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How much life insurance do you need

How Much Life Insurance

Do You Need?

How much life insurance do you need

With so many considerations, let us help you to make easy decisions for your life insurance needs.

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Not sure which insurance to buy?

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Advisor right away

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We help you to choose best insurance plan based on your needs

HDFC Life Sanchay Par Advantage

Savings Plan

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A customized savings plan to match your expenses and financial needs.

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Why buy term insurance online Why buy term insurance online


HDFC Life is one of India's leading life insurance company offering a range of individual and group insurance solutions that meet your various needs such as Protection, Pension, Savings & Investment, Health and more.

3.Superbrand 2022-23 3.Superbrand 2022-23

Superbrand 2022-23

Sum Assured

11 lakh crore

New Business

HDFC Life Branches


Across in India

Assets under management

2,38,782 Crs

In FY 22-23

Number of Lives Insured

6.8 crore

In FY 22-23

# As per HDFC Life Integrated Annual Report FY 2022 - 2023

See Product Card to the right
See Product Card to the left

Claim Track Record

for FY 2022-2023

image 98.66% individual claims

We have honoured 99.39% Individual Claims!*

At HDFC Life, we ensure a hassle-free and uniquely sensitive claim experience. We are always doing our utmost to enable faster settlement of claims, with our Claim Settlement Ratio reflecting this assurance. 

Same Day Claims Processing image

Same Day Claims Processing

Claims processed within 24 business hours for all claims over 3 years from date of inception**

*Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2022-23.

Check last 5 years claims trend.

**Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved.

Know More

What is life insurance? 

Life insurance is a contract signed between a person and an insurance company. In exchange for premium paid at regular intervals, the insurance company promises to pay a lump sum known as a death benefit to the beneficiaries of the policyholder after the death of the policyholder. The intention of the life insurance is to provide a financial benefit to the dependents of the person buying the life insurance, to guard them against financial pitfalls in the event of the premature death of the insured person.


The death benefit that accrues to the beneficiaries upon the death of the insured person replaces the income that was earned regularly by the policyholder. This amount can be used by the dependents to pay off debts, meet living expenses and fund education and other long-term goals.
You can buy different types of life insurance plans, including term insurance, endowment plans, savings planretirement insurance plans and Unit Linked Insurance Plans (ULIPs). You can buy life insurance online as well, in simple steps. Buying life insurance plans online is a simple way to make sure your loved ones will continue to be financially secure in your absence. You can also calculate the return on your investment in a life insurance by using the investment calculator and entering few simple details to generate the desired returns. If you wish to assess your retirement corpus you can use the retirement calculator to evaluate the same. Your pension needs can be evaluated by using the pension calculator.  


Buying life insurance does not just help provide financial support in the event of the insured person's untimely death, but it can also be a sound long term investment by helping you meet your life goals such as children's education, your retirement corpus or buying a second home.

Life Insurance - FAQ's

1 What are the benefits of life insurance?

The biggest benefit of life insurance is that no matter your income level, life insurance ensures that your loved ones can make ends meet if you were to pass away.

Buying a life insurance policy at any stage in life gives you peace of mind. It offers a life cover that keeps you and your family protected in case of your unfortunate demise. The life insurance claim in the event of your death will help your family have a secure financial future, by paying for children's education, paying off debts and helping towards household expenses. The money you invest in life insurance is safe, and your family stands to gain from the benefits of insurance payouts in case of unforeseen circumstances.

Life insurance premiums are eligible for rebate for salaried persons to reduce their tax liability. Life insurance also gives you the benefit of taking a loan against the policy in certain cases. A life insurance policy will help you to plan your life goals, including your children's education, their marriages and your retirement corpus.

The riders available with your life insurance policy help you customise your plan and get maximum benefit.

There are different types of life insurance which help you reap the benefits of a secure future for yourself and your family.

2 Who needs life insurance the most?

Anyone who has dependents to support and is an income earner for the household needs Life Insurance. Your loved ones who depend on your income would be negatively impacted by your untimely passing and the subsequent loss of income. A life insurance policy makes sure their financial future is protected through the payouts by the insurer in case of the insured person's death.

