How to Decide- How Many Term Plans Should an Individual Have

Following is a list of pros of having more than one term insurance plan:
The probability of claim being entertained increases:
While choosing a term insurance plan, the claim settlement ratio of the insurance provider is a very important parameter. The claim settlement ratio is the percentage of an insurance provider's claims handled to its total claims received. Needless to say that higher the claim settlement ratio, higher is the probability of your claim being entertained by the provider. If you have taken out more than one term insurance plan from different insurance providers, the probability of your claim being entertained by one provider even if it is rejected by the other one, increases.Enhanced scope of coverage:
Having more than one term insurance allows you to have a significant degree of coverage by way of having an extended purview of insurance benefits. This is because the policy holder gets to nominate different persons against the coverage offered by each policy.Sum assured from more than one policy:
Having more than one term insurance plan allows you to obtain a guaranteed payout from more than one source. This essentially means that you can have an assured death benefit fund reserve for your nominee(s) from two different sources.
HDFC Life offers various term insurance plans that are aimed at securing your financial future and at ensuring that your loved ones continue to have a reserved financial corpus in place. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.
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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.
*Tax benefits are subject to conditions under Sections 10(10D) and other provisions of the Income Tax Act, 1961.
*Online Premium for Life Option, Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of Rs1047/30=34.9)
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**7% online discount available on 1st year premium only
^ Available under Life & Life Plus plan options
#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
@As per integrated annual report FY24-25, available on www.hdfclife.com. As of May 2025
ARN - ED/12/19/17049