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HDFC Life Easy Health Plan – Critical Illness Health Plan for Family

November 19, 2018
Health insurance is one of the most important requirements in today's life mechanism. Not only does it secure you financially in these times when healthcare costs are booming, but it also ensures that your loved ones are covered under the protection benefits. Health insurance is no longer just considered to be your personal duty but the legal duty of your employer as well. Consequently, corporate insurance offers group protection for the employees, apart from the individual insurance plans that each employee can buy in her/his own capacity. While choosing to buy a specific healthcare insurance plan, it is important to be aware of the key differences in corporate health plans and individual plans so that you can be a better judge of the benefits offered by both. Although corporate and individual plans offer similar coverage, there are certain differences. The important differences are listed below:
  1. Cost: Because of their very nature, group insurance plans cost less than the individual ones. It is similar to buying a product in bulk (which reduces the cost of the product). Corporate plans come at no cost or a nominal cost to the employees. The employees do not have to pay anything for the plan and have to pay some amount only if seeking additional benefits that do not come with the corporate plan. On the other hand, individual plans come at a pre-decided cost and have to be purchased in the individual capacity by a person.
  2. Premium deduction: The mode of paying the premiums is different for corporate and individual plans. In corporate plans, the premium is deducted from a person's salary while in individual plans, the person has to pay the premium separately.
  3. Control: The level of individual control is almost non-existent in a corporate plan. In a corporate plan, there are other beneficiaries and your personal control or decisions like discontinuation, plan change etc. play no role. On the other hand, in individual plans, you, as the policy holder can exert control and make decisions as per your personal needs and requirements.
  4. Convenience: A corporate plan is a lot easier to be obtained in comparison to an individual plan. Sometimes, due to any reason, a person's insurance application may be rejected (when she/he applies for individual insurance). Moreover, the limited underwriting in a plan, in which a person's medical history is closely examined is a big factor in individual plans and decides the eligibility of a person for a specific healthcare plan. However, in corporate insurance plans, any employee of a company is eligible for insurance and thus, the convenience of buying the plan is higher.
  5. Plan applicability: Individual insurance plans are applicable at all times and can be bought at any time. However, group insurance plans offer coverage only until the duration of a person's employment with that particular company. Once the employment is over, there is a choice of converting the corporate plan to an individual one. However, you must avail of this feature after comparing properly with a new individual plan, as the premium rates after conversion may be higher than those offered in a new plan.

HDFC Life offers health insurance plans for your financial benefits and securing the monetary base of your loved ones. For details, click on the mentioned link: https://www.hdfclife.com/health-insurance-plans.

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HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.

Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.

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