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How Many Term Plans Should You Have?
For the sake of financial protection of your loved ones and for meeting desired life goals through a sufficient life cover, a term insurance plan is a must-have for you. A traditional term insurance plan offers complete coverage against the unforeseen circumstances of life and helps you retain your savings corpus.
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
:1800-266-9777
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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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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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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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 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).
**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
