Contact Us
For NRI Customers
(To Buy a Policy)
(If you're our existing customer)
For Online Policy Purchase
(New and Ongoing Applications)
Branch Locator
For Existing Customers
(Issued Policy)
Fund Performance Check
Login
Customers
Employees
Partner
5 Ways to Lower Term Insurance Premiums
The cost of medical care and health insurance in India has been steadily increasing for years, and now, with the COVID-19 pandemic, it has reached an all time high. ...Read More
1 Crore Term Insurance@ Rs.21/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.
-
Return of Premium (ROP) Option^
-
17% Online Discount**
-
Same Day Claim Processing#
-
100% Claims guaranteed15
:1800-266-9777
5 ways you can lower the premiums on your term plans
Table of Content
Benefits of Term Insurance
term life insurance plan offer key benefits for those that opt for the policy:
Death Benefit Lump Sum:
A lump sum amount is paid to the beneficiaries in case of the death of the policyholder during the term granted. This allows the beneficiaries to keep up their lifestyle and fulfill their daily needs which is especially important in the event that the policyholder is a primary breadwinner in the family.
Wide Coverage:
The policy in question can account for sudden death, death due to accident, or death due to illness or disability. This is a wide coverage and will leave less room to worry.
Tax Benefits:
The premium paid for life insurance policies is-exempt from tax up to a lakh and a half rupees in a given Financial Year under section 80 C of the Income Tax Act of India (1961).
How to reduce your premiums?
Any insurance plan that one opts for should be seen as an investment, especially with the monthly or annual premium payments. However, it is possible to further reduce the premium payments with a few simple steps:
Be proactive:
the earlier you invest in term insurance, the more advantages you can reap from the plan. Age plays an important role in term insurance, therefore a person in their 20s and a person in their 30s could opt for the same plan, yet the latter would be requird to have a higher premium to be paid in comparison. Hence, the 20 year old can get the same policy and afford it for a longer period of time in comparison to a 30 year old.
Yearly payments:
Instead of opting for monthly or biannual payments, one should choose to pay annually. This option may actually help save money. While the payments made in quicker succession are easier on the pocket due to the smaller sum, these premium payments can add up and can actually prove to be a larger sum than if one were to make a yearly premium payment. It may be a larger sum, but it could be more helpful in the long run.
Term of the policy:
The period one opts to keep the policy active for, can impact the payments made for the same. Therefore, policy term is a key factor in saving money via premiums.
Take care of yourself:
If you are prone to illness or have taken up any habits that could affect your health in the long run such as smoking or drinking. Or you live a high-stress life, you need to look out for your own health to stay at arms length from any disease or disability you could be susceptible to. Additionally, any of these habits or conditions could increase your risk quotient which would push the insurer to increase the premium that needs to be paid. The healthier you are, the lower the premium.
Opt for online:
The internet has become a saviour since the onset of the COVID-19 pandemic, allowing the world to adapt to a new lifestyle altogether. With mulitple chatbots available for HDFC Life, accessibility is not an issue. Opting for HDFC Life Click2Protect Life is a great way to get started. This way, you stay safe at home while all the information is a click away.
HDFC Life Click 2 Protect Life (UIN No.: 101N139V01) is a Non Linked, Non Participating, Individual, Pure Risk Premium/Savings Life Insurance Plan. Life Insurance Coverage is available in this product.
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.
Written By:
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
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.
Popular Searches
- Term Insurance Calculator
- Investment Plans
- Investment Calculator
- Investment for Beginners
- Best Short Term Investments
- Best Long Term Investments
- 5 year Investment Plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- income tax calculator
- bmi calculator
- compound interest calculator
- income tax slab
- Income Tax Return
- what is term insurance
- Ulip vs SIP
- tax planning for salaried employees
- HRA Calculator
- Annuity From NPS
- Retirement Calculator
- Pension Calculator
- nps vs ppf
- short term investment plans
- safest investment options
- one time investment plans
- types of investments
- best investment options
- best investment options in India
- Term Insurance for Housewife
- Money Back Policy
- 1 Crore Term Insurance
- life Insurance policy
- NPS Calculator
- Savings Calculator
- life Insurance
- Gratuity Calculator
- Zero Cost Term Insurance
- critical illness insurance
- itc claim
- deductions under 80C
- section 80d
- Whole Life Insurance
- benefits of term insurance
- types of life insurance
- types of term insurance
- Benefits of Life Insurance
- Endowment Policy
- Term Insurance for NRI
- Term Insurance for Women
- Term Insurance for Self Employed
- Benefits of Health Insurance
- Health Insurance for Senior Citizens
- Health Insurance for NRI
- Best Term Insurance Plan for 1 Crore
- personal accident insurance
- Annuity Calculator
- Life Insurance Calculator
- Term Insurance Comparison
- Digital Life Insurance
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 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 FY23-24, available on www.hdfclife.com. As of May 2024
ARN - ED/03/21/23136
