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Term Insurance

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.

If you haven’t got one, get it right now.

Term Insurance Plans Buying Guide
Email 1800-266-9777 (All Days, from 9am to 9pm, Toll Free)
Term Insurance plans

What is Term Insurance?

  • Term Insurance is a life insurance policy that offers coverage for a fixed number of years - the “term” of the policy. If the insured individual dies when the policy is active, a death benefit is paid to the nominees of the insured individual.

    A basic variant of term insurance has no cash value which means, if the insured person survives the term of the policy, the policy does not return any value, with the exceptions of plans like Return on Premium etc.
    You can purchase a term insurance policy which can provide a certain corpus to your dependents in event of your demise, they would be able to sustain the same lifestyle or pay off existing liabilities without compromising on their dreams thanks to the sum assured which they would receive from life insurance.

  • Term Insurance is a life insurance policy that offers coverage for a fixed number of years - the “term” of the policy. If the insured individual dies when the policy is active, a death benefit is paid to the nominees of the insured individual.

    A basic variant of term insurance has no cash value which means, if the insured person survives the term of the policy, the policy does not return any value, with the exceptions of plans like Return on Premium etc.
    You can purchase a term insurance policy which can provide a certain corpus to your dependents in event of your demise, they would be able to sustain the same lifestyle or pay off existing liabilities without compromising on their dreams thanks to the sum assured which they would receive from life insurance.

Term Insurance Plans

The most cost-effective way to secure your family’s financial future.

HDFC Life Click 2 Protect Life

A plan that provides benefits to you as per your altering lifestyle and life stage needs.

UIN: 101N139V04

KEY FEATURES
  • Option to avail cover for Whole of Life1.

  • Get income payouts from age 60 onwards under Income Plus Option.

  • Get additional Sum Assured on Accidental Death (through ADB option).2

  • Get back all premiums paid on survival till maturity with Return of Premium option3.

  • Enjoy special premium rates for female lives and non-tobacco users.

  • Avail Waiver of Premium on diagnosis of Critical Illness(through WOP CI option).2

How much life insurance do you need?

How much life insurance do you need?

Use our quick and simple calculator to know what’s ideal for you.

LET'S CALCULATE

Personal Details

Years
Years

Financial details

Your Required life cover to protect your family’s future is

0

Recommended plans for you

The values shown here are only for illustration. The results are generated based on the information provided. It is not intended to be and must not alone be taken as the basis for an investment decision.

QuickProtect by HDFC Life

A comprehensive protection solution which comprises of HDFC Life Click 2 Protect Life (101N139V04) with ADB optional benefit, HDFC Life Critical Illness Plus Rider (101B014V02) and HDFC Life Income Benefit on Accidental Disability Rider (101B013V03)

KEY FEATURES
  • Comprehensive protection with 4 coverage benefits bundled into one solution

  • Quick and hassle-free issuance

  • Option to choose from three different package sum assured

  • No medicals , subject to underwriting

  • Tax benefits as per prevailing tax laws4

Secure Your Family's Financial Future TODAY


Term plans provide financial protection when your loved ones need it most. Calculate your premiums and get a policy today!

Why You Should Buy Term Insurance?

Why You Should Buy Term Insurance?


Term insurance is a simple product and is easy to understand. Here are reasons to buy term insurance:

  • Low premium and attractively large cover
    The coverage offered by a term insurance policy can be substantial and the premium for such a cover would be quite affordable. Thus such a product should be at the foundation of one’s financial portfolio as it offers excellent protection

  • Financial dependents are protected
    The primary purpose of a term plan is to protect the financial dependents of the policy holder in the case of the latter’s unfortunate demise. The death benefit offered by a term life insurance policy can be substantial and enable financial dependents to manage livelihood related expenses as well as achieve their financial goals. Therefore a term insurance policy would offer tremendous peace of mind to the policyholder as the well-being of the financial dependents would be taken care off even in the former’s absence.

