Unit Linked Insurance Plans by HDFC Life are investment cum insurance plans. The investment component is subject to the risks linked to capital markets. The insurance provider offers a variety of ULIP products to suit varying needs (risk appetite and financial goals) of policyholders/investors. There are products available for retirement planning, child’s education or marriage and investment purposes.
About HDFC Life: HDFC Life is among the top life insurance companies in India. It provides a range of individual and group insurance solutions that meet different life stage needs of customers. Some of its offerings include Protection, Savings & Investments, Pension and Health.
(Note – All the information contained in this page has been sourced from the official website of HDFC Life.)
Some of the ULIPs offered by HDFC Life are as follows:
HDFC Life Click2Invest ULIP - This is an online unit linked plan that offers market linked returns, charges minimally, provides the policyholder's family with financial protection and meets the individual's investment needs.
Eligibility Criteria
| Parameters | Minimum | Maximum |
|---|---|---|
| Age at entry | 0 years (30 days) | 65 years |
| Age at maturity | 18 years | 75 years |
| Premiums | Single: Rs. 24,000 Annual: Rs. 12,000 Half-yearly: Rs. 6,000 Quarterly: Rs. 3,000 Monthly: Rs. 1,000 |
No limit, subject to Underwriting |
HDFC Life Click 2 Wealth - This is a unit linked, non-participating, life insurance plan. It comes with the Premium Waiver option, whereby individuals can financially secure their child's or spouse's future. There is investment flexibility with 10 funds, and unlimited free switches are permitted.
Eligibility Criteria
| Parameters | Invest Plus | Premium Waiver Option | Golden Years Benefit Option |
|---|---|---|---|
| Age at Entry | Life Assured: 0 years (30 days) to 60 years | Life Assured: 0 years (30 days) to 60 years Proposer: 18 years to 65 years |
Life Assured: 0 years (30 days) to 60 years |
| Age at Maturity | 18 years to 75 years | 18 years to 75 years | 99 years |
| Minimum Premiums | Single: Rs. 24,000 Quarterly: Rs. 3,000 |
Annual: Rs. 12,000 Monthly: Rs. 1,000 |
Half-yearly: Rs 6,000 |
HDFC Life Classic One - This is a Unit Linked Single Premium Life Insurance Plan. It offers life cover for two individuals, where a lump sum of 10 times the single premium is paid out on the second death of the two lives covered. HDFC Life Classic One also offers loyalty additions that will help boost the fund value.
Eligibility
For Single Life
| Minimum | Maximum | |
|---|---|---|
| Age at entry (last birthday) | 0 years | 40 years |
| Age at maturity (last birthday) | 18 years | 50 years |
For Joint Life
| Minimum | Maximum | |
|---|---|---|
| Age at entry (last birthday) | 18 years | 80 years |
| Age at maturity (last birthday) | 28 years | 90 years |
HDFC SL ProwGrowth Flexi - This is a savings-cum-insurance unit-linked plan that provides financial security to the life assured's loved ones. It provides flexibility to select one of two benefit options: i) Life Option = Death Benefit ii) Extra Life Option = Death Benefit + Accidental Death Benefit.
Eligibility Criteria
Life Options
| Parameters | Criteria |
|---|---|
| Min-max entry age | 14-65 years |
| Maximum maturity age | 75 years |
| Min-max policy term | 10-30 years |
Extra Life Options
| Parameters | Criteria |
|---|---|
| Min-max entry age | 18-55 years |
| Maximum maturity age | 70 years |
| Min-max policy term | 10-30 years |
HDFC SL Crest - This ULIP helps to achieve investment goals in a period of 10 years along with providing financial protection for the policyholder's family. Premiums can be paid for 5 years to receive market linked returns for 10 years.
Eligibility Criteria
| Entry age | Criteria |
|---|---|
| Entry age | Minimum: 14 years Maximum: 55 years |
| Maturity age | 65 years |
| Policy term | 10 years |
| Premium Payment Term | 5 years |
HDFC SL YoungStar Super Premium - This ULIP is designed to accumulate savings for the future of one's child, even in the individual's absence. There is flexibility to choose from 4 funds to suit the policyholder's risk appetite: Income Fund, Balanced Fund, Blue chip Fund and Opportunities Fund.
Eligibility Criteria
| Eligibility | Life Option | Life and Health Option |
|---|---|---|
| Minimum entry age | 18 years | 18 years |
| Maximum entry age | 65 years | 55 years |
| Maximum maturity age | 75 years | 65 years |
HDFC SL ProGrowth Maximiser - This is a single premium ULIP with a cover of 10 years. It provides flexibility to invest among 4 fund options available, namely Income Fund, Balanced Fund, Blue chip Fund and Opportunities Fund.
Eligibility Criteria
| Eligibility | Criteria |
|---|---|
| Min-max entry age | 14-65 years |
| Policy term | 10 years |
| Maximum maturity age | 75 years |
(Source: HDFC Life website)
To buy a ULIP, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are generally acceptable include:
How to pay premium? What are the modes of payment available?
Applicants have the option to pay their premiums either through the company’s website or by visiting one of its branches. Other than cash and cheque payments, the other options include Net Banking, Credit Card, Debit Card, Bill Pay etc.
How to check policy status of HDFC Life ULIPs?
To view the status of the policy, users need to sign in to the insurer’s web portal using their login credentials.
How to renew an HDFC Life ULIP?
To renew an insurance plan, policyholders will be required to pay the renewal premiums. Users are advised to go through the product brochure to understand the renewal process of each plan.
What is the claim settlement process for HDFC Life ULIP?
Individuals have the option of either filing an insurance claim online or by visiting one of the insurer’s branch offices.
How to cancel an HDFC Life ULIP?
To cancel an insurance policy in the free look, users have to fill up a form, requesting the same, and submit it at a branch office with the policy document.
