10 min read
Updated on Sep 02, 2022
HDFC Life Insurance Company was established in the year 2000 when the life insurance business was liberalized in India. Today, HDFC Life Insurance Company works as a joint venture between two reputed names in the financial sector – HDFC Limited, the largest housing finance company in India, and Standard Life Aberdeen which is an international investment company.
HDFC Life Insurance Company is a reputed name in the Indian life insurance sector. The company offers a range of insurance solutions that cater to the varied financial needs of individuals as well as its corporate clients.
Here are some of the key highlights of the insurer –
|Number of life insurance plans||37 individual life insurance products
13 group life insurance products (as on 30th June 2021)
|Number of branches||390|
|Assets Under Management||More than INR 173,839 crores for FY 2020-21|
|Lives insured||Around 4 crores|
|Claim settlement||1-day claim settlement|
HDFC Life Insurance Company has won various awards even since it started business in the year 2000. Here are some of the most recent awards won by the company –
As a customer, there are various reasons why you should choose HDFC Life Insurance Company for your insurance needs. These reasons are as follows –
As stated earlier, HDFC Life Insurance Company offers a range of insurance solutions. The plans offered by the company for its retail customers include the following –
A. Term insurance
Term insurance plans are pure protection plans. They aim to provide financial assistance to your family in your absence. The premiums are extremely low so that you can afford a high sum assured for optimal coverage. Term plans fulfil the income replacement need if the breadwinner of the family faces premature death.
The HDFC Life Insurance Company Term Insurance Plan that PayBima offers:
1. HDFC Life Click2Protect Life
A comprehensive term insurance plan, Click2Protect Life is available online and can be bought with ease and convenience. The main features of the plan are as follows –
|Entry age||18 years to 65 years depending on the plan option selected|
|Maturity age||18 years to whole life depending on the plan option selected|
|Term of the plan||5 years to whole life depending on the plan option selected|
|Premium payment term||Single pay – one time
Limited pay – 5 years, 10 years, or 15 years
Regular premium – throughout the policy term
|Sum assured||Rs.50,000 onwards|
B. Endowment assurance plans
Endowment assurance plans are savings-oriented life insurance solutions. They help you create a secured corpus for your financial goals and promise either a death benefit or a maturity benefit. Endowment plans also come as participating plans that enhance your corpus with bonus additions.
The endowment plans of HDFC Life Insurance Company that PayBima offers are:
1. HDFC Life Sanchay
This is a non-participating endowment policy that pays guaranteed benefits on death or maturity. The salient features of the plan are as follows –
|Entry age||30 days to 65 years depending on the premium payment term|
|Maturity age||18 years to 85 years|
|Term of the plan||5 years to 40 years depending on the premium paying term|
|Premium payment term||Single pay – one time
Limited pay – 5 years, , 6 years, 8 years, or 10 years
|Sum assured||Rs.2510 to Rs.25 lakhs|
2. HDFC Life Sanchay Plus
A non-participating endowment plan, HDFC Life Sanchay Plus promises guaranteed benefits and the flexibility of choosing the desired coverage with different plan options. The features of the plan are as follows –
|Entry age||5 years to 60 years depending on the plan option selected|
|Maturity age||18 years to80 years depending on the plan option selected|
|Premium amount||Minimum – Rs.30,000/year
Maximum – Such that the coverage does not exceed the maximum sum insured
|Sum assured||Minimum – Depends on the premium amount
Maximum – Rs.25 lakhs
Buying HDFC Life insurance plans is quite simple due to the online mode. PayBima offers you the ease and convenience of buying term insurance online. To buy online, here are the steps that you should take –
Visit the PayBima website and choose to buy life insurance. You would find a form wherein you would have to specify your details so that PayBima can find the best plans for you. Enter all the correct details to fill the application form and submit it online.
Based on the information provided, PayBima would show you the list of life insurance plans available. HDFC Life insurance plans would also be present on the list. You can compare HDFC Life’s plans with other plans and then choose a policy that not only provides the desired coverage but also charges the most competitive premium rates.
Once you have shortlisted the form, fill up the online proposal form stating your personal, medical, and financial details. Also, choose the coverage details so that the correct premium can be determined.
Along with the form, you are required to submit a set of documents to buy the policy successfully. The documents needed to buy the plan include the following –
Some plans might need you to undergo a health check-up if your age is high, or if you choose a high sum assured, or if there is a medical history. You would, therefore, have to undergo a health check-up before the plan is issued.
Once your proposal is accepted and the medical screening is complete, pay the premium online and the policy would be issued.
If you do not pay the premium within the grace period allowed by HDFC Life, your policy would lapse. When the policy lapses the benefits reduce. To enjoy full coverage benefits and uninterrupted coverage from the policy, you can revive the lapsed plan. HDFC Life Insurance Company allows revival of the policy within a specified time. You can revive the plan by –
When you want to revive, the insurer would underwrite the policy and allow the revival.
To revive your lapsed policy through PayBima, you can give us a call at 800 267 67 67 or send in an email to firstname.lastname@example.org and our executives would help you with the revival of your coverage.
Making a claim in your HDFC Life insurance policy is also simple. Here are the steps –
The first step in the claim is to inform the insurance company. You can inform HDFC Life either through its online website by visiting https://www.hdfclife.com/customer-service/claims or visit the branch of the insurer. You can also send an email to notify the company or call its customer care helpline and inform them about the claim.
After the claim is notified, you are required to fill up a claim form. The claim form should be filled by providing all the details of the policy and the insured individual. Also mention the type of claim and the cause of the same.
Lastly, you would have to submit all your documents to the insurer for the claim to be processed. These documents include the following –
Frequently Asked Questions
Q: Is there any additional time for premium payment after the due date?
Yes, HDFC Life insurance plans allow an additional period for premium payment. This period is called the grace period and during this period the coverage continues and you can pay the outstanding premium without additional interest charges. The grace period is one month under all policies. However, if you pay the premium in monthly mode, the grace period would be 15 days.
Q: I want to cancel the plan that I have bought. Can I do so?
Yes, you can. There is a free-look period of 15 days from the date that you buy the policy. You can cancel the plan during this free-look period and avail of a refund of your premium. However, if the free-look period is over, cancellation is not allowed. You can opt for surrender which is also available after a few years.
Q: Is the maturity benefit tax-free?
Yes, the maturity benefit received from HDFC Life insurance plans qualifies as a tax-free income under Section 10(10D). However, the tax benefit is allowed only if the premium of the policy was limited to 10% of the sum assured.
Q: Do term plans offer a maturity benefit?
Term plans are, essentially, protection-oriented plans which pay a lump sum benefit on death. As such, these plans usually do not have a maturity benefit. However, HDFC Life’s Click 2 Protect Life plan allows an option to avail of the premium refund if the plan matures. So, if you buy this policy and opt for the premium refund option, the premiums would be refunded when the plan matures.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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