  • Insure your assets
    In the absence of the primary income earner, financial dependents might be forced to sell assets to arrange for funds to manage daily expenses. For example: financial dependents may either have to sell the house or investment portfolio to arrange for funds. This could have a negative impact on their long term well being. Instead, the death benefit offered by a term insurance plan can provide substantial funds to manage daily expenses or for any other purpose. Thus assets that can provide tremendous value over the long term need not be liquidated.

  • Riders
    A term insurance policy can be equipped with multiple riders. These riders are quite useful and can augment a term insurance policy by offering enhanced protection. Some of these riders include accelerated death benefit rider, accidental death benefit, critical illness rider, waiver of premium rider etc. Including these riders may bump your premium slightly but the value that you would get out of them could be tremendous.


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Benefits of Buying Term Plan

Benefits of Buying Term Plan


Here are some benefits of purchasing a term insurance policy

  • High protection at low premiums
    Life insurance policies are accessible to the masses since they provide a large cover at relatively low premiums. The earlier in life you purchase term insurance, the lower the premium.

  • Add ons
    Due to unfortunate circumstance, the policyholder may be incapacitated due to an accident or the diagnosis of a critical illness. This would impact the income earning capability of the policyholder. In such cases, the policyholder’s family may find it difficult to manage expenses. To protect oneself against such scenarios, one can consider augmenting the term insurance plan with multiple add-ons or riders. Examples of some of these add-ons include critical illness coverage, accidental disability rider etc. A critical illness cover would provide a lump sum amount which is equivalent to the death benefit if the policyholder is diagnosed with any of the covered critical illnesses. The accidental disability rider will ensure that the policyholder gets paid a regular monthly income which would be a certain percentage of the sum assured for a specified period.

  • Financial security
    The death of the breadwinner of the family is not only distressing, but it also brings about financial liabilities. Life insurance ensures that daily expenses do not suffer as a result of the insurer’s death. The pay-out resulting from the insurance policy can be received in the form of a lump sum or in the form of instalments to enable the family to cope with their living expenses.

Who Should Buy Term Insurance?


Let’s take a look at who should buy term insurance:

  • Parents
    Parents always worry about their children’s future. A term plan provides parents with peace of mind. They can rest assured that their child will be taken care of financially even if something were to happen to them. By providing a financial safety net, they never have to worry about their child giving up on their dreams.

  • Young Workers
    Young professionals who have few financial liabilities, such as a vehicle loan or a personal loan EMI, can opt for a term plan. They ensure that their parents and loved ones have the financial means required to pay off their debts if anything happens to them. Additionally, they benefit from lower premiums, which can help them in the future.

  • Newly-weds
    Couples who recently married can benefit from a term plan. The policy will provide financial support for their spouse when they need it the most. A term plan is a critical part of every good financial plan for young couples who want to enjoy financial independence.

 

Documents & Eligibility Criteria for Term Insurance Plans

The documents required to apply for a term plan include:

1 Officially Valid Documents for KYC Purposes for Individuals

Sr. No

List of Officially Valid Documents (OVD) - Identity & Address Proof

1

Passport

2

Voter’s Identity Card issued by Election Commission of India

3

Permanent Driving License

4

Aadhaar Card

5

Letter issued by a gazetted officer not more than 6 months old, mentioning the address along with a duly attested photograph of the person

6

Bank account statement / Passbook not older than six months as on date of acceptance (If it contains photograph)

7

Documents (not more than 3 months old) issued by Government departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India (If it contains photograph)

8

Central KYC Identifier (can be accepted, if there is no change in the current address of the client)

 

Sr. No

Only Identity Proof

1

PAN Card

2

Identity card with applicant’s photograph issued by Central/ State Departments, Statutory/ Regulatory Authorities, Public Sector Undertakings, Scheduled Commercials Banks, Public Finance Institutions

 

You are eligible to apply for a term plan if:

  • You are an Indian citizen, non-resident Indian (NRI) or person of Indian origin (PIO)

  • You undergo a medical test so your insurer understands any medical conditions you may have

  • You are able to furnish the necessary photo identity proof, including address, age and income proof