If you own a business, it helps to have life cover so that the business is not negatively impacted by your passing. It can help to sustain it by covering expenses and paying debts till your successor finds their feet in the business.

If you have taken loans during your lifetime, having a life cover will help your family to pay off your debts with the help of the payouts received against the insurance claim.

3 What are the types of life insurance plans?

In India, we have a variety of insurance plans to suit every need.

The simplest plans are Term insurance plans, in which there is a death benefit but no maturity benefits. In Term Insurance, the insurer promises to pay the beneficiaries a lump sum amount in the event of the insured person's death. Some Term insurance plans nowadays also offer to give back the premiums you pay on surviving the policy period; these are called Term insurance with return of premium plans.

Other life insurance plans in India include Endowment Insurance plans, Unit Linked Insurance Plans (ULIPs), Moneyback Insurance plans, Whole life insurance plans, Group life insurance, Child Insurance Plans and Retirement Insurance Plans.

4 Factors that affect life insurance premium

The main factor influencing the life insurance premiums of a policyholder is their age. Younger persons are generally considered healthy and unlikely to contract illnesses or pass away suddenly; hence younger people attract lower insurance premiums.

Gender is another factor that determines the premium amount as proven scientific and statistical evidence points to women likely to live an average of 5 years more than men. Consequently, since women are perceived to avail of policies for a longer tenure, they can avail of lower premiums.

Medical records play a crucial factor in deciding the premium as well, since life insurance policies typically come with an underwriting process that includes a thorough medical exam of the policyholder. Any red flags concerning physical health and potential illnesses can have an impact on the amount of premium to be paid.

Family history is important as certain hereditary diseases could be passed on to the policyholder. The family's medical history plays a part in revealing these patterns and can influence the amount of premium.

Smoking and drinking, which are considered harmful to health and can impact your longevity, also influence the amount of premium to be paid. Professions and lifestyles can also impact the life insurance premium. Persons working in professions considered dangerous like mining, oil and gas and fisheries, and indulging in risk taking activities like mountaineering can attract higher premiums.

5 How do I file a life insurance claim?

Life insurance claims can be made either on death of the policyholder, on maturity of the policy or as a Rider claim. In case of death claim, the beneficiary who is the nominee of the policy should intimate about the claim to the insurer at the earliest by filling the intimation form which can be obtained from the nearest branch of the insurance company or can be downloaded from the website of the insurance company. Relevant documents like death certificate of the insured person, birth certificate of the insured person (for proof of age), the original policy document, and any other documents requested by the insurer should be provided.

The insurer is obliged to settle claims, once filed, within 30 days of receipt of all documents. In case further investigation is needed, the insurer gets six months to complete its procedures from the date of receiving written intimation of the claim.

If you are making a maturity claim, the insurer reaches out to the policyholder in advance with a bank discharge form, which the policy holder has to fill in and submit to the insurer along with the relevant documents requested.

In the case of rider claims, which are additional benefits accruing to policy holders for paying extra premium, duly filled claim forms and policy copies are to be submitted to the insurer. Different riders like Waiver of Premium and Critical Illness are settled through different means.

6 What types of death are not covered by life insurance?

While deaths due to accidents are covered by life insurance, there are certain exceptions. Accidental death if the insured is involved in any criminal activity or if death occurs due to intoxication or drugs are not covered by term life insurance plans. Accidental deaths while the insured was engaged in adventure sports like sky diving and bungee jumping are also not covered by such plans.

Death benefits for suicide are generally made at the discretion of insurance companies. Usually, beneficiaries are entitled to 80 per cent of amount accumulated from premiums paid in case of a non-linked plan, and 100 per cent in the case of a linked plan, if the insured dies by suicide within the initial 12 months.

Term insurance plans do not cover death occurring from self-inflicted injuries, or due to illnesses like sexually transmitted diseases like HIV/AIDS.

Death due to alcohol or drug abuse is also not covered by term plans, nor is homicide where the policy holder is murdered by the nominee for money. Death due to an existing illness that has not been disclosed at the time of purchasing the plan is also not covered by term life insurance plans. Death caused by natural disasters like tsunami, earthquake, floods etc is not covered by term insurance, unless the policy holder has opted for riders for that purpose.

