HDFC Life Click2Protect Plus Plan

HDFC Life Click2Protect Plus is a term insurance plan offered by HDFC Life that provides you comprehensive life insurance coverage at an affordable cost. You can choose to include the cover that you require for annualized premiums starting at Rs.3000. The plan also offers you the Income and Income Plus coverage options that enable you to secure the future financial needs of your dependents through regular monthly payouts.

Eligibility - Who is the HDFC Life Click2Protect Plus - Term Insurance Plan for?

If you wish to purchase the HDFC Life Click2Protect Plus - Term Insurance Plan, you will have to fulfill certain criteria. These factors are associated with the age of the policyholder and the number of years he/she wishes to get insurance for. The eligibility details of the plan are as follows:

Minimum Entry Age	18 years
Maximum Entry Age	65 years
Minimum Maturity Age	28 years
Maximum Maturity Age	75 years
Minimum Policy Term	10 years
Maximum Policy Term	40 years

All ages mentioned above are with respect to the last birthday of the life insured.

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

Sum Assured:

You can select the term for insurance coverage, i.e., ranging from 10 to 40 years, as long as it meets the maximum maturity age. The Sum Assured for a policyholder will be decided based on his/her age, gender, and plan option within the applicable limits.

Minimum Sum Assured	Rs.25 Lakhs
Maximum Sum Assured	No limit on this amount, subject to satisfactory underwriting

Since, there are no maturity benefits associated with this plan, the sum assured is relevant in the case of death of the policyholder only. The table below describes the instances when this benefit is payable to the nominee.

Cover option	When the Sum Assured is paid
Life	Lump sum is paid at death of the policyholder
Extra Life	Additional lump sum is paid when the policyholder dies in an accident
Income	Part of the sum assured is paid at death, while the rest is paid as monthly income over a period of 15 years
Income Plus	Sum assured is paid at death, and a monthly income is paid to the family for 10 years. This monthly income is 0.5% of the sum assured. This income can be level or can increase at 10% per annum each year

Premium:

The premium payment options available with this plan are as follows. The life insured has the choice of selecting one payment option at the time of policy purchase.

• Regular pay - The life insured pays premiums throughout the the policy term selected.
• Limited pay - The life insured pays premiums for 5 years lesser than the chosen policy term.
• Single pay - The life insured pays the premium only once.

The premium for insurance cover can be paid at intervals agreed upon with the insurer and predefined in the policy documentation.

Details on the premium are as follows:

Payment term for premium*	Regular, Limited, or Single
Payment frequencies for premium*	Annually, semi-annually, quarterly, or monthly**
Minimum annualized premium*	Rs.3000
Maximum annualized premium*	No limit on this amount, subject to satisfactory underwriting

*Premiums vary based on age, location, plan term and other factors

**For monthly frequency, prevailing operational rules may mandate that the premium for the first three months is paid in advance

When you purchase a policy online, you can avail a discount of 5.5% on premium. But the minimum annualized premium will remain Rs.3,000.

Plan Coverage - What the HDFC Life Click2Protect Plus Plan Covers?

 

The coverage provides a benefit amount at the death of the life insured, anytime during the term of the policy. This amount can be used for fulfilling debts or for funding the daily expenses of the dependents; hence reducing the financial burden on the family.

Various plan options are available to the customer, and this should be chosen at the time of policy purchase. It should be noted that once this choice is made, it cannot be changed during the policy tenure.

The insurance plan covers the event of death pertaining to all options detailed below. An additional death benefit amount is paid when the death occurs due to an accident under the Extra Life Option. The insurance coverage will also be enhanced when you purchase the Life Stage Protection Feature under the Life Option.

• Death Benefit - In the event of the death of the life insured while the policy is in force, the nominee will receive the following benefit:
  • For single premium policies, the highest amount between,
    • 125% of single premium, or,
    • Sum Assured
  • For policies other than the single premium type, the highest amount between,
    • 10 times the annualized premium, or,
    • 105% of all paid premiums till the date of death, or,
    • Sum Assured

The annualized premium for the calculation of the death benefit will not include the underwriting extra premiums and loadings for modal premiums, if applicable.

If the Life option is selected, The Death Benefit as calculated above will be paid as a lump sum amount on death of the life insured.

If the Extra Life option is selected, the Death Benefit as specified above will be paid as a lump sum amount. An additional benefit that equates to the sum assured will be paid if the death is due to an accident.

