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Life Insurance Policy

Life insurance plans guarantee financial protection to your loved ones even in your absence. At HDFC Life, we offer a range of life insurance policies to help you secure your family’s future, ensuring they can meet their daily expenses, pay off debts and reach their life goals. ...Read More

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Francis Rodrigues 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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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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What Is a Life Insurance Policy?

image-star image-star image-star image-star image-star image-star image-cloud image-cloud image-cloud moon What Is a Life Insurance Policy?

In simple terms, a life insurance policy is a financial contract between an insurance company and a policyholder where the former promises to pay a lump sum amount in case of disability/death of the latter. The lump sum amount depends on the terms of the insurance policy. After maturity, you will get back your paid premiums in case of no disability/death.

A life insurance policy is a great choice for the main earner of the house to ensure that his/her family can have backup money in their unfortunate demise. 

Types of Life Insurance Plans

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    Term Insurance 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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    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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    ULIP Plans

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

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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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    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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    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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    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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    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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Why Is It Important to Buy a Life Insurance Policy?

Here are some of the most important reasons to buy a life insurance policy:
Financial Security for Loved Ones

Financial Security for Loved Ones

By getting life insurance, you can secure the future of your family. The insurer will pay a lump sum amount to the beneficiary when you cannot provide for them due to death or disability. The money can give short to mid-term financial support to your family.

Debt Repayment

Debt Repayment

You could have outstanding dues such as credit card bills, mortgage on your home, etc. Your family can use the money to pay the outstanding to reduce their debt burden. If you have a home loan, this ensures your loved ones do not lose their shelter.

Income Replacement

Income Replacement

Taking an income replacement policy helps to replace a portion of the insured person's income, for a specific period to maintain their financial stability.

Estate Planning and Inheritance

Estate Planning and Inheritance

You can decide the distribution and management of your assets and liabilities in case of your disability or death. By opting for a life insurance plan, you can ensure that one or more beneficiaries receive enough financial support. 

Business Continuity

Business Continuity

The insured amount of your life insurance helps to ensure business continuity after the disability or death of the business owner. 

Peace of Mind

Peace of Mind

As much as we do not want to think of death, it is necessary to plan out what happens after. By opting for a life insurance policy, you can secure the financial future of your family and be remembered even if you are not present.

Affordable Premiums

Affordable Premiums

HDFC Life insurance plans are very affordable to buy. Here we offer a Life Cover of Rs. 1 crore Rs 26/day**.

Tax Benefits

Tax Benefits

By getting life insurance coverage, you will be eligible for tax deductions under Section 80C of the Income Tax Act. You can claim up to Rs. 1,50,000 in tax deductions for the premiums you've paid for a life insurance plan in a financial year. Furthermore, beneficiaries can get tax exemptions on the death benefit under Section 10(10D)*. 

Charitable Giving

Charitable Giving

In life insurance, participating in charitable giving enables you to support organizations committed to healthcare initiatives. A portion of premiums or profits is directed towards charitable causes, such as improving healthcare access for unreserved communities.

Risk Management

Risk Management

With our life insurance policies, you can enjoy a risk-free life because we will be there to safeguard your family by paying the amount to the beneficiary. You can reduce the risk by opting for our life insurance policy.

Coverage options

Coverage options

HDFC Life has the option to choose additional cover for your spouse. You can get protection against critical illnesses, accidental death and disability. Additionally, you can increase the coverage amount for major life events.

Who Can Buy a Life Insurance Policy?

To buy our life insurance policy, you must meet these conditions:
Age

Age

While you buy your life insurance plan, your age must be between 18-65 years. However, you can buy our policies at 65 years of age and you can get a life cover up to the age of 99.

Citizenship

Citizenship

Anyone residing in India can buy our insurance. In case you shift abroad, you will be eligible for the cover only if you change residence after the purchase of our insurance.

Lifestyle habits

Lifestyle habits

Your lifestyle habits play a very important role in deciding the insurance premium. Premium will be higher if you live a stressful life or you are a smoker.

Important Terms About Life Insurance Plans in India

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

Sum Assured

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

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

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

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

Riders

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

Free Look Period

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 Policy

These are some top benefits of a life insurance policy from us:
Financial Support

Financial Support

Life insurance works as a financial support after your death. We offer a Life Cover of Rs. 1 crore at a low cost of Rs 26/day**.

Loan Collateral and EMI Payments

Loan Collateral and EMI Payments

You can use our life insurance policy as your loan collateral. Your family can use the money from life insurance to clear your outstanding loans or EMIs.

Tax Deductions

Tax Deductions

You will get tax benefits under Section 80 (C) of the Indian Income Tax Act for premiums paid. On maturity, you will get deductions under Section 10 (10D) of the Indian Income Tax Act*

Additional Benefits

Additional Benefits

You can get additional plans like children’s education, long-term life goals, marriage, etc., that provide life cover and capital generation.

Funeral and End-of-Life Expenses

Funeral and End-of-Life Expenses

Our life insurance policy can cover funeral and end-of-life expenses including the arrangements of the funeral and any remaining legal and medical expenses of the policyholder which can be settled by the beneficiary.

Life Insurance Plans are simple to understand!

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


Youtube

How to Select the Right Life Insurance Plan for Yourself 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 Individual Death 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 Policy Online

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

1

Visit the website of HDFC Life

2

Fill in the details like name, tobacco/smoking habits, date of birth, contact information, income details and expected sum assured.

3

You will see various plans and their features, benefits and premium amounts. Pick the best option according to your preference.

4

Fill out the insurance application form. This will include details about the policyholder like personal information, income details, lifestyle habits, nominee details, etc.

5

Upload the documents required and KYC proof (this can include ID proof, address proof, health reports, and other documents).

6

You can pay the required premium online. You will receive a confirmation on your linked email after your payment is successful. 

7

After your policy gets issued, we will send you a confirmation through SMS and Email.

Documents Required to buy Life Insurance Plan in India

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

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    PAN card of the life assured.

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    Photo Identity proof of the life assured.

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    Age proof of the life assured.

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    Photographs of the life assured.

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    Address proof of the life assured.

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    Income proof of the life assured.

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

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    Duly filled in life insurance proposal form.

Documents Required to buy Life Insurance Plan

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 80C of the Income Tax Act, 1961. 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, 1961*, provided the premiums do not exceed 10% of the sum assured.

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.

HDFC Life Income Benefit on Accidental Disability Rider

HDFC Life Income Benefit on Accidental Disability Rider

 

UIN: 101B013V03

Get additional income benefits over and above your Sum Assured in the event of total permanent disability due to an accident.

HDFC Life Critical Illness Plus Rider

HDFC Life Critical Illness Plus Rider

 

UIN: 101B014V02

We pay a lump sum amount equal to Rider Sum Assured upfront if diagnosed with of any of the specified critical illnesses.

HDFC Life Protect Plus Rider

HDFC Life Protect Plus Rider

 

UIN: 101B016V01

Get protected with a proportion of Rider Sum Assured in case of accidental death or partial/total disability due to accident or diagnosed with Cancer

FAQs on Life Insurance Policy

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
HDFC life

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 solutions - protection, pension, savings, investment, annuity and health.

*Tax benefits are subject to conditions under Sections 80C, & Section 10(10D) and other provisions of the Income Tax Act, 1961. Tax Laws are subject to change from time to time.

**Online Premium for Life Option, Male Life Assured, Non-Smoker, 25 years of age, Policy term of 30 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable.  (Annualized Premium of 9214/365=25.7)

#7% online discount available on 1st year premium only!

#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.

ARN -   ED/01/24/8134