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What is a Life Insurance Policy?


A life insurance policy is a contract between an insurer and the policyholder whereby the insurer promises to pay a predetermined amount against consideration in the form of insurance premiums. The predetermined amount depends upon the policy terms and conditions. The maturity value is paid after the policy matures or the death benefit in the case of any uncertain event.

 

 

 

Why it is important to buy a Life Insurance Policy?


  • A life insurance policy helps you get life cover for yourself and makes sure your immediate family has some financial support in the event of your death.

  • It also helps to finance your children's education and other requirements.

  • A life insurance policy can also help you to save for the future so that you have a continuous source of income after you retire.

  • It can help save your business, pay off debts and ensure that you are ready to meet any unforeseen contingencies in life.

 

 

 

Who can buy a Life Insurance Policy?


Who can buy a Life Insurance Policy?Life Insurance Policy can be brought by any person who wants to secure his family financially if there’s any mishap. It is essential for everyone and even more critical if you are the sole breadwinner. Apart from that, life insurance can also be taken for children to secure their future earning potential.

 

 

 

Important Terms About Life Insurance Plans in India


Some important terms revolving around life insurance policy in India are:

 

  • Sum Assured:

    It is the amount the insurance company will pay the insured person’s nominees in case of the insured’s demise. Suppose a person purchases a life insurance plan of Rs. 2 crores and pays for the life insurance policy. Now, in the case of that person's demise, his nominee will receive the sum of Rs. 2 crores. The sum assured should cover at least 15-20 years of annual income as a general rule.


  • Life Assured:

    It refers to the person for whom the insurance policy is purchased. The policyholder and the life assured need not be the same person. For instance, if you purchase the policy for yourself, you are the policyholder and the life assured. However, if you purchase a policy for your wife and pay the premiums, you will be the policyholder while your wife will be the life assured.


  • Death Benefit:

    It is the sum that the insurance company will pay the policyholder in case of the insured person's demise during the policy term.


  • Maturity Benefit:

    Some insurers pay a certain amount to the policyholder It’s the amount that the person receives if he survives his policy term.


  • Riders:

    These are optional add-ons that can provide additional coverage at the discretion of the insured person.


  • Free Look Period:

    If you have bought a life insurance policy but want to cancel it, you have the option of returning the policy to us stating the reasons thereof, within 15 days from the date of receipt of the policy. The Free-Look period for policies purchased through Distance Marketing (speci­ed below) will be 30 days. On receipt of your letter along with the original policy documents, we shall arrange to refund the premiums paid subject to deduction of the expenses incurred by us on medical examination, if any, and stamp duty. Distance Marketing refers to insurance policies sold through any mode apart from face-to-face interactions such as telephone, internet etc

 

 

 

Benefits of Life Insurance Plans


The death and disability benefits your loved ones can get from your life insurance policy are the biggest benefit of an insurance policy. There are other benefits too. Life insurance policies can be used as loan collateral, and can fetch you tax benefits under section 80 (C)* of the Indian Income Tax Act, Maturity proceeds are also exempt under section 10 (10)(D) of the Indian Income Tax Act, subject to terms and conditions being satisfied. Some life insurance plans can also help take care of your business’ financial liabilities in case of untimely death. Some insurance plans can also help you plan for long term life goals, children’s education and marriage and for unforeseen expenses.
 

*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax law.

 

 

 

Life Insurance Plans are simple to understand!

Tune in to this video to know about our Life Insurance Plans.


Types of Life Insurance Plans

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    Protection Plans

    Term plans are typically low cost life insurance plans that provide full protection and financial stability to your loved ones in case of any unforeseen events.

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    Health Plans

    HDFC Life provides a variety of Health Insurance Plans & Mediclaim Policies that offer financial security to meet health related contingencies

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    Children's Plans

    Successful parenting is no mean accomplishment.A huge contributor to this success is financial planning for your child's future needs at the right age!

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    Savings Plans

    Our Savings and Investment plans are life insurance plans that offer you multiple avenues to save and grow your money.

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    Retirement Plans

    Retirement and Pension Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. 

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    SHAURYA Plans

    Sales and after sales service from individuals who have in-depth understanding and appreciation of Armed forces, police & paramilitary , their lifestyle and protection

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    ULIP Plans


    HDFC Life offers you a variety of ULIP products depending on your risk appetite and financial goals.

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    Group Insurance Plans

    HDFC Life offers various group life insurance policies that help employers/trusts with meeting their employee benefit liability obligations in a simple , efficient and cost effective manner and helping employees to secure their family’s financial independence in case of untimely demise or critical illness.

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    Discontinued Insurance Plans

    List of HDFC Life Products which have been discontinued and are now closed for sale. These life insurance products continue to be serviced by the HDFC Life Customer Service

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    Rural and Social Plans

    Rural & Social Plans are a special offering from HDFC Life, exclusively for the benefit of our rural customers.

How to Select the Right Life Insurance for You and Your Family


A life insurance policy protects your family in your absence. Therefore, selecting the right insurance policy with the appropriate coverage is crucial. A higher coverage than required will increase the premium burden, while a lower coverage will paralyse the entire purpose of financial protection.


