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HDFC Standard Life Insurance

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HDFC Standard Life Insurance

Overview
HDFC Standard Life Insurance Co. Limited is one of the foremost life insurance players in India, offering several group and individual insurance solutions to customers. There are pension, protection, investment, savings and health plans on offer for customers in tandem with women and children plans. The company is a joint venture between HDFC, one of the biggest housing finance organizations in India and Standard Life Aberdeen, wholly owned by the Standard Life Assurance Company.

The company has 414 branches with 11, 200 branches of its partners as of the 30th of June, 2017. The company also has subsidiaries like the HDFC Pension Management Company Limited and HDFC International Life and Re Company Limited.

HDFC Standard Life Insurance at a glance
  • Consumer centric policies with 97.62% Individual claims
  • Products based on 5 core values -Excellence, People Engagement, Integrity, Customer Centricity and Collaboration
  • Pan India presence with 11,200 branches with 15 bancassurance partners.
  • 18% growth in overall new business premium collection in the online space
HDFC Standard Life Insurance Co. Limited Term Plans
HDFC Standard Life Insurance Co. Limited has several Term plans on offer for customers. These are affordable protection plans which offer financial backup for the family in case of any unforeseen circumstances.

Documentation needed to apply for HDFC Standard Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

HDFC Standard Life Term Insurance Plans
  • HDFC Life Click 2 Protect 3D Plus: An online term insurance plan that is both affordable while offering optimum protection. The plan offers a wide range of 9 plan options to help one choose as per their need.
  • HDFC Life Click 2 Protect Plus: A term insurance protecting the policyholder and associated family against the uncertainties of life. The plan monthly income under Income and Income plus option as death benefit.
  • HDFC Life Click 2 Protect Health: A term plan that offers a combination of benefits of health and life insurance in a comprehensive and affordable plan.

1: HDFC Life Click 2 Protect 3D Plus: HDFC Life Click 2 Protect 3D Plus is a non-linked non-participating term insurance plan. The plan provides financial protection to you and your family at an affordable cost. The plan offers flexibility to choose your policy and premium payment terms as well as life stage protection feature to increase insurance cover on certain key milestones without medicals.

Advantages and benefits
  • Choice of 9 plan options to choose from.
  • Flexibility to choose your policy and premium payment terms.
  • All future premiums are waived on Accidental Total Permanent Disability.
  • Special premium rates for female lives.
  • Attractive premium rates for non-tobacco users.
Features Description (All Options except Life Long Protection Option & 3D Life Long Protection Option) Description (Life Long Protection Option & 3D Life Long Protection Option)
Min Age at Entry 18 years 25 years
Max Age at Entry 65 years 65 years
Min Policy Term 5 years Whole life
Max Policy Term 40 years Whole life
Premium Payment Mode Single Pay, Regular Pay, Limited Pay : 5 years to 39 years Limited Pay : (65 - Age at Entry)
Premium Payment Frequency Single, Annual, Semi-Annual, Quarterly, Monthly Annual, Semi-Annual, Quarterly, Monthly
Min Age at Maturity 23 Whole life
Max Age at Maturity 75 Whole life
Minimum Basic Sum Assured Rs. 10,00,000 Rs. 10,00,000

2: HDFC Life Click 2 Protect plus: A non-linked non-participating term insurance plan. The term insurance plan offer a Sum Assured to the nominee upon the death of the life assured as well as a monthly income to the family for a period of 10 years.

Advantages and Benefits
  • Four cover options namely Life Option, Extra Life Option, Income Option and Income Plus Option
  • Option to increase your insurance cover at the key milestones of your life under Life Option
  • Flexible policy term options between 10 – 40 years
  • Flexible premium paying term options.
Features Description
Plan Options
  • Life Option: Death Benefit
  • Extra Life Option: Death Benefit + Accidental Death Benefit
  • Income Option: 10% of the Death benefit as a Lump sum with the remaining 90% payable in form of monthly income over a period of 15 years.
  • Income Plus Option: 100% of Sum Assured is paid on death and a monthly income equal to 0.5% of Sum Assured becomes payable for a period of 10 years. The monthly income can be level or increasing at a simple rate of 10% p.a. as chosen by the policyholder
Minimum Entry Age 18 years
Maximum Entry Age 65 years
Maximum Maturity Age 75 years
Policy Term 10-40 years
Sum Assured Rs. 25 Lakhs
Premium Paying Term Regular, Limited, Single

3: HDFC Life Click 2 Protect Health: A combo plan by HDFC Life and Apollo Munich Health Insurance bringing the benefits of health and life insurance in a comprehensive and affordable Click 2 Protect Health.

Advantages and Benefits
  • 5% discount on total premium on purchase of Click 2 Protect Health.
  • Life Stage Protection feature offers to increase insurance cover on certain key milestones without medicals.
Features Description (All Options except Life Long Protection Option & 3D Life Long Protection Option) Description (Life Long Protection Option & 3D Life Long Protection Option) Description (Health)
Min Age at Entry 18 years 25 years 91 days
Max Age at Entry 65 years 65 years 65 years
Min Policy Term 5 years Whole life 1 year or 2 year period (sum insured & benefits will applicable on policy year basis)
Max Policy Term 40 years Whole life 1 year or 2 year period (sum insured & benefits will applicable on policy year basis)
Premium Payment Mode Single Pay, Regular Pay, Limited Pay : 5 years to 39 years Limited Pay : (65 - Age at Entry) 1 year policy period: Annual
2 year policy period: Single
Premium Payment Frequency Single, Annual, Semi-Annual, Quarterly, Monthly Annual, Semi-Annual, Quarterly, Monthly 1 year policy period: Annual
2 year policy period: Single
Min Age at Maturity 23 Whole life Life Long on continuous Renewals
Max Age at Maturity 75 Whole life Life Long on continuous Renewals
Minimum Basic Sum Assured Rs. 10,00,000 Rs. 10,00,000 3 Lakh
5 Lakh
10 Lakh
15 Lakh
20 Lakh
25 Lakh
50 Lakh