Maturity Benefit||There are no benefits payable at maturity.|
|Surrender Benefit||In case the policy has been surrendered prior to completion of term, amount that is equal to the premium for the unexpired term of the members who are discontinuing, minus appropriate deduction for expenses, taxes, commission and levies would be charged as applicable. In case of surrender, individual members of the group will have the choice to continue with this plan as an individual policy until the expiry of the tenure of the group policy.|
Customers can procure additional benefit options in case they wish to. The HDFC Life Group Critical Illness Rider provides a Rider Sum Assured as the lump sum benefit to individuals who have procured this plan, on diagnosis of any of the 19 critical illness that are covered.
Following are the benefits available under this plan.
In case customers wish to procure this, they can do so by paying an additional fee and is also subject to exclusions and restrictions based on the benefit being opted for. Premium payment term for this is one year and frequency is same as the base plan.
|Minimum age of entry||18 years|
|Maximum age of entry||74 years|
|Maximum age of maturity||75 years|
|Policy Tenure||1 year|
|Premium payment mode||Yearly/Half-Yearly/Quarterly/Monthly|
|Minimum sum assured||Rs.5,000 for each member|
|Minimum size of group||For employer-employee schemes - 10 Other than the above - 50|
This rider can only be added at the beginning of the policy or during renewal of base policy.
At the time of inception of policy, Master Policyholder will have to opt for one of the two benefit options available, as listed below -
Customers should note that there is no death benefit or maturity benefit available as part of this rider.
In case of employer-employee schemes, the Sum Assured will be paid to the nominee in case of death due to suicide. In case of other schemes, in case the member expires due to suicide within a period of 12 months from the date of joining the policy, the nominee will receive 80% of all premiums that have been paid.
|Medical Examination||Customers who procure the HDFC Life Group Term Insurance Plan need not have to undergo medical examination until the ‘Free Cover Limit’. This limit will depend on the Sum Assured and the group size.|
|Grace Period||Once the initial premium has been paid, other premiums will have to be paid within a period of 15 days for non-annual installment policies of the due date. If not, the policy will lapse.|
|Flexibility||Policyholders can avail complete flexibility wherein the Sum Assured would be constant for every eligible employee or would vary based on salary or grade.|
|Complete Adaptability||This policy does not restrict the entry of new employees who are eligible to join the group or even outgoing employees who wish to leave the group during ongoing policy tenure. Members who join during the middle of the policy year can avail an optional provision which provides a risk cover of a year from the date of joining the policy.|
Based on the existing tax laws (Section 80C and Section 10 (10D)) of the Income Tax Act, 1961, Tax Benefits are applicable for the HDFC Life Group Term Insurance Plan. It will have to be taken into account that tax benefits will vary if there is a change in the prevailing tax laws change. Hence, individuals are advised to discuss the same with their tax consultants.
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 Term Insurance Plan can be availed online by logging in to the HDFC Life website. This method is convenient for those who are unable to visit one of the HDFC branches to purchase the plan or stay in far-off places.|
|Customer Care||In case individuals have any queries, they contact the customer care centre. They can contact the customer service department via SMS,email, toll free number, letter, etc.|
|Calculator||Before purchasing the HDFC Life Group Term Insurance Plan, customers can identify 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. Similarly, customers can also use the tax calculator by HDFC Life and find the amount of tax that they’ll have to pay.|
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.
A. Customers can find out 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.
A. Service tax is applicable based on Service Tax Laws, and is applicable on life insurance premium.
A. Policyholder may nominate an individual or more as a nominee who will receive the Sum Assured on his/her death. In case nominee is a minor, the policyholder will be allowed to appoint another individual who will receive the Sum Assured. Nomination can be made at any given time prior to policy maturity.
A. There is no maturity benefit under this rider.
A. In case policyholders have surrendered the rider prior to completion of rider term, an amount that is equal to the rider premium for unexpired term of discontinued members minus other deductions such as commission and taxes would be applicable.
A. Policyholder will have the option to cancel the rider stating reasons, within a period of 15 days. Free-look period for policies that have been purchased through distance marketing is 30 days from Rider inceptions. Once HDFC Life has received the free-look intimation, rider premium will be refunded minus proportionate risk premium for the period on cover and the stamp duty.
A. Rider term and Sum Assured cannot be altered. However, customers can change the premium payment frequency of the rider in case the premium payment frequency of the base product is changed. The premium payment frequency of the rider cannot be changed independently from the base policy.
A. Waiting period of 90 days is applicable from the date of member first being covered for a group critical illness benefit with an insurer as long as cover is unbroken. In case cover period if broken then the 90 day period will be applicable from the date of recommencing of critical illness cover with respect to that member. It should be noted that there will not be any benefit payable in case claim has occurred during waiting period.
A. Third degree, i.e., full thickness of the skin, burns that cover a minimum of 20% of surface of the policyholder’s body will be covered. This conditions will have to be confirmed by a consultant specialist/physician acceptable to the Company.
Injury due to invasion, war, rebellion, revolution, participating in riot, hostilities, are excluded from the rider.
A. The illnesses covered, are as follows -