The following steps will help you select the right insurance policy:
 

  • Determine your goals for life insurance.

  • Select the right insurer. You can evaluate based on the Claim Settlement Ratio (CSR).

  • Evaluate the amount you have to pay as the premium and find the policy offering the best deal

  • Analyze the Inclusions and Exclusion of your Insurance cover continue evaluating your life insurance needs regularly.
     

 

 

 

Steps to Buy Life Insurance Online


Nowadays, insurance policies can be brought online. Follow these steps to purchase a life insurance plan online:
 

  • Visit the insurance company’s website.

  • Fill in the requisite details like your name, date of birth, tobacco/smoking, income details, contact details, and expected life cover.

  • You will be provided with multiple plans and their benefits, features, and premiums. Choose the one that best suits your needs.

  • Fill in the life insurance proposal form. It includes details about the insured person like personal details, lifestyle habits, income, nominee details, etc.

  • Upload the required documents like KYC proof eg: ID, address, health reports, and documents.

  • Pay the premium amount online. The payment mode shall be as per the premium frequency chosen. You will receive a confirmation message on your registered email-id upon successful payment.

  • After the policy is issued, you will receive the confirmation.

 

 

 

Documents Required to buy Life Insurance Plan in India


For life insurance plans in India, the following documents need to be submitted:
 

  • PAN card of the life assured.

  • Photo Identity proof of the life assured.

  • Age proof of the life assured.

  • Photographs of the life assured.

  • Address proof of the life assured.

  • Income proof of the life assured.

  • Medical examination report of the life assured (if required by the insurer).

  • Duly filled in life insurance proposal form.
     

Note: Depending on the application requirements, further documents or medicals may be asked

 

 

 

How to Save Tax with Life Insurance Policy?


Life
insurance plans protect you financially from mishaps and act as a tax planning tool. The premiums paid for life insurance policy can be claimed as deductions under Section 80C1 of the Income Tax Act, 19612. The amount of deduction available is up to Rs. 1,50,000 per financial year. Also, the proceeds received from the life insurance policy are exempt under section 10(10D)of the Income Tax Act, 19612, provided the premiums do not exceed 10% of the sum assured.


1
Subject to conditions mentioned u/s 80C of the Income tax Act, 1961


2
As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.


3
Subject to conditions mentioned u/s 10(10D) of the Income tax Act, 1961

 

 

 

Riders in Life Insurance


Riders are the additional benefits that can be added by the policyholder with the policy at a nominal cost. Riders enhance your insurance cover, qualitatively and quantitatively. Currently HDFC Life offers you HDFC Life Income Benefit on Accident Disability Rider (UIN:101B013V03), HDFC Life Critical Illness Plus Rider (UIN:101B014V02) and HDFC Life Protect Plus Rider (UIN:101B016V01) on various online life insurance policies.


Frequently Asked Questions

1 What is life insurance?

Life insurance is a mutual contract or agreement between a policyholder and the insurance company. In exchange of insurance premium paid, the company pledges to pay a sum of money to the beneficiaries of the policy after a certain term or upon the policyholder's death.

2 Why is life insurance useful?

Life insurance is useful to ensure you have a savings plan for the future. It allows you to have a continuous source of income after you retire, or if your earnings dip due to any accident or illness. It not only helps insure a policyholder’s life but also helps your family maintain the same lifestyle after you are no more, it also provides for other financial contingencies you may have.
It can allow you a steady income after you retire, help you pay your debts, save your business in case of death, and offers tax benefits too.

3 How much does life insurance cost?

The amount of premium you pay depends on the life cover you want to get for yourself. The sum of the life cover expected needs to be calculated basis the number of dependents, your annual income, your household expenses. You will also have to factor in your outstanding loans, children's education needs etc to figure out the amount your family will need to sustain in case of your death. All these factors help you calculate the premium you have to pay for taking out a life insurance policy.


4 What are the different options available for premium payments?

Premiums can be paid monthly, quarterly, half-yearly, and annually based on the policy terms. Some policies even provide a one-time premium payment option.

5 What are the consequences of non-payment of premium?

If you miss the premium payment, you will have a grace period of 30 days from the payment due date. If the premium is not paid within the grace period, the policy might lapse and all associated benefits would be lost. You will have to pay the revival premium or any other charges to revive the policy and further continue the policy benefits.

6 How can I file the claim in case of insured person’s demise?

Most insurance companies provide an online facility to file a claim with the insurance company. Further, you can file a claim with the insurer by visiting their office. After providing all necessary information and submitting requisite documents, the insurance company will process your claim.

HDFC Life Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.

Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Tel No: (022)67516666. Email: [email protected], Tel. No: 18602679999 (Mon-Sat 10 am to 7 pm) Local charges apply. Do NOT prefix any country code. e.g. +91 or 00. Website: www.hdfclife.com

The name /letter 'HDFC' in the name/logo of HDFC Life Insurance Company Limited (HDFC Life) belongs to HDFC Bank Limited and is used by HDFC Life under licence from HDFC Bank Limited.

For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

ARN: EU/07/21/24761