HDFC Life Click2Protect
Objective
This term plan aims to cover insured's family members against financial turmoil in case something unfortunate happened to him.
What does it do?
This term insurance plan pays sum assured to the nominee in case of death of the life insured. The policy doesn’t have any riders. There is no surrender or maturity value. This plan can be purchased online.
Pros
The policy has a longer freelook period of 30 days, against 15 days in other policies. Women can avail lower premium rates.
Policies up to Rs 50 lakh sum assured charge equal premiums from both, tobacco and non-tobacco users. Policies higher than Rs 50 lakh give premium discount to non-tobacco users.
Premiums paid are eligible for tax benefits under Section 80C.
Cons
This plan does not offer any rider for an added protection.
It covers only upto 65 years of age.
Suited for
A plain term insurance plan is must for everyone looking after dependents.
Our View
This is a good online term insurance policy. Maximum policy renewal age is 65 years. If you feel someone else can replace you as the bread earner after that age, you may take this plan.
Eligibility
| Entry Age (years) | |
| Minimum | 18 |
| Maximum | 55 |
| Maximum Maturity Age (years) | 65 |
| Policy Term (years) | |
| Minimum | 10 |
| Maximum | 30 |
| Sum Assured (Rs) | |
| Minimum | 1000000 |
| Maximum | 100000000 |
| Minimum Premium (Rs) | |
| Yearly | 2000 |
| Premium Payment Frequency | Yearly |
| Premium Payment Term | Regular |
| Policy Cover | Cover remains fixed for the tenure of the policy |
| Other Features | |
| Free Look Cancellation | In case, you are not satisfied, you may choose to cancel the policy within 30 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered. |
| Grace Period | You are allowed to pay premiums within 30 days from the due date. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated. |
| Lapsed Policy Reinstatement | You can reinstate your lapsed policy within 2 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any. |
| Tax Benefits | Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. |
| Exclusions | In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit |
| Customer Service | |
| Address | HDFC Standard Life Insurance COmpany Limited, 13th Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi Road, Mahalaxmi, Mumbai - 400011 |
| Mail To | [email protected] |
| Call On | 1800 227 227 |
| SMS | [email protected] |
| Annual Premium Option for Male | ||||||||
| Policy Term (in years) | Age (in years) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | ||
| 10 | 2780 | 2980 | 3760 | 5360 | 8380 | 11480 | 17220 | |
| 15 | 2800 | 3080 | 4100 | 6060 | 9300 | 12420 | NA | |
| 20 | 2820 | 3380 | 4720 | 7020 | 10740 | NA | NA | |
| 25 | 3000 | 3840 | 5460 | 8140 | NA | NA | NA | |
| 30 | 3520 | 4440 | 6340 | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | ||||||||
| Annual Premium Option for Female | ||||||||
| Policy Term (in years) | Age (in years) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | ||
| 10 | 2480 | 2680 | 3380 | 4800 | 6960 | 10760 | 18300 | |
| 15 | 2520 | 2700 | 3580 | 5300 | 7880 | 11380 | NA | |
| 20 | 2560 | 2920 | 4080 | 6060 | 9060 | NA | NA | |
| 25 | 2580 | 3300 | 4680 | 7000 | NA | NA | NA | |
| 30 | 2880 | 3800 | 5440 | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | ||||||||
