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HDFC Life Group Term Insurance Plan

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.

Eligibility - Who is the HDFC Life Group Term Insurance Plan?

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.

Sum Assured and Premium Range - What you Get and What it Costs?

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.

Plan Coverage - What the HDFC Life Group Term Insurance Plan Covers?

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.

Riders / Add-On Plans – Additional Coverage under the HDFC Life Group Term Insurance Plan:

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.

  • Accidental Death Benefit
  • Total Permanent Disability
  • Total Permanent and Partial Disability Benefit
  • Critical Illness Benefit

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.

Eligibility:

Parameters Limit
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 -

  • Additional Critical Illness Benefit - Upon diagnosis of any of the 19 listed critical illness, a sum benefit that is equal to the Rider Sum Assured will be payable, as long as the member survives for a period of 30 days after the diagnosis. After payment of the Rider Sum Assured, benefits under this plan will still continue. Upon completion of the rider term or the Rider Sum Assured has been paid, whichever is earlier.
  • Accelerated Critical Illness Benefit - Upon diagnosis of any of the 19 listed critical illness, the payable Sum Assured under the base plan will be accelerated and paid out as lump sum. Upon completion of the rider term or the Rider Sum Assured has been paid, whichever is earlier.

Customers should note that there is no death benefit or maturity benefit available as part of this rider.

Exclusions - What the HDFC Life Group Term Insurance Plan does not Cover?

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.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

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.

Tax Benefits - How you can save with the HDFC Life Group Term Insurance Plan?

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.

Other Benefits - How can you save with the HDFC Life Group Term Insurance Plan?

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.

Why should you Buy the Group Term Insurance Plan from HDFC Life?

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.

HDFC Life Group Term Insurance Plan FAQs:

Q. How can customers find out the status of their policy application?

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.

Q. Are Service Taxes applicable while purchasing this of the HDFC Life Group Term Insurance Plan?

A. Service tax is applicable based on Service Tax Laws, and is applicable on life insurance premium.

Q. Is nomination applicable with regard to the HDFC Life Group Term Insurance Plan?

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.

Q. Can customers procure maturity benefit on this plan?

A. There is no maturity benefit under this rider.

Q. Can individuals surrender the 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.

Q. What is the free look period available for the rider?

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.

  • In case the rider is cancelled along with the base policy, total premium paid will be refunded minus proportionate risk premium for the period that is on cover and the expenses that have been incurred for medical examination and stamp duty.
  • In case rider has been cancelled independently of the base policy, risk premium will be returned after adjusting proportionate rider risk premium for the period of cover and the expenses incurred for medical examination and stamp duty.
  • Rider will be automatically cancelled if base policy is cancelled during the free-look period.

Q. Are alterations possible on the HDFC Life Group Critical Illness Plus Rider?

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.

Q. Is there a waiting period applicable on the rider?

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.

Q. Will major burns be covered under the HDFC Life Group Critical Illness Plus Rider?

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.

Q. What are the illnesses covered under the HDFC Life Group Critical Illness Plus Rider?

A. The illnesses covered, are as follows -

  • Cancer of specified severity
  • Open Chest CABG
  • First heart attack of specified severity
  • Aorta Surgery
  • Permanent limb paralysis
  • Major Burns
  • Major Head Trauma
  • Loss of limbs
  • Loss of independent existence
  • Open heart replacement or repair of heart valves
  • Coma of specified severity
  • End stage lung disease
  • End stage liver disease
  • Benign brain tumour
  • Apallic syndrome
  • Major organ or bone marrow transplant
  • Kidney failure and requirement of regular dialysis