Learn more about Life Insurance Products

1 What are the 3 benefits of term insurance?

The premiums are reasonable, your family will be financially secure in the event of your death and you may even add coverage for critical illnesses and accidental deaths.

2 Is it good to have a term insurance plan?

It is possible for a family to achieve their financial goals as well as meet their day-to-day expenses by purchasing a term insurance policy. The dependants of the insured do not suffer financially if a term insurance is in place.

3 Is accidental death covered in term insurance?

Accidental death is covered by a term insurance policy. The sum assured on a term insurance policy will pay out no matter what the cause of death is, whether it is a result of a health issue or an accident.

4 What happens at the end of a term life policy?

When term life insurance policy plans expire, the policyholder does not have to take any action. A policyholder will be notified that the policy is no longer in effect; no premiums are payable, and no death benefits would be paid out.

5 What are the Death Benefits under Term life Insurance?

Death Benefits are paid to your dependents in a lump sum payment if you die unexpectedly. But few term insurance policies do provide a monthly income along with a lump sum amount to assist with regular expenses.

6 What is Term Insurance Premium?

This is the sum of money you pay the insurance company in exchange for financial security. A monthly, semi-annual, or annual premium payment can be made.

  • Savings
  • ULIP
  • Retirement
  • Child

1 What is a savings insurance plan?

A savings insurance plan is a type of insurance policy that allows you to invest for a financially secure future. These plans help you develop a disciplined habit of saving and aid to achieve your future goals. Crucially, they offer life coverage for the policyholder, securing the family’s financial future.

2 Why should you invest in a savings insurance plan?

If you are risk-averse but want to build a corpus for your future financial goals, a savings insurance plan like the HDFC Life Guaranteed Income Insurance Plan8 could be ideal. These policies offer life coverage, protecting your loved ones and providing them with financial support at a difficult time. Additionally, it helps you develop a disciplined saving scheme and builds up funds for your future.

3 What are the benefits of a savings insurance plan?

When you purchase a savings insurance policy like HDFC Life Sanchay Par Advantage9, you benefit from financial stability as it provides guaranteed returns to help you meet future expenses. The plan also offers life coverage for the policyholder, providing your loved ones with a financial safety net if anything happens to you. These plans are also eligible for tax savings under the Income Tax Act of 1961#.

4 What are the tax benefits of a savings insurance plan?

Savings insurance plans offer tax benefits under Section 80C# and Section 10(10D)# of the Income Tax Act. The premium amount is eligible for a deduction of up to Rs. 1, 50,000 per year from your taxable income under Section 80C#. Your premium should be less than 10% of the sum assured to be eligible for the tax benefit. Under Section 10(10D), the maturity and insurance benefits payable when the policy ends are tax-free.

5 Should I pick a long-term or short-term savings investment plan?

The savings investment plan term you select should depend on your goal. If you’re saving up for a short-term goal, such as a holiday abroad or home renovations, you can opt for a short-term plan. However, if you’re saving up to send your child to college, purchase a home, or for retirement, you should opt for a long-term plan.

6 Why choose a savings plan from HDFC Life?

HDFC Life offers steady returns and a competitive individual death claim settlement ratio, providing financial security to you and your loved ones. We offer multiple plans and customisable options, enabling you to find the ideal savings plan for your financial needs.

1 Is ULIP tax-free?

Section 80C provides an income-tax deduction for ULIPs, and Section 10(10D) of the Income Tax Act exempts returns from income tax upon maturity. This policy offers a dual benefit.

2 How much return does ULIP give?

Investing in ULIP can generate high returns if you stay invested for 10 years or more.

3 Who should invest in ULIP?

ULIPs are best suited for people who have a long-term financial plan that includes both wealth creation and insurance.

4 What are the common features of ULIPs?

ULIPs share four common features:

  • Option for Partial Withdrawal

  • Option for switching funds

  • Lock-in period required

  • An alternative long-term investment

5 What are the different types of ULIPs?



Type of Returns

Bond funds


Low to medium

Equity funds



Cash funds






6 How is ULIP different from traditional plans?

ULIPs have a minimum lock-in period of three to five years, whereas traditional insurance plans are locked in until maturity. In addition, when you only want to insure, you must choose a traditional insurance plan. However, with a ULIP, you can get insurance while also increasing your capital.


