In order to keep up with fast-changing times and evolving priorities, it is crucial to secure your family’s future against any uncertainty. Hence, 1 crore term insurance plans have become one of the most sought-after life insurance products. Such a plan offers the nominee a sum of Rs. 1 crore as a death benefit. One such plan is the HDFC Life click 2protect plan, which is flexible and protects your family against uncertainties.
"Life stage feature of HDFC Term Plans ensures your cover is enhanced as per your life stage requirements."
Term insurance is the most cost-effective life insurance policy. Premiums are low, and you can decide on the premium payment mode. It also lets you enhance coverage by adding benefits like critical illness cover and accidental death or disability cover. You can also choose to receive the sum assured payment as a lump sum amount or as monthly income. A term insurance policy ensures that your family does not have to struggle financially, even in your absence.
In fact, HDFC Life Insurance provides three term insurance plans, such as the HDFC Life click 2protect plan, which doesn't have a maximum coverage limit as it depends on the underwriter’s discretion; HDFC Life Quick Protect Plan without medicals and with a maximum sum assured of Rs 1.25 CR and HDFC Life Saral Jeevan Bima with Rs 5 lakhs of coverage. But in this article, we shall focus on the HDFC Life click 2protect plan only.
Since we are talking about HDFC Life click 2protect plan in this article, let us discuss the features of that plan:
The term plan offers additional benefits like critical illness cover, accidental death cover, premium waiver benefit, etc. It also offers flexible term for paying premiums.
A policyholder can choose from 3 plan options;
It also gives an option to avail cover for whole life under Life Protect and Income Plus variants.
It has an option of return of premium, which pays back all the premium paid on survival till maturity.
This option can be availed to receive an additional sum assured on accidental death.
HDFC Term Insurance Plan offers special premium rates for women and non-tobacco users.
You should check a few things before buying a term insurance policy.
The sum assured should be sufficient to cover the family's financial needs. Calculate expenses, liabilities, loans and children's education plans and decide the sum assured accordingly. Also, the earlier you opt for a term plan, the more benefit you can avail yourself as the premium rises with age. However, once you opt for a term plan, your premium is locked for life and does not increase thereafter. However, when opting for the plan, ideally, the coverage should not be less than 10-15 times your annualised income.
Include riders you actually need to enhance the financial coverage considering the premium amount.
Ideally, you do not want your family to claim the amount, but if there is a need, they should know whom to contact. No one really talks about it, but this is a piece of important information that your nominee should be aware of.
| Plan Option | Life & CI Rebalance | Life Protect | Income Plus | ||
|---|---|---|---|---|---|
| Fixed Term | Whole Life | Fixed Term | Whole Life | ||
| Min. Age at Entry | 18 years | 18 years | 45 years | 30 years | 45 years |
| Max. Age at Entry | 65 years | 65 years | 65 years | 50 years | 10 Pay: 50 years Single Pay, 5 Pay: 55 years |
| Min. Age at Maturity | 28 years | 18 years | Whole of Life | 70 years | Whole of Life |
| Max. Age at Maturity | 75 years | 85 years | Whole of Life | 85 years | Whole of Life |
| Min. Policy Term | 10 years | Single Pay: 1-month Regular Pay: 5 years Limited Pay: 6 years | Whole of Life | 70 yrs – Age at Entry | Whole of Life |
| Max. Policy Term | 30 years | 85 yrs - Age at Entry | Whole of Life | 40 years | Whole of Life |
| Premium Payment Term | Single Pay, Regular Pay, Limited Pay (5 to any PPT less than PT) | Limited Pay (5, 10, 15 pay) | Single Pay, Limited Pay (5, 10 pay) | ||
| Min. Basic Sum Assured | ₹ 20,00,000 | ₹ 50,000 | |||
| Max. Basic Sum Assured | No limit, subject to Board Approved Underwriting Policy (BAUP). | ||||
HDFC term insurance plans can be easily purchased online.
Then you have the quotes wherein you need to select the following:
Your coverage details that you wish to apply for
Then you can opt for the HDFC 1 crore term plan.
Once your application is approved, your policy will be issued.
Yes, you can opt for the Return of Premium option, wherein you would get a maturity benefit of the total amount of premiums paid but only under the Life and CI Rebalance and the Life Protect-Fixed Term option.
The minimum basic sum assured of HDFC Life Click2Protect life for Life Protect and Income Plus variants is Rs. 50,000, and for Life & CI Rebalance variant, it is Rs. 20,00,000.
Yes, a policy can be revived under a few conditions. First, the revival application is made within 2 years of the lapse and before the policy term completes. Second, all the pending premiums are paid with interest. Last, the company carries out fresh underwriting of the policy.
Term plans come with a variant called Return of Premium option wherein the premiums paid to the insurer over the entire policy tenure is returned back on survival till the end of the policy term as maturity benefit and the policy is terminated.
