• Term Life
  • Investment

HDFC CSC Suraksha Term Plan

HDFC CSC Suraksha is a simple term insurance plan designed for the rural sector of the country. This plan is provided through the Common Service Centre (CSC) channels. CSC Suraksha is an affordable insurance plan and aims to make life insurance available for the rural sector of the country. The policy is available for individuals between 18 to 55 years, with a minimum sum assured of Rs. 30,000 and a maximum limit of Rs. 2,00,000. HDFC CSC Suraksha plan is very affordable with the annual premium as low as Rs. 112 only. The policy term can be for a period of 5 to 15 years. The policyholder needs to pay the premium during the entire term of the plan.

Features of CSC Suraksha Plan

Free look period: After purchasing the HDFC CSC Suraksha Plan, if you are not satisfied with the terms and conditions of the policy, you have an option to cancel the policy within the free look period. However, this should be done within 15 days from the date of policy commencement. The company will refund the premium paid in a defined time period. The policyholder will have to bear the costs such as stamp duty and medical expenses.

Grace period: The grace period for this policy is of 30 days. If you fail to make the premium payment within the defined grace period, the policy will lapse, and all the associated benefits will cease to exist. Policy revival: A lapsed policy can be revived within two years from the date of first unpaid premium. In order to restore your policy, you need to pay all the outstanding premium with interest. The interest amount and other taxes may vary from time to time. It is advisable to receive the latest applicable rates from the insurer.

Policy transfer or assignment: You can transfer your HDFC CSC Suraksha Plan in part or as a whole. It is up to the insurer to accept or decline the transfer request. You can approach IRDAI within 30 days if the insurer refuses your policy transfer request. Surrender value: The policy does not provide the policyholder any surrender value.

Alterations: The sum assured, premium amount and policy term cannot be changed. However, the frequency of premium payment can be altered as required.

Policy loans: Loan facility is not available under this policy.

Benefits of CSC Suraksha Plan

HDFC CSC Suraksha term insurance provides life cover that assures a benefit amount in the event of the death of the policyholder during the policy tenure. This amount helps the dependents to survive in difficult financial situations. Death benefit: In the event of the death of the life assured, the nominee will receive the amount that is the highest among the following options.

  • Sum assured
  • Ten times of the annual premium
  • 105% of the total premiums paid till the time of the death of the life insured. The annual premium for the calculation of the death benefit will not include the tax and modal premiums. When the company pays the death benefits to the nominee, the policy will be terminated, and associated benefits will also come to an end. Additionally, the death benefit will only be paid if the policy is in force at the time of the death of the policyholder. Maturity benefit: Since this is a pure term plan, no maturity benefits are payable to the policyholder if he survives till the end of the policy term.

Eligibility criteria

ParameterMinimumMaximum
Entry age18 years55 years
Maturity age23 years60 years
Sum assuredRs. 30,000Rs. 2,00,000
Policy term5 years15 years
Premium paying termRegular, limited or single pay yearsRegular, limited or single pay years
Premium paying modeMonthly, quarterly, half-yearly, yearlyMonthly, quarterly, half-yearly, yearly
Annual premiumRs. 112 -

Product details

HDFC CSC Suraksha Plan at a glance.

ParameterMinimumMaximum
Entry age18 years55 years
Maturity age23 years60 years
Sum assuredRs. 30,000Rs. 2,00,000
Policy term5 years15 years
Premium paying termRegular, limited or single pay yearsRegular, limited or single pay years
Premium paying modeMonthly, quarterly, half-yearly, yearlyMonthly, quarterly, half-yearly, yearly
Annual premiumRs. 112 -
Maturity proceeds--
Grace period30 days30 days
Death benefit
Higher of the,
• Sum assured
• 10 times annual premium
• 105% of total premiums paid as on the date of death

Higher of the,
• Sum assured
• 10 times annual premium
• 105% of total premiums paid as on the date of death

Premium details

The premiums for this insurance cover can be paid at regular intervals agreed at the time of policy purchase. The policyholder has an option to select a premium frequency at the time of purchase. However, this can be altered later on if required. The details on premium under this policy are as follow: Premium payment term Same as policy term Premium payment frequency Yearly, half-yearly, quarterly, monthly Minimum annual premium Rs. 112

TermPremium
Premium payment termSame as policy term
Premium payment frequencyYearly, half-yearly, quarterly, monthly
Minimum annual premiumRs. 112

The premiums are subject to change based on your age, location, policy term, and other factors. In the case of monthly premium payment mode, you may have to pay the first three months premiums in advance.

