HDFC Life Insurance Company Limited

1854

10 min read

Updated on Sep 02, 2022

About HDFC Life Insurance Company

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.

PayBima's Khushi Ka Tohfa

Key highlights of HDFC Life Insurance Company

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 

 

Awards and achievements of HDFC Life Insurance Company

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 –

  • YUVA Unstoppable Changemaker 2021 Award for building digitally smart classrooms
  • Exchange4media Primetime Awards 2020 won for its ‘Bounce Back’ campaign
  • ET Best Workplaces for Women 2021 Award given by the Economic Times and powered by Femina
  • LACP Vision Awards 2019-20, Platinum category for the Annual Report which was ranked 19th in the  Best Report Narrative Worldwide
  • Aegis Graham Bell Award for HDFC Life’s innovative digital transformation for Vision AI

Why choose HDFC Life Insurance 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 –

  • The company offers a wide variety of insurance solutions which have a comprehensive benefit structure. You can, thus, fulfil all your insurance needs at one platform.
  • The products of the company are competitively priced enabling you to enjoy affordable insurance solutions.
  • The 1-day claim settlement promise makes your claims hassle-free and quick
  • The company allows 24*7 assistance for any query, concern, or feedback that you might need help with
  • The considerable Assets Under Management and the large base of customers prove that the company is trusted by many.

Different types of plans offered by HDFC Life Insurance Company

 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 –

  • There are three plan options – Life Protect Option, Life and CI Rebalance Option, Income Plus Option
  • While the Life Protect option is a basic term plan, Life and CI Rebalance provides coverage for critical illnesses and Income Plus Option allows regular incomes and a maturity benefit
  • You can choose to avail of coverage for your entire life
  • The return of premium option is available under the policy which refunds your premiums on maturity
  • Other riders are also available with the plan for enhanced protection

Eligibility conditions

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 –

  • You can pay the premium for a limited tenure or in one lump sum when buying the policy and enjoy long-term coverage.
  • A guaranteed return is added to the sum assured on maturity. This return ranges from 140% to 160% of the sum assured on maturity depending on the term selected.
  • Buy the plan instantly with a Short Medical Questionnaire
  • Guaranteed additions are added to the sum assured @8% or 9% of the sum assured on maturity. These additions enhance the corpus
  • Two optional riders are available for enhanced protection

Eligibility conditions

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 –

  • A guaranteed benefit is paid on the death or maturity of the policy. You can avail of these guaranteed benefits as a lump sum benefit or in the form of regular incomes
  • There are four plan variants – Guaranteed Maturity Option, Guaranteed Income Option, Lifelong Income Option, and Long Term Income Option
  • You can choose to receive guaranteed incomes till 99 years of age under the Lifelong Income Option variant
  • The total premiums paid are refunded back if you choose the Lifelong and Long Term Income plan variants. The premium is refunded after the income pay-out period comes to an end

Eligibility conditions

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


Other types of insurance plans sold by HDFC Life are:

  • Money-back insurance plans
    Money-back insurance plans are also savings-oriented life insurance plans. However, unlike endowment plans, money-back plans pay a portion of the sum assured regularly at periodic intervals. This gives liquidity without compromising the coverage. On death, however, the full sum assured is paid. Thus, money-back plans allow liquidity, guaranteed savings, and insurance protection.
  • Unit Linked Insurance Plans
    Called ULIPs in short, unit-linked plans are investment-oriented insurance plans. They give you the benefit of market-linked investments and insurance coverage in one policy. The premium that you pay is directed towards market-linked funds so that you can earn inflation-adjusted returns. Moreover, ULIPs also allow flexibility in the form of particle withdrawals, switching, top-ups, etc.
  • Child insurance plans
    Child insurance plans help you in creating a secured corpus for your child. These plans usually come with a premium waiver benefit. In the case of the death of the parent, the plan continues but the premium is waived off. This way the corpus is secured so that the child can use it when needed.
  • Retirement plans
    Retirement plans, or pension plans as they are popularly called, help you save and create a corpus for your retirement. Deferred pension plans help you to accumulate a corpus while immediate annuity plans pay lifelong incomes after you retire.
  • Health insurance plans
    Health insurance plans help you meet the financial implications of medical emergencies. These plans pay a lump sum benefit in specified medical conditions that are covered under the policy. This benefit helps you meet the costs of treatment and other financial obligations that you might have.

How can you buy HDFC Life Insurance plans?

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 –

  • Fill in the application form

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.

  • Compare the plans available

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.

  • Fill in the proposal form

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.

  • Submit your documents

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 –

  • Valid address proof like your passport, driving license, Aadhaar card, voter’s ID card, utility bills, rent agreement, etc.
  • Valid identity proof like your passport, driving license, Aadhaar card, voter ID card, PAN card, etc.
  • A standard proof of age like your passport, driving license, Aadhaar card, voter ID card, birth certificate, etc.
  • Proof of income like Form 16, salary slips, financial statements, bank statements, etc.
  • Passport size photographs
  • Undergo health check-ups if required

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.

  • Pay the premium

Once your proposal is accepted and the medical screening is complete, pay the premium online and the policy would be issued.

Lapse of the policy and revival

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 –

  1. Paying the outstanding premium
  2. Paying any interest on the outstanding premium
  3. Submitting a declaration of good health

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 paybima.care@mahindra.com and our executives would help you with the revival of your coverage.

How to file a claim for HDFC Life insurance plans?

Making a claim in your HDFC Life insurance policy is also simple. Here are the steps –

  • Inform the insurer

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.

  • Fill up the claim form

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.

  • Submit all the documents

Lastly, you would have to submit all your documents to the insurer for the claim to be processed. These documents include the following –

  • The claim form, filled and signed by the claimant
  • The policy bond
  • Copy of the death certificate
  • Identity proof of the claimant
  • Address proof of the claimant
  • Bank details of the claimant for the policy proceeds to be credited to the bank account
  • Police FIR, panchnama, medical reports, post-mortem reports, etc. in the case of accidental deaths.

Review of HDFC Life Insurance Plans

  • HDFC Life insurance plans promise quick claim settlements. The company’s Claim Settlement Ratio stood at 98.01% for the financial year 2020-21
  • The company allows 1-day claim settlement for coverage up to Rs.2 crores
  • There are a range of optional riders which promise an all-inclusive coverage 
  • HDFC Life offers complete digital support for buying , renewing, reviving, or making a claim in your policy

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. 

Jan 19, 2022
SHARE THIS ON
Author Bio
Author Image

PayBima Team
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.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2022 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back