Health plans give you the financial security to meet health related contingencies. Due to changing lifestyles, health issues have acquired completely new dimension overtime, becoming more complex in nature. It becomes imperative then to have a health plan in place, which will ensure that no matter how critical your illness is, it does not impact your financial independence.
In the race to excel in our professional lives and provide the best for our loved ones, we sometimes neglect the most important asset that we have - our health. With increasing levels of stress, negligible physical activity and a deteriorating environment due to rapid urbanization, our vulnerability to diseases has increased at an alarming rate.
Source: National Commission on Macroeconomics and Health Report 2005.
Note: Current figures are for the year 2000(Cardiovascular diseases)), 2001 (COPD and Asthma), 2004 (Cancer) and 2005(Diabetes and Mental Health). All figures above are on a per lakh basis.
As can be seen in the above chart, lifestyle diseases are set to spread at disturbing rates. The result - increased expenditure. In many cases, people need to borrow money or sell assets to cover their medical expenses. All it takes is a suitable plan to help you overcome the financial woes related to your health by paying marginal amounts as premiums. For example, if you are 30 years old, then a mere sum of approximately Rs 3500* annually (exclusive of taxes) can provide you a health insurance plan of Rs 5 lakh over a period of 20 years, and a worry-free future for you and your family.*Note: The assumption is based on the HDFC Critical Care Plan. The figure is only indicative and the actual premium may depend upon numerous factors such as age, sum assured, gender, policy term, premium payment frequency and additional benefits opted for. It also differs from plan to plan and option to option
Our range of Health Insurance Plans includes
|HDFC Critical Care Plan|
|HDFC SurgiCare Plan|
|HDFC Life Health Assure Plan|
I wish to have protection against critical illnesses that I may suffer from.
HDFC Critical Care Plan: This plan pays a lump sum amount on survival
of a period of 30 days from the date of diagnosis of a critical illness as defined
under the policy. The lump sum amount is not linked to any health care expenditure
hence you can spend the same for treatment, paying off mortgages, paying EMI, travel,
family income etc. In the absence of the cover you will have to dig into the savings
or raise loans as the expenses associated with Critical Illnesses can be very high.
I prefer to financially safeguard my self against major surgical procedures that I may undergo.
HDFC SurgiCare Plan: This Plan provides you with timely support
in case of medical emergencies with respect to hospitalization and surgeries, as
the case maybe, ensuring your financial independence at all times.
HDFC Critical Care Plan is a single life plan. Only one person can be covered under one policy. In case the whole family is to be covered then individual policies can be proposed for each insurable member of the family.
We cover 30 critical illnesses under the HDFC Critical Care Plan. The 30 illnesses are divided into two broad groups.
Group A: Cancer, Coronary Artery Bypass Graft Surgery (CABGS), Kidney Failure, Major Organ Transplant (as a recipient) and stroke.
Group B: Alzheimer’s Disease, Apallic Syndrome, Aplastic Anaemia, Benign Brain Tumour, Cardiomyopathy, Coma, End Stage Liver Disease, End Stage Lung Disease, Heart Valve Surgery, Loss of Hearing, Loss of Independent Existence, Loss of Limbs, Loss of Sight, Loss of Speech, Major Burns, Major Head Trauma, Major Neurone Disease, Multiple Sclerosis, Muscular Dystrophy, Paralysis/Paraplegia, Parkinson’s Disease, Primary Pulmonary Hypertension, Surgery of Aorta and Systematic Lupus Erythematosus.
On survival of a period of 30 days post the diagnosis of any critical illness listed in Group A, the sum assured is paid and the policy is terminated
On survival of a period of 30 days post the diagnosis of any critical illness listed in Group B, 50% of the sum assured is paid immediately and the policy continues for the balance 50% of sum assured with a waiver of premium from the date of admission of the claim.
For definitions of the critical illness covered under the HDFC Critical Care Plan please click here.
HDFC Critical Care Plan is a pure protection product which does not have any benefit on expiry of the policy term. No benefit is payable on expiry of the policy term under the plan.
HDFC Critical Care Plan covers the risk of survival post the diagnosis of a critical illness as defined in the policy document. There is no death benefit under the plan and hence no benefit is paid in death of the life assured. In case there is any claim for critical illness which is outstanding at the time of death the claim will be paid to the nominee under the policy.
Yes alterations to the policy term and premium are allowed after the completion of the first three years of the policy. The alterations are allowed subject to minimum premium and term conditions which are mentioned in the plan brochure.
Premium paid under the HDFC Critical Care Plan is allowed as a deduction from gross taxable income under section 80D, of Income Tax Act 1961. This benefit is available only of the payment is made from taxable income and in a mode other than cash. This is as per the current tax laws. Please note that the tax provisions may change from time to time.