2 Officially Valid KYC Documents for Legal Entities

Features

Documents

Insurance Contracts with companies

  1. Certificate of incorporation and Memorandum & Articles of Association

  2. Resolution of the Board of Directors

  3. Power of Attorney granted to its managers, officers or employees to transact business on its behalf

  4. PAN of Company

  5. One copy of an officially valid document containing details of identity and address, one recent photograph and PAN / Form 60 in respect of managers, officers or employees holding an attorney to transact on its behalf

Insurance Contracts with partnership firms

  1. Registration certificate, if registered

  2. Partnership deed

  3. Partnership Firm PAN

  4. Consent from other partners regarding premium being paid from Firm account

  5. One copy of an officially valid document containing details of identity and address, one recent photograph and PAN / Form 60 in respect of managers, officers or employees holding an attorney to transact on its behalf

Insurance Contracts with trusts & foundations

  1. Certificate of registration

  2. Trust Deed

  3. Trust’s/ Foundation’s PAN

  4. Consent from other trustees regarding premium being paid from Trust account

  5. One copy of an officially valid document containing details of identity and address, one recent photograph and PAN / Form 60 in respect of managers, officers or employees holding an attorney to transact on its behalf

 

You are eligible to apply for a term plan if:

  • You are an Indian citizen, non-resident Indian (NRI) or person of Indian origin (PIO)

  • You undergo a medical test so your insurer understands any medical conditions you may have

  • You are able to furnish the necessary photo identity proof, including address, age and income proof

3 List of Income Proof Documents - For Resident Indians

Sr. No

Source of Fund / Proof of Income Document

Salaried

Self Employed / Business

Agriculturist

HRI/PEP

Special Jurisdictions

1

Salary slip / certificate – issued in last 3 months

Yes

No

No

Yes*

Yes*

2

ITR / Form 16 / assessment orders / Computation of Income issued in last 3 years

Yes

Yes

Yes

Yes

Yes

3

Bank statement which establishes the Source of Fund / Bank statement (preceding 6 months) – addition of non cash credits

Yes

Yes

Yes

Yes

Yes

4

Audited Company accounts statement / certificate issued in last 3 years

No

Yes

No

Yes**

Yes**

5

Audited firm accounts statement / certificate issued in last 3 years and Partnership Deed

No

Yes

No

Yes**

Yes**

6

Chartered Accountant’s Certificate issued in last 3 years.

No

Yes

No

Yes**

Yes**

7

Fixed deposits liquidation entries in bank

statement/ mutual fund redemption entries in

bank statement (to the tune of total premium paid

by customer in a financial year)

Yes

Yes

Yes

Yes

Yes

8

Rent receipt (issued in last 3 months) with valid agreement

Yes

Yes

Yes

Yes

Yes

9

Mandi receipt / Form J issued in last 1 year and agriculture records

No

No

Yes

No

No

10

Foreign Bank statement of specific countries showing credits (preceding 6 months)

No

No

No

No

No

11

Bank Statements reflecting cash credit transactions, where individual transaction value per instance and on a particular transaction date do not exceed Rs. 1,00,000/-

No

-

No

No

Yes

 

Note: * For salaried person ** for self employed / business income


You are eligible to apply for a term plan if:

  • You are an Indian citizen, non-resident Indian (NRI) or person of Indian origin (PIO)

  • You undergo a medical test so your insurer understands any medical conditions you may have

  • You are able to furnish the necessary photo identity proof, including address, age and income proof

4 List of Income Proof Documents - For Non-Resident Indians

Sr. No

Source of Fund / Proof of Income Document

Salaried

Self Employed / Business

1

Salary slip / certificate – issued in last 3 months

Yes

No

2

ITR / Form 16 / assessment orders / Computation of Income issued in last 3 years

Yes

Yes

3

Bank statement which establishes the Source of Fund / Bank statement (preceding 6 months) – addition of non cash credits

Yes
(Indian bank

statement)

Yes
(Indian bank

statement)

4

Audited Company accounts statement / certificate issued in last 3 years

No

Yes

5

Audited firm accounts statement / certificate issued in last 3 years and Partnership Deed

No

Yes

6

Chartered Accountant’s Certificate issued in last 3 years.

