HDFC Life Term Insurance Plans

Features of HDFC Term Insurance Plans

Here is a list of all the features HDFC term plans offer:

• Low Entry Age: HDFC term plans have a low entry age which allows a large section of people to be able to purchase a term plan and secure their family.

• Long Policy Tenure: You can buy term plan for a long policy tenure covering you till 99 or 100 years of age. This way your family will be protected for your whole life.

• Customizable Cover: You can customize your life cover as per your requirements. You can also increase the sum assured along with the changes in your life stages to make sure the HDFC term insurance is always offering coverage as per your lifestyle needs.

• Multiple Premium Payments: Various HDFC term plans offer the option of selecting the most suitable premium payment option. Under this, you can choose to pay the premiums on a monthly, quarterly, semi-annually, or yearly basis for the whole or limited premium payment terms. You can also pay the premium in a single lump sum payment.

• Protection of Liability: In the event of your unfortunate death, the remaining loans and debts can burden your family, thus the payout from a term plan can help your family pay off these financial obligations and live a comfortable life. 

• Ease of Buying: The online availability of HDFC term life plans makes the buying process easy and convenient. You can buy term plan from the comfort of your home in just a few clicks.

*Note: You can very easily use the term insurance calculator and calculate your term insurance premium amount.

Benefits of Buying HDFC Term Plans

There are several benefits of buying HDFC term insurance and they are as follows:

• Financial Security: With HDFC term plans you can secure a large life cover for your family at highly affordable premiums, as low as Rs. 1,398 for a cover of Rs. 1 Crore.

• Death Benefits: On the unfortunate death of the policyholder, the insurer will pay the sum assured to the nominee of the policy. The nominee or the beneficiary can use the payout amount to take care of financial obligations like child’s fees and rent.

• Maturity Benefits: There are no maturity benefits offered under a regular term plan, but you can choose to receive all the premiums paid throughout the policy term at the end of the policy tenure with term return of premium plans.

• Rider Benefits: There are several term insurance riders available that you can add to the base plan. Some of the common term insurance riders are critical illness riders and income benefits on accidental disability riders.

• Tax Benefits: You can claim tax benefits as per the prevailing tax laws u/s 80C and 10(10D) of the Income Tax Act of 1961.

Who Should Buy HDC Life Term Insurance Plans?

• Young Individuals

• Working Women

• Newly Wedded

• Parents with young kids

• Taxpayers 

• Retired People

How To Buy HDFC Life Term Plans Online in 2023?

Here is how you can buy term plan from HDFC Life Insurance online in just a few minutes:

• Step 1: Go to the term insurance form

• Step 2: Enter your name, gender, date of birth, and contact information

• Step 3: Click on ‘View Plans’ and fill in your smoking habits, occupation type, annual income, and educational background

• Step 4: Select the most suitable HDFC term insurance and proceed to pay

*Note: It is advised to firstly know what is term insurance and then buy HDFC Life Term Plans.

Documents Required To Buy HDFC Life Term Insurance Plan

• Identity and Residence Proof: Passport, Voter ID, Adhaar Card, Driving License

• KYC Documents: Insurance Contracts with companies, trusts and foundations, and HUFs

• Income Proof: Salary slip of last 3 months, ITR, 6 months bank statements, CA certificate of the last 3 years

Things To Consider Before Buying HDFC Term Plan 

Let us take a look at some of the things you need to consider before buying the best HDFC life term plan.

• Claim Settlement Ratio: The claim settlement ratio of a company gives us an insight into the number of claims settled by the company in a financial year to the total number of claims received by them in the same year. It is suggested that you always check and compare term plans based on the CSR of the company. The CSR of HDFC Life is 98.66% which means the company successfully settled most of the claims it received in the FY 2021-22.

• Solvency Ratio: As per the IRDAI, every company needs to maintain a solvency ratio of 150% at all times. This is to ensure the company’s capability in settling all the active policies in case of the company’s bankruptcy. Thus you should always check the company’s solvency ratio to ensure you are purchasing term plan from a company that will be able to settle your family’s claim in their time of need.

• Check the Customer Experience: The customer’s experience with a company lets you know if the customers are satisfied with the HDFC term insurance customer care services or not. You can go through the persistency ratio of the company or their honest reviews to get a better understanding of the customer’s experience.

• Take a look at the Policy Benefits: Taking a look at the policy benefits will ensure that there is no confusion during claims. You can understand the inclusions and exclusions of the policy riders and their benefits by going through policy documents. 

• Select Suitable Riders: Go through the policy documents carefully to see the available riders within the plan and include the relevant riders at nominal premiums to enhance the policy’s base coverage.

• Flexible Payout Options: Several HDFC term plans give the option of selecting the payout option as per your suitability. You can choose for the benefit payout to be paid in a lump sum or monthly installments. These monthly installments can act as monthly income for your family in case of your unfortunate absence.

• Online Purchase: The online availability of HDFC term insurance makes them convenient to buy, easy to keep track of, and paperless. With online mode, you can purchase and access your term policy from the comfort of your home, without visiting the company office.

Note: Check out the best term life insurance in India and choose one that suits your requirements.

FAQ's