HDFC Life Click 2 Protect Elite Plus

Key Features of HDFC Life Click 2 Protect Elite Plus

This term insurance plan from HDFC Life Insurance Company has the following key features:

• The plan provides financial protection for your loved ones in the form of death benefits.

• The smart exit benefits pay back all the premiums paid until the exit from the policy.

• The Return of Premium plan option refunds all the premiums paid throughout the policy term.

• You can choose to defer the premium payment by 12 months with the Premium Break option.

• An accelerated instant death benefit of 5 Lacs is paid on immediate claim intimation.

Benefits of HDFC Life Click 2 Protect Elite Plus

Here is a list of all the benefits offered by the HDFC Click 2 Protect Elite Plus:

Death Benefits

On the death of the policyholder, the death benefits will be paid as a lump sum to the nominee of the policy. It is the highest of the following: 

• Basic Sum Assured

• 10 times the Annualised Premiums

• 105% of the Total Premiums Paid

Maturity Benefits (Return of Premiums)

Under the term return of premium plan option, the premiums paid throughout the policy tenure will be returned as a lump sum benefit if the policyholder survives the policy tenure. This option will only be available in the following conditions:

• The policy term is between 10 and 40 years for regular and 5-Pay term.

• The policy term is between 15 and 40 years for 10-Pay tenure. 

• The policy term is between 20 and 40 years for the 15-year premium pay term.

Smart Exit Benefits

The policyholder can claim smart exit benefits, which allows them to exit the plan early within a certain period as designated by the insurer. On the termination of the policy during this period, the premiums paid until that point will be returned, and the policy will stop providing cover. The conditions for this benefit are:

• The benefit can be claimed for a policy year of more than 25 years, but not in the last 5 years of the policy term.

• The policy should be in force at the time of exercising this option and not be in a lapse condition.

• This option is not available in the Return of Premium option 

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Tax Benefits

You can term insurance tax benefits as per the prevailing tax laws of the Income Tax Act, 1961. You can consult your financial advisor to see the applicable tax benefits for your specific profile. You can usually claim tax benefits under section 80C and 10(10D) of the Income Tax Act.

Eligibility Conditions for HDFC Click 2 Protect Elite Plus

Here are the eligibility conditions you need to satisfy to be able to buy this HDFC life insurance plan:

Riders Available with HDFC Life Click 2 Protect Elite Plus

The following term insurance riders can be added to the plan to enhance the policy’s base coverage:

• HDFC Life Income Benefits on Accidental Disability: This rider provides a benefit of 1% of the rider sum assured per month for the next 10 years in case the policyholder suffers an accidental total permanent disability.

• HDFC Life Protect Plus Rider: A proportionate benefit of the rider sum assured will be paid in case of the policyholder’s accidental death or partial/total disability, or if they are diagnosed with cancer.

• HDFC Life Health Plus Rider: A lump sum benefit will be paid on the diagnosis of any of the coverd 60 critical illnesses, or the benefit amount proportionate to the rider sum assured will be paid in case of cancer diagnosis. 

• HDFC Life Waiver of Premium Rider: This rider waives off all the outstanding premiums of the base policy as well as the riders attached to it, in case of the life assured’s death or the diagnosis of any of the covered critical illnesses or disability.

Additional Benefits of the HDFC Click 2 Protect Elite Plus

This HDFC term insurance plan offers the following additional benefits under the HDFC Click 2 Protect Elite Plus plan:

Change Premium Pay Frequency

With this plan, the policyholder gets the option to change the premium pay frequency during the premium pay term

Renewability at Maturity

At the maturity of the policy, the policyholder can renew the plan to continue coverage for a longer tenure. The additional premiums payable for the extended period will be calculated on the following:

• Age at the time of renewability

• Selected increase in policy term

Immediate Payout on Claim Intimation

In case of the death of the life assured, after the completion of the 1 year waiting period, provided that the premiums are duly paid and the policy is still in force. The insurer will pay a 5 Lacs immediate death claim intimation amount to the policyholder.

Premium Break

Under the premium break or the premium holiday benefit, the policyholder can skip premium payment for 12 months. To use this benefit, the policy must have completed at least 5 policy years, all the premiums must be duly paid, and the policyholder needs to submit a formal written request to the company at least 30 days prior (15 days for monthly mode). There has to be a 5 year gap maintained between the two premium breaks, and the option will not be available in the last 5 policy years. 

Paid-Up Benefit 

(Applicable only when Return of Premium is selected with Limited Pay/Regular Pay)

This life insurance policy becomes "paid-up" if:

• You have chosen the Return of Premium option with Limited or Regular Pay.

• You’ve paid premiums for at least one full year.

Once the policy is paid-up, the benefits are as follows if you stop paying premiums:

• Death Benefit: The highest of:

  • Death Sum Assured × (Total Premiums Paid ÷ Total Premiums Payable)

  • 105% of the Total Premiums Paid

• Maturity Benefit: If applicable, calculated as:

  • Maturity Sum Assured × (Total Premiums Paid ÷ Total Premiums Payable)

• Surrender Benefit: Calculated based on Guaranteed or Special Surrender Value.

Surrender Benefits

• Where Return of Premium Option is Selected

  If you surrender the policy:

  • Guaranteed Surrender Value (GSV): Acquired immediately for Single Pay, and after paying at least 2 years of premiums for Limited/Regular Pay.

  • Special Surrender Value (SSV): May be higher than GSV and becomes available after one full year of premium payment. Calculated as the present value of future benefits (death/maturity) using a discount rate (currently 7.75% p.a.).

  The surrender value will be the higher of the GSV and SSV.

• Where Return of Premium Option is Not Selected

  In case of policy cancellation:

  • Acquired after paying at least one full year’s premium for Limited Pay.

  • Payable upon the policyholder’s death during the revival period or if the policy isn’t revived after the revival period ends.

The amount payable is:

• PCV Factor × Total Premiums Paid × Unexpired Policy Term ÷ Original Policy Term

Grace Period

On the non-payment of premiums before the end of the due date, the grace period will commence. During this period, if the policyholder does not pay the premiums, then the term insurance policy will lapse. The grace period offered for monthly premiums will be 15 days, whereas for all the other premium pay modes will be 30 days.

Revival Benefits

In case you have failed to pay the premiums for your term insurance within the grace period, then your policy may lapse and lead to a loss of cover. You can revive your lapsed policy cover by paying all the outstanding premiums and the applicable interest on the outstanding premiums and taxes and levies as applicable. 

Exclusions 

Suicide: In the event of the policyholder’s death due to suicide within the first 12 months of policy issuance or revival, 80% of the total premium paid till that point will be returned to the nominee as the benefit amount, and no other death benefits will be paid.

Age Admitted: In case the age provided in the application form is found to be different than the ‘correct age’ then:

• If the correct age is ineligible for the plan, then the new plan will be offered and on rejection no other alternative will be offered.

• If the correct age is eligible for this plan, then the new premiums will be calculated based on the underwriting and other factors.