No

Yes

7

Fixed deposits liquidation entries in bank

statement/ mutual fund redemption entries in

bank statement (to the tune of total premium paid

by customer in a financial year)

Yes

Yes

8

Rent receipt (issued in last 3 months) with valid agreement

Yes

Yes

9

Mandi receipt / Form J issued in last 1 year and agriculture records

No

No

10

Foreign Bank statement of specific countries showing credits (preceding 6 months)

Yes

Yes

11

Bank Statements reflecting cash credit transactions, where individual transaction value per instance and on a particular transaction date do not exceed Rs. 1,00,000/-

No

No

 

Note: * For salaried person ** for self employed / business income
 

You are eligible to apply for a term plan if:

  • You are an Indian citizen, non-resident Indian (NRI) or person of Indian origin (PIO)

  • You undergo a medical test so your insurer understands any medical conditions you may have

  • You are able to furnish the necessary photo identity proof, including address, age and income proof

How to Choose a Term Plan?

How to Choose a Term Insurance Plan?

If you’d like to purchase a term plan, you need to follow these steps:

  • Step 1 – Think About the Sum Assured

Consider how much you need to secure your family’s finances. Ideally, get a sum assured that is at least ten times your annual income. If you have any financial liabilities, such as EMI payments, you need to account for those as well. Ensure that the sum assured will allow your family to move forward without worrying about debts or changing their lifestyle significantly.

  • Step 2 – Consider Additional Benefits

When you opt for a term plan, you can choose to purchase additional riders for enhanced protection. Opting for a critical illness or disability rider could help you and your family navigate through a difficult time in your lives. You can also choose how you would like your family to receive the payout – whether as a lump sum or monthly instalments. Finally, evaluate whether your policy offers a maturity or other benefits in case you outlive the policy term.

  • Step 3 –Pay the Premium

Once you pick a term plan and customise your policy, you simply need to finalise the deal. You can purchase term insurance online quickly and conveniently. Simply enter the necessary details and make a secure payment to purchase the plan.

Types of Term Plan

 
Term plans with many flexibilities and additional benefits are available aplenty. The most popular propositions/plans available in the market are described below. You can choose one based on your insurance needs.
 

How Much Term Insurance Cover Do You Need?


Understanding the ideal sum assured amount can seem difficult. Most experts advise term insurance policyholders to opt for a sum assured that is at least 10 times their annual income. If you have the means to, you should pick anywhere between 15 to 20 times your annual income to account for inflation. Over and above this amount, you need to consider your financial liabilities – outstanding loan amounts and other EMIs. Assume you earn INR 12 lakhs every year and have INR 45 lakhs left on your home loan payments. You should opt for a minimum sum assured of (12,00,000 x 10) + 45,00,000 = INR 1,20,00,000 + 45,00,000 = INR 1,65,00,000.

What Are the Payout Options in Term Life Insurance?


You can opt for one of the following payout options for your term insurance policy:

1. One-Time Lump-Sum Payout
If you opt for this, your nominee will receive the entire sum due to them in a single payment. For example, if your sum assured is INR 2 crore, your nominee will receive the entire amount once their claim is accepted.

2. One-Time Lump-Sum Payment with Fixed Monthly Payouts
You may not want your nominee to receive the entire amount at once. You can opt for this option that provides a portion of the sum assured as a lump-sum payout immediately. The rest of the money is provided in monthly instalments over a few years. You can decide how long you want the monthly payments to continue when you purchase the policy. The sum assured amounts get divided equally depending on what you choose.

3. One-Time Lump-Sum Payment with Increasing Monthly Payouts
You can choose for your nominee to receive a lump-sum payout of the sum assured along with increasing monthly instalments for a specified period. The monthly sums increase every year for a specified term as decided by the policyholder when purchasing the plan. 

Why Buying Term Insurance is a Must During COVID-19 Pandemic?

 

  • Terms plans are the most basic life insurance product available in the market. They provide life cover at affordable premiums. They are ideal for individuals who have certain financial obligations and do not wish to leave their family members with any kind of debt if something were to happen to them. During the COVID-19 pandemic, it became more crucial than ever to purchase a term insurance policy.
  • Many individuals succumbed to the disease after long stays in the hospital. This left their families with broken hearts and mounting hospital bills that they might not have been able to afford. The payout from a term insurance policy could help these individuals pay off outstanding medical expenses and other debts.
  • A term plan can provide your loved ones with financial stability during an incredibly difficult time.