Other details of HDFC CSC Suraksha Plan

Tax benefits: The HDFC CSC Suraksha Plan offers tax benefits under section 80C of the Income Tax Act, 1961. The death benefits received from this policy is also exempted from tax under Section 10 (10D) of the Income Tax Act, 1961. The tax benefits may change as per the tax rules.

You can purchase the policy by visiting the nearest CSC outlet. It is a paperless process to purchase this policy through the Aadhar Card. The policy is instantly available at the CSC outlets

Documents required for CSC Suraksha Plan

You can purchase the HDFC CSC Suraksha Plan by visiting the nearest CSC outlet. The purchase process is simple and hassle-free. Moreover, no paperwork is required if you are purchasing this policy with your Aadhar Card.

However, if you do not have an Aadhar Card, you may need to present the following list of documents at the time of purchasing the plan.

Age proof: The age proof can be any of these – Driving license, School/college certificate, Passport, PAN card, Birth Certificate.

Identity proof: Voter ID, driving license, PAN card or Aadhar card can be used an identity proof.

Address proof: Electricity bill, Bank account statement can be presented as the proof of address.

Exclusions -What the HDFC CSC Suraksha Plan doesn’t cover?

Suicide: If the policyholder commits suicide within 12 months from the inception of the policy, the nominee will receive only 80% of the premiums paid, provided the policy is still in force. The same is applicable in the case of revived policy.

Review of HDFC CSC Suraksha Plan

The purpose of term life insurance is to give coverage against the loss of life. These are high life covers at an affordable cost. When the life insured dies, the death benefit will be paid to the beneficiary in a lump sum. In order to facilitate the rural sector into mainstream insurance, HDFC has introduced a CSC Suraksha Plan. This plan is a pure term plan which is simple to understand and will be sold through CSC channels to increase the reach of life insurance in rural areas of the nation.

The plan provides death benefits to the nominee if the policyholder dies within the policy term. When the nominee receives the claim, the policy and all associated benefits cease to exist. The policy does not offer any maturity or survival benefit to the policyholder at the end of the policy term. In the event of the death of the life insured due to suicide, the nominee will receive 80% of the total premiums paid till the date of the death.

HDFC CSC Suraksha is a simple plan with no optional plans or riders attached to it. The plan offers a free look period of 15 days within which you can cancel the plan if you are not happy with the policy terms. The minimum annual payment is as low as Rs. 112 which makes this plan affordable for the rural population with lower income. The policy gives a grace period of 30 days to pay the premiums. The policy is subject to lapse if premiums are not paid within the grace period.

It is a bad idea to surrender the policy during the policy term as the company does not pay any surrender value or benefit. The premiums paid towards HDFC CSC Suraksha plan are tax deductibles and the death benefits received are also subject to tax exemption under section 80C and 10(10D) of the Income Tax Act 1961.

FAQs on HDFC Life CSC Suraksha Plan

Why should I buy HDFC CSC Suraksha term plan?

HDFC CSC Suraksha is a term insurance plan which keeps you protected until the entire policy term. The premiums are low that ensures affordability. The policy offers you the flexibility to choose the policy term between 5 to 15 years. It is a simple and hassle-free insurance policy with minimum paperwork.

Who can purchase HDFC CSC Suraksha plan?

This plan specially designed for the rural population, any Indian national falling under category and between the age of 18 and 55 years can purchase HDFC Suraksha plan.

What are the minimum and maximum premium amount under this plan?

The minimum sum assured under this plan is Rs. 30,000 and the maximum sum assured is Rs. 2,00,000.

What if my application to transfer this policy is rejected?

If the insurer rejects your policy transfer application, you can approach IRDAI within 30 days from the application rejection.

Can I get a loan against HDFC CSC Suraksha plan?

Loan facility is not available under this plan.

If the premium is not paid on time, how will it affect my policy?

If you fail to pay the premiums during the grace period, your policy will lapse

What riders are available under HDFC CSC Suraksha plan?

HDFC CSC Suraksha plan does not provide any additional riders apart from its regular benefits and features.