Hdfc Term Insurance Plans: The 3 Types You Must Know

 Why do you need to know about Hdfc term insurance plans in the firstplace?

The idea of life insurance is not to create a hole in your finances but to protect them. A person might need this coverage for many reasons, such as providing funds for their family if they die unexpectedly or covering funeral expenses. Here are some reasons why you should consider getting term life insurance: 

-You have dependents who rely on you financially and would be left without financial support if something happened to you.

-You want to ensure the future life goals are achieved like your children will be able to continue their education after high school or college, even if you are not there.

 

 Definition of term insurance:

Term life insurance is a type of insurance. A policyholder pays an insurance company to protect them against the risk of dying within the policy term. 

It is the most affordable type of permanent life insurance. 

Term insurance is one form of life insurance product, which covers a person for death or disability up to an agreed period (term), usually 10, 20, or 30 years from the date the policy starts. 

The coverage ends when the term expires or the life insured expires.  

Term Insurance Plans – What They Offer?

A term plan protects against the risk of dying during a specific period (policy term). The amount of money provided by these policies depends on what level of coverage(life insurance cover) you choose. 

There is no survival benefit except the return of premium (ROP) plans. The premium invested during the policy term is returned( excluding GST) to the customer without any maturity benefits.

As per the death benefit options of a term insurance policy, the nominee gets a lump sum if the person insured dies within the policy term.

Pure term plans don’t provide any surrender value. Return of premium(ROP) plans offer some surrender benefits.

Term plans also offer additional benefits(add-ons) like critical illness cover, and accidental death benefit rider(ADB).

Payout to the nominee also differs as per the plan options. You as a nominee can get a lump sum amount or a regular income with increasing monthly installments with each passing year till the maturity of the policy.

 

How does Term Insurance Plan From HDFC Life Help You?

A growing number of families are turning to HDFC’s family insurance plans as a cheap and reliable way to ensure their future.

Like a rainy day fund, Hdfc Insurance provides financial protection for your loved ones if you pass away.

It also gives you peace of mind knowing that they will be financially secure if something happens to you.

And with these life insurance plan options, a policyholder can choose how much life cover he needs and till which age.

These policies come with affordable premiums.

It provides life insurance coverage for a specified period. It pays a lump sum benefit to the nominee in case of death during that policy period. 

 

 

Hdfc term insurance plans: Protect your family from unforeseen circumstances.

 

Financial security is important for every individual. It is necessary to invest and protect your money, as well as earn a profit. 

The financial market offers various products that can help you achieve these goals. Still, the decision on which one to choose depends on your personal needs and requirements. 

Suppose you are interested in purchasing life insurance for your family. In that case, HDFC Standard Life Insurance Plans could be just what you need. 

HDFC Life Insurance Company Limited provides a wide range of life insurance plans with different features and benefits according to the customer’s needs. 

The different types of term life insurance plans offered by Hdfc are – 

1) The one that offers regular income like the payout in a pension plan instead of lump sum payouts. It helps the family members meet their regular expenses.

 2) One that offers the return of premium if the life insured survives during the policy term.

3) A pure term plan which gives lump sum payment to the nominee in case of death of the life insured.

 

Hdfc Term Insurance policies offer financial protection for your family and everything you own. Here’sHere’s what you need to know about HDFC Life Term Insurance Plans: -The amount of money covered by the plan – The sum assured -The tenure (period) for which it is being taken.

There are three variants of term protection plans provided by HDFC Life.

They are:

1. HDFC Life Click 2 Protect Plus
2. HDFC Life Click 2 Protect Health
3. HDFC Life Click 2 Protect 3D Plus.

 Let’s dive into the details:

HDFC Life Click 2 Protect Plus:

 

It is a comprehensive online term plan that offers security and protection for you and your family. To keep the future of your family bright, you need this insurance policy in place.

 

Details:

 

 

 #premium payment options: monthly, quarterly, half-yearly, annual premiums

 

Features:

• There are four cover options in this term plan, and you have the option to choose which one is best suited for your needs.
• The plan has monthly income features under income and income plus options so that your loved ones are not left without support while you are absent.

 

1. Life Option – provides the nominee with a lump sum amount on the death of the policyholder.
2. Extra Life option – In the case of accidental death, it will provide an additional payout.
3. Income Option – the nominee will get a part of the sum assured as a lump sum, and the remaining amount will be paid every month. It will be provided for a 15year period.
4. Income Plus Option – It is like an ”income option” but for ten years. The income will increase at a rate of 10% per annum each year.

• You have the option to increase your life insurance coverage at any point in time.
• Attractive premium rates for non-smokers.
• Special customization facility for riders.

 

 

HDFC Life Click 2 Protect Health:

Click 2 protects the health plan and safeguards the family’s overall well-being. This plan makes sure you have the dual benefit of Health insurance plans and life insurance in a single pocket-friendly term plan.

Details:

 

# premium payment frequency: monthly, quarterly, half-yearly, annual premiums

 

Features:

• With this plan option every claim-free year, you receive a 50% increase in your basic sum insured.
• Suppose you have a permanent disability due to an accident. In that case, you will not have to pay any future premiums( waiver of future premiums).
• Our nine different plans make it easy for you to customize your plan to suit your needs.
• Tax benefits.

 For details click here

HDFC Life Click 2 Protect 3D Plus:

                

This plan is the most comprehensive term insurance plan option of HDFC life insurance. The 3D in the plan’s name represents three uncertainties of life, i.e., Death, Disease & Disability. With this plan option, one can financially protect his life against any unfortunate occurring.