What Is a Term Insurance Rider?


A term insurance rider is an add-on that provides enhanced benefits over and above life insurance. For example, you can opt for an accidental death rider or a disability rider which offers an additional payout in case the policyholder passes away in an accident or if they become disabled. Most insurers provide a critical illness rider as well. With this add-on, you receive a lump-sum payout on the diagnosis of a covered critical illness. The most popular term insurance rider is the premium waiver rider, which waives off future premiums in case the policyholder receives a critical illness diagnosis or other eventualities outlined by the plan.

Term Insurance Buying Guide

1 How Else Will a Term Plan Help You?

Don’t we all like it when we have to pay very little for getting a lot in return? Purchasing term insurance is just like that. A term policy offers a large cover (For Example: A cover of Rs 1 crore) for a comparatively low premium (For Example: Rs 6500 per year). One can get a 30-year term insurance policy with annual premium remaining the same for whole period. In today’s era of increasing living expenses, any individual would want to receive maximum risk cover. This is because, in event of the individual’s untimely demise, a higher cover would enable his dependents to not compromise on living standards. And of course, you can also claim tax benefits on the premium you have paid.

2 How to Calculate the Amount of Insurance Cover that You Need?

Most people tend to pick a number out of thin air when deciding on the cover they need.

A simple rule of thumb is that the insurance cover must be ten to twenty times that of the insured individual’s annual income. Which means if a person’s annual income is Rs 10 lakhs, she must purchase an insurance plan that offers a cover of approximately 1.5 crore. Sometimes, one looks at the premium that one is willing to pay and chooses whatever cover can be bought with that premium. This is not the right way to decide on the amount of cover you will need. The correct way to decide on the sum insured is to look at your future expenditure with a rational mind.

3 Add-Ons to Your Term Insurance

Additional benefits/risk covers might be built-in some term plans making them more comprehensive. A comprehensive term plan aims to cover the financial risks associated with death, disease and disability (3D). Some of these risk covers are in-built and some are offered as riders or add-ons by charging an additional premium. Some of the most popular riders or add-on covers are:

4 Benefits of purchasing Term Insurance Online

This typically includes the following components

  • before

    Family expenditure to maintain the current standard of living

    after
  • before

    Loans and other debt that need to be repaid

    after
  • before

    Future expenditure that the family will 3 have to make for important events like your child’s wedding, education etc.

    after
  • before

    Any investments your family could make in the future

The sum insured should be the value that you arrive at after summing up these factors. Remember that you must make provision for in inflation when estimating future expenses. This is because if it takes Rs. 1 lakh a month today to maintain your lifestyle, it will cost much more 10 years down the line. Alternatively, you can top-up your risk cover by 5-10% every year. This facility is available in many term plans.

5 How to buy Term Insurance Plan

Purchasing insurance online is an easy process. One should keep scanned copies of passport size photo, address proof, age proof, identity proof and income proof handy. It is important to be completely aware about the medical history of the person who is going to get insured. If the questions posed by the portal are answered incorrectly, this would have an impact while fIling claims.

6 Dejargonifying Term Insurance

  • Coverage/Cover -

    The extent to which an insurance policy covers the insured individual.
    For example – Consider an individual who purchases an insurance policy which offers cover of Rs 1 crore. If he passes away while still being protected under the insurance policy, his dependents would receive the cover of Rs 1 crore.

  • Premium -

    The insurance premium is the amount that is periodically paid by the insured party to the insurer.

  • Accidental Death Benefit -

    The additional benefit paid out in case the death occurs in an accident.

  • Annuity -

    Periodic payments made by the insurer to the nominee for a specified period or till survival.

  • Death Benefit -

    The amount that will be paid in the event of the death of the insured

7 Term Insurance Plan Made for You

HDFC Life Click 2 Protect Life is a term insurance plan that offers plan options to accommodate various scenarios.

Here are the 3 plan options for you to pick from.


