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Insurance Types, Portability & Its Benefits
Life insurance is an essential product that protects your family in the event of a tragedy. However, many people tend to go without it. The majority of Indians do not possess life insurance, which is very necessary to protect your loved ones to fight inflation and rising costs when you may not be around. A reason for not opting for insurance is possibly because a lot of people don’t realise the benefits it can offer. In the current financial climate of inflation and uncertainty, insurance plans can bridge the gap between circumstances that are beyond human control and financial security. The only way to combat inflation and secure your financial future is to plan for it with an insurance product.
1 Crore Term Insurance @Rs.19/day***
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
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Return of Premium (ROP) Option^
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17% Online Discount**
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Same Day Claim Processing#
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100% Claims guaranteed15
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0% GST on Premiums#^#
Please wait while we are calculating term insurance premium for 1 crore
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Introduction to Insurance and its Importance
Table of Content
Apart from this, most Indians think that insurance is too costly. What people do not realise when they put off buying insurance plans for long periods, is the fact that premiums only rise as your age does. Furthermore, the more costs rise in the economy, the more you put yourself at risk without a plan to see you through the ever-increasing reality of inflation. Hence, the earlier you get insurance, the better. In addition to providing financial protection, life insurance plans now come with options to save and even grow wealth. Finally, while you allocate your wealth to an insurance plan, you enjoy certain tax benefits too.
Types of Insurance
Buying life insurance is essential in India, and you can go in for plans that meet your individual financial requirements and goals. Selecting life insurance is a very personal decision and you should check out the different kinds of plans that companies offer. Some common kinds are mentioned below:
Term Life Insurance
The most basic plan, term insurance is affordable and simple to understand. A term insurance plan offers life cover to a policyholder for a particular tenure. In the event a policyholder’s death occurs within the term of the policy, the nominee mentioned on the policy receives a death benefit pay-out, which is then handed over to beneficiaries or heirs. With such insurance, premiums are low and cover is high. HDFC Life Click 2 Protect Super is one such term plan which provides varying cover along with comprehensive protection as per your evolving needs.
Unit-Linked Insurance Plans (ULIPs)
Such plans blend life insurance and investment, and help you to grow your capital while offering you life cover. Part of the premium you pay towards a ULIP goes into your insurance cover, while a portion is invested in various funds such as equity, debt or hybrid funds. Investing is flexible as per your unique appetite for risk and need for financial returns.
Endowment Plans
An endowment plan covers your life and helps you save your money. A part of the premium is allocated to investment, while the rest goes toward life coverage. If the policyholder outlives the policy term, a maturity benefit is given to the life assured. Endowment plans are popular as they offer periodic benefits and bonuses. This is a great long-term saving and wealth-accumulation option.
Portability and Other Benefits
Portability is a benefit that you get with health insurance plans, and is not offered by life insurance plans. Portability means that you can port a plan from one insurance provider to another. In the case of a life insurance plan, you may wish to change your provider, but you will have to surrender your current plan. You may also have to pay a charge for surrendering your policy. However, when you choose a life insurance plan, you should do your research well beforehand and pick a plan that suits you. Plans offer many benefits in terms of tax benefits, bonuses and maturity pay-outs, and with plans that invest in market-related instruments, you may get dividends too.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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Here's all you should know about life insurance.
We help you to make informed insurance decisions for a life time.
HDFC Life
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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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@As per integrated annual report FY24-25, available on www.hdfclife.com. As of May 2025
#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
^ Available under Life & Life Plus plan options
***Online Premium for Life Option for HDFC Life Click 2 Protect Supreme(UIN:101N183V01), Male Life Assured, Non-Smoker, salaried, 20 years of age, Policy term of 25 years, Regular pay, Monthly frequency, inclusive of 15% online discount (applicable only for 1st year premium) & exclusive of taxes and levies as applicable. (Monthly Premium of 573/30=19).
**If a customer is a Salaried individual and has opted for a cover of INR 2 Cr with Limited pay, then the total discounts applicable shall be: 10% +7% = 17% discount on the first year premiums.
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
*Online Premium for Life Option, Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Monthly frequency, exclusive of taxes and levies as applicable.
#^# Individual Life Insurance Policies issued on or subsequent to 22nd, September 2025, shall be exempt from GST under the provisions of the Goods and Services Tax, 2017.
15. HDFC Life Click 2 Protect Ultimate(UIN: 101N179V01) A Non-Linked, Non-Participating, Individual, Pure Risk Premium/Savings Life Insurance Plan. The policy must be in force on the date of death, with all premiums fully paid, except for the exclusion clauses mentioned in Part F of the policy document.
ARN: ED/11/22/30304