The maximum deduction that can be claimed currently is Rs 30000 (inclusive of Rs 15000 for insurance on the life of parent/parents)
HDFC Critical Care Plan has the following unique benefits
The critical illness benefit paid under the HDFC Critical Care Plan is not linked to any health care costs. A lump sum benefit is paid on survival of a period of 30 days from the date of diagnosis of a critical illness as defined in the policy document. You can opt for a cover ranging from Rs 2 lakh to Rs 20 lakh as per your income and financial needs. While deciding the amount of cover, please ensure that you provide for the hidden costs like loss of family income, payment of housing loan EMIs, monthly expenses etc. The hidden costs of survival with a critical illness can be substantially high and need to be covered by a Critical Illness cover. Please request your financial consulant to evaluate your need and suggest an appropriate cover amount.
Yes there is a waiting period of 180 days from the date of commencement and the date of revival. No claims except claims arising due to an accident will be considered during this waiting period which please note.
HDFC SurgiCare Plan covers 82 major surgical procedures. The surgical procedures are graded as follows:
Grade A – 25 per cent of the current sum assured is paid on undergoing any of the surgeries listed below, for the first time in the life time of the life assured.
|Cornea transplantation due to Trauma (for each eye)||Drainage of extra dural space|
|Open Reduction and Fixation for Compound Fracture of Mandible||Drainage of lesion of tissue of brain|
|Open Reduction of Hip Dislocation||Drainage of subdural space|
|Traumatic Amputation of lower limb- Below Knee level||Excision of lesions (other than tumours)of tissue of brain|
|Traumatic Amputation of upper limb- Below elbow level||Excision of the pituitary gland|
|Surgery to remove cerebral tumours (benign)||Stereotactic ablation of tissue of brain Placement of prosthesis in oesophagus|
|Drainage of pericardium||Open Surgery for treatment of Peptic Ulcer|
|Incision of pericardium||Total Thyroidectomy|
Grade B – 50 per cent of the current sum assured paid on undergoing any of the surgeries listed below, for the first time in the life time of the life assured.
|Reduction and Fixation with Bone Graft for Major Craniofacial Trauma||Traumatic Amputation of upper limb- Above elbow level||Replacement of mitral valve|
|Reconstruction surgery due to major burns(>25% body surface area)||Radical Vulvectomy for Malignant Condition of Vulva||Replacement of pulmonary valve|
|Facial reconstruction surgery due to major trauma||Parotidectomy for Malignant Tumour||Replacement of tricuspid valve|
|Major Repair of Multiple Ruptures in Abdominal cavity due to trauma||Radical Excision of Malignant Bone Tumour||Clipping of Aneurysm/Arterio- Venous Malformation in Brain|
|Operation for Compound Fracture with Dural Penetration||Orchidectomy for Malignant Testis Tumour||Excision of pineal gland|
|Total prosthetic replacement of hip joint due to trauma||Wide Excision and Major Reconstruction of Malignant Mouth Tumor||Graft to cranial nerve|
|Total prosthetic replacement of knee joint due to trauma||Excision of pericardium||Intracranial transection of Cranial nerve|
|Traumatic Amputation of lower limb- Above Knee level||Replacement of aortic valve||Operations on Surbaracahnoid space of brain|
|Osteopathic Craniotomy/Extensive Craniotomy for Intracranial Haemorrhage||Permanent Artificial opening into stomach||Bypass for Portal Hypertension|
|Open operations on varices of oesophagus||Partial Lobectomy/Segmental Resection for various liver lesions (other than tumours)||Open surgery for partial resection of colon for malignant tumour|
|Nephrectomy due to medical advice (not as a transplant donor)||Open Lobectomy of Lung||Partial Extirpation of Bronchus|
|Partial or Total Pharyngectomy||Pleurectomy or Pleural decortication||Excision of acquired Cholesteatoma|
Grade C – 75 per cent of the current sum assured is paid on undergoing any of the surgeries listed below, for the first time in the life time of the life assured.
|Abdomino-Perineal Resection for Malignant Anal Tumour||Carotid Endarterectomy||Open surgery for complete resection of colon for malignant tumour|
|Decompression/Removal via Craniotomy for Intra and extra cerebral Malignant Brain Tumour||Coronary Artery Bypass Graft for Coronary Disease||Total excision of stomach|
|Glossectomy with Radical Neck Dissection for Malignant Tongue Tumour||Excision and Insertion of Graft for Aortic Aneurysm||Total Cystectomy for Malignant Bladder Tumour|
|Laryngectomy with Radical Neck Dissection/Block Dissection for Malignant Tumour||Replacement of more than one cardiac valve under single anesthesia||Total excision of oesophagus (other than tumours)|
|Surgery for Malignant Liver tumour||Excision of stomach and oesophagus (other than tumours)||Total Pharyngectomy for Malignant Tumour|
|Total Esophagectomy for Malignant Tumour||Partial Gastrectomy (other than tumours)||Partial Pancreatectomy|
|Total Pelvic Exenteration for Malignant Conditions|
Grade D – 100 per cent of the current sum assured is paid on undergoing the any of the surgeries listed below, for the first time in the life time of the life assured.