Life & CI Rebalance Option

A smart cover which aims to achieve a balance between Death and Critical Illness benefit as you go along in your life. Critical Illness cover increases at each policy anniversary with corresponding reduction in Life Cover. In addition, all future premiums are waived off on detection of any of the covered Critical Illnesses and the life cover continues.

Life Protect Option

Under this plan option, a lump sum is provided on death of the life assured.


Income Plus Option

Under this plan option, the Life Assured is covered for the entire policy term and also receives a lump sum payout on maturity along with regular income starting from age 60.
Now that you know all about term insurance, pick the most suitable option to PROTECT YOUR FAMILY.

How Does a Term Plan Secure Your Family’s Future?


Term policies are the most affordable type of life insurance plan. They offer life coverage in exchange for minimal premium amounts that you can choose to pay monthly, quarterly or annually. Depending on your needs, you can add riders like critical illness or accidental death or disability to your policy. By doing this, you can enhance the financial payout that your family receives in case anything happens to you, the policyholder. In the unfortunate event of the demise of the policyholder, the nominee receives the sum assured, which they can use to clear outstanding debts or take care of day-to-day expenses. As the policyholder, you can decide how you want your family to receive the payout – either as a single lump-sum or with monthly installments that can help them deal with long-term EMIs or even inflation. With a term plan, you ensure that your family doesn’t have to struggle financially if they were to suddenly lose you and everything you contribute to their lives.

Term insurance is incomplete without these riders.

They help you deal with those additional risks life brings.
  • icon

    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.

    DOWNLOAD
  • icon

    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.


    DOWNLOAD
  • icon

    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

    DOWNLOAD
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Terms Related To Term Insurance

1 Coverage

The amount of financial protection that the policyholder can receive is referred to as coverage. 

2 Insurability

An individual’s insurability measures the conditions that could affect their health or life expectancy or make them susceptible to injury.

3 Insured

The individual who receives life coverage as per the term policy documents is called the insured.

4 Maturity Date

The maturity date refers to the day when the policy automatically ends and the insured receives the benefits of the term insurance plan, if any.

5 Nomination

A nomination refers to the process during which the insured authorises another individual to receive the death benefit payout. The authorised individual is called the nominee.

6 Premium

The premium is the amount the insured must pay to keep their term policy active. Premium payments can happen as a lump sum or in instalments.

7 Surrender Value

The insured may opt to end the term plan before the maturity date. The amount they receive when they do so is known as the surrender value.

Term Insurance FAQs

We’ll tell you everything you need to know about Term Insurance.

1 What is the age limit to buy a Term Plan?

The age limit within which an individual may purchase a term plan range between 18 to 65 years.

2 Why is the term insurance premium amount for smokers higher than that of a non smoker?

Smoking could potentially lead to health risks such as cancer or heart disease. So, smokers have a higher mortality risk than their non-smoking peers. To help cover their higher mortality rates, term insurance companies charge smokers a higher premium.

3 Is COVID-19 covered by HDFC Life?

During these harsher living conditions presented by the pandemic, HDFC Life Term Plans have got your covered for Covid-19 as well. All life insurance policies issued by HDFC Life cover COVID-19* claims. For more queries on term insurance, visit the HDFC Life website.

Covid-19 disclaimer: “The settlement of Claim would be subject to declaration of all pre-existing medical conditions at the time of policy purchase and in accordance to applicable terms and conditions of policy contract"

4 What kinds of deaths are not covered in term insurance?

Term plans will not cover any deaths caused by self-inflicted injuries or suicide. Additionally, deaths caused by intoxication or sexually transmitted diseases like HIV or AIDS are not covered. The insurance company will carry out investigations into every claim. If they uncover any kind of fraud, the death will not be covered.

