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HDFC Life Insurance

HDFC Life Insurance Company Limited is a joint venture between Housing Development Finance Corporation Limited and Standard Life Aberdeen plc, a leading well known provider of financial savings & investments services in the United Kingdom.
HDFC Life commenced its operations in the year 2000, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment and Health Solutions. As on March 31, 2018, the Company had 34 individual and 11 group products in its portfolio, along with 8 optional rider benefits, catering to a diverse range of customer needs.

HDFC Life has about 414 branches and presence in 980+ cities and towns in India. The company has also established a liaison office in Dubai

The Company also has two wholly owned subsidiaries namely HDFC Pension Management Company Limited and HDFC International Life and Re Company Limited. Since its establishment, HDFC Life Insurance Company Limited has become one of the top life insurance companies operating in India today.

Highlights of HDFC Life Insurance

The company’s 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.

  • HDFC Life has its presence in more than 980 cities and towns across India

  • The company has also established a liaison office in Dubai

  • It has multi-channel distribution system for its insurance products

-The company has successfully honoured 97.8% Individual claims and 99.27% Group claims for the financial year 2017-18.

  • As on June 30, 2018, the insurer had 34 individual and 11 group products in its portfolio, along with 8 optional rider benefits.

Benefits of HDFC Standard Life Insurance

  • HDFC Life offers a various range of life insurance plans such as protection, retirement, savings, health and investment.

  • Its vast network and distribution channel has ensured that their investment products are available in all major cities and towns in India

  • The company also provides customisation of insurance plans such as enhanced rider protection for an extra premium

  • The company has a healthy claim settlement ratio which means its claim settlement process is hassle-free and it offers good service to its customers

Documentation needed to apply for a HDFC Life Insurance Policy

You need to fill and sign the Proposal form, Illustration copy and the Most Important Document.

Proposal Form consists of Plan details and Personal details of the Life to be Assured, Nominee, Beneficiary and Appointee (where applicable).

The Illustration copy contains basic policy details such as the Policy term, Frequency, Plan name and assumed returns on investment at various stages of the policy including the effect of charges (applicable only for Unit Linked policies).

Most Important Document (MID) is a One Page Declaration Form which you need to fill, that will serve as an understanding of the key features of your policy.

Address Proof, Identity Proof, Age Proof and Income Proof should be also submitted along with the documents stated above.

Since a standard requirement of an identity and address proof is mandatory for applying for a life insurance policy. The following documents are considered valid:

  1. Aadhaar card, a biometric, digital and physical identity system.

  2. Indian passport or an Overseas Passport

  3. Electoral Photo Identity Card (EPIC) issued by the Election Commission of India

  4. Overseas Citizenship of India Document

  5. Person of Indian Origin Card

  6. Permanent account number (PAN) card (income tax)

  7. Driving licence in India issued by the states

  8. Ration card issued by the Government of India

  9. Identity Certificate for non-citizens or stateless people

  10. A Birth certificate issued by the Registry of Births and Deaths (RBD) or from a Municipality within the provisions of the RBD Act

  11. Transfer/School leaving/Matriculation Certificate

Products and Services offered by HDFC Life Insurance Company

Eligibility Criteria for HDFC Life Insurance Plans

Types of HDFC Life Insurance PlansEntry Age Limit (in years)Maturity AgeSum AssuredPolicy Term (in years)Mode of Premium
HDFC Standard Life Insurance Term Plan18 - 657525 lakh - No Upper Limit10 - 40Monthly, Quarterly, Half-yearly or Annual
Endowment Plan18 - 60752,45,145 - No Upper Limit 15 - 30Monthly, Half-yearly or Annual
Retirement Plan18 - 65752 lakh - No Upper Limit10 - 40Monthly, Quarterly, Half-yearly or Annual
Child Plan30 days - 6075Based on factors like age, premium, etc.15 - 25Monthly, Half-yearly or Annual
Savings Investment Plan30 - 45701 lakh - No Upper Limit15 - 25Monthly, Quarterly, Half-yearly or Annual

