• HDFC Life Income Benefit on Accidental Disability Rider

    Life Insurance
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    The HIDFC Life Income Benefit on Accidental Disability Rider is an add-on or a rider that provides security in the event of the life insured being disabled. It ensures that the life insured has a steady income coming in.

    The rider can be added to an existing HDFC Life insurance policy at an extra cost, which would be reflected in the premium amount. The rider covers disabilities arising out of an accident where injuries are permanent, preventing the life insured from working or leaving him/her with any lasting physical impairments.

    Eligibility- Who is the HDFC Life Income Benefit on Accidental Disability Rider for?

    The HDFC Life Income Benefit on Accidental Disability Rider is an add-on that can be added to an existing life insurance policy bought from HDFC Life. There are certain eligibility criteria that have to be met. The rider can be taken on an individual’s life at the inception of the policy or on the anniversary of an existing plan that has been purchased.

    The table below lists the eligibility criteria for the rider:

    Parameters Eligibility
    Minimum entry age 18 years
    Maximum entry age 55 years
    Maturity age 65 years
    Policy term 10 to 40 years
    Minimum Sum Assured Rs.1,00,000
    Maximum Sum Assured No limit, subject to underwriting

    Sum Assured and Premium Range- What You Get and What It Costs

    Sum Assured:

    The sum assured amount for the HDFC Life Income Benefit on Accidental Disability Rider can be paid over the policy term of the life insurance policy taken out. The minimum sum assured payable for the rider is Rs.1,00,000 and there is no maximum amount, though this is subject to underwriting.

    Premium:

    The premium is to be paid as per the policy’s premium paying term. The premium paying term for the rider is to be equal to or lesser than the base life insurance policy term.

    Plan Coverage- What The HDFC Life Income Benefit on Accidental Disability Rider Covers

    The HDFC Life Income Benefit on Accidental Benefit Disability Rider covers the following:

    • In the event of an accident and the life insured suffering a total permanent disability, the life insured stands to receive a fixed amount monthly.
    • The total permanent disability as covered by the rider can be of two types, which are listed below:
      • Inability to work: if the life insured suffers from a disability that prevents him/her from working and the life insured is thus unable to earn a living.
      • Physical impairments: if the life insured suffers from an accident that results in the loss of any of the following:
        • The use of two limbs
        • The sight in both eyes
        • The use of one limb and one eye
        • Loss due to the severance of two or more limbs above the wrist or ankle
        • Total loss of sight in one yes and loss of limb through severance above the wrist or ankle.

    The coverage provided under the plan is listed below:

    Death benefit In the event of the death of the life insured, there is no death benefit paid.
    Maturity benefit There is no maturity benefit paid out.
    Accidental total permanent disability In the event of an accidental total permanent disability, the life insured will receive a monthly income of 1% of the sum assured for 10 years.

    Exclusions

    The exclusions under the HDFC Life Income Benefit on Accidental Disability Rider are as follows:

    • Accidents due to pre-existing medical conditions.
    • Disability arising wholly or partially due to Human Immunodeficiency Virus (HIV) or Acquired Immune Deficiency Syndrome (AIDS).
    • Accidents arising out of participation in hazardous sport such as hunting, bungee jumping etc.
    • Self-inflicted injuries and attempted suicide (whether the life insured is medically sane or insane).
    • Injuries due to nuclear related causes, such as radiation or chemical contamination.
    • Injuries acquired while under the influence of alcohol, narcotics or psychotropic substances not prescribed by a medical practitioner.
    • War, civil war, terrorism.
    • Injuries due to participation in any criminal activities or illegal activities, strikes, riot etc.
    • Flying any aircraft unless as a bona fide passenger on a licences airline.

    Other Key Features- Freelook Period, Surrender Value, Grace Period etc.

    Other features associated with the HDFC Life Income Benefit on Accidental Disability Rider are listed below:

    Free look period Would depend on the cancellation of the base policy.
    Grace period This would depend on the grace period under the plan.
    Surrender value The surrender value after completion of the premium payment term for single and regular pay is: 70% x total premiums paid x unexpired coverage term/original coverage term
    Paid up benefit There is no paid up benefit available.
    Lapse The rider will lapse if the premium payments are not made.
    Revival of rider The rider can be revived subject to the base policy revival terms.

    Other Benefits- How You Can Save With HDFC Life Income Benefit on Accidental Disability Rider

    HDFC Life offers its customers a range of options when it comes to its policies. In addition to the rider benefits and features, policyholders will also enjoy the following benefits:

    • Ease of premium payment: HDFC Life policyholders can pay their insurance premiums through multiple avenues, both offline as well as online. The various premium payments options are listed below:
    Quick Pay This facility is available on the website and requires merely the policy number to initiate the payment.
    Netbanking HDFC Life has tied up with a number of banks, enabling policyholders to pay their premium online securely through netbanking.
    Credit/debit card HDFC Life accepts payments through both debit as well as credit card (Visa, MasterCard, Diner Club, Maestro, American Express, RuPay).
    EMI with HDFC credit card Policyholders with an HDFC Bank credit card can avail an EMI option when paying premiums.
    AutoPay Policyholders can choose to pay their premiums through ECS or the RBI’s auto debit facility as well as through standing instructions and eCMS/NEFT.
    • Tools and calculators: To make it easier for customers to decide on a policy, HDFC Life has provided tools and calculators that can be used for a variety of uses. The premium calculator can be used to compute the premium amount payable over the course of the policy term, a tax saving calculator that would compute the amount saved as tax, among others.
    • Customer care: The company provides policyholders and customers with assistance regarding an existing policy or rider, premium payments, as well as help in choosing a policy or with filing a claim. Customers can call, email or request a call back.

    Why you should buy the HDFC Life Income Benefit on Accidental Disability Rider from HDFC Life

    One of the leading life insurance providers in the country, HDFC Life was set up in the year 2000 with the aim of providing the best in class life insurance products to customers. The company provides customers with a range of life insurance products across health, investment, savings as well as specialised products targeted at children and women. The company also offers comprehensive group and pension schemes, thus catering to every demographic in the country.

    With close to 400 offices and over 12,000 distributors in India, customers can easily access an HDFC Life office. This is in addition to their online plans and host of services, ensuring that customers have easy access to all pertinent information and documentation relating to their policy at the click of a button.

    The company also has a stellar track record when it comes to claims settlement, with close to 90% of all claims received being settled.

    The company has also received numerous accolades, such as the Excellence in Financial Reporting award for the year 2014-15 for their stellar performance from the Institute of Chartered Accountants of India.

    HDFC Life’s customer service experience was also adjudged the best in the country, being recipients of the Best Customer Team of the Year: Financial at the Customer Fest India Awards, 2016.

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