HDFC life Insurance plans

HDFC Life Term Insurance

Term Insurance Plan by HDFC Life provides you with the advantage of large life insurance cover for an affordable premium. Riders covering other risks such as accident are available and can be attached to term plans and provide a much wider protection to your family. Life Insurance is a financial cover for a contingency linked with human life which include death, disability, accident, retirement etc against all possible risks and this results in loss of income to the household, if the insured was an income earning member of the family.

Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. Hencethe Sum Assured payable as a benefit in case of any eventuality. Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident.
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HDFC Life insurance review

HDFC Life Insurance plans
Distribution - Number of branches pan India (March 2019)
412
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
5/67
Solvency Ratio (FY 2018-19) *
1.88
Number of Policies Sold (Ind+Group) *
897,693
Number of Lives Covered (Ind+Group) **
61,258,962
Claims Settlement Ratio (Ind+Group) ***
99.29%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Types of HDFC life term plans

A term insurance plan that provides you protection at an affordable price.
HDFC Life and Apollo Munich Health Insurance have joined hands to bring you the benefits of health and life insurance.

Search for other HDFC Life term plans

Get answers to all your questions?

Everyone wants to insure the following risks:

  • Dying too soon
  • Living too long

Life Insurance is perhaps one of the most critical investments that any individual can make to financially protect themselves and their families from any uncertain and unpredictable even in the future. It is needed:

  • To ensure that one’s immediate family has financial support in the event of the insured’s unfortunate and untimely demise
  • To finance future expenses that include children’s education, marriage expenses, investments in fixed assets
  • To ensure a recurring and consistent source of income post retirement
  • To provide for unplanned financial contingencies and to ensure life style upkeep

IRDAI stands for Insurance Regulatory and Development Authority of India and they are the apex body that regulates the Insurance industry in India, both for Life and Non Life Insurance and are based in Hyderabad. They are similar to the Reserve Bank of India (RBI) who is the Banking regulator. Apart from protecting the interests of the policyholders, it regulates the overall industry and takes concrete steps towards development of the insurance sector in India.

According to IRDAI guidelines, the insurance company must mandatorily process a claim within 30 days after receiving all claim related information/documentation. If the claim needs further investigation based on the circumstances and supporting documents provides, the process should be completed within 6 months.

Anyone who is an income generator for a family, whether they are the primary earner or no, needs to ensure they have Life Insurance cover. Due to the value of their contribution to the family, it becomes essential to protect the family incase any unforeseen event happens to the income generator and this is what Life Insurance does. Sometimes even homemakers and children can also be covered for life insurance given their future income potential being at risk.

Currently in India, Life insurance is one of the most preferred tax planning financial instruments. Premiums paid for all life insurance policies are exempt from tax up to a maximum of ₹ 1.5 lacs under Section 80C of the Income Tax Act, 1961. Further under Section 10D, on settlement of a claim, the claim amount paid to the nominee is exempted from any tax.

The straightforward answer is the younger the individual, the lesser the premium. Hence it is advisable for young adults to invest in Life protection through Term Life covers at an early stage to ensure the most competitive premiums for their policy. This is on account of the individual being in better health at a younger age and free from pre existing health conditions.

The amount of Life Insurance coverage can also be terms as the Sum Insured of the Life insurance policy, which is basically what the nominee will get incase of the unfortunate demise of the insured . While there is no scientific approach to arrive at this Sum Assured, some of the factors that need to be considered while fixing this include:

  • Age + Number of dependants of the Life Assured
  • Financial Commitments in terms of Loans, Future Expenses etc based on the lifestyle of the individual and family
  • Specific Financial Goals like Children’s Education / Marriage etc
  • Current Income & Future Potential Income levels of the life assured

Yes, all life insurance plans cover death due to natural disaster, like flood, earthquake, storm, etc.

Yes, all life insurance policies offer coverage for Death by all means, except suicide. This includes unfortunate demise of the life assured due to terrorist attack/war/natural calamities/epidemics/pandemics etc (unless specifically excluded by insurance company).

Yes, Non-Resident Indians (NRIs), People of Indian Origin (PIOs) can buy a life insurance plan in India. Foreign Exchange Management Act (FEMA) allows NRIs to buy any plan that meets their requirements of protecting themselves and their family whether he is currently residing in India or not.

Generally most documents required are KYC documents that include:

  • Income proof (Salary slip, Form 16, ITR)
  • Age proof (Aadhar Card, Voter’s ID card, Passport)
  • Address proof (Aadhar Card, Utility bills, Driving License)
  • Photo identity proof (Passport, Voter’s ID card, PAN card)
  • Recent passport size photographs
If required, the insurance companies might call for additional supporting documents to the one specified above.

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