HDFC 50 Lakh Term Insurance

While in the prime of life, the need to buy an insurance plan may be the last thing on one’s mind. One may often feel that they are healthy and hearty and do not need any kind of life insurance, but contrary to this common belief, having a term insurance policy is indeed crucial. No one would want to leave their loved ones vulnerable. Therefore, making enough plans to keep their future secured must be a part of all your financial plans.

"Life stage feature of HDFC Term Plans ensures your cover is enhanced as per your life stage requirements."

One of the most practical and affordable term life insurance policies available today is HDFC Life Click 2 Protect Life Plan offered by HDFC. This is a pure term insurance plan which means if the insured passes away during the plan tenure, a death benefit is provided to the nominee. Read on to learn more about this term insurance policy.

Importance of HDFC 50 Lakh Term Insurance

The very basic reason behind buying a term insurance plan is to ensure the financial security of your family when you are not around. HDFC has always boasted a high claim settlement ratio which gives you the assurance of a claim being settled without any hassle to your loved ones.

A non-linked and non-participating savings life insurance plan, the HDFC Life Click 2 Protect Plan is a great way to secure the future of your loved ones. Check out the features and benefits of the HDFC 50 Lakh Term Plan below:

1. Click 2 Protect Life Plan offers 3 plan options

• Life & CI Rebalance
• In case a listed critical illness is diagnosed, further premiums are waived off
• Critical illness benefit increases with every policy year while the death benefit decreased simultaneously

2. Life Protect

• The nominee receives a lump sum amount if the insured dies during the policy term

3. Income Plus

• Upon the plan’s maturity, if the insured survives, a lump sum amount is paid out
• Along with this, regular income is also disbursed after the insured crosses 60 years of age.

4. Death Benefits

Being a pure-term insurance plan, Click 2 Protect Life Plan offers a death benefit in case the insured dies during the plan tenure. An accidental benefit of 100% basic sum assured is also provided to the family in case the insured dies due to an accident.

• The nominee receives the lump sum amount as sum assured or 105% of the total premium paid so far
• Individuals paying a single premium receive the maximum of-
1. 125% of premium
2. Maturity sum assured
3. Basic sum assured
• Individuals paying limited or regular premium receives the maximum of-
1. 10 times of annual premium
2. Basic sum assured
3. Maturity sum assured

5. Maturity Benefits in the form of Return of Premium Option

   Under this clause, the insured receives back all the premium paid till the end of tenure if he/she survives till the plan ends.

6. Survival Benefit

   In case of the ‘Income Plus’ plan, the insured gets to enjoy survival benefit as well. A regular monthly income is given to the insured after he/she reaches 60 years of age. 0.01% of the basic sum assured is disbursed every month as regular income. It continues till the policy ends or the insured passes away (whichever happens first).

7. Critical Illness Benefit

   There are 36 listed critical illnesses covered by HDFC. If the insured is diagnosed with any of these illnesses, the future premiums are waived. Also, every policy year, the critical illness benefit increases while the death benefit decreases.

• Check out the Key Exclusions

  There are a few things that remain out of the coverage of the HDFC 50 Lakh Term Plan. If the insured commits suicide within 12 months of the purchase or revival of the plan, the nominee will receive 80% of the premiums paid in total. Also, death due to war, involvement in any illegal activity, or dangerous activity is not covered

• Choose the Right Variant

  You get three different options of plans to choose from. Life & CI Rebalance, Life Protect, and Income Plus. All three have different features and benefits to offer. So, analyse your requirements and accordingly choose a plan that can benefit you the most.

• Read the policy document carefully

  The policy document may seem wordy but you must not skip reading it before you sign on to it. Once you've finalised a plan, make sure you go through every clause and terms and then only sign. It gives you a thorough idea of the plan.

Eligibility criteria for HDFC Life Click 2 Protect Life Plan

Anyone fulfilling the basic eligibility criteria of HDFC Life Click 2 Protect Life Plan can apply. So, before you plan to fill out the application form, it is advisable that you check the eligibility criteria of the plan to proceed confidently:

How To Buy/Process Of Buy of HDFC Life Click 2 Protect Life Plan

The process of purchasing the 50 Lakh Term Insurance plan is quite simple. You can purchase it from the website of HDFC or by visiting a company office. Coverfox also lets you purchase the plan in a few simple steps. Follow the process below:

• On the Coverfox homepage, click on the term insurance plan. Now choose the 50 Lakh Term Insurance Plan by HDFC
• Click on the purchase option and fill out the application form
• Submit the form along with the documents required
• Pay the premium to complete the process
• A company executive will be in touch with you soon.

Check out the list of documents you will be required to submit along with the application form:

• An application form, duly filled and signed by the insured
• Address Proof
• Identity Proof
• Income proof
• Passport size photographs.

An adequate sum assured ensures that your family does not have to compromise on their lifestyle and they can pursue their dreams, even in your absence. Emotional loss may never be recovered, but plans like HDFC Life Click 2 Protect Life Plan ensure that your loved ones are financially stable. Read on to know all about this term insurance policy.