HDFC Life CSC Suraksha Plan

The HDFC Life CSC Suraksha - Term Insurance Plan was introduced by HDFC Life to facilitate the inclusion of the rural sections of the country into mainstream insurance. This non-participating term insurance plan is available at a low cost for the benefit of the rural population, and is also simple to understand. The policy will be sold through the channel of Common Services Centre (CSC), thereby improving the reach of life insurance in the rural parts of the country. The HDFC Life CSC Suraksha provides payment of a lump sum in the event of unfortunate death of the life insured, with policy term options that range from 5 to 15 years.

Eligibility - Who is the HDFC Life CSC Suraksha Term Insurance Plan for?

The purchase of the HDFC Life CSC Suraksha - Term Insurance Plan is possible only if you satisfy certain criteria, with respect to your age and the number of years you would like to be insured for. The eligibility details of the scheme can be tabulated as follows:

Minimum Entry Age	18 years
Maximum Entry Age	55 years
Minimum Maturity Age	23 years
Maximum Maturity Age	60 years
Minimum Policy Term	5 years
Maximum Policy Term	15 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: The policyholder can select the term for insurance coverage, i.e., ranging from 5 to 15 years, as long as it is in alignment with the maximum maturity age. It should be noted that the Sum Assured for a policy will be decided based on the age of the life insured, gender, and plan option within the applicable limits.

Minimum Sum Assured	Rs.30,000
Maximum Sum Assured	Rs.2,00,000

Premium: The premium for insurance cover can be paid at intervals agreed upon with the insurer and predefined in the policy documentation. The life insured has the choice of selecting one payment frequency at the time of policy purchase.

Details on the premium are as follows:

Payment term for premium*	Same as policy term
Payment frequencies for premium*	Annually, semi-annually, quarterly, or monthly**
Minimum annualized premium*	Rs.112

*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

Plan Coverage - What the HDFC Life CSC Suraksha Term Insurance Plan Covers?

The HDFC Life CSC Suraksha - Term Insurance Plan provides insurance cover that assures a benefit amount in the event of death of the life insured during the policy term. This amount assists the dependents of the policyholder in wading through difficult financial situations.

• Death Benefit - If the life insured faces death while the policy is in force, the nominee will receive an amount that is the highest among the following:
  • Sum Assured
  • 10 times the annualized premium
  • 105% of the total premiums that were paid till the date of death

The annualized premium for the calculation of the death benefit will not include the loadings for modal premiums and any paid taxes like the education cess or service tax.

When the Death Benefit is paid to the nominee, the policy will terminate and all benefits associated with it shall cease. Death Benefit is only paid when the life insured has borne all premiums till the date of his/her death and the policy is in force at the time of the claim.

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

Exclusions - What the HDFC Life CSC Suraksha - Term Insurance Plan doesn’t Cover?

In the scenario of death due to suicide within 12 months from the date of commencement or revival of the policy, the life insured’s nominee will only be paid 80% of the premiums borne by him/her, subject to the policy still being in force.

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

Free-look Period - After the purchase of the policy, if you are not in alignment with any of the terms and conditions mentioned therein, you may return the policy to the insurer with the relevant reasons. However, this should be done within 15 days from the date of receipt of the policy. When the insurer receives the request along with the original policy documents, they will arrange for a refund of the premium after deduction of the stamp duty and the proportionate risk premium for the period on cover. Once the policy is returned, it cannot be revived, restored, or reinstated again. A new proposal will have to be raised for a new policy.

Grace Period - The grace period for this policy is 30 days from the due date of premium. During this time, all due premium payments should be fulfilled so that the risk coverage of the policy is not impacted. If the due premium is not paid within the grace period, the policy will lapse and the insurance benefits associated with the policy will cease to exist.

Lapsed Policy Revival - The life insured can revive a lapsed policy within a period of 2 years from the date of the first unpaid premium. However, this is subject to certain terms and conditions laid down by the insurer. To revive a lapsed policy, you will have to pay all outstanding premiums and interests on these premiums and the relevant taxes. Interest rates may vary from time to time, and you can receive details of the latest rates from the insurer. When the policy is revived, you will receive all contractual benefits that were agreed upon initially.

Surrender Values - This plan does not provide the policyholder a surrender value.

Transfer or Assignment - This policy may be assigned or transferred in part or as a whole. The insurer may accept or decline any request for transfer or assignment of policy. In case of refusal, the person aggrieved by the refusal can raise a claim to IRDAI within 30 days of reception of the refusal letter.

Alterations - The premium amount, sum assured, and policy term cannot be altered; however, the frequency of premium payment can be changed as required.

Policy Loans - No loans are available under this policy.

Tax Benefits – How you can save with the HDFC Life CSC Suraksha - Term Insurance Plan?

