HDFC Life Insurance Company: Overview, Plans, Benefits & Reviews

HDFC Life Insurance Company was earlier called HDFC Standard Life Insurance Company but it has been recently renamed. The company was formed in the year 2000 as a joint venture between HDFC Limited and Standard Life Aberdeen. While HDFC Limited is one of the leading financial institutions of India, Standard Life Aberdeen is an international investment company that is present in various countries.

Ever since its inception HDFC Life Insurance has offered a range of life insurance solutions to customers. The company enjoys a good market reputation and is present across India with 390 branches, over 300 multi-tie distribution partners, 39 non-traditional financial partnerships. In the year 2016, the company entered the reinsurance business by establishing a wholly-owned subsidiary called HDFC International Life and Re Company Limited in the United Arab Emirates. In the Indian insurance segment, the company offers all types of life insurance products which are discussed below.

Why choose HDFC Insurance?

There are definite advantages to choosing the life insurance policies offered by HDFC Life Insurance. These benefits are as follows –

1. You can find a range of life insurance plans offered by the company right from term insurance to health insurance and investment-oriented plans
2. The company currently offers 37 individual and 13 group portfolios with 7 optional add-on benefit solutions to its customers
3. In the financial years 2020-221, the company insured about 4 crore lives 
4. HDFC Life has various awards under its belt. In 2021, the company was awarded the SuperBrand, for the 8th time in a row
5. The company also won the 11th Aegis Graham Bell Award for Innovative digital transformation for Vision AI
6. The company has a high claim settlement ratio which stands currently at 99.03%
7. You can easily buy an HDFC Life Insurance policy online with some simple clicks of the mouse

Different types of plans offered by HDFC Life Insurance

HDFC Life Insurance offers the following types of plans to its customers –

Term insurance

Term insurance plans are those which cover the risk of premature death. These plans promise the payment of a lump sum benefit if the insured dies during the policy tenure. The premiums are very low and the plans ensure that the family is financially supported in the absence of the bread-winner.

Term plans offered by HDFC Life Insurance

1. HDFC Life Click 2 Protect Life

This plan customises itself to your changing needs and assists you in various stages of life. Along with multiple options and alternatives, the plan allows you to focus on your particular insurance needs. Here are the key features of HDFC Life Click 2 Protect Life: 

• The Life Protect Option or the Basic Life Cover
  Here, in case of death of the insured during the term of the policy, the nominee will receive the sum assured in a lump sum
• Life & CI Rebalance Option or Life Cover + Critical Illness Cover
  Here, at every policy anniversary, the Critical Illness cover will increase. In case the insured is diagnosed with any of the listed illnesses, the future premiums will be waived off
• Income Plus Option or Life Cover + Regular Income
  Here the individual would receive a lump sum on the maturity of the plan and would also get a steady income from the age of 60 years

• If you select the Return of Premium Option, at the time of maturity you will receive all the premiums that you have paid so far
• With the Accidental Death Benefit option, your nominee would be eligible to receive an additional sum assured
• There are special deals for women customers and non-smokers

Let us now take a look at the eligibility criterion of HDFC Life Click 2 Protect Life: 

2. HDFC Life Click 2 Protect Health Plan

This is a combination of a term insurance plan and a health insurance plan giving you dual coverage benefits. The features of the plan are as follows –

1. You can avail a premium discount of up to 5%
2. There are nine coverage options under the plan
3. Lifelong protection can be availed with whole life coverage option
4. You can increase the sum assured every year through a unique top-up option

Eligibility conditions of HDFC Life Click 2 Protect Health Plan

Entry age	18 years to 65 years
Plan duration	5 years to whole life
Sum assured	INR 10,000 onwards
Premium amount	Depends on age, term and sum assured

3. HDFC Life Saral Jeevan Bima 

A simple and easy to understand term insurance plan, HDFC Life Saral Jeevan Bima allows you to safeguard the future of your loved ones against an unforeseen tragedy. This is a very affordable term insurance plan that offers financial protection to your family in case something happens to you. The policy offers flexibility in terms of policy tenure as well as premium payment. You can further enhance the coverage by opting for the riders available with the basic policy. 