If the Income option is selected, the Death Benefit as calculated above is paid as follows:

• 10% of the Death Benefit paid as a lump sum amount at the death of the life insured.
• The remaining 90% of the Death Benefit paid on a monthly basis over the subsequent 15 years, i.e., 0.5% of the Death Benefit paid each month for the 15 year duration.

If the Income Plus option is selected, the Death Benefit as specified above is paid in the following manner:

• 100% of the Death Benefit is paid as a lump sum amount at the death of the life insured.
• A monthly income that equates to 0.5% of the Sum Assured will be paid for a duration of 10 years. This monthly income can be level or increasing at 10% per annum, as per the requirement of the policyholder.
• Life Stage Protection - The Life Stage Protection is an optional cover that is available under the Life option of the policy, and can be availed at the payment of an additional premium. This cover ensures that you are financially protected at each stage of life as you achieve different milestones. With this add-on feature, you can:

• Increase your Sum Assured - You can increase your insurance coverage on any one or all of the events below:

Events	Additional Sum Assured, as percentage of Sum Assured	Limit on maximum Additional Sum Assured
Marriage	50%	Rs.50,00,000
Birth of the first child	25%	Rs.25,00,000
Birth of the second child	25%	Rs.25,00,000

These events should occur during the policy term to qualify for the additional sum assured. Once you purchase the cover, your premium will be recalculated on the basis of the increased sum assured and the outstanding policy term.

• Reduce the additional cover at a later stage - With age, you may find that your children are independent and you do not need additional insurance cover any more. HDFC Life offers you the ability to reduce your Additional Insurance Cover from the point where you attain 45 years of age. Your sum assured will revert back to the original Sum Assured at the inception of the policy. Your premium will be calculated on the basis of revised sum assured, and you will have to bear the reduced premium for the remainder of the premium paying term.

• Maturity Benefit - There will be no benefit payable when the life insured survives till the end of the policy term.

Add-On Plans – Additional Coverage under the HDFC Life Click2Protect Plus - Term Insurance Plan:

HDFC Life offers certain additional covers that can be added to your policy to enhance your insurance coverage.

1. HDFC Life Income Benefit on Accidental Disability Rider - You can customise your insurance coverage by opting for this rider. This add-on cover offers a monthly income of 1% of the Rider Sum Assured for a period of 10 years, if the life insured suffers total permanent disability from an accident.
2. HDFC Life Critical Illness Plus Rider - This rider provides a Rider Sum Assured if the life insured is diagnosed with any of the 19 critical illnesses predefined in the plan.

Exclusions - What the HDFC Life Click2Protect Plus - Term Insurance Plan doesn’t Cover:

Exclusions pertaining to Accidental Death Benefit:

• The policy will not cover accidental death benefit if the life insured dies 180 days after the accident date.
• The policy will not cover accidental death benefit if accidental death is caused indirectly or directly by any of the following scenarios:
  • Intentional injury that is self-inflicted or suicide; this will be an exclusion irrespective of the mental condition of the life insured.
  • Solvent or alcohol abuse, or the use of drugs which are not prescribed by a registered medical practitioner.
  • Civil war/war, hostilities, rebellion, invasion, participation in riots, or civil commotion.
  • Participation in any flying activity, except as a passenger in a commercial aircraft.
  • Participation in any criminal act with criminal intentions.
  • Participating in a dangerous hobby, race, or pursuit without previously coming to an agreement with the insurer.

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

Grace Period - This is the time after the due date of the premium during which the policy will be in-force with the complete insurance cover. The policy will have a grace period of 30 days from the premium due date for annual, semi-annual, and quarterly premium payment frequencies. The grace period for a policy with monthly frequency is 15 days from the date of premium payment. If a valid claim is made during the grace period, but before the due premium payment, the insurer will honour the claim. However, the unpaid premium will be reduced from the payable benefits. If you do not pay the premiums before the grace period ends, the policy will be in lapsed status. In such a scenario, all risk covers will cease to exist and no benefits will be paid.

Surrender Values - You can surrender the policy when you choose. The surrender benefits are detailed below:

Premium pay	Surrender value
Single pay	For Life, Extra Life, Income Option, and Income Plus Option - 70% x Single Premium x (Unexpired Coverage Term / Original Coverage Term)
Regular pay	Nil
Limited pay	Nil

Tax Benefits – How you can save with the HDFC Life Click2Protect Plus?

The HDFC Life Click2Protect Plus - Term Insurance Plan offers tax benefits under Section 80C of the Income Tax Act, 1961.

