HDFC Life Term Insurance

• Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
• Claim up to Rs. 1,50,000 deduction under section 80C**
• Choose between annual and monthly premium payment options

Term insurance is a type of policy offered by an insurance company that provides coverage for a specific period of time. For instance, if a policyholder has a term insurance policy of 30 years, he/she will get coverage for those 30 years. Once the policy expires, any coverage the policy offers will be void, meaning the coverage stops altogether.

Benefits of HDFC Life Term Plans

HDFC Life offers a variety of insurance plans to cater to the varied needs of customers. There are two individual term plans on offer. In addition, HDFC Life also offers one simplified term plan for rural folk. These plans are cost-effective and are also easily available online. Some of the benefits of the term plans available from HDFC Life have been listed below:

• Available online
• Affordable premiums
• Comprehensive security
• Covers death, disease and disability
• Discounts for non-smokers
• Tax benefits as per the prevailing laws
• Special premiums for women
• Option to increase cover on completing life stages and milestones
• Top-up option to increase cover on an annual basis

Term Plans Offered by HDFC Life

HDFC Life Click2Protect 3D Plus:

This term plan offers financial protection against 3 D’s in life: Disease, death and disablement. There are 9 plan options offered by HDFC Life for customers to get the best out of the term plan. Policyholders can get comprehensive protection at affordable premiums. The benefits of this plan are:

• Comprehensive security at affordable premiums
• Available online
• Discounts for non-smokers
• Special premiums for women
• Covers death, disease and disability
• Tax benefits as per the prevailing laws
• Top-up option to increase cover on an annual basis
• Option to increase cover on completing life stages and milestones

With this plan, policyholders are entitled to choose how their nominee will receive the benefits.

• Lumpsum
  • Life Option - The entire lump sum is paid out of the death of the policyholder or the diagnosis of a terminal illness. Future premiums will be waived if the policyholder is totally and permanently disabled as a result of an accident.
  • Extra Life Option - The entire lump sum is paid out of the death of the policyholder or the diagnosis of a terminal illness. Future premiums will be waived if the policyholder is totally and permanently disabled as a result of an accident. In addition, an extra sum will be paid if the policyholder dies in an accident.
  • 3D Life Option - The entire lump sum is paid out of the death of the policyholder or the diagnosis of a terminal illness. Future premiums will be waived if the policyholder is totally and permanently disabled as a result of an accident. Premiums are also waived upon diagnosis of 34 critical illnesses.
  • Lifelong Protection Option - Get protection for your whole life but pay premiums only till the age of 65 years. The entire lump sum is paid out of the death of the policyholder or the diagnosis of a terminal illness. Future premiums will be waived if the policyholder is totally and permanently disabled as a result of an accident.
  • 3D Life Long Protection - Get protection for your whole life but pay premiums only till the age of 65 years. The entire lump sum is paid out of the death of the policyholder or the diagnosis of a terminal illness. Future premiums will be waived if the policyholder is totally and permanently disabled as a result of an accident. Premiums are also waived upon diagnosis of 34 critical illnesses.
  • Return of Premium Option - If the policyholder survives the policy term, the total premiums paid will be refunded. The entire lump sum is paid out of the death of the policyholder or the diagnosis of a terminal illness. Future premiums will be waived if the policyholder is totally and permanently disabled as a result of an accident.
• Lumpsum + Monthly Income
  • Income Option - The entire lump sum is paid out of the death of the policyholder or the diagnosis of a terminal illness. Future premiums will be waived if the policyholder is totally and permanently disabled as a result of an accident. The monthly income will be paid out either at a level rate or increasing rate for a period selected by the policyholder while taking out the policy.
  • Extra Life Income Option - The entire lump sum is paid out of the death of the policyholder or the diagnosis of a terminal illness. Future premiums will be waived if the policyholder is totally and permanently disabled as a result of an accident. The monthly income will be paid out either at a level rate or increasing rate for a period selected by the policyholder while taking out the policy. In addition, an extra sum plus extra monthly income will be paid if the policyholder dies in an accident.
  • Income Replacement Option - Upon the death or diagnosis of a terminal illness of the policyholder, the plan will pay out 12 times the monthly income. Premiums are waived if the policyholder suffers total permanent disablement due to an accident. The monthly income will be paid out either at a level rate or increasing rate for a period selected by the policyholder while taking out the policy.

HDFC Life Click2Protect Plus:

This term plan provides benefits of lump sum payouts and monthly income options to take care of your loved ones once you are no more. The plan is flexible with options to increase the cover at certain milestones of life.

• Comprehensive security at affordable premiums
• Choose from 4 options: Life, Extra Life, Income and Income Plus
• Monthly income options
• Policy terms between 10 to 40 years
• Optional riders to increase security
• Tax benefits as per the prevailing laws
• Flexible premium paying term options of regular, limited and single pay
• Premiums can be paid monthly, quarterly, half-yearly and yearly
• Option to increase cover on completing life stages and milestones

With this plan, policyholders are entitled to choose how their nominee will receive the benefits.

• Death Benefit - The death benefit is as follows and will vary between the options offered under this plan
  • Regular Premium Frequency - The higher of the following will be paid:
    • Sum Assured
    • 105% of the premiums paid
    • 10 times the annualised premiums
  • Single Premium Frequency - The higher of the following will be paid:
    • Sum Assured
    • 125% of the single premium

Policyholders can choose from the following options at the inception of the policy:

• Life Option - The death benefit is as mentioned above, payable as a lump sum.
• Extra Life Option - The death benefit is as mentioned above, payable as a lump sum. In addition, an extra sum will be paid if the policyholder dies in an accident.
• Income Option - 10% of the death benefit will be paid out as a lump sum. The remaining 90% will be paid out as monthly income over a period of 15 years.
• Income Plus Option - 100% of the death benefit is paid out. In addition to this, the nominee will receive a monthly income of 0.5% of the sum assured for a period of 10 years. The policyholder can choose to provide a level income or an increasing income at 10% p.a.

HDFC Life CSC Suraksha:

This plan offered by HDFC Life is designed for the rural folk. Keeping it simple to understand, HDFC life launched the CSC Suraksha to help rural areas get access to life insurance. The term plan is hassle-free and provides a lump sum payout in the event of the policyholder’s death. The benefits of this plan are:

• Protection for the entire policy term
• Flexible policy terms between 5 and 15 years.
• A declaration of good health will suffice
• Simple and hassle-free
• Lump sum payout upon the death of the policyholder
• Tax benefits as per prevailing tax laws
• The premium payment is equal to the policy term.
• Premiums can be paid monthly, quarterly, half-yearly and yearly.

With this plan, the following are the benefits the policyholder or nominee will be entitled to:

• Death Benefit - The higher of the following will be paid:
  • Sum Assured
  • 105% of the premiums paid
  • 10 times the annualised premiums
• Maturity Benefit - There are no survival benefits.
• Surrender Benefit - There is no surrender value of the policy.

Why should you buy a Term Plan from HDFC Life?

Term plans come with plenty of benefits which make them one of the most preferred insurance policies. To begin with, they are extremely affordable, offer large coverage, and they provide a lump sum payment to the nominees/beneficiaries in case the policyholder dies. HDFC Life, one of the largest insurance provider in the country, offers a few term insurance plans for its customers. These plans, also called Protection Plans, offer death benefits to the beneficiary listed out by the person insured.