Let us take a look at the main features of the HDFC Life Saral Jeevan Bima:

1. There is no maximum limit on the sum assured
2. HDFC Life Saral Jeevan Bima is a term life insurance policy and so there is no maturity benefit available, this means that in case the insured individual survives the term of the policy, no benefit will be paid out
3. The policy comes with a waiting period of 45 days, however, in case the insured dies in this period a lump sum amount is payable to the nominee
4. You can opt to pay the premium in one of the following ways:
1. Single Pay
2. Regular Pay
3. Limited – 5 Pay
4. Limited – 10 Pay

Eligibility Criteria for HDFC Life Saral Jeevan Bima

Traditional savings plans

Traditional savings plans are endowment or money back insurance plans which offer you guaranteed returns along with life insurance coverage. These plans are suitable for investors who are looking to create a secured corpus over a long term period and also need insurance coverage for protection purposes. The different types of traditional savings plans offered by HDFC are as follows –

1. HDFC Life Sanchay Plus Plan

This is a non-participating endowment assurance plan where the maturity and death benefits are promised. The features include the following –

1. There are four plan options under this plan. These are as follows:
1. Guaranteed maturity option wherein the maturity benefit is guarantee
2. Guaranteed income option wherein the maturity benefit is paid as incomes for 10 or 12 years
3. Lifelong income option wherein guaranteed incomes are paid till 99 years of age
4. Long term income option wherein guaranteed incomes are paid for 25 or 30 years
2. The premiums paid are also returned under lifelong income option and long term income option

Eligibility conditions of HDFC Life Sanchay Plus Plan

2. HDFC Life Sanchay Plan 

This plan also offers guaranteed benefits and is offered as a non-participating plan. The plan features are as follows –

1. Premiums are paid for a limited period only
2. Guaranteed additions are added to the sum assured every year. The rate of these additions is 8% or 9%
3. The maturity benefit ranges from 180% to 460% of the sum assured

Eligibility conditions of HDFC Life Sanchay Plan 

Entry age	30 days to 60 years
Plan duration	10 years to 40 years
Sum assured	INR 3442 onwards
Premium amount	Minimum – INR 1000/annually Maximum – no limit

3. HDFC Life Sampoorn Samridhi Plus Plan

This is an endowment assurance plan which can be chosen to cover you for your whole life. The plan’s features are as follows –

1. There are two plan options. One is the Endowment option wherein the sum assured is paid on maturity. The other is the Endowment with Whole Life option wherein one benefit is paid when the term comes to an end and the maturity benefit is paid when you attain 100 years of age
2. The plan participates in bonus declarations and earns reversionary bonuses
3. Guaranteed additions are also added to the sum assured
4. There is an inbuilt accidental death benefit under the plan

Eligibility conditions of HDFC Life Sampoorn Samridhi Plus Plan

Entry age	30 days to 60 years
Plan duration	15 years to 40 years
Sum assured	INR 65,463 onwards
Premium amount	Minimum – INR 12,000/annually Maximum – no limit

4. HDFC Life Classic Assure Plus Plan

This is a participating endowment plan which offers the following salient features –

1. You are required to pay premiums only for a limited period
2. You get guaranteed bonuses throughout the policy tenure
3. The plan can be bought easily by filling up a short medical questionnaire
4. Premium discounts are available if the sum assured is INR 10 lakhs and above

Eligibility conditions of HDFC Life Classic Assure Plus Plan

Entry age	3 years to 60 years
Plan duration	10,15 or 20 years
Sum assured	INR 49,447 onwards
Premium amount	Minimum – INR 12,000/annually Maximum – no limit

5. HDFC Life Super Income Plan 

This is a money back policy which gives you income during the policy tenure. The features of the plan are as follows –

1. There are six income pay-out options to choose from
2. Limited premiums are payable under the policy after which regular incomes are paid for the chosen pay-out period
3. Up to 120% of the sum assured can be availed by choosing a higher pay-out term
4. Premium discounts are available for higher sum assured levels

Eligibility conditions of HDFC Life Super Income Plan

Entry age	30 days to 59 years
Plan duration	16, 18, 20, 22 or 24 years
Sum assured	INR 128,337 onwards
Premium amount	Minimum – INR 24,000/annually Maximum – no limit

6. HDFC Life Uday Plan

This is a traditional endowment plan which also participates in bonus declarations done by the company. The plan has the following salient features –

1. Guaranteed additions are added to the plan benefits besides bonus
2. Inbuilt accidental death benefit rider provides double sum assured in case of accidental death
3. The coverage continues automatically even if you discontinue premium payments after the first policy year
4. Premium discounts are available for high sum assured levels

