HDFC Life Insurance Company Limited
Formerly known as HDFC Standard Life Insurance Company Limited, HDFC Life Insurance Company Limited is one of the top insurance companies in the country. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.) – India’s leading housing finance institution and Standard Life Aberdeen – a global investment company in the United Kingdom.
Headquartered in Mumbai, HDFC Life Insurance Company Limited’s portfolio comprises products like savings and investment plans, Protection plans, Pension plans, Women-centric plans, Health plans amongst others. The company has carefully designed all the products keeping in mind the needs of customers in various life stages.
Why opt for HDFC Life Term Insurance?
- Wide network: HDFC Life Insurance has a vast network and distribution channel through which it ensures that all its products are easily accessible to everyone in all parts of the country.
- Wide range of insurance products: HDFC Life insurance offers innovative insurance products catering to the various needs of the customers.
- Claim Settlement ratio: The insurer has a healthy claim settlement ratio of 99.07%; hence undoubtedly it is one of the most credible and trustworthy insurance partners in the country.
- Customer service: HDFC Life Insurance offers smooth and hassle-free services to its customers, be it related to product information or claim settlement process.
Facts about HDFC Life Insurance Company Limited
- The company has its presence in over 980 cities and towns across India.
- It has about 414 branches in the country.
- It also has a liaison office in Dubai.
- HDFC Life Insurance boasts of a high Claim Settlement Ratio of 99.07%.
- The leading insurer has a multi-channel distribution system for all its products.
- Along with providing an array of insurance products, the company also customizes plans like additional riders at an extra premium.
Types of Life Insurance Plans offered by HDFC Life Insurance Company
- Term Insurance Plans: HDFC Life Term Insurance plan offers large insurance coverage at an affordable premium. Riders are also available to be added with the base plan to provide wider protection for the policyholder.
- Health Plans: With a rapidly changing lifestyle, it has become imperative to have a health insurance plan. HDFC Life health plans provide a range of Health Insurance plans and Mediclaim policies, offering financial security during medical emergencies.
- Child Insurance Plans: Child plans are specifically designed to take care of your child’s future needs like higher education. It is one of the ideal ways to secure your children’s future financially, ensuring the best for them even in your absence.
- Savings Plans & Investment plans: HDFC Savings and Investment Plans are life insurance plans, offering multiple ways to save and grow money to cater to your future needs.
- Women’s Plans: These are a set of specially designed products, catering to different financial needs of women at various stages of life such as health, protection, retirement, long-term savings and investments, and child’s education.
- Retirement and Pension plans: HDFC retirement and pension plans offer financial security at your old age when you need it the most. It helps you in maintaining your living standards without compromising on the financial front.
HDFC Life Term Insurance Plans
- HDFC Life Click 2 Protect Life
- HDFC Life Click 2 Protect Plus
- HDFC Life Click 2 Protect 3D Plus
Documents required to apply for HDFC Life Insurance Plans
- Duly filled Proposal form, Illustration copy (only for ULIPs), Most Important Document (MID helps understand the policy’s key features).
- Address Proof, Identity Proof, Age Proof, and Income Proof – Aadhaar Card, Passport, PAN card, Voter ID, Driving License, Ration card, Birth certificate.
Exclusions in HDFC Life Insurance Plans
The insurer shall not approve any claims if it is caused by, arises from, or in any way attributing to any of the following:
- Any treatment underwent outside India
- Conflicts and Disasters
- Non-Allopathic and Experimental Treatment
- Hazardous Activities
- Attempt to suicide or Self-Inflicted injuries
- Military Services
- Cosmetic treatments
- Breach of Law
- De-addiction and Substance Misuse
- Dental treatments
- Sleep and Obesity
- Rehabilitation and Convalescence
- Hormone Replacement Therapy
- Routine Eye(s) and Ear ailments
- Sexually transmitted Disease and other Sexual problems
- Birth Control and Assisted Reproduction
- Congenital Conditions
- Items of personal comfort and non-medical expenses
- Psychological disorders
- Stem Cell Banking
- Immunisation & Nutritional treatment
- Expenses of Life Insured as donor
How can I pay HDFC Life Insurance premiums?
The premium payment for HDFC Life Insurance can be made online or offline. Online you can pay premiums through netbanking, credit or debit card, UPI, or mobile wallets. And offline, you can pay by cash, cheque, demand drafts etc.
What is the process to check the HDFC Life Insurance policy?
You can check HDFC Life Insurance policy status on the company’s website by entering the proposal number after applying for the policy. In addition, if you are an existing customer, you can simply log into your account and check the status of your policy.
How can I cancel the HDFC Life Insurance policy?
After purchasing the policy, in case you are not satisfied with its feature, you can cancel the policy within the free-look period given by HDFC. Usually, the free-look period is for 15 days and 30 days if you have bought online. So, during this period, you can cancel the policy by giving a written request to the insurer. Upon cancellation, the premium pain gets refunded after deducting the administrative costs incurred while issuing the policy.
Is it possible to pay HDFC Life Insurance premiums monthly?
Yes, HDFC Life Insurance premiums can be paid monthly, annually, half-yearly and quarterly. However, the monthly premiums will be higher than the annual premium.
What is the claim settlement process for HDFC Life insurance policy?
The policy nominee usually makes the death claims. First of all, the nominee needs to inform the HDFC Life Insurance about the death to make a claim by filling the claim form available on the company’s website and the other related documents required to process the claim, such as medical reports death certificate, amongst others. You can check the list of documents on the company’s website. You can also intimate the insurance company through email. The insurance company would then verify the claim and process it within 24 hours in all the policies more than 3 years from inception.