Awards Won by HDFC Life Insurance Company

  • Adjudged one of India's Best Companies to Work 2017

  • HDFC Life received the ICAI Awards - Gold Shield for Excellence in Financial Reporting for the Annual Report 2015-16

  • HDFC Life Cancer Care awarded the Finnoviti 2016 Award for innovations in BFSI

  • Indian Insurance Awards 2016 - Best Product

  • SAP ACE Awards 2016 - Technology Adoption

  • Dataquest Business Technology Awards 2016 - Mobility

  • Gold in DL Shah Quality Award 2015 - Improvement in Persistency: A Win for ALL

  • Indian Insurance Awards 2015 - Life Insurance Company of the Year

  • Financial Services Marketing Summit Awards 2015 - Customer Responsive Insurance Company

  • Prime Time Awards 2015 - Best Creative Advertising

  • Frost & Sullivan 2015 - Project Evaluation & Recognition Program

  • PCQuest Best IT Implementation Award 2014

  • Winner at the 10th National Award for Excellence in Cost Management 2013

  • Recognized as Celent Model Insurer of Asia for the Year 2013

  • Recipient of Porter Prize 2012

  • National Award 2012 - Excellence in Cost Management

  • Received Golden Peacock HR Excellence Award 2011

HDFC Life Claim Settlement Process

First, you need to Inform HDFC Life of the claim by filling the claim form which is available on the HDFC Life website. Alternately, you can also email the company for claim intimation on the below email addresses:

Life Insurance or Critical Illness Claims: service@hdfclife.com

Health Insurance Claims: healthassure@hdfclife.com

  1. The company representative will guide you on the documents required to process the claim. Don’t forget to check the list of documents to be submitted on the company website as per the type of claim.
  2. Send all the documents to the insurance company at the earliest for a faster claim process.
  3. The company maintains to have processed all the claims within 24 hours for all policies over 3 years from the date of inception.

Documents Required for Claim Settlement

To help you in arranging the documents faster, we have here a tentative list of documents that need to be submitted with the claims form.

Life Insurance Claim Documentation

Natural Death

  • Death certificate issued by Govt. / Relevant Authority
  • Death claim form (includes NEFT)
  • Original Policy Document (In Case of DEMAT, Original Policy Documents are not Required)
  • Claimant’s Identity & Residence Proof
  • Medical records at the time of death & past illnesses
  • NEFT Account details

Un-natural Death (Accidental death / Murder / Suicide)

  • Death certificate issued by Govt. / Relevant Authority
  • Death claim form (includes NEFT)
  • Original Policy Document (In Case of DEMAT, Original Policy Documents are not Required)
  • Claimant’s Identity & Residence Proof
  • FIR, Police Inquest Report & Panchanama
  • Post Mortem Report
  • NEFT Account details

Additional documentation may be requested on case-to-case basis.

Disaster / Natural Calamities

  • Death certificate issued by Govt. / Relevant Authority
  • Death claim form (includes NEFT)
  • Original Policy Document (In Case of DEMAT, Original Policy Documents are not Required)
  • Claimant’s Identity & Residence Proof
  • NEFT Account details

Critical Illness Claim

  • Critical Illness claim form
  • Medical records (current & past) viz. hospital records, reports of diagnostic tests done.
  • Original Policy Document (In Case of DEMAT, Original Policy Documents are not Required)
  • Claimant’s Identity & Residence Proof
  • NEFT Account details

Additional documentation / forms may be requested on case-to-case basis.

Exclusion of HDFC Life Insurance Plan

Permanent Exclusions - Unless expressly stated to the contrary in the policy, the company shall not make any payment for claims in respect of any Life Insured if it is caused by, arises from, or is in any way attributable to any of the following:

Treatment received outside India

Non-Allopathic and Experimental Treatment

Breach of Law

Conflicts and Disasters

Military Services

Aviation

Hazardous Activities

Self-Inflicted injuries or attempted suicide

Substance Misuse and De-addiction

Rehabilitation and Convalescence

Cosmetic treatments

Sleep and Obesity

Hormone Replacement Therapy

Dental treatments

Routine Eye(s) and Ear ailments

HIV/AIDS

Sexually transmitted Disease and other Sexual problems

Circumcision

Birth Control and Assisted Reproduction

Psychological disorders

Congenital Conditions

Items of personal comfort and non-medical expenses

Expenses of Life Insured as donor

Stem Cell Banking

Expenses other than reasonable & medically necessary

Immunisation & Nutritional treatment

Review of HDFC Standard Life Insurance

HDFC Life has a huge range of life insurance products to offer for each type of investor with additional distribution channels and partners for its products and services. They also have an impressive track record of same day claim processing and a healthy claim settlement ratio of 97.80% for Individual claims and 99.67% for Group claims as per FY 2017-18.

HDFC Life Contact Details

HDFC Standard Life Insurance Company Limited.

CIN: L65110MH2000PLC128245

IRDAI Reg. No. 101

Registered Office

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

Email: buyonline@hdfclife.in

SMS: Simply text LIFE to 56161

FAQ's of HDFC Life Insurance

How to pay the premium? What are the modes of payment available?

Different modes such as all mediums of internet banking (Debit/Credit Card/Net Banking, etc) are accepted for online payment

How can I check policy status?

Simply visit the website myaccount.hdfclife.com where you will be prompted to enter your registered credentials, (Email id/Client id/Mobile no and password) once you have logged in, the new page will showcase all the features of your policy including status.

What is the policy renewal process?

Simply visit the website myaccount.hdfclife.com and login. Click on instant renewal>Enter your policy details and your premium for renewal shall get generated>Make the payment and the renewal for your policy is done

What is the company’s process to settle claim?

First, you need to Inform HDFC Life of the claim by filling the claim form which is available on the HDFC Life website. Alternately, you can email the company for claim intimation on the below email addresses:

For Life Insurance or Critical Illness Claims: service@hdfclife.com

For Health Insurance Claims: healthassure@hdfclife.com

What is the policy cancellation process?

In order to cancel your policy you will have to visit the nearest HDFC Life Branch and submit a surrender request for your policy.

How can I check my HDFC Life Policy Fund Value?

You can check the Fund Value of your HDFC Life Insurance Policy by following these easy steps:

  • Call 08000006609 from your registered mobile number.
  • As soon as the call gets disconnected automatically, you will receive a message with information regarding your current Fund Value.

How can I track my HDFC Life Insurance Policy?

Registered users can track the status of their HDFC Life Insurance Policy by logging into the website of the insurance company using their Client ID, Email ID or Mobile Number. Individuals who don't hold an account need to first register themselves using their policy number and date of birth.

What is sum assured in HDFC Life Insurance?

Sum assured is the guaranteed amount that HDFC Life Insurance pays on the occurrence of an event covered under the policy, such as the demise of the insured. It is also referred to as the cover or the coverage amount.

How can I open HDFC Life statement?

Users can download their HDFC Life statement from the E-Services Section of “My Account”. For further assistance, one can drop an email to service@hdfclife.com.

How does HDFC Life Insurance Policy work?

HDFC Life Insurance Company offers a range of life insurance products, and the manner in which they function differs from one another. Term insurance policies, for instance, are low-cost life covers that pay out the sum assured in case the insured passes away during the policy period. Endowment plans pay maturity benefits if the life insured outlives the policy term, and death benefits in case of the individual’s demise during the policy term. ULIPs provide risk cover for the insured along with investment options to park money in a number of qualified investments.

How can I get HDFC Life receipt?

Users can view and download the premium receipt through the website of HDFC Life Insurance by logging into their account. The insurance company will also mail across the receipt to the registered email address of the policyholder.

How to view HDFC Life policy fund value?

Users can track details of their HDFC Life Insurance policy from the E-Services Section of “My Account”. For further assistance, one can drop an email to service@hdfclife.com.

Can I surrender my HDFC Life policy?

Policies that have saving or investment component can be surrendered after the completion of its lock-in period. According to a recent directive by the insurance regulator, life insurers have been asked not to levy surrender charges if the insured opts to terminate the cover after five years.