Eligibility conditions of HDFC Life Uday Plan

Entry age	18 years to 55 years
Plan duration	12 or 15 years
Sum assured	INR 28,465 onwards
Premium amount	Minimum – INR 5000/annually Maximum – no limit

7. HDFC Standard Life Sarv Grameen Bachat Yojana Plan

This is a traditional micro insurance plan which allows the rural population to create savings as well as enjoy insurance coverage. The features of the plan are as follows –

1. Only a single premium is payable to buy the plan which is low and affordable
2. The maturity and death benefits are fixed at INR 300 and INR 5000 respectively

Eligibility conditions of HDFC Standard Life Sarv Grameen Bachat Yojana Plan

Entry age	18 years to 60 years
Plan duration	5 years
Sum assured	INR 5000 in case of death INR 300 in case of maturity
Premium amount	INR 200 payable once

8. HDFC Life Pragati Plan

This is an endowment assurance plan which also earns bonuses and gives you the following benefits-

1. Premiums are payable only once or for a limited period
2. The policy is easy to buy with a simple good health declaration
3. Even if premiums are unpaid, full death benefit is guaranteed for the next two years

Eligibility conditions of HDFC Life Pragati Plan

Entry age	8 years to 55 years
Plan duration	5 years to 20 years
Sum assured	Minimum – INR 5000 Maximum – INR 20 lakhs
Premium amount	Minimum – INR 12,000/annually or INR 5000 for single pay Maximum – INR 2 lakhs/annually or for single pay

8. HDFC Life Sanchay Par Advantage

HDFC Life Sanchay Par Advantage is a unique life insurance plan that helps you balance your financial needs and your savings in the best possible way. The plan offers comprehensive protection which not only covers you for life but also helps you in generating a regular income. You are given different options suiting your requirements. When you opt for an annual premium of INR 1 lakh and above, you can also enjoy enhanced benefits. 

HDFC Life Sanchay Par Advantage plan also gives you the freedom to select the payout period so that you can plan your future milestone. Here are some highlighting features of the HDFC Life Sanchay Par Advantage:

1. Under the plan, the benefits are available in 2 options, you can choose either:
1. Immediate Income Option
   Regular income in the form of regular income
2. Deferred Income Option
   Guaranteed income for a guaranteed period
2. Both the options include: Survival benefit, maturity benefit, death benefit and minimum death benefit
3. The premiums can be paid on a monthly/ quarterly/ half-yearly and yearly basis
4. The policy offers coverage till the age of 100 years

Here are the Eligibility Criteria for HDFC Life Sanchay Par Advantage plan

9. HDFC Life Sanchay Fixed Maturity plan

As you move ahead in life, your priorities in life often undergo certain changes, and this often brings a change in your financial goals. To deal with such changes while catering to the unpredictabilities of life, you can opt for the HDFC Life Sanchay Fixed Maturity plan and avail of the best advantages. Along with safeguarding the future of your loved ones, you can also comfortably attain your life goals.

Let us take a look at the main features of the HDFC Life Sanchay Fixed Maturity plan

1. You have the option to choose between a Single Life Cover for yourself or opt for Joint Life to cover a loved one 
2. When you select to pay a higher premium, you can expect an increased maturity benefit
3. The policy term can go up to 40 years
4. The policy also offers the flexibility of premiums that you can pay as Single Premium/ Limite Premium/ Regular Premium payment 

Here are the Eligibility Criteria for HDFC Life Sanchay Fixed Maturity plan:

Unit Linked Insurance Plans

Unit linked plans are those which give you market-linked returns along with the promise of insurance coverage. The premiums that you pay are invested in the capital market where they grow as per market performance. ULIPs also offer you a range of flexible features like switching, partial withdrawals, top-ups, etc.