The HDFC Life CSC Suraksha - Term Insurance Plan offers tax benefits under Section 80C of the Income Tax Act, 1961, subject to specified limits or conditions. The benefits received from this policy is also exempt from tax under Section 10 (10D) of the Income Tax Act, 1961. However, there is a chance that the tax benefits may change based on the tax rules; so you should consult your tax advisor for updates on the benefits.

Other Benefits – How you can save with the HDFC Life CSC Suraksha - Term Insurance Plan:

HDFC Life is a leading provider of insurance solutions in the country, with one of the highest claim settlement ratios prevalent in the industry. Till date, they have honoured 99.41% of claims in an efficient manner.

Apart from the insurance coverage, other benefits of purchasing the HDFC Life CSC Suraksha - Term Insurance Plan include:

• You can purchase the policy by visiting your nearest CSC outlet.
• Policy purchase is a simple and paperless process when the customer applies through his/her Aadhaar card number.
• The policy is issued instantly at the CSC outlet.

Why you should Buy the HDFC Life CSC Suraksha - Term Insurance Plan from HDFC Life?

HDFC Life is a front-runner in providing long-term insurance services in the country. With a wide network of 39 offices and more than 9,000 touch-points spread across India, they have been instrumental in rolling out insurance solutions pertaining to pension, protection, investment, and health. They also have a competent financial consultancy wing that operates within the country and abroad.

HDFC Life CSC Suraksha Term Insurance Plan FAQs:

Q. What should be the ideal duration of a life insurance policy term?

A. In the ideal scenario, your life insurance policy should provide you coverage till a few years after you retire. So, the tentative age is understood to be between 60-65 years. However, this may vary based on individual circumstances.

It is not recommended to purchase a policy with term of 15-20 years, or one that will end when you are around 40 years of age. Such policies will have a low premium, as you will be insured for the years when there is low risk. When you are around 40 years of age, you will probably require the maximum coverage. But purchasing a policy then will be very expensive. You may even be denied a policy at that time, based on your health and other risk factors.

Q. Is a medical test mandated for all policies?

A. The requirement for a medical test depends on your health disclosures and the underwriting requirements. Even if a test has been mandated by the insurer, it will be a short and basic one. The requirement for a medical test will be communicated to you by the insurer, if the need arises.

Q. Can I buy multiple policies with HDFC Life?

A. If you think the life cover from one policy is insufficient, you may apply for another policy. However, the acceptance of the new policy will be dependent on the underwriting approval.

Q. Who will be paid the death claim amount?

A. The claim amount will be paid to the nominee (for death claims), appointee (when the nominee is a minor), or assignee(when the policy is assigned) under the policy. The policy documentation will clearly specify the names of the stakeholders against these roles.

If the life insured has changed the nomination or the appointee, the claim amount at death will be paid to the latest nominee or appointee, as mentioned in the policy. Likewise, if the policy has been re-assigned, the death claim amount will be payable to the latest assignee.

Q. What is the time frame within which a claim has to be raised after the death of the life insured?

A. When the life insured faces death, a claim should be reported at the earliest, so that the company has sufficient time to process it.

Q. What is the maximum processing time for a claim?

A. Once the insurance company receives all relevant documentation from the claimant, they will pay the claim amount within 30 days from the date of receipt of the papers. However, if the insurer requires an investigation to be done before processing the claim. this will be initiated at the earliest. The claim amount will then be payable only on the basis of the investigation results.

Q. If the claim is rejected, how is it communicated to the claimant?

A. HDFC Life will send a detailed rejection letter to the claimant within 10 days of the decision. The letter will also include the reason for rejection of the claim.

Q. What needs to be done when the nominee is not in possession of the policy documents?

A. In such a case, an indemnity bond should be submitted to the insurer, in lieu of the lost policy document. The indemnity should be executed on a stamp paper and notarized. The value of the stamp paper varies according to the state. The template for the indemnity bond can be procured from the insurer. It is also available at the website of HDFC Life.

Q. What documents are required to process a death claim?

A. The documents required to process a death claim are as given below:

Document Name	Natural Death	Un-Natural Death	Death due to Natural Disasters
Claims form with proof of bank account	?	?	?
Death certificate issued by the Government	?	?	?
Residence and identity proof of the claimant	?	?	?
Original insurance policy documentation	?	?	?
Attested police records	?	?	?
Post mortem report attested by hospital authorities	?	?	?
Medical records of diagnosis and treatments	?	?	?
Certificate from the doctor or hospital	?	?	?
If employed, employer's certificate	?	?	?

Q. If I am not satisfied with the claims decision, what is the grievance mechanism?

A. The insurer should be informed of the same within 30 days of receipt of the rejection letter. The address of the insurer’s grievance cell is as follows:

Claims Review Committee

HDFC Standard Life Insurance Company Limited

5th Floor, ILFS Building, Plot No. C-22, G-Block,

Bandra-Kurla Complex, Bandra (E),

Mumbai – 400 051