 

Details:

 

 

#premium payment frequency: monthly, quarterly, half-yearly, yearly.

 

Features:

 

• The policy has accident and critical illness benefits. It means that if you get really sick or permanently disabled, the insurance will give you money. But not only that, if you die, the insurance will give your family financial stability.
• The plan provides comprehensive financial protection.
• The plan is flexible with a wide variety of 9 different plans as per individual requirements.
• Return of premium option available( you have to pay an additional premium to avail of this policy at inception)
• Low premium rates for non-smokers.
• Tax benefits on premium payment as per income tax laws.

 

Salient characteristics of HDFC Life Click 2 Protect Life Insurance plan:

 

HDFC Life Click 2 Protect Life Insurance is a life insurance policy. It provides financial protection to your family. 

If you die, your family gets the money. If you don’t die, you have the option to get your money back.

HDFC Life Click 2 Protect Life Insurance is available in two options. One option is called Income Plus Option, and the other is called Life Protect Option.

The Life Protect Option also has an inbuilt feature that allows you to get your money back( with an extra premium paid at inception) if you survive until the end of the policy.

Suppose you choose the Accidental Death Benefit (ADB) option. In that case, the nominee will receive an additional sum equal to 100% of the Basic Sum Assured if you (the Life Assured) die due to an accident during the policy term.

 

How Much Term Insurance Coverage Do You Need? 

 You should have at least ten to twenty times your annual income towards life insurance coverage as per a study by LIMRA ( market research company).

It is the minimum amount you need to give your family to ensure financial safety if you die.

 

How To Choose The Right Term Insurance Plan?

Take an account of your important future goals like children’s education, marriage, and own house.

You have to consider your current expenses like health expenses, daily expenses till you retire.

Based on the above choose the adequate life insurance coverage you need to meet these future responsibilities.

Check the affordability of annualized premium you have to pay towards this.

Select a payment frequency such as a limited pay option. No one prefers spoiling his retired life by paying for insurance premiums.

Check the claim settlement ratio & claim settlement process of the insurance company.

If you are looking for a good insurance plan, then Hdfc term insurance plans are the best. It covers total disability, critical illness cover, and terminal illness.

You can buy this plan at affordable rates from any branch of HDFC Bank or through advisors all over India. For more information visit the hdfc life insurance website.

How to get term Insurance from HDFC Life?

You have to apply for it either online or offline. Please follow the below-mentioned steps:

1st you choose the sum assured(life insurance cover)

2nd you choose the policy term & premium payment frequency. Look for affordable premiums so that you can pay the future premiums.

Then pay the required premium after submitting your KYC documents, age proof & income proof.

You have to appear a physical medical test or a virtual one depending on the underwriting guideline of HDFC Life.

You have to fulfill the eligibility criteria like you should have good health and have valid income sources like a salaried job or a registered business.

If you meet all the requirements your term policy will be issued.

FAQ:

What is Term Insurance?

Term insurance is a type of life insurance that covers your family in case something happens to you. It can be used to pay off debts, cover medical bills, and provide income if you cannot work.

How Much Does Term Insurance Cost?

Term insurance premiums depend on several factors, including age, gender, health, occupation, and life stage. The average annual premium for term insurance varies for each person.

The term insurance premium remains the same throughout the policy term. It is quite cost-effective compared to other types of life insurance plans.

Is Term Insurance Right For Me?

If you are young and healthy, term insurance may be right for you. However, if you are older or have pre-existing conditions, it may not be the best option.

A Term life insurance plan is an affordable way to protect your loved ones if something happens to your life. If you are unsure whether or not you should buy term insurance, talk with your financial advisor.

How Do I Choose a Policy?

It would be best if a policyholder chose a policy based on his needs and budget. You may want to consider purchasing term insurance if you are young, healthy, and have no dependents.

If you are older, have children, or have a history of heart disease, you may want to consider buying some other insurance instead.

 What is HDFC Life Insurance?

HDFC Life Insurance Company Limited (HDFCL) is an Indian life insurance company headquartered in Mumbai, Maharashtra. It is a joint venture between HDFC  and standard life.

It provides a wide range of insurance policies that offer you financial protection against life risks.

• You can buy it online or offline
• It helps you save money on taxes.
• It also provides your family with financial security in case of death.

 Which HDFC Life Insurance term plan is best?

It depends on what kind of benefits you require. Your family needs protection against the risk of loss due to any unfortunate event like untimely demise or disability.

 

Why do we need HDFC Life Insurance? Why HDFC Life Insurance Plans?

Life insurance protects us by paying a lump sum amount when someone dies. It ensures that there won’t be any loss due to sudden death.

 Premium payment terms for Hdfc term plans:

You can pay the premium at your convenience. Generally, people go for a regular premium.

If you want to reduce the paying term, you may choose a single premium option or a limited premium period.

 

 

 Final Conclusions:

Hdfc term insurance plans offer the security of lifetime coverage for a policy holder and his family.

They help you make sure that your family has enough resources to live comfortably even if anything unexpected occurs.

So, if you’re looking for a reliable source of long-term financing, then HDFC Life Insurance could be just the thing you need.

The premiums are low compared to other insurance policies, which has made it popular among people.

With low premiums and lifelong coverage for death or disability, HdFC term insurance plans offer peace of mind.

In conclusion, HDFC Life Insurance offers various types of term plans depending on your financial requirements. So, get one today!