1 Why is a retirement plan important?

Retirement planning not only ensures an additional source of income, but also assists in dealing with medical emergencies, fulfilling life goals, and becoming financially independent.

2 When should I buy a retirement plan?

The answer is simple: as soon as possible. Your twenties are a good time to start saving when you complete your education, start working and earn a pay check. This gives your money more time to grow. 

3 What is annuity?

An annuity is a contract you enter into with an insurance company in which you pay a lump sum or series of payments in exchange for regular payments. The goal is to have a constant source of income, typically during retirement.

4 What are the types of Pension Plans?

Pension plans can be classified into three types: Defined contribution pensions, Defined benefit pensions, or State pensions.

5 How is a Pension Plan different from a Term Plan?

Life insurance that provides financial security to your family in your absence is termed term insurance. A pension plan, on the other hand, can replace lost income after 60 or if you retire early.

6 What are the tax benefits of Pension Plans?

The Income Tax Act, Section 80CCC#, encourages people to invest in pension plans. Pension investments can then be deducted from gross income, and saving taxes.

1 How much life insurance do you need for a child?

A good life insurance policy should enable parents to build a solid financial corpus that will help secure their child's financial future, such as their child's education, marriage, goals, and so on, in instalments or all at once, as needed.

2 What is the minimum age for life insurance?

The age range for policyholders to purchase term insurance is 18 to 65. Life cover up to age 99 is also available for those 65 and older. 

3 Is it good to invest in a child plan?

It is good to invest in a child plan as it helps you to meet your children’s goals of higher education by building up a corpus over the years. A plan that matures after a certain period helps children meet their life goals without any worries. A child plan also serves as a blanket that provides financial protection to children in the event of the parent’s death. 

4 What are the types of child plans?

A child plan is a customised investment and insurance option designed to meet a child's financial needs. A child plan has two components: insurance to provide financial protection for the child in the event of the parent's death and investment to meet financial milestones by investing in various instruments.

5 Why is beneficiary or nominee important in a child plan?

If a policyholder dies while the policy is in effect, the nominee will be entitled to death benefits. These death benefits can be used to cover the expenses of the child or nominee in the absence of the parent.

6 How can a child insurance policy secure your kid’s future?

A child insurance plan not only protects your child's dreams but also provides you with the financial assistance you need to help them achieve their goals. It's a way to save money for your children's future education costs without having to financially burden yourself.

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1. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
2. This option can be exercised in any policy year greater than 30, but not during the last 5 policy years. This feature is not available if Life Goal or Return of Premium option is selected.
3. Sum Assured on Death, up to a maximum of Rs. 2 Cr. will be accelerated in case of diagnosis of terminal illness during the policy term. This feature is available till age 80 for Life and Life Plus option.
4. Guaranteed Benefit is paid on survival during policy term provided all due premiums are paid during the premium payment term.
5. Sum Assured multiple upto 100X depending on your age, premium, payment and policy term.
6. This is applicable for first year premium only
7. Available under Level Cover with Capital Guarantee and Decreasing Cover with Capital Guarantee plan options.
8. HDFC Life Guaranteed Income Insurance Plan UIN: 101N146V04. A Non-Linked, Non-Participating Individual Life Insurance Savings Plan.
9. HDFC Life Sanchay Par Advantage (UIN: 101N136V03), A Non-Linked Participating, Life Insurance Plan coverage is available in this product.

Provided all due premiums have been paid and the policy is in force.

This option is available for entry ages 50 to 60 years.

#Tax benefits are subject to conditions under Section 10 and other provisions of the Income Tax Act, 1961. Tax Laws are subject to change from time to time.

 #. The customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law. 

^~. Total Premiums Paid are the total of all the premiums received, excluding any extra premium, any rider premium and taxes. In case ROP option has been selected, Total Premiums Paid includes premium paid for base plan option and the additional premium paid for ROP option. This benefit is available under Life and Life Plus option only.

*. For more details on other plans, please visit product category page on the website:- www.hdfclife.com

ARN: ED/04/23/1785