HDFC 50 Lakh Term Plan can include the HDFC Life Click 2 Protect Life plan and the Click 2 Protect Health plans. For the Click 2 Protect Life plan, the policyholder gets life and death benefits depending on the stage of life they are in, their lifestyle and their changing priorities.
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It is, therefore, an intelligent term plan and comes with three different options in Life Protect, Life & CI Rebalance and Income Plus.
The other HDFC 50 Lakh Term Plan includes the Click 2 Protect Health plan. It is a comprehensive plan; hence different plans need not be combined. It is easy to purchase and requires just a single cheque and single documentation to proceed to buy this policy.
Term Plans
₹1 Crore
Life Cover
@ Starting from ₹ 16/day+
₹50 LAKH
Life Cover
@ Starting from ₹ 8/day+
₹75 LAKH
Life Cover
@ Starting from ₹ 12/day+
Eligibility Criteria for HDFC 50 Lakh Term Plan
To be eligible for the HDFC 50 Lakh Term Plan, the minimum age at entry is as follows:
Click 2 Protect Health Life Option – 18 years
Click 2 Protect Health 3D Life Option, Extra Life Income Option, Extra Life Option, Extra Income Option – 18 years
Click 2 Protect Health Return of Premium Option, Income Replacement Option – 18 years
Click 2 Protect Health Life Long Protection Option – 25 years
Click 2 Protect Health 3D Life Long Protection Option – 25 Years
Click 2 Protect Life; Life and CI Rebalance Option – 18 years
Click 2 Protect Life; Life Protect Fixed Term Option – 18 years
Click 2 Protect Life; Life Protect Whole Life Option – 45 years
Click 2 Protect Life; Income Plus Fixed Term Option – 30 years
Click 2 Protect Life; Income Plus Whole Life Option – 45 years
To be eligible for the HDFC 50 Lakh Term Plan, the maximum age at entry is as follows:
Click 2 Protect Health Life Option – 65 years
Click 2 Protect Health 3D Life Option, Extra Life Income Option, Extra Life Option, Extra Income Option – 65 years
Click 2 Protect Health Return of Premium Option, Income Replacement Option – 65 years
Click 2 Protect Health Life Long Protection Option – 65 years
Click 2 Protect Health 3D Life Long Protection Option – 65 years
Click 2 Protect Life; Life and CI Rebalance Option – 65 years
Click 2 Protect Life; Life Protect Fixed Term Option – 65 years
Click 2 Protect Life; Life Protect Whole Life Option – 65 years
Click 2 Protect Life; Income Plus Fixed Term Option – 50 years
Click 2 Protect Life; Income Plus Whole Life Option – 50 years for 10 Pay, 55 years for Single Pay and 5 Pay
To be eligible for the HDFC 50 Lakh Term Plan, the maximum age at maturity is as follows:
Click 2 Protect Health Life Option – 23 years
Click 2 Protect Health 3D Life Option, Extra Life Income Option, Extra Life Option, Extra Income Option – 23 years
Click 2 Protect Health Return of Premium Option, Income Replacement Option – 23 years
Click 2 Protect Health Life Long Protection Option – Whole Life
Click 2 Protect Health 3D Life Long Protection Option – Whole Life
Click 2 Protect Life; Life and CI Rebalance Option – 28 years
Click 2 Protect Life; Life Protect Fixed Term Option – 18 years
Click 2 Protect Life; Life Protect Whole Life Option – Whole Life
Click 2 Protect Life; Income Plus Fixed Term Option – 70 years
Click 2 Protect Life; Income Plus Whole Life Option – Whole Life
To be eligible for theHDFC 50 Lakh Term Plan, the maximum age at maturity is as follows:
Click 2 Protect Health Life Option – 85 years
Click 2 Protect Health 3D Life Option, Extra Life Income Option, Extra Life Option, Extra Income Option – 85 years
Click 2 Protect Health Return of Premium Option, Income Replacement Option – 85 years
Click 2 Protect Health Life Long Protection Option – Whole Life
Click 2 Protect Health 3D Life Long Protection Option – Whole Life
Click 2 Protect Life; Life and CI Rebalance Option – 75 years
Click 2 Protect Life; Life Protect Fixed Term Option – 85 years
Click 2 Protect Life; Life Protect Whole Life Option – Whole Life
Click 2 Protect Life; Income Plus Fixed Term Option – 85 years
Click 2 Protect Life; Income Plus Whole Life Option – Whole Life
Within the HDFC 50 Lakh Term Plan, each plan brings its own features. Some features of each are given below. For the Click 2 Protect Life Plan, they are:
Comprehensive financial protection for self and family.
Multiple options when choosing coverage.
Critical illnesses and death get adjusted automatically.
Multiple add-on benefits to get added advantage.
For Click 2 Protect Health plan, the features are:
Affordable cost of plan for family.
9 different plans for customization.
Lifelong protection options for entire life.
Flexibility in choosing premium payment plans.
Female and non-tobacco users get special rates.
Benefits of HDFC 50 Lakh Term Plan
The HDFC 50 Lakh Term Plan has various advantages. For the Click 2 Life plan, they are:
Life Protect Option –
Benefit of a lump sum plan to the nominee on untimely demise of the policyholder.
The sum assured on death or 105% of the total premiums is the death benefit, considering the higher of the two values.
For a single pay option, sum assured on death is 125% of the single premium or the sum assured, either basic or at maturity, whichever is higher.
For limited and regular pay options, it is ten times the annualized premium or the sum assured, either basic or at maturity, whichever is higher.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
Life & CI Rebalance Option
Benefit of the sum assured split between life cover and cover for critical illness.
The sum assured on death, the life cover, or 105% of the total premiums is the death benefit, considering the higher of the two values.
For a single pay option, the sum assured on death is 125% of the single premium or the sum assured at maturity, whichever is higher.
For limited and regular pay options, it is ten times the annualized premium or the sum assured at maturity, whichever is higher.
Income Plus Option
Benefit of a lump sum plan to the nominee and regular monthly income from sixty years of age.
The sum assured on death or 105% of the total premiums, after subtracting survival benefits, is the death benefit, considering the higher of the two values.
For a single pay option, sum assured on death is 125% of the single premium or the sum assured, either basic or at maturity, whichever is higher.
For limited and regular pay options, it is ten times the annualized premium or the sum assured, either basic or at maturity, whichever is higher.
For Click 2 Protect Health, the following options are there:
Protections Benefits
Death
Terminal Illness
Accidental and Total Permanent Disability
Critical Illness
Accidental Death
Maturity
Life Stage Protection
Top Up Option
Health
Death
Restore Benefit
Health Check-up
Portability
Critical Advantage Rider
Multiplier Benefit
The Process to Purchase the Plan
The process to purchase HDFC 50 Lakh Term Plan is done online as it is done without any hassles and any intermediaries. An offline process is also possible with the help of an insurance agent. However, the steps given here are for the online process:
The applicant should register their details on the company website and then log in through it.
The first step to buying any insurance will be to fill in the sum assured, which in this case will be 50 lakhs.
Then one would have to choose the appropriate policy out of Click 2 Protect Life or Click 2 Protect Health.
After that, the applicant must determine the premium payment terms.
Accordingly, they will say their premiums and they must agree to proceed further with that.
Then they need to make the payment and for that they need to link their bank details here.
Once a payment has been paid successfully, they will receive an acknowledgement.
On the approval of the policy, the applicant will first receive a soft copy of the policy confirming they have become a policyholder. Only later will a hard copy follow after that in most cases.
Documents required
Certain KYC documents are always required at the time of application. These should be kept ready during the process. The required documents are PAN Cards and Aadhar Cards. These both act as identity proofs. Driving licenses and utility bills like those for gas and electricity make up address proofs. Passport copy is generally the most universally accepted age proof. Keep proof of income ready in the form of IT returns and also keep some passport photographs that may be required just in case. For the HDFC 50 Lakh Term Plan,within the Click 2 Protect Health Plan especially, the documentation is just required once and only one medical test is sufficient.
Terms and Conditions
The HDFC 50 Lakh Term Plan has some basic terms and conditions. Some of the terms and conditions are explained slightly in brief below:
The policy buyer must study the risk factors before proceeding to buy.
Tax benefits are applicable in both the plans. However, all such provisions are dependent on the amendments to the Income Tax Act.
The plans have a free-look policy. It has been designed for maximum assurance to the buyer. In it, a buyer can choose to return the policy even after buying it. They can send it back with their reasons within fifteen days.
One cannot exercise a policy loan under this product.
Nominations are governed under section 39 of the Insurance Act of 1938, and any amendments that may take place in the future. Before the maturation of the policy at any time, one can choose their nominee.
Section 38 of the Insurance Act of 1938 governs assignments.
Provisions of rebates are governed by Sections 41 of the Insurance Act of 1938.
Non-disclosure is governed by the Section 45 for the Insurance Act of 1938.
Key Exclusions
The HDFC 50 Lakh Term Plan has suicide exclusion. Within twelve months of the commencement date of the policy, or the date of the renewal of the policy, if a person commits suicide, then the nominee is entitled to four-fifth of premiums until death. Or it could be 80% of the surrender value, again as available on the date of death. As long the policy is in effect, the nominee will receive higher of these two values.
For the Click 2 Protect Life plan, an extra fee is levied for underwriting for those with lives who live in a sub-standard manner or those who use tobacco. This is done as per the policy of the company.
A2. The duration is again variable. It can be 30 years, or 40 years or generally it is age of entry subtracted from 85 years. For whole life options, they are valid for the entire life.
A4. The minimum basic sum assured is 50,000 INR for Life Protect and Income Plus options. For Life and CI rebalance, it can go up to 20,00,000 INR. For the Click 2 Protect Health Options, it is 10,000 INR.
A5. The maximum basic sum for Click 2 Protect Life can be unlimited, as long as underwritten by the board. For Click 2 Protect Health, it begins from 3 lakh and goes up to 50 Lakh.
†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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