HDFC Click2Protect Plus Term Plan Review

HDFC Click2Protect Plus Term Plan

About HDFC Life Click 2 Protect Plus  Term Insurance Plan

Eligibility Criteria:

HDFC Term Plan is available for people between 18 and 65 years. And the minimum and maximum maturity age limit is 28 and 75 years. The policy term is available between 10 – 40 years. The minimum sum assured for Click 2 Protect Plus is Rs 25 Lacs whereas there is no ceiling on the maximum limit.

HDFC Life Click 2 Protect Plus gives you 4 cover options:

• Life Option – Lump sum payout of Death Benefit
• Extra Life Option (Accidental Death Benefit) – Lump sum payout of Death benefit in addition
• Extra Sum Assured in event of death due to accident.
• Income Option – Part of Sum Assured payable on death and rest payable as monthly income for 15 years
• Income Plus Option – Sum Assured paid on death & monthly income paid for next 10 years. The monthly Income can be chosen as Level or Increasing at 10% p.a.

Key Features

• Death benefit for single premium policy is 125% of single premium or sum assured, which ever is higher
• For a regular premium policy, the death benefit is 10 times the annual premium or 105% of all the premiums paid till death or the sum assured; whichever is higher
• Under Life Option the death benefit described above is paid as fixed amount.
• Under Extra Life Option, along with death benefit the beneficiaries are eligible for a benefit equal to the sum assured in case of death due to an accident.
• Under Income Option 10% of the assured sum is paid as lump sum and the remaining amount is given as monthly income for the next 15 years
• Under Income Plus Option 100% of death benefit is paid as lump sum upon death, along with a monthly income equal to 0.5% of the sum assured is also paid for 10 years.
• There are tax savings under section 80C and 10D

Our view:

• PLUS-  HDFC Life term plan has one of the the best IRDA Claim Settlement Ratio ( among private players) above 90% . Check here for comparison with others.
• PLUS- HDFC Life term plan has the Lowest customer churn of about 5%. Implies that customers are renewing their policies. Excellent customer support as most of the complaints are resolved within 30 days.
• MINUS- Slightly expensive than Religare Aegon or Aviva Life Insurance or Max Life ( about 25-30%) but not quite a lot.

To compare your life insurance premium and other data for life insurance companies in India, get a quote delivered to your email.