|Pancreatico-Duodenectomy for Malignant Tumour||Combined Heart-Lung Transplant||Isolated Heart Transplant|
|Pulmonary Artery Embolectomy using Cardiopulmonary Bypass||Triple Bypass for Malignant Pancreatic Tumour||Renal Transplant as recipient for Complete Renal Failure|
|Pneumonectomy or Pleuropneumonectomy - total lung of one side||Total Laryngectomy||Transplantation of Lungs|
|Bone Marrow Transplant|
The benefit under HDFC SurgiCare Plan is defined as a percentage of the current sum assured. A percentage of the sum assured depending on the Grade of surgery is paid. Grade Percentage of Current Sum Assured payable
Payout % of Annual Sum
Please click to view the grade for the various surgeries covered under the plan.
HDFC SurgiCare Plan is a single life plan. Only one person can be covered under one policy. In case the whole family is to be covered then individual policies can be proposed for each insurable member of the family.
The following cover options are available under the HDFC SurgiCare Plan
Option A – Surgical benefit along with Hospital Cash benefit
Option B – Only Surgical benefit
HDFC SurgiCare Plan is a pure protection product which does not have any benefit on expiry of the policy term. No benefit is payable on expiry of the policy term under the plan.
Yes alterations to the policy term and premium are allowed after the completion of the first three years of the policy. The alterations are allowed subject to minimum premium and term conditions which are mentioned in the plan brochure. The company may not allow any alterations in case any claim has been made under the policy which please note.
Premium paid under the HDFC SurgiCare Plan is allowed as a deduction from gross taxable income under section 80D, of Income Tax Act 1961. This benefit is available only of the payment is made from taxable income and in a mode other than cash. This is as per the current tax laws. Please note that the tax provisions may change from time to time.
The maximum deduction that can be claimed currently is Rs 30000 (inclusive of Rs 15000 for insurance on the life of parent/parents)
HDFC SurgiCare Plan has the following unique benefits
The surgical benefit paid under the HDFC SurgiCare Plan is not linked to actual cost of the surgery. A lump sum benefit is paid on undergoing a listed for the first time in the lifetime of the life assured. The life assured can opt for a sum assured ranging from Rs 1 lakh to Rs 5 lakh as per your income and financial needs. While deciding the amount of cover, please ensure that you provide for direct and indirect costs associated with a major surgery. The hidden costs of major surgeries can be substantially high and need to be covered by a surgical benefit cover. Please request your financial consulant to evaluate your need and suggest an appropriate cover amount.
Please note that the surgical benefit under HDFC SurgiCare Plan is payable over and above any claim received under any other medical insurance plan. Cover available under exisiting insurance should also be taken into account while deciding the cover to be proposed under HDFC SurgiCare Plan.
HDFC SurgiCare Plan covers the risk of major surgeries and hospitalisation as defined in the policy document. There is no death benefit under the plan and hence no benefit is paid in death of the life assured. In case there is any claim for surgery and/or hospitalisation which is outstanding at the time of death the claim will be paid to the nominee under the policy.
Yes there is a waiting period of 90 days from the date of commencement and the date of revival. No claims will be considered during this waiting period which please note.
Hospital Cash benefit is paid for any hospitalisation exceeding 48 hours. Surgery is not a precondition for payment of this benefit. Hospital Cash benefit can be claimed for hospitalisation exceeding 48 hours even when surgery is not performed during such hospital stay.
Cashless facility is a facility wherein the life assured can undergo surgery and/or hospitalisation without payment of cash to the hospital. When the life assured undergoes treatment at a network hospital he can choose to avail of the cashless facility provided the surgery/hospitalisation is covered under the HDFC SurgiCare Plan. To avail of the facility the life assured/hospital will have to make a preauthorization request to the TPA.