Other Benefits – How you can save with the HDFC Life Click2Protect Plus Plan:

Services provided by HDFC Life is notable in the fact that they have honoured 99.41% of claims in an efficient manner. Other benefits of purchasing the HDFC Life Click2Protect Plus - Term Insurance Plan include:

• All claims that are over 3 years old from the date of inception are processed within 24 hours.
• HDFC Life has a dedicated claims assistance cell that provides help at each step of the claim settlement process.
• The insurer offers you the facility to purchase the policy online in a hassle-free manner.

Why you should Buy the HDFC Life Click2Protect Plus Term Insurance Plan from HDFC Life?

HDFC Life is a leading provider of long-term life insurance solutions in India. They have a wide reach with 398 offices across the country and above 9,000 touch-points for easy access. The insurance company has a strong framework that provides financial consultancy effectively across India and abroad.

HDFC Life Click2Protect Plus FAQs:

Q. What are life insurance modal factors?

A. Based on the insurance company, there will be several options through which you can pay your life insurance premium. For instance, you can choose to pay your premium on an annual basis. You can also pay the amount over shorter durations such as semi-annually, monthly, or quarterly. The frequency of premium payment actually dictates the modal factor, which is usually a percentage. For the HDFC Life Click2Protect Plus - Term Insurance Plan, the modal factors are as below:

Frequency	Conversion Factor
Annually	1.0000
Semi-annually	0.5100
Quarterly	0.2600
Monthly	0.0875

So, if your annual premium is Rs.1000, and you choose to pay semi-annually, you will have to bear 51% of Rs.1000 twice during the year. Effectively, this is 2%, i.e., Rs.20 more than what you would pay annually. This implies that you will be paying more each year if you pay at smaller installments than on an annual basis.

Q. What is the benefit payable in the case of suicidal death of the life insured?

A. The clause pertaining to suicide of the life insured is as follows:

In the case of suicidal death within 12 months from the inception date of the insurance coverage, the nominee stands to receive 80% of the premiums paid.

In the case of suicidal death within 12 months from the revival date of the insurance coverage, the nominee stands to receive 80% of the premiums paid after the revival.

Q. What are the conditions for the payment of benefits?

A. Benefits will be payable only if you pay all due premiums and on the date of the claim, the policy is in force. The benefit on death will be paid to the nominee of the life insured. While the policy is in force, the life insured can designate any person or persons as a nominee for the death benefits, through a written notice to the insurer.

Q. What are the benefits of the Accidental Disability rider?

A. The Accidental Disability add-on cover provides you a monthly income if you suffer from a total permanent disability due to an accident. The monthly income is equal to 1% of the Sum Assured and is provided for 10 years. This rider is available as an optional add-on cover that can be purchased at a nominal cost from branches and financial advisors only; however, this will be made available online soon. You can also avail tax savings on the premium paid for the cover.

Q. What are the benefits of the Critical Illness Plus rider?

A. The Critical Illness Plus rider provides you a lump sum payout equal to the rider sum assured when you are diagnosed with any of the 19 predefined critical illnesses. This cover can be purchased when you are between 5 and 40 years of age. The rider is available as an additional benefit with the HDFC Life Click2Protect Plus - Term Insurance Plan at a nominal cost. You have the option to choose this add-on cover at the inception of the policy or at the anniversary of the base policy.

Q. I have a company cover. Do I still need a term plan?

A. Being included in the employer’s life insurance cover is cited as sufficient protection by many. However, this is not true. Your employer’s insurance will not be valid once you quit the job or enter into retirement. Moreover, the sum assured may not be sufficient to cover you during a financial emergency. Hence, it is advisable to purchase an individual term insurance policy to protect your family when you are older.

Q. I have just made the payment for the policy. What are the next steps?

A. You will have to attend the verification call that you will receive from the insurer shortly. You may be required to send in your documents and probably take a medical examination. The company will keep you updated on the requisites.

Q. How long does it take to process my application?

A. Once the insurer receives all your documents, it will take 5 to 10 working days for the issue of your policy.

Q. The online application form is very exhaustive in content. So, why is the policy not issued instantly?

A. It is crucial that every customer receives the specified life insurance cover at an accurate premium. HDFC Life performs all underwriting procedures in a thorough manner, so that there are no issues at the time of a claim. HDFC Life also takes pride in having one of the best claim settlement ratios in the industry today.

Q. Whom should I contact to know the status of my application?

A. You can write to onlinequery@hdfclife.in or call the toll-free number of the insurer at 1800 266 9777 for clarification of any queries.