You need to fill and sign the Proposal form, Illustration copy and the Most Important Document.
The claim benefit can be received by:
In such circumstances, we would require the proof of title/succession certificate issued by a competent court. The claim would then be paid to the person specified in the said proof. Such a condition is called 'Open Title' situation.
If we have accepted the claim but are waiting for the issued certificate of proof, we hold the money till the proof is submitted and pay interest as directed by the Insurance Regulatory and Development Authority of India.
Our process of medical examination is very simple. Immediately after the making payment, basis your pin code you will be eligible either for home visit or for centre visit
You may avail this facility by submitting the Partial Withdrawal Request Form duly signed along with the ID proof and Address proof at any HDFC Life branch. NEFT documentation is mandatory. Forms for Partial Withdrawal as well as NEFT documentations are available under the Forms & Downloads section under Policy Servicing. Your request will be processed subject to the product norms and features.
Your family will receive the claim amount in the event of both natural and accidental death. Life insurance is designed to provide your family with a certain amount of money, irrespective of the reason of death. However, there are some exclusions like suicide in 1-year, non-disclosure of rightful facts that can lead to a decline of your claim amount. To know more about such exclusions, please refer to the terms & conditions section in the policy document.
It is usually suggested that a life insurance cover should be at least 10 times of your annual income and 15 to 20 times is an even better option. If you have loans such as home loans, car loans, etc. then you should factor that in too.
For instance, if your annual income is ₹ 10 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.0 crore, if you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover. It is best to use the term calculator provided by insurance companies before deciding on your life cover.
Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate HDFC Life’s plans on eindiainsurance .
To avail duplicate policy document, you need to submit the duly filled Indemnity & Affidavit Form along with the necessary Indemnity, Affidavit and lost policy fees at any HDFC Life branch. Forms are available under the Forms & Downloads section under Policy Servicing.
Beneficiary is the sole person entitled to the benefits under the policy. Yes, the beneficiary of the policy can be changed in case of the unfortunate demise of the existing beneficiary. You have to submit the Policy Servicing Request Form at any HDFC Life branch. Forms are available under the Forms & Downloads section under Policy Servicing.
You may also refer to your Policy documents to know more about the beneficiary change process.
If your policy has attained a surrender value, you can avail a policy loan which is a % of the surrender value. The policy loan can be taken for regular as well as single premium, Unit Linked & Conventional policies. Kindly refer to your policy document for details on the terms & conditions for availing a policy loan.
You may download the Medical Report from the E-Services Section of My Account. The medical report will be available in 15 minutes from the time of request for a period of 2 days only. You may even email us at email@example.com .
The death benefits received by the nominee under a life insurance policy are exempt from tax as per section 10(10D) of the Income Tax Act, 1961.
You can disclose additional information about yourself, after issuance of your policy, by sending us a letter. This information can be related to medical conditions, an occupational change which may have an impact on your health, insurance cover with other companies, changes in habits, change of residential status to NRI, etc.
An assignment is a method of transferring all rights and benefits under a life insurance policy to an individual or institution. You can assign your policy to take a loan against it, as a security or to gift it to someone. The person who transfers his right is called the "Assignor" (i.e. the policyholder) and the person to whom the right is transferred is called the "Assignee". You can assign your policy to an individual or a financial institution provided there is an insurable interest between you and such an individual/ financial institution. There are two types of assignment:
If the due premiums are not paid while the policy is still within the lock-in period, then the policy would lapse and all benefits of the policy would cease. The policy holder has a grace period for premium payment, which is 15 days from the due date for monthly premium payment frequency and 30 days from the due date for half-yearly and yearly premium payment frequency.
If the due premiums are not paid even after completion of 45 days of the grace period then the policy acquires a "discontinued" status, the policy benefits cease. And the amount accumulated in the policy would move to the discontinued fund. This amount would be locked in till completion of the lock-in period (five years from the date of policy issuance). Please note, policy discontinued is applicable for policies issued after Sep 1, 2010.
The policy holder loses out on all the benefits of the plan. After discontinuance of the policy it cannot be withdrawn. The policy holder would receive the invested amount only on completion of the lock-in period (five years from the date of policy issuance).
You have a period of 15 days to review your original policy document from the date of receipt. If you are not satisfied with the terms and conditions of your policy, you can return it to us for cancellation and you will be eligible for a refund. If your policy is sourced through distance marketing, you have a period of 30 days. This will be mentioned in your policy certificate. To cancel your policy within the free look (review period), fill up the form and visit any of our branches with your Policy document. Once received, we will process your request and refund the premium amount after applicable deductions (if any) within 15 days.