Term Plans help you shield your family from uncertainties in life due to financial losses in terms of loss of income that may dawn upon them incase of your untimely demise or critical illness. Securing the future of one's family is one of the most important goals of life. Term Plans go a long way in ensuring your family's financial independence in the event of your unfortunate demise or critical illness. They are all the more important if you are the chief wage earner in your family. No matter how much you have saved or invested over the years, sudden eventualities, such as death or critical illness, always tend to affect your family financially apart from the huge emotional loss.
For instance, consider the example of Amit who is a healthy 25 year old guy with a income of Rs. 1,00,000/- per annum. Let's assume his income increases at a rate of 10% per annum, while the inflation rate is around 4%; this is how his income chart will look like, until he retires at the age of 60 years. At 50 years of age, Amit's real income would have been around Rs. 10,00,000/- per annum. However, in case of Amit's unfortunate demise at an early age of 42 years, the loss of income to his family would be nearly Rs. 5,00,000/- per annum.
However, with a Protection Plan, a mere sum of Rs. 2,280/- annually (exclusive of service tax & educational cess) can help Amit provide a financial cushion of up to Rs. 10,00,000/- for his family over a period of 25 years.
Our range of Term Plans includes
|HDFC Term Assurance Plan|
|HDFC Click 2 Protect|
|HDFC Premium Guarantee Plan|
|HDFC Loan Cover Term Assurance Plan|
|HDFC Home Loan Protection Plan*|
Compensated for the loss of income in the event of your untimely death or critical illness?
Secure your loved ones financial independence, all by few simple clicks. This plan is an insurance policy that is designed to help secure your family's financial needs in case of uncertainties. One can choose the lump sum that would replace the income lost to one's family in the unfortunate event of one's death. The plan offers attractive rates for healthier and non tobacco users.
This plan is an insurance policy that is designed to help secure your family's financial needs in case of uncertainties. The plan does this by providing a lump sum to the family of the life assured in case of death or critical illness (if option is chosen) of the life assured during the term of the contract. One can choose the lump sum that would replace the income lost to one's family in the unfortunate event of one's death. This helps your family to maintain their financial independence, even when you are not around.
Compensated for the home loan repayments which are outstanding in your name, in case of your unfortunate demise?
This plan aims to protect your family from your loan liabilities in case of your unfortunate demise within the policy term. It provides the beneficiary with a lump sum amount, which is a decreasing percentage of the initial Sum Assured and as the outstanding loan decreases as per the loan schedule, the cover under the policy also decreases as per the policy schedule.
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:
|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|
Term Plans aim to provide your family with financial security in case of your unfortunate demise or critical illness. Term Plans, such as HDFC Loan Cover Term Assurance Plan and HDFC Home Loan Protection Plan, secure your family from loss of income or your loan liabilities, in the event of your unfortunate demise.
The HDFC Term Assurance Plan offers additional optional benefits known as riders. These additional benefits can be opted for by paying nominal charges. The optional benefits available with this plan are Critical Illness Benefit, Accidental Death Benefit and Accelerated Sum Assured Benefit. However, you cannot opt for the Critical Illness benefit and Accelerated Sum Assured Benefit at the same time.
Critical Illness Benefit provides you with the Sum Assured in case of diagnosis of any one of the six Critical Illnesses (as mentioned in the policy document). The benefit is paid only if you survive for 30 days after the claim.
All the Term Plans offered by HDFC Standard Life have a single premium payment option.
Yes, there is survival benefits in Premium Guarantee Plan, where you will receive your premium back on maturity. Term Plans are non-participating (without profits) pure risk cover plans without any maturity benefits.
This plan has two major benefits
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