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HDFC Life Click 2 Protect Plus is an online term plan with a unique structure of benefits that are aimed at providing a tension-free future at affordable premium rates. This life insurance plan protects you and your loved ones from one or more uncertainties of life. You can choose from a wide range of cover options, keeping in mind your life insurance needs.
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Its Income and Income Plus Options provide your dependents with the benefit of a monthly income.
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
18 years |
65 years |
|
Maturity Age (Last Birthday) |
- |
75 years |
|
Policy Term (PT) in years |
10 |
40 |
|
Premium Paying Term (PPT) in years |
Regular pay - Equal to policy term |
|
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
|
|
Yearly Premium |
3000 |
No limit |
|
Sum Assured |
25,00,000 |
No limit |
Annual premium in Rupees for a SA of 50 lakhs under the HDFC Click To Protect Plus for a policy term and PPT of 20 years:
|
Age |
Life Option |
Extra Life Option |
Income Option |
Income Plus Option |
|
40 years |
7783 |
10,281 |
6538 |
10,508 |
|
50 years |
19,331 |
21,828 |
16,238 |
26,097 |
Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.
A term plan is the simplest and most basic insurance product. It is designed to cover only the risk of death. In the event of death of the policyholder, his or her family or nominee receives the sum assured (or the cover amount).
If the policyholder survives the policy term, he or she does not receive anything and loses the yearly premiums paid. The policy is closed with no returns or payout from the insurance company to the insured.
A term plan is the cheapest life insurance product because everything that one pays (entire premium amount) goes towards covering only the life of the insured. There are no investments or other benefits clubbed with a pure term insurance plan. They offer protection of insurance cover at extremely affordable prices. Term plans are the only life insurance product available in the pure insurance category.
Though a term plan is a pure play life insurance policy that seeks to protect the dependents in case of demise of the breadwinner, people looking for a good term plan must know the distinction between the various types of term plans that are available in the market. This will help them make a wise decision when the choose the right term plan for themselves.
The life cover should neither be less or inadequate, nor should it be more than what is required as that will entail paying higher premium which may be unsustainable in the long term. The quantum of life cover can be determined numerically by Human Life Value, commonly known as HLV. It is a fairly easy way to arrive at the cover amount. An individual's HLV is normally expressed in terms of multiple/factor of his/her annual income. The individual’s age and outstanding loan amount are also taken into consideration at arriving at the life cover.
It is important to have adequate cover for one’s dependents. Death does not come with any prior intimation, therefore it is imperative to prepare well so that the family is taken care of in one’s absence. Term plans help ensure the financial stability of the family even if one is not around to take care of them personally.
Term insurance is important for everyone, especially for the primary breadwinner of the family. The lump sum amount (death benefit) that the family/nominee receives after the death of the insured allows the family to continue living a similar lifestyle. The family can live with pride without having to depend on others.
The fact that one has made arrangements for a future scenario where the family is financially taken care of in one’s absence gives assurance and peace of mind. One does not have to worry unnecessarily about the consequences of one’s death on the family. Term insurance secures the family’s future and saves them from harassment due to financial reasons.
If one has opted for optional additional riders, a term plan will provide supplementary income in case of loss of income due to accidental disability/death or illness.
Term insurance plans can also be used as a finance planning and risk management tool.
Illustration: If one takes a long term housing loan, then one can simultaneously take a term plan of corresponding value. Many housing finance loans require the borrower to take a decreasing term plan. What will happen is that the premiums to be paid will be linked to the outstanding principal over a period of time and will gradually reduce as both the tenure and insured amount decrease. In case of death of the primary breadwinner who is also the borrower, the family will not lose the house because the insurance company will repay the outstanding loan amount.
There are many term insurance plans available in the market today and it can be a challenge to select an appropriate plan. While choosing a term insurance plan, one should focus on the key features that make a difference.
Some of the important features and factors to consider are discussed below:
One takes term insurance to provide a financial cover for one’s dependents and family members to secure their future when one is not around. It is important to ensure that the life insurance cover is adequate. In insurance parlance, the cover should provide for the human life value (HLV) of an individual.
HLV is broadly calculated by adding liabilities like loans to the income/salary of an individual. This figure is the basis of the life insurance cover. An appropriate plan is one which provides for at least the HLV.
Term plans are undoubtedly the cheapest form of life insurance but they can still be made cheaper. Insurance plans having lower expenses cost less as these have lower premiums. One can negotiate lower premiums from the insurance company if one is a non-smoker.
Riders help improve the scope of the term insurance policy and make it more comprehensive. A rider is essentially an add-on feature to the primary policy, offering benefits over and above the actual policy on payment on an extra amount and is subject to certain terms and conditions. Examples of riders for term plans are critical illness rider, disability cover, loss of employment cover and waiver of premium cover. Riders should be selected keeping in mind individual as well as family needs. They add significant value to the life cover.
Some insurance companies allow the option to enhance the life cover of term plans during critical stages of a policyholder’s life.
For example, certain insurance companies allow the policyholder to increase the life cover by 50% at the time of marriage and by 25% at the time of birth of a child.
Starting with a basic cover, the insured can go on augmenting the cover with increase in responsibilities and also an increase in the ability to pay higher premium.
Term insurance plans can be bought sitting in the convenience of one’s home. It is now possible to purchase a term plan online from the website of the insurance company anytime of the day, from any location, on any internet-enabled device. A healthy individual need not even undergo a medical test. Plans available online are often cheaper to buy than offline – through an agent or company representative.
It is extremely important to check beforehand the claim settlement ratio of the insurer, yet most people are unaware of this step. This information is critical because it indicates the percentage of claims honoured by the insurance company versus the total claims received in a given year.
Insurance companies provide a variety of payouts options in case of term life insurance policies. Most people believe that lump sum option is the only type of payout. However, insurance companies offer other options to prevent non-judicious use of large amounts of money by family members of the deceased.
Common types of payouts are discussed below:
This is the most common method of disbursing the sum assured after death of the policyholder. Lump sum payout involves the insurance company handing over the entire cover amount to the dependent family members/nominees of the insured. They receive a huge sum of money in one go.
Insurance companies also offer another less known way of giving sum assured to the family/nominees of the policyholder – annuity. Here, the money is not given in one instance but paid over a number of years. The frequency of payment can be decided at the time of taking the policy. It maybe monthly, quarterly, half-yearly or annual, decided by the policyholder keeping in mind the requirements of the family after his/her death. The insurance company puts the sum assured in an annuity fund which pays out small sums of money periodically to the family.
This payout option has many merits. Often, dependent family members are not adept at handling money matters, especially huge sums of money. They may spend inappropriately and exhaust it very soon. It has also been seen that large sums of money often cause family disputes in the absence of the head of the family, who normally takes the life insurance policy. Annuity payout prevents such pitfalls which are inherent with lump sum payment.
This is a combination of lump sum payout and annuity payout methods. It involves giving a large amount (but not the full sum assured) to the family/nominee after death of the insured and remaining over a period of years, the frequency of which is decided by the policyholder when he/she is alive.
The policyholder may also instruct the insurance company to give large sums of money to his/her family at important stages in their lives such as child’s marriage, for child’s higher education requirements etc.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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