|Income Tax Section||Gross Annual Salary||How Much Tax Can You Save?||HDFC Standard Life Plans|
|Sec. 80C||Across all income slabs||Upto Rs. 30,900/- saved on investment of Rs. 1,00,000/-||All our Life Insurance Plans|
|Sec. 80CCC||Across all income slabs||Upto Rs. 30,900/- saved on Investment of Rs.1,00,000/-||All our Pension Plans|
|Sec. 80 D*||Across all income slabs||Upto Rs. 9,270/- saved on investment of Rs. 30,000/-
(Inclusive of Rs.15,000/- towards health insurance of parents)
|Upto Rs. 10,815/- saved on investment of Rs.35,000/-
(Inclusive of Rs. 20,000/- towards health insurance of parents who are senior citizens)
|Sec. 10 (10)D||Under Sec. 10(10D), the benefits received by you are completely tax-free|
HDFC Standard Life believes that establishing a strong and ethical foundation is an essential prerequisite for long-term sustainable growth. To ensure this, we have concentrated our focus on expansion of branch network, organising an efficient and well trained sales force, and setting up appropriate systems and processes with optimum use of technology. As all these areas form the basic infrastructure for establishing the highest possible customer service standards.
Our core values are drilled down to all levels of employees, as these are inviolable. We continue to promote high integrity in business practices and shun short cuts and unethical practices, as we wish to be perceived as an institution with high moral standing. Since our inception in 2000, when the Indian insurance space was opened for private participation, we have consistently focused on setting benchmarks in all aspect on insurance business. Being the first private player to be registered with the IRDA and the first to issue a policy on December 12, 2000, our differentiators are:
HDFC Standard Life is a strong, financially secure business supported by two strong and secure promoters – HDFC Limited and Standard Life. HDFC Limited excellent brand strength emerges from its unrelenting focus on corporate governance, high standards of ethics and clarity of vision. Standard Life is a strong, financially secure business and a market leader in the UK Life & Pensions sector.
Our brand has managed to set a new standard in the Indian life insurance communication space. We were the first private life insurer to break the ice using the idea of self-respect instead of ‘death’ to convey our brand proposition (Sar Utha Ke Jiyo). Today, we are one of the few brands that customers recognize, like and prefer to do business. Moreover, our brand thought, Sar Utha Ke Jiyo, is the most recalled campaign in its category.
We follow a conservative investment management philosophy to ensure that our customer’s money is looked after well. The investment policies and actions are regularly monitored by a formal Investment Committee comprising non-executive directors and the Principal Officer & Executive Director.
As a life insurance company, we understand that customers have invested their savings with us for the long term, with specific objectives in mind. Thus, our investment focus is based on the primary objective of protecting and generating good, consistent, and stable investment returns to match the investor’s long-term objective and return expectations, irrespective of the market condition.
Despite the criticality of life insurance, sales in the industry have been characterized by over reliance on tax benefits and limited advice-based selling. Our eight-step structured sales process ‘Disha’ however, helps customers understand their latent needs at the first instance itself without focusing on product features or tax benefits. Need-based selling process, 'Disha', the first of its kinds in the industry, looks at the whole financial picture. Customers see a plan not piecemeal product selling.
HDFC Standard Life has fully implemented a risk control framework to ensure that all types of risks (not just financial) are identified and measured. These are regularly reported to the board and this ensures that the company management and board members are fully aware of any risks and the actions taken to ensure they are mitigated
Training is an integral part of our business strategy. Almost all employees have undergone training to enhance their technical skills or the softer behavioural skills to be able to deliver the service standards that our company has set for itself. Besides the mandatory training that Financial Consultants have to undergo prior to being licensed, we have developed and implemented various training modules covering various aspects including product knowledge, selling skills, objection handling skills and so on.
HDFC Standard Life do not focus in the business of ramping up the topline only, but to create long-term value for policyholders, shareholders, and partners. Today, we are extremely satisfied with the base that we have created for the long-term success of this company.
We are one of the few companies whose product details, pricing, clauses are clearly communicated to help customers take the right decision.
We have initiated and implemented many new processes, some of which were found useful by the IRDA and later made mandatory for the entire industry.The agents who successfully completed this training only, were authorized by the company to sell ULIPs. This has now been made compulsory by IRDA for all insurance companies under the new Unit Linked Guidelines.
HDFC Standard Life’s wide and diversified product portfolio help individuals meet their various needs, be it:
TPA or the THIRD PARTY ADMINISTRATOR is a company licensed by IRDA (Insurance Regulatory and Development Authority) to offer health claim related services for the benefit of both the insured and the insurer. While the insured is benefited by quicker & better service, insurers are benefited by reduction in their administrative costs, fraudulent claims and control on claims.
In brief, the job of the TPA is to maintain databases of policyholders and issue them health identity cards with unique identification numbers and handle all claim related issues including claim settlements. In terms of infrastructure, the TPA will provide a 24-hour toll-free number, which can be accessed from anywhere in the country. TPA will have full-time medical practitioners under their employment who will immediately take a decision on whether the ailment is covered under the policy or not on receipt of a cashless preauthorization request.
The scope of services will include: