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HDFC Group Term Insurance offers financial security to the employees and their families in unfortunate circumstances upon the employee’s demise. Very much like the individual term plan, the HDFC Group Term Insurance is a pure-risk life insurance product specifically designed to safeguard the family’s finances and overcome the trauma of losing the breadwinner. Term plan coverage is high compared to the premium, more so in the case of Group Term Plans, where the cost is even lower.
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With this HDFC Term insurance plan, customers can receive the following key features:
One master policy covers a group of company employee’s life for the eligible.
The plan covers both the single-member or with the spouse jointly with the same sum assured.
The plan’s policy term is uniform for one year and renewable every policy anniversary, subject to the permissible grace period.
Total flexibility in premium payment with the option to make a single payment at inception or in convenient installments.
The member’s coverage is either constant or variable, based on salary scale or grades without any upper limit cap.
Members may be added or deleted depending on the circumstances, anytime within the policy term.
Members are not required to undergo any medical examination to the defined Free Cover Limit, which is the sum assured linked to group size.
HDFC Life provides customized service with a dedicated Relationship Manager as a single-point contact for the speedy disposal of claims and related services.
HDFC Group Term Insurance offers several benefits to its customers, especially with its wide range of optional riders, which helps members customise the plan as per their needs.
It is paid to when a member meets with untimely demise during the policy term. The Death Benefit comprises the sum assured paid in lump-sum. When there is a joint cover, the Death Benefit is payable for the death of either of the life assured.
The HDFC Group Term Insurance does not offer any Maturity Benefit.
In the event of the policy’s surrender before the term’s expiry, the premium for the unexpired period, minus the applicable deductions, is paid to the policyholder. However, individual members can continue with the policy as an individual policy till the group policy’s term expires.
You can avail of term insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.
The member can choose one or more of the offered riders to customize the coverage according to specific needs. However, these riders can be added at nominal additional costs paid along with the base premiums.
HDFC Accidental Death Benefit.
HDFC Permanent Disability Benefit.
HDFC Permanent Total and Partial Disability Benefit.
HDFC Critical Illness Plus.
The eligibility conditions of this term insurance plan are listed below:
| Parameter | Conditions |
| Minimum Entry Age | 16 years and 18 years if a rider has been chosen. |
| Maximum Entry Age | 79 years and 64 years if a rider has been chosen. |
| Maximum Maturity Age | 80 years |
| Policy Term | Renewable every year |
| Premium | Depends on the sum assured |
| Minimum Sum Assured | Rs.5000 per member |
| Maximum Sum Assured | No limit (It is linked to the member’s age and occupation profile) |
| Minimum Group Size | 10 members for EE (Employer-employee groups)
50 members for NEE (Non-employer-employee groups) |
Here is a rundown of additional features offered by HDFC Group Term Insurance plans:
Life insurance risk coverage for all the employee members under a single master policy.
High coverage at a low premium makes the policy cost-effective.
The policy acts as a vital retention tool and improves employee’s experience within the company.
The employee’s family finances are secure in the absence of the member due to an unforeseen event.
The employer’s HDFC Group Term Insurance premium paid attracts tax exemption under Section 37 (1) of the Income Tax Act, 1961.
The coverage provides financial security to the loved one in the event of an accident, critical illness, or untimely demise.
The employer’s HDFC Group Term Insurance premium paid is not treated as a prerequisite, hence is not taxable.
The employee does not have to undergo any medical tests to get enrolled on the policy
The policy covers any vehicle or home loans the employee may have given the member
The death benefit received is tax-exempt under Section 10 (10D) of the Income Tax Act, 1961.
While buying the HDFC Group Term Insurance policy, the company policyholder must comply with the requisite documentation. The policy is organization-centric, and in any case, they have the personal data of all their employee members. However, documents are required in claim submission. The listed documents are only indicative. HDFC Life may call for any other additional document if required.
Applicable Claim Form.
Death Certificate from the appropriate authority.
Copy of Medical Reports if Hospitalized.
Treating Doctor’s Certificate.
All police-related documents, including FIR, Panchnama, and Final Investigation Report.
Beneficiary’s KYC documents.
Nominee’s bank account details.
Claim Form.
Hospital Discharge Summary.
All Medical Reports.
Treating Doctor’s Certificate mentioning the type and nature of the disability.
Claim Form.
Diagnostic Report confirming any of the listed critical illnesses.
Doctor’s Certificate confirming critical illness.
The following are the main exclusions of HDFC Group Term Insurance plans:
Death Benefit is payable to the member’s nominee in the EE group if the insured commits suicide within 12 months of the risk commencement date. The payable amount is up to 80% of the paid premium till the date of demise or the surrender value as on the death date.
Waiting Period: The initial waiting period of 90 days from the risk commencement date apply for any claim acceptance.
Pre-existing Disease: For any pre-existing critical illness, a uniform 48 months is the waiting period to accept claims.
A claim is not accepted in the HDFC Group Term Insurance policy under the following circumstances:
Any medical condition caused due to self-inflicted injury or attempted suicide.
Medical conditions originating from acts of war, hostilities, invasion, or any such military event like war-games
Treatment of diseases like HIV and AIDS
Participation in hazardous and extreme sports, adventure, or hobby that can result in bodily harm.
Accidental death or disability is the outcome of alcoholism, solvent abuse, or drug addiction.
Any potentially dangerous occupation like Mining or the Aviation Industry other than as a passenger
Medical intervention for a remedy to any congenital disability or ailment
*For a detailed list of exclusions, please refer to the policy document or the product brochure.
A1. The policyholder can choose to pay as a single premium or in half-yearly, quarterly, or monthly installments.
A2. The HDFC Life critical illness rider covers 19 diseases listed in the relevant annexure covering Various Cancer stages, Kidney dysfunction. Cardiac ailment, etc.
A3. The critical illness rider comes into play upon the insured’s diagnosis. The rider sum assured is paid after the stipulated 30 days survival period is over.
A4. Two options are offered under the Critical Illness rider:
A5. The member can nominate in the policy any time during the policy term conforming to the defined rules under Section 39 of the Insurance Act, 1938.
A6. The policyholder can be assigned in compliance with Section 38 of the Insurance Act, 1938.
A7. The master policyholder gets a 15 days grace period if the premium payment frequency is monthly else, the period is 30 days.
A8. Upon a payment default for the premium by the time the grace period has expired, policy lapses.
A9. The group composed of Employer-Employee relation is termed formal and Non-Employer-Employee group informal.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
**Tax benefit is subject to changes in tax laws.
†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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