HDFC ULIP Plans

1. HDFC Life Click 2 Wealth Plan

This is a very popular unit linked plan offered by HDFC. The salient features of the plan are as follows-

1. There are three plan options to choose from – Invest Plus, Premium Waiver Option and Golden Years Benefit Option 
2. The policy has minimal charges deducted from your premiums so that you can enjoy maximum returns
3. 101% of the premium amount is allocated in the first five policy years
4. The mortality charges are also refunded back when the plan matures

Eligibility conditions of HDFC Life Click 2 Wealth Plan

Entry age	30 days to 65 years
Plan duration	10 years to 40 years or 99-entry age
Sum assured	Single premium – 1.25 times the premium paid Regular premium – up to 10 times the annual premium
Premium amount	Minimum – INR 12,000 payable annually or INR 24,000 payable once Maximum – no limit

2. HDFC Life Classic One Plan

This is a unit linked plan which requires only a single premium payment. The unique features of the plan are as follows –

1. You can avail coverage for a single life or joint life
2. In case of a joint life policy, the full fund value can be withdrawn when the first life dies but the plan would continue
3. Loyalty additions are also added to the fund value in the 10th policy year
4. There are 10 funds to invest the premium and the plan also allows unlimited free switching between the available funds

Eligibility conditions of HDFC Life Classic One Plan

Entry age	30 days to 80 years
Plan duration	10 years to 90-entry age
Sum assured	Minimum – 1.25 times the premium paid Maximum – up to 10 times the premium paid
Premium amount	Minimum – INR 2 lakhs Maximum – no limit

3. HDFC Life Sampoorn Nivesh Plan

This is a unit linked plan which allows premium payment flexibility. You can pay premiums regularly, for a limited duration or in one lump sum. Other features of the plan are as follows –

1. There are three plan benefit options which are as follows – 
1. Classic Benefit (Life Option) – higher of sum assured or fund value is paid on death
2. Classic Benefit (Extra Life Option) – it has an inbuilt accidental death benefit rider
3. Classic Plus Benefit – both the sum assured and the fund value are paid on death
4. Classic Waiver Benefit – the sum assured is paid on death and the premiums are waived
2. Loyalty additions also boost the fund value
3. If a higher premium is paid, the premium allocation charges are reduced

Eligibility conditions of HDFC Life Sampoorn Nivesh Plan

Entry age	30 days to 60 years
Plan duration	10 years or 15 years to 25 years
Sum assured	Single premium – up to 1.25 times the premium paid Regular premium – up to 10 times the annual premium
Premium amount	Minimum – INR 24,000 Maximum – no limit

4. HDFC SL ProGrowth Flexi Plan

This is a flexible HDFC ULIP Plan which has the following features –

1. There are two coverage options which are Life Option and Extra Life Option. While Life Option pays the death benefit, Extra Life Option has an inbuilt accidental death benefit
2. There are eight investment funds to choose from
3. High sum assured levels are promised

Eligibility conditions of HDFC SL ProGrowth Flexi Plan

Entry age	30 days to 65 years
Plan duration	10 years to 40 years or 99-entry age
Sum assured	Single premium – 1.25 times the premium paid Regular premium – up to 10 times the annual premium
Premium amount	Minimum – INR 12,000 payable annually or INR 24,000 payable once Maximum – no limit

5. HDFC Life ProGrowth Plus Plan

Another variant of the ProGrowth Plan, this ULIP has the following features –

1. The plan offers two coverage options. While the first is the basic coverage, the second option pays double sum assured in case of accidental death
2. There are eight types of investment funds

Eligibility conditions of HDFC Life ProGrowth Plus Plan

Entry age	14 years to 65 years
Plan duration	10 years to 30 years
Sum assured	Up to 40 times the annual premium
Premium amount	Minimum – INR 24,000 payable annually  Maximum – INR 1 lakh payable annually

6. HDFC Life ProGrowth Super II Plan

This plan offers various unique features which are mentioned below –

1. There are eight coverage options under the plan
2. Coverage options include additional riders for accidental death, disability and critical illness
3. Eight investment funds ensure that your investment preferences are met

Eligibility conditions of HDFC Life ProGrowth Super II Plan

Entry age	14 years to 65 years
Plan duration	10 years to 30 years
Sum assured	Up to 40 times the annual premium
Premium amount	Minimum – INR 15,000 payable annually  Maximum – no limit

7. HDFC SL Crest Plan

This is a short term unit linked plan which is suitable for individuals who have a short investment horizon. The features of the plan are as follows –

1. Premiums are payable only for half of the plan duration
2. There are four investment funds to choose from

Eligibility conditions of HDFC SL Crest Plan

Entry age	14 years to 65 years
Plan duration	10 years
Sum assured	Up to 20 times the annual premium
Premium amount	Minimum – INR 50,000 payable annually  Maximum – no limit

8. HDFC SL ProGrowth Maximiser Plan

This is a single premium unit linked plan wherein you are required to invest only once. The features of the plan are as follows –

1. You can pay top-ups to increase your investment into the plan
2. A high sum assured can be availed despite paying a single premium

Eligibility conditions of HDFC SL ProGrowth Maximiser Plan

Entry age	14 years to 65 years
Plan duration	5 years or 10 years
Sum assured	Up to 10 times the single premium
Premium amount	Minimum – INR 50,000 Maximum – no limit

9. HDFC Life Capital Shield Plan

This is a unique unit linked plan which promises a guaranteed maturity benefit even when the markets are volatile. The plan’s features are as follows –

1. Limited premiums are only required for the plan. You can also choose the single premium payment option
2. Increasing loyalty additions are added from the 6th policy year. These additions help in enhancing the fund value
3. An assured maturity benefit is promised which is 101% of the total premiums paid during the policy tenure

Eligibility conditions of HDFC Life Capital Shield Plan

Entry age	8 years to 60 years
Plan duration	10 years
Sum assured	Single premium – up to 1.25 times the premium paid Regular premium – up to 10 times the annual premium
Premium amount	Minimum – INR 48,000  Maximum – no limit

9. HDFC Life Click2Invest Plan

As ULIPs are a combination of insurance and investment, HDFC Life Click2Invest Plan allows you to make capital gains while safeguarding your family’s financial future. At the end of the policy term, you would receive your fund value according to the current unit price then. 

The plan’s features are as follows –

1. The plan offers premium payment options of:
1. Single Pay
2. 5 Pay
3. 7 Pay
4. 10 Pay
5. Regular Pay
2. Once the 5-year lock-in period is over, you can make lump sum partial withdrawals
3. There are 11 fund options to choose from. You can move your funds from one fun
4. The plan can be purchased with minimal underwriting. You simply need to fill in a Short Medical Questionnaire 
5. You can further enhance the cover by opting for the following riders:
1. HDFC Life Income Benefit on Accidental Disability Rider
2. HDFC Life Critical Illness Plus Rider

Eligibility Criteria for HDFC Life Click2Invest Plan 

Child plans

Child plans are life insurance plans which are designed for the financial protection of the child’s future of the parent dies prematurely. Child insurance plans create a secured corpus which can be used for the child’s higher education or for any other financial requirement.

HDFC child plans

1. HDFC Life Young Star Udaan Plan

This is a traditional money back child insurance plan which also earns bonuses for a higher corpus. The features of the plan are as follows –

1. There are three coverage options under the plan which are Aspiration, Academia and Career
2. You can either choose to get a lump sum benefit on maturity or receive money back benefits
3. Guaranteed additions are also added to the plan benefits
4. You can choose Classic Waiver Death benefit option wherein the premiums are waived on the death of the parent

Eligibility conditions of HDFC Life Young Star Udaan Plan

Entry age	30 days to 60 years
Plan duration	15 years to 25 years
Sum assured	Depends on the premium, term and plan option selected
Premium amount	Minimum – INR 24,000 payable annually  Maximum – no limit

2. HDFC SL YoungStar Super Premium Plan

This is a unit linked child insurance plan which has the following salient features –

1. There are two death benefit options to choose from
2. There are multiple investment funds for investing the premium

Eligibility conditions of HDFC SL YoungStar Super Premium Plan

Entry age	18 years to 65 years
Plan duration	10 years to 20 years
Sum assured	Up to 40 times the annual premium
Premium amount	Minimum – INR 15,000 payable annually or INR 24,000 payable once Maximum – no limit

Women Plans

Women insurance plans are those which are specifically designed to cater to the insurance and savings needs of women. HDFC Life offers one specialised women’s plan which is as follows –

1. HDFC Life Smart Woman Plan 

This is a unit linked insurance plan which allows market-linked returns while also providing life insurance coverage. The features of the plan are as follows –

1. There are three plan benefit options which are Classic, Premier and Elite
2. Under all benefit options, premiums are waived for three years in case of childbirth and diagnosis of cancer. Moreover, under the Elite option, premiums are waived even on the death of the spouse
3. Periodic payments are made under the Premier and Elite options to provide you with funds when you need them
4. The allocation charges are reduced considerably from the 11th policy year

Eligibility conditions of HDFC Life Smart Woman Plan 

Entry age	18 years to 45 years
Plan duration	10 years or 15 years
Sum assured	Up to 40 times the annual premium
Premium amount	Minimum – INR 24,000 payable annually  Maximum – INR 1 lakh payable annually

Health insurance plans

Health insurance plans are those which cover specific health related contingencies and pay you a lump sum benefit if you suffer from the covered contingency.

HDFC Life Health plans

1. HDFC Life Cardiac Care Plan

This plan covers heart related conditions and pays a lump sum benefit in case of claims. The salient features of the plan are as follows –

1. You can make multiple claims under the policy for a same illness till the sum insured is available 
2. Almost all types of heart related conditions are covered under the plan
3. 25% to 100% of the sum insured is paid as claim depending on the severity of the illness that you suffer
4. You can choose from three available options which are –
1. Hospitalisation benefit which pays a percentage of the sum insured daily when you are hospitalised
2. Indexation benefit which increases the sum insured by 10% after every claim-free year
3. Income benefit which pays a percent of the sum insured as incomes for a specified period

Eligibility conditions of HDFC Life Cardiac Care Plan

Entry age	18 years to 65 years
Plan duration	5 years to 40 years
Sum insured	Minimum – INR 2 lakhs Maximum – INR 50 lakhs
Premium amount	Minimum – INR 357.40 payable annually or INR 1313.20 payable once Maximum – INR 655,860 payable annually or INR 14,43,435 payable once

2. HDFC Life Cancer Care Plan

As the name suggests, this is a cancer specific health insurance plan which covers both minor and major stage cancers. The features of the plan are as follows –

1. The sum insured is paid in lump sum on diagnosis of cancer
2. Premiums are waived off for the next three years after a claim is made
3. There are three coverage options of Silver, Gold and Platinum
4. Income is paid for five years under the Platinum Option
5. The sum insured increases by 10% if no claim is made under the Gold and Platinum options

Eligibility conditions of HDFC Life Cancer Care Plan

Entry age	5 years to 65 years
Plan duration	10 years to 85-entry age
Sum insured	Minimum – INR 10 lakhs Maximum – INR 50 lakhs
Premium amount	Depends on the sum insured, age, term and plan option selected

3. HDFC Life Easy Health Plan

This is a health insurance plan which provides you fixed benefits for different contingencies. The plan’s features are as follows –

1. There are seven plan options and the coverage depends on the option that you select. The options are as follows –
1. A – Daily Hospital Cash Benefit
2. B – Surgical Benefit
3. C – Critical Illness Benefit
4. D – Daily Hospital Cash Benefit + Surgical Benefit
5. E – Surgical Benefit + Critical Illness Benefit
6. F – Daily Hospital Cash Benefit + Critical Illness Benefit
7. G – Daily Hospital Cash Benefit + Critical Illness Benefit + Surgical Benefit
2. You can claim multiple times during the policy duration

 

Eligibility conditions of HDFC Life Easy Health Plan

Entry age	18 years to 65 years
Plan duration	5 years
Sum insured	INR 25,000 to INR 5 lakhs depending on the plan option selected
Premium amount	Minimum – INR 676 payable annually or INR 2184 payable once Maximum – INR 122,068 payable annually or INR 404,279 payable once

4. HDFC Life Click 2 Protect Corona Kavach

In this covid-stricken world, HDFC Life Click 2 Protect Corona Kavach is a great way to protect yourself as well as your family. This plan has been launched together by HDFC Life and HDFC Ergo, and it offers you multiple options. A term insurance plan also covers the hospitalisation expenses you have to bear in case you turn covid positive.

The plan’s features are as follows –

1. The plan offers protection at very affordable prices. A life cover of INR 1 crore and a covid-19 cover of INR 1 lakh would cost you a mere INR 18 a day

2. The plan offers a cover against covid as well as other co-morbid illnesses

3. It has a short waiting period of 15 days

4. A very flexible plan you can select one out of the 9 options available

5. Female and non-smoking applicants can enjoy special discounts

6. HDFC Life Click 2 Protect Corona Kavach also covers home treatment

Retirement plans

Retirement plans are pension plans which help you in creating a retirement fund and/or to get regular income post retirement.

HDFC Retirement plans

1. HDFC Life Pension Guaranteed Plan 

This is an immediate annuity plan which gives you lifelong pensions. The features of the plan are as follows –

1. There are different types of annuity options to choose from
2. The plan also has three benefit options to choose from
3. You can receive annuities on a single life basis or joint life basis
4. Only a single premium is required under the plan
5. Eligibility conditions of HDFC Life Pension Guaranteed Plan 

Entry age	30 years to 85 years
Annuity amount	Minimum – INR 12,000/year Maximum – no limit
Premium amount	Minimum – INR 42,076 Maximum – no limit

HDFC Life Guaranteed Pension Plan

This is a traditional deferred annuity plan which helps you create a retirement corpus for yourself. The features of the plan are as follows –

1. Guaranteed additions are paid every year during the plan tenure
2. Premiums are payable for a limited period
3. A lump sum addition is also added when the plan matures

Eligibility conditions of HDFC Life Guaranteed Pension Plan

Entry age	35 years to 65 years
Plan duration	10 years to 20 years
Sum insured	Minimum – INR 86,830 Maximum – No limit
Premium amount	Minimum – INR 24,000/year  Maximum – no limit

3. HDFC Life New Immediate Annuity Plan

This is also an immediate annuity plan where you get annuity payments immediately after buying the policy. The features of the plan are as follows –

1. There are 11 annuity payment options which you can choose from
2. Both single life and joint life annuity options are available
3. Higher annuity rates are promised if the single premium paid is high

Eligibility conditions of HDFC Life New Immediate Annuity Plan

Entry age	20 years to 85 years
Annuity amount	Minimum – INR 10,000/year Maximum – No limit
Premium amount	Depends on the age and annuity amount required

4. HDFC Life Click 2 Retire Plan

This is a unit-linked pension plan that helps you plan your retirement in a comfortable way. With multiple advantages and customised benefits, HDFC Life Click 2 Retire Plan secures your golden years and also ensures that you benefit from the capital market as well. The features of the plan are as follows –

1. HDFC Life Click 2 Retire Plan is an online plan where are no entry or exit charges 

2. One can start the plan at an age of 18 years also

3. It is a very affordable plan where you can invest as little as INR 2,000 a month 

4. You have the option to select either a single pay or premium paying term of 8/ 10/ 15 years with a policy term of 10 years to 35 years

5. The plans offer 4 different benefit options:
• Vesting Benefit
• Deferment of Vesting age
• Death Benefit
• The utilisation of Policy proceeds
6. The maturity age can be as low as 45 years

Eligibility conditions of HDFC Life Click 2 Retire Plan

5. HDFC Life Saral Pension Plan

HDFC Saral Pension Plan is a traditional annuity plan that can help you in planning your second year. A simple and easy-to-understand pension plan offers multiple options to the annuitant. Let us take a look at its highlighting features: 

1. You can opt for a Single or a Joint Life Annuity and receive a pension for as long as you or your spouse is alive
1. Single Life Annuity: Life Annuity with Return of 100% of Purchase price
2. Joint Life Annuity: Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor
2. The annuity may be received monthly, quarterly, half-yearly or yearly
3. When you choose a large purchase price, you get the benefit of higher annuity rates
4. You can surrender your policy if you are diagnosed with a critical illness
5. You do not need to undergo any medical tests to purchase this annuity plan

Eligibility conditions of HDFC Saral Pension Plan

4. HDFC Life Pension Super Plus Plan

This is a unit linked deferred annuity plan which helps you create a market-linked retirement corpus. The features of the plan are as follows –

1. The maturity benefit is assured even if the market is falling
2. Additional premiums are allocated from the 11th policy year

Eligibility conditions of HDFC Life Pension Super Plus Plan

Entry age	35 years to 65 years
Plan duration	10 years to 20 years
Sum insured	Depends on the premium amount
Premium amount	Minimum – INR 24,000/year  Maximum – no limit

5. HDFC Life Single Premium Pension Super Plan

This is a unit linked plan which needs only a single premium. The features of the plan are as follows –

1. The minimum maturity and death benefits are guaranteed
2. You can also pay top-up premiums under the plan

Eligibility conditions of HDFC Life Single Premium Pension Super Plan

Entry age	40 years to 75 years
Plan duration	10 years to 45 years
Sum insured	Depends on the premium paid
Premium amount	Minimum – INR 25,000/year  Maximum – no limit

6. HDFC Life Assured Pension Plan 

This is a unit linked deferred pension plan. The plan lets you build up a considerable retirement corpus through market-linked returns. Other features of the plan are as follows –

1. The minimum vesting benefit is guaranteed under the plan
2. From the 11th policy year the fund value is also increased with loyalty additions every alternate year
3. Premiums can be paid for a limited tenure or at once

Eligibility conditions of HDFC Life Assured Pension Plan 

Entry age	18 years to 65 years
Plan duration	10 years or 15 years to 20 years
Sum insured	Depends on the premium paid
Premium amount	Minimum – INR 24,000/year for limited premium and INR 50,000 for single premium Maximum – no limit

7. HDFC Life Personal Pension Plus Plan

This is a traditional pension plan which gives you bonus additions so that you can create a substantial retirement corpus. The features of the plan are as follows –

1. The minimum death and vesting benefit is guaranteed
2. The plan offers you a long term investment period for planning a sufficient retirement corpus

Eligibility conditions of HDFC Life Personal Pension Plus Plan

Entry age	18 years to 65 years
Plan duration	10 years to 40 years
Sum insured	Minimum – INR 204,841 Maximum – No limit
Premium amount	Minimum – INR 24,000/year  Maximum – no limit

How to buy HDFC Life Insurance policy?

HDFC Life Insurance offers you the facility to buy its life insurance policies online through the company’s website. 

Alternatively, you can also buy HDFC insurance policies through Turtlemint which gives you the chance to compare and buy the best life insurance plan for your needs. To buy a plan through Turtlemint all you have to do is follow some simple steps and the policy would be bought. These steps are as follows –

1. Visit https://www.turtlemint.com/life-insurance
2. Choose the financial need which you want to fulfil through the insurance plan that you are buying. There are four needs to choose from which are as follows-
1. Term Life Plans
2. Investment and Tax Planning 
3. Savings for child
4. Pension/Retirement
3. Once you have chosen the need, provide your details like your gender, date of birth, annual income, smoking preference, investment horizon and amount
4. Based on the details provided, you would be able to check the plans and compare them
5. You can then compare the plans on their coverage benefits and premiums and then buy the plan which gives you the maximum benefits
6. To buy, just complete HDFC Life Insurance premium payment online and the policy would be issued at the earliest

To buy HDFC insurance policy, the following documents would be required –

1. Your age proof
2. Identity proof
3. Proposal form
4. Photographs
5. Income proof if high sum assured levels are selected
6. Medical check-up reports, if applicable

How to make claims under HDFC Life Insurance policies?

Claims under HDFC life insurance policies occur either when the policy matures or in case of death. Moreover, health insurance claims occur when the covered contingency occurs. Here’s the claim process for different types of claims – 

1. Maturity claims

For making a maturity claim you should fill up a maturity claim form and submit the form to the insurance company along with your identity proof and bank details. The company would assess the documents and then pay the claim directly to your bank account.

2. Death claims

Death claims would have to be made by your nominee. The nominee should inform the insurance company about the death to make a claim. A claim form should be filled stating the details of the policy and the claim. The form should be submitted along with death certificate and other relevant documents. The insurance company would verify the claim and settle it.

3. Health claims

In case of health claims, the medical reports would be required to make a claim. You should fill up the claim form and submit it to the insurance company along with all medical reports and other documents. The insurance company would then assess the claim and pay you the benefit promised under the policy.

The documents required for life insurance claims are as follows –

1. Claim form
2. Identity proof of the claimant
3. Original policy bond
4. Death certificate in case of death claims
5. Post mortem report, police inquest report, police FIR, punchnama, etc. in case of accidental deaths
6. Doctor’s prescriptions, investigative reports, medical reports, diagnostics report, etc. in case of health claims
7. Any other documents are required by the insurance company 

Settlement of the claim is done quickly if you follow the claim process and submit all the relevant documents. To make things easier, Turtlemint also allows helps you in getting your life insurance claims settled. To get your claims through Turtlemint all you need to do is inform Turtlemint of the claim. Turtlemint’s dedicated claims handling team would, then, follow the claim process on your behalf and help you get the settlement of your claims quickly. To inform Turtlemint you can call their toll-free number which is 1800 266 0101. You can also inform Turtlemint by sending an email at their official ID which is claims@turtlemint.com. Once informed, Turtlemint would ensure that you get your claims settled at the earliest.