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Life insurance is an essential financial tool that provides security, stability, and peace of mind. Among the various offerings from HDFC Life, a 5-year insurance plan effectively ensures financial protection for policyholders and their families over a medium-term period. Whether for income protection, wealth creation, or legacy planning, a 5-year policy can cater to various financial goals.
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A 5-year insurance policy with HDFC Life involves committing to premium payments for a predetermined period, after which the policyholder or their nominee receives the benefits. These policies are structured to provide financial security, ensuring the policyholder's family is financially protected in unforeseen circumstances.
Term Plans
Life Coverage for 5 Years
The primary objective of a life insurance policy is to provide financial protection in case of an untimely demise. Having an HDFC Life Insurance 5-year plan ensures that beneficiaries receive a sum assured if the policyholder passes away during the policy term.
Flexible-Premium Payment Options
HDFC Life allows policyholders to choose their premium payment terms. Depending on the specific policy structure, premiums may be paid for 5 years, for a limited period (5 or 10 years), or as a single lump sum.
Maturity Benefits
If the policyholder survives the 5-year term, they may receive a maturity benefit. Depending on the type of insurance policy chosen, this could be a lump sum payout, bonuses, or regular income.
Tax Benefits
Investing in an HDFC Life Insurance 5-year life insurance policy can offer tax benefits under Section 80C of the Income Tax Act. Additionally, the death benefit received by nominees is typically tax-free under Section 10(10D), providing further financial relief.
Wealth Accumulation
Some HDFC Life Insurance 5-year policies have an investment component, allowing policyholders to build wealth over time. These policies may provide bonuses, guaranteed returns, or participation in market-linked investments.
Loan Facility
Certain policies allow policyholders to take a loan against the policy's cash value after a few years, offering liquidity during financial emergencies.
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Financial Security for Family
A 5-year policy ensures that the policyholder's dependents are financially protected, offering a lump sum payout in case of an unfortunate event. This can help cover daily expenses, loans, or other financial obligations.
Medium-Term Financial Planning
A five-year policy is an excellent tool for medium-term financial planning. Whether saving for a child's education, a home, or retirement, the policy can act as a disciplined savings mechanism.
Additional Protection Through Riders
HDFC Life offers optional riders that enhance coverage. Some popular riders include:
Accidental Death Benefit Rider: Provides additional compensation in case of accidental death.
Critical Illness Rider: Covers specified critical illnesses, offering financial aid for medical expenses.
Disability Rider: Ensures continued income in case of permanent disability.
Competitive Returns
HDFC Life Insurance 5-year plan can offer better returns than other savings instruments like fixed deposits, especially if it includes bonuses or market-linked investments.
| Plan Name | Entry Age | Maturity Age | Sum AssuredTerm |
| HDFC Life Click 2 Protect Ultimate | 18-50 years | 18-85 years | Rs. 1 Crore - Rs. 3 Crore |
| HDFC Life Click 2 Protect Elite Plus | 18-45 years | 28-85 years | Rs. 50 Lakhs- No Limit |
| HDFC Life Click 2 Protect Super | 18-84 years | 18-85 years | Rs. 5 Thousand - No Limit |
Define Your Goals
Before choosing a policy, determine your financial objectives—whether it's wealth creation, family protection, or retirement planning.
Compare Policies
Evaluate different policies based on their benefits, premium payments, and payout structures to find the most suitable option.
Assess Premium Affordability
Ensure the premiums are affordable and fit within your financial plan to avoid policy lapses.
Read Policy Terms Carefully
Before deciding, understand the terms of exclusions, bonuses, and surrender values.
Consider Adding Riders
Enhance coverage with riders to maximize benefits and ensure comprehensive protection.
A 5-year life insurance plan with HDFC Life offers a structured approach to financial security and wealth creation. It provides life coverage, tax benefits, and disciplined savings, making it an ideal choice for individuals seeking a medium-term financial commitment. By selecting the right policy and customizing it with appropriate riders, policyholders can ensure a secure and financially stable future for themselves and their loved ones.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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