HDFC life term insurance – Check out the 5 Benefits Now

HDFC life term insurance

HDFC life term insurance provides a high degree of protection for a cheap price and this term insurance is the most economical insurance plan on the market. Everyone is at risk of dying early since life is unpredictable. The death of a family member is both emotional and economical. While psychological harm is irreplaceable, financial harm can be compensated greatly through insurance.

Term insurance policies, on the other hand, offer comprehensive coverage at a lower cost, making comprehensive coverage more accessible. A high level of coverage ensures that the family will be well-cared for in the event of the breadwinner’s death, with no financial difficulties.

Most term plans on the market provide a lump sum, pension, or a combination of the two payment options. Some term plans invest a portion of the lump sum in an annuity plan for the beneficiaries. This ensures that the insured’s family receives a regular income rather than having to deal with a large lump sum payout.

If customers pick the HDFC Life Group Term Insurance Plan, they can get additional benefits. Those who have bought this plan will get a Rider Sum Assured as a lump sum payment if they are diagnosed with any of the 19 severe diseases covered by the HDFC Life Group Critical Illness Rider.

Income-Plus Life Insurance

Under this plan option, the Life Assured is covered for the whole policy term and gets a lump sum payout at maturity as well as regular income starting at the age of 60.

Following your 60th birthday, you will receive a monthly payment equal to 0.1 per cent of the Basic Sum Assured until death or the end of the policy term, whichever comes first.

This plan comes with the following benefits.

• Insurance for Unexpected Death
• Total Disablement for Life
• Disability Benefits (Total and Partial)
• Insurance for Serious Illnesses
• Customers who want this must pay an additional fee and are subject to restrictions and limitations depending on the benefit they choose. The premium is paid once a year with the same frequency as the base plan.

Why should you choose a Group Term Insurance Plan from HDFC Life?

HDFC Life is a significant life insurance provider in the nation. Customers may pick from a number of insurance plans offered by this provider, each with its own set of benefits and services. HDFC Life offers a network of over 39 offices spread across 9,000 contact points across India to provide convenient access.

HDFC Life also has one of the greatest claims histories in the market, paying out 95% of all claims. This firm has a strong financial counselling division in India and abroad, as well as some of the most profitable insurance products for a wide range of clients. When compared to other insurance firms, HDFC Life leverages cutting-edge technologies, resulting in one of the industry’s best claim settlement records.

Coverage Selections

There are four different types of coverage available with this package. Here’s what they say:

The Life Option provides the insured’s nominees with a lump sum death payout.

The insured receives an accidental death benefit rider in addition to the basic policy when they choose the Extra Life Option. As a result, the nominees get a death benefit as well as an additional accidental death benefit if the insured dies in an accident.

The Income Option guarantees that the lump sum payment made at the insured’s death is equivalent to 10% of the total pledged. The remaining amount, or 90% of the money covered, is paid out over a 15-year period in equal monthly instalments. Payments are usually 0.5 per cent of the entire amount guaranteed every month. One month after the insured’s death, the monthly payments start.

When the insured dies, the death benefit is paid out in a lump payment. In addition, over the next 10 years, the applicants will receive monthly payments of 0.5 per cent of the total sum insured. Fixed payments (0.5 per cent of the total value guaranteed) or rising payouts are available to policyholders. Growing payments saw an annual increase of 10%.

How to File a Claim

A policyholder must notify HDFC Life immediately in the case of an emergency.

• By travelling to your local HDFC Life branch and filling out a claim form, you may notify the claims department offline.
• To utilize the online option, contact the insurance provider through mail or toll-free phone and fill out the claim form online.
• After receiving the letter, HDFC Life will ask for the appropriate documents.
• Upon verification of the papers submitted to HDFC Life, payment would be sent to the claimant’s nominee/title-holder.
• If a defect in the case is discovered, the company will either reject the claim or ask for more information.
• Claim Process Documents Required

For the claim procedure, you’ll need the following documents:

• A death certificate is given by the appropriate authorities.
• Death Claim Form
• The first policy document was published in 2007.
• Identification and residence proof for the claimant
• Documentation pertaining to health
• Prescriptions
• Information about the account
• Resolving Claims Takes Time
• In the form of a high claim settlement ratio, HDFC Life offers its customers a one-of-a-kind advantage. According to the website, HDFC Life Term Insurance Plan claims can be reimbursed in 30 days if no investigation is necessary.

Exclusions

HDFC All scenarios may not be covered by HDFC term life insurance Plan. Exclusions are another term for them. If the insured person dies of one of the following causes, the HDFC life term insurance claim will usually be denied:

• Attempting suicide
• Drug and alcohol addiction
• Invasion, combat situations, and so on.
• Any type of flying performance (except for travelling in a commercially licensed aircraft)
• If the policyholder engages in any illegal conduct and is injured or killed as a result of it, the policyholder will be covered.

HDFC Life Term Insurance Plans Have Many Advantages

Financial planning requires a long strategy. Consider the following benefits of utilizing these plans:

The plan is straightforward to understand and has affordable rates.

The death benefit, critical illness diagnostic benefit, maturity benefit, and death by accident benefit are all included in this plan.

The insured might raise the sum assured in response to life events such as marriage and childbirth.

Each child’s birth ensures a 25% increase in the amount provided.

Premiums can be paid in a flat sum or at regular periods and the HDFC life term insurance premium calculator can be used to calculate the premium amount.

Tax discounts for premiums and death benefits are provided by Sections 80C and 10(10D) of the Income Tax Act of 1961.

Life is full of unknowns, and as a family breadwinner, it is vital to protect yourself from these risks in order to provide a safety net for your family. In order to provide a smooth and quiet life for your family in your absence, HDFC Life term Insurance offers a term plan with a number of benefit options to choose from, based on your unique needs for an HDFC life insurance term plan.

FAQ’s

The status of a customer’s policy application may be found here.

Customers can inquire about the status of their insurance application by calling HDFC Life’s toll-free customer care number or sending an email.

Is it possible to nominate someone under the HDFC Life Term Insurance Plan?

In the case of the policyholder’s death, the Sum Assured can be distributed to one or more nominees. If the nominee is a minor, the policyholder has the option of designating another person to receive the Sum Assured. Nominations are accepted at any time prior to policy maturity.

Is it possible for people to forego the rider?

If policyholders abandon the rider before the end of the rider term, they will receive a payment equal to the rider premium for the remaining time of the terminated members, less any additional deductions such as commissions and taxes.

Is it possible to alter the Critical Illness Plus Rider from the HDFC Life term insurance plan?

The Rider term and the Sum Assured are irrevocable. If the base product’s premium payment frequency changes, customers can alter the rider’s premium payment frequency. The payment frequency of the rider’s premium cannot be changed without affecting the basic policy of HDFC life term insurance.

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