5 What documents are required to buy a term plan online?

To buy term insurance, you will need to submit the following documents:

1. Any one of these Officially Valid Documents as ID and Address Proof:

Passport, Voter’s ID, Aadhaar Card, PAN Card, National Population Register containing details of name, address and Aadhaar number, or any other Central Government issued document

In case Officially Valid Documents does not contain updated address, you may submit any one of the following as Address Proof:

Property or Municipal Tax Receipt, Utility Bill of electricity, telephone, post-paid mobile connection, piped gas, water not more than two months old, Pension or family pension payment orders (PPOs) issued to retired

2. Any one document can be used as Income Proof for the Salaried:

Bank statement showing salary credit for the latest 3 months, Latest year Form 16, Latest 2 years Income Tax Returns

3. Any one document can be used as Income Proof for the Self-Employed:

Form 26 AS, CA certified Audited balance sheet and profit loss account for latest 2 years, Latest 2 years Income tax returns not filed in the same year along with Computation of income. If the computation of income is not available, you will need to provide the income tax returns for the last 3 years.

6 Can I have multiple term insurance policies?

Yes, you can have multiple term insurance policies in order to ensure that your loved ones can achieve their life goals in the case of any unfortunate event. They can also manage to pay off liabilities such as loans in your absence.

7 Does Term Insurance Plan cover death or heatlh related issues?

Yes, the HDFC Life Term Plan covers issues related to health and death. There are riders that come with the term plan among which are the basic death benefits and health benefits that you can avail in accordance to your needs. Being the cheapest and one of the most affordable types of insurance available, term insurance plans serve to provide protection with a life cover for your family.

The critical illness rider can be opted for protection from a critical illness. In such a case, you will receive the sum assured upon diagnosis. This is in addition to the benefits that are to be received in case of death during the policy term.

In case of unforeseeable events within the policy term, the nominee that you chose while filing for the term insurance receives the death benefits. The nominee, who is also referred to as the beneficiary, receives a lump sum amount as part of death benefits.

8 Should I buy a term plan or a traditional life insurance plan?

It is a smarter move to invest in term insurance plans in comparison to traditional life insurance policies. While both cover the risk of premature death, the difference between term insurance and life insurance lies at the point of maturity.

A conventional life insurance plan with maturity benefits, like moneyback policies, endowment policies, retirement policies, etc., is typically 10 times its premium amount. From the perspective of wealth creation, such products provide 3% to 4% interest rate which is largely what you get had you kept your funds in your savings bank account. With term insurance policies your net gain is higher in comparison to a life insurance product that comes with a maturity benefit.

However, the choice needs to be on the basis of your life goals.

Other benefits that make buying a term plan a wise decision are:

Death Benefit: Even though term life insurance provides a death benefit in the event of the policyholder’s demise prior to the maturity of the term policy as opposed to life insurance offering both death and maturity benefit, the compensation offered by a term insurance policy's much higher.

Low Premiums: Term plans offer higher risk coverage on low premium but does not create wealth like life insurance policies.

Flexibility: It is a much simpler process to surrender term plans compared to conventional life insurance policies.

9 Can I change the frequency of payment for my term insurance policy?

There might be instances when you would like the change the premium payment frequency.

“For example - If you have been paying your premium yearly, you might want to change it to monthly or if you have been paying your premium monthly, you might want to change it to yearly.”

With HDFC Life’s term insurance policy, you can change your premium payment frequency anytime.

10 Can you cash out term insurance policy?

Term insurance plans generally do not offer maturity benefits, so they do not have any cash value. Given this, it is not possible to cash out a term insurance policy. The policy will only provide a cash benefit in case something happens to the insured individual.

11 Do term insurance plans offer tax benefits?

Yes. The premium you pay for the upkeep of your term plan, up to INR 1,50,000 per year, is tax-deductible under Section 80C of the Income Tax Act, 1961. Additionally, the payout you or your nominee receive will also be tax-free under Section 10(10D)

12 What is the policy term that I should select?

Ideally, you should select a term for your whole life or one that will see you through until your retirement. You can purchase a policy when you’re in your 20s for affordable premiums in the coming years

13 Should you opt for Limited pay or regular pay term insurance plan?

Your decision should depend on your financial ability to pay premiums. If you can afford small regular payments, you can commit to a regular pay term plan. With this option, you can pay every month, quarter, six months or year. Conversely, if you can afford to payhigher premiums quicker, you can opt for a limited pay option.

14 Can I change the frequency of life cover after the term insurance policy is issued?

Yes, many insurance providers will allow you to change the frequency with which you make premium payments toward your term insurance plan. But, you will only be able to make the change when the policy is up for annual renewal.

15 Do you get your money back at the end of the policy term on survival?

This depends on the type of plan you purchase. If you have a return of premium policy, the insurance provider will return the premium amount once the policy expires. Most regular term plans do not offer any monetary benefit at the end of the policy term if the insured survives.

16 What if I become NRI after purchasing a term plan?

If you happen to shift residence out of India after purchasing a term plan, you must let your insurance provider know about the upcoming shift in writing. The company will then confirm whether they will keep your policy active or not. Typically, they will keep your policy going as long as you pay the premiums on time. However, some policy providers will not cover risks in particular countries. So, make sure you document their approval before you move.

17 What are the inbuilt benefits offered under HDFC Life Click 2 Protect Life Term Insurance Plan?

When you opt to purchase HDFC Life’s Click 2 Protect Life Term Insurance plan, you can enjoy the following benefits:

Sum assured paid to your nominee in case anything happens to you

  • Return of Premium is payable on maturity if you outlive the policy term
  • Waiver of future premiums in case you are diagnosed with a critical illness
  • Payment of the decided sum assured on diagnosis of a critical illness
  • Payment of the decided sum assured if an accident renders you permanently disabled

*The above benefits are for different plan options & add-on benefits. Please refer the product brochure for detailed understanding

18 Can the nominee be changed after I have purchased the term insurance policy?

Yes. After you have purchased a term insurance policy, you are free to update the name of your nominee at any time. You may want to add a spouse after you get married or add your children as nominees as well.

19 Do I need to buy term insurance even if I am covered under my company's group policy?

It’s a good idea to purchase an individual term plan even if you’re covered under your company’s group policy. Group term plans often do not offer very high cover amounts. Individual plans, on the other hand, can be customised to suit your individual needs. You can decide your sum assured and how you’d like the payouts to be made to your nominees. Individual plans also offer continuous cover, which may not always be the case with group plans. If you happen to leave the group, you will no longer enjoy the life cover offered, which leaves you and your family with significant financial risk. With both an individual and a group policy, you can enjoy enhanced cover at all times, irrespective of whether you opt to change your job at any time.

20 What happens to the term insurance policy if the premium is not paid before the due date?

With a term insurance policy, if the insured individual fails to pay the premium before the due date, the policy will automatically lapse. This means that you will have to forfeit all the premiums paid so far and the insurance benefits. If you would like to get life cover again, you will likely have to purchase an entirely new policy.

21 What happens to a term insurance policy if the insured individual outlives the policy term?

Term insurance policies mainly offer the nominees of the individual a death benefit. If you happen to outlive your policy, the policy will end so you no longer have life cover and in most cases, you will not receive any kind of maturity benefit. If you’ve purchased a term plan that offers a maturity benefit, then you will receive it once the policy term expires. Before the term expires, you have the option of converting your term life insurance policy into a regular life insurance policy. You can check with your insurance provider on whether this is possible and ask about the process for the same.

22 How do I select the best term insurance policy for myself?

The term insurance policy that you choose will depend on your financial requirements. First, you must decide whether you want a simple term plan or if you’d like to get critical illness and disability cover as well. Next, you should look for policies that also offer maturity benefits, such as the return of the premium. Finally, you should look at the sum assured on offer. The sum assured that you opt for will depend on the number of dependents you have and the kind of lifestyle you’d like your family to enjoy in the future. Once you understand your needs and requirements, you’ll be able to select the right term insurance policy.

  1. Available under Life Protect and Income Plus Options only.
  2. Available as an inbuilt feature under Income Plus Option and on payment of extra premium under Life Protect Option (Fixed Term variant) and Life & CI Rebalance Option.
  3. WoP on diagnosis of CI is available as in inbuilt feature under Life & CI Rebalance Option and on payment of extra premium under Life Protect Option (Fixed Term variant).ADB option is available on payment of extra premium under Life Protect Option.
  4. As per Income Tax, 1961. Tax benefits are subject to changes in tax laws

ARN - ED/03/22/28324