Term Insurance Plans
Term plans are typically affordable insurance plans that provide full protection and financial stability to your loved ones in case of any unforeseen events. HDFC Life presents term insurance plans and policies in India to best meet your needs.
What is Term Insurance?
Term insurance is a life insurance product offered by an insurance company which offers financial coverage to the policy holder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.
Among life insurance plans, term insurance provides the highest life insurance coverage for the lowest premiums during the period of the plan.
In your absence, not only does your family remains financially independent, but also is able to fulfill its future needs like a young child’s higher education.
How Term Insurance Plan from HDFC Life helps you?
Term Insurance Plan by HDFC Life provides you with the advantage of large life insurance cover for an affordable premium.
Riders covering other risks such as accident are available and can be attached to term plans and provide a much wider protection to your family.
Married Women's Property Act
The Married Women's Property Act, 1874 (“MWPA”) was created to secure the assets owned by a woman against her husband, his creditors and relatives. Section 6 of the MWPA covers any insurance policy taken out by a man on his own life in favour of his wife and children. So, if you’re buying a life insurance policy under the MWPA for the benefit of your wife and children, the sum assured will always be their property. It cannot be claimed by your lenders nor will it be considered a part of your business assets (or estate).
FEATURED PLAN
HDFC Life Click 2 Protect 3D Plus
HDFC Life Click 2 Protect 3D Plus is a term insurance plan which ensures protection against the 3 eventualities of life - Death, Disability and Disease. The 9 plan options will help you pick the most suitable plan option as per your requirement.
BENEFITS
Life cover @ nominal cost
Life Stage protection feature
Flexibility while choosing the plan
Tax Benefits
Many Families covered by
HDFC Life Click 2 Protect 3D Plus
Know how much life insurance you require.
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3 Steps to the most suitable online term plan for you
One of the awesome things about online term plans is the freedom you get to take charge of your future. At the same time, it also brings upon you additional responsibility of staying informed about product features and your needs. Only when you match your requirements with the term plan that works for you are you able to buy the right plan.
Here are three steps to making the right choice.
Here are three steps to making the right choice.
Step 1 Find out the life insurance amount you need Your term life insurance should be able to cover your family’s living expenses and future obligations.There are many life insurance calculators available online that you can use for reference. At the same time, it is useful to know how to arrive at this figure.
To begin with, arrive at the life insurance amount you would require to cover your family’s living expenses. Let’s say your annual income is Rs 12 lakh. Going by a rule of thumb of life insurance coverage being 15 times of annual income, you need life insurance of Rs 1.8 crore. The second step is to find out the life insurance coverage required for you to cover financial obligations, such as your kid’s higher education and any outstanding loans. Suppose, the sum total of your financial obligations is Rs 50 lakh, you would need total life insurance coverage of Rs 2.3 crore (sum of Rs 1.8 crore and Rs 50 lakh).
Step 2 Compare term insurance plans Make it a point to compare the essential term insurance product features online, such as the maximum coverage and the duration for which you need to pay the premium. Also, find out whether the term life insurance companies have been in the business for long and look like being there for the entire tenure of the plan, which could be as long as 30 years. You also need to find out the insurance company’s claims settlement ratio. That indicates the number of term insurance claims settled vis-à-vis the total number of claims.
Step 3 Consider riders to widen risk coverage Term plans allow you to attach riders that cover other risks to your family, such as those from accidents and critical illness. Since the riders come at affordable premiums, it’s worth attaching them to your term plans. You will have a wider coverage of risks and provide better financial protection to your family.
Buying online term plans provides you with immense convenience. Yet, you still have to make sure that you choose the term insurance plan and don’t miss out on the essential details.Since it involves securing your family’s future, you wouldn’t mind that little extra effort, would you?
How Long Should Be The Term Of Your Term Plan?
The tenure of your term plan is as important as the amount of premium you pay. The longer the period of term insurance policy, greater will be the policy’s annual premium. If you keep the period too short, there are chances that you would be without a cover in a period when your loved ones will still need financial protection. Therefore, it makes sense to consider important factors like the tenure of your term plan when you are buying a term plan in India.
The function of term life insurance is to help your family members meet their regular expenses and future needs even in your absence. Therefore, the ideal term of an online term insurance plan should end at a time when you have met all your life goals and saved enough for retirement.
It is typically difficult for you early in life to determine till when you will have accumulated enough savings to take care of all your needs for the rest of your life. This is the time when you will not need life insurance coverage. Since many of your large expenses such as your child’s higher education and marriage are likely to happen in your 40s and 50s, it makes sense to have your term life insurance coverage all the way upto your retirement at the age of 58 or 60.
Of course, there are people who aspire to, and there are some who actually do, retire much earlier, say, in their 40s. The guiding principle remains the same. You keep the life cover as long as you don’t have enough savings to take care of you and your family for the rest of your life.
Why taking the longest tenure, early in life makes sense. A smart approach is to buy the term insurance plan early on in life, opting for the longest possible coverage. This ensures you benefit from the low premium during the long tenure of the term plan. For instance, at the age of 25 you can take a term of 40 years as it would last till age 65. In this case, you would enjoy the low premium till the end of the term. Of course, as your income increases and lifestyle gets enhanced, besides you taking up loans, to cover all of them, you will need to periodically enhance your term life insurance cover.
To sum it up, it is not only important for you to have adequate life insurance coverage but also to ensure that it stays that way till the time your family needs it. It is your responsibility to ensure that your family is financially prepared to face any eventuality.
HDFC Life Click 2 Protect 3d Plus
Expenses won’t stop in your absence. Why should the monthly income? Provide monthly income of Rs 50,000 at less than Rs 23/day to your family in your absence
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Our vision is to provide innovative and customer-centric insurance plans that can help our customers secure their family's future as well as help them with other benefits such as tax savings. Keeping this in mind we offer a large range of life insurance plans such as term insurance plan, women's plan, health insurance plans, pension plans for retirement planning, child education plans, ULIPs, saving and investment plans. Most of these life insurance policies are available online, so buy one today and Sar Utha Ke Jiyo!.
As per regulatory changes, it is mandatory to submit PAN/Form 60 (if PAN is not available) for your policy with immediate effect. Please update via My Account/service@hdfclife.com/18602679999/HDFC Life branch. Ignore if already submitted.
HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office:
HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited),
Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Tel No: (022)67516666.
The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited and is used by HDFC Life under a licence/agreement
For more details on risk factors, associated terms and conditions and exclusions, please read the sales brochure carefully before concluding a sale. ARN: EC/06/2017/9792