HDFC 1 Cr Term Insurance Plan is a type of life insurance policy offered by HDFC Life Insurance, which provides financial protection to your family in case of your sudden demise. This plan offers a high sum assured of Rs. 1 crore to the nominee in case of the policyholder's untimely death during the policy term.
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Who should opt for HDFC 1 Cr Term Insurance Plan?
The HDFC 1 Cr Term Insurance Plan is suitable for individuals who want to provide financial protection to their loved ones in case of their sudden demise. It is ideal for those with dependents, loans, or debts to repay. The policy is suitable for salaried and self-employed individuals who want to secure their family's future financially.
Importance of HDFC 1 Cr Term Plan
The most affordable life insurance option is term insurance. Term Insurance has a Low premium compared to other types of life insurance plans. You can decide on the premium payment mode at your convenience. You can also add additional riders to enhance basic benefits like critical illness insurance and accidental death or disability insurance. You can also receive the Sum Assured payment as a lump sum or a monthly income. Even in your absence, your family will not face financial hardship because of the term insurance policy.
Benefits of HDFC 1 Cr Term Insurance Plan
Below mentioned are the benefits offered by HDFC 1 Cr Term Insurance plans:
- Financial Protection: HDFC 1 Cr Term Insurance Plan offers financial protection to your loved ones in case of your untimely demise. The high sum assured of Rs. 1 crore ensures that your family is financially secure and can take care of their future financial needs.
- Affordable Premiums: Despite the high sum assured, the HDFC 1 Cr Term Insurance Plan premiums are quite affordable, making it accessible to a wide range of individuals. The premiums are based on factors such as age, health condition, smoking habits, and other personal details.
- Coverage Enhancements: The policy allows for additional coverage enhancements, such as accidental death benefits, critical illness benefits, and waiver of premium benefits, among others, for an additional premium. These enhancements provide extra protection to the policyholder and their family.
- Option to Choose Policy Term: The policyholder can choose the policy term that suits their needs. The policy term can be as low as five years and go up to 40 years, depending on the policyholder's age.
- No Medical Examination Required: HDFC 1 Cr Term Insurance Plan offers a hassle-free application process; in most cases, no medical examination is required. This makes it easy and convenient for individuals to apply for this policy.
Features of HDFC 1 Cr Term Insurance Plan
Below mentioned are the key features of HDFC 1 Cr Term Insurance plans:
- Multiple Plan Variants: You can choose from 3 plan variants:
1. Life and CI Rebalance: It offers a critical illness cover and a death benefit. If the policyholder is diagnosed with any of the critical illnesses covered, all future premiums will be waived.
2. Life Protect: It is a pure-term plan that offers death benefits as a lump sum amount of the sum assured in case of the policyholder's death.
3. Income plus plan: It offers a maturity benefit and a regular income after the age of 60.
- Life Protect: It is a pure-term plan that offers death benefits as a lump sum amount of the sum assured in case of the policyholder's death.
- High Sum Assured: This policy provides a high sum assured of Rs. 1 crore, which can help your family maintain their lifestyle and cover expenses in case of your sudden demise. This amount can help them clear debts or loans and fulfil their future financial needs.
- Flexible-Premium Payment Options: The HDFC 1 Cr Term Insurance Plan allows the policyholder to choose the premium payment option that suits them the best. You can choose to pay premiums on an annual, semi-annual, quarterly, or monthly basis, based on your convenience.
- Hassle-Free Claim Process: HDFC Life Insurance offers various add-on riders to enhance the coverage benefits of your 1 cr term insurance plan, such as critical illness rider, accidental benefit rider, etc.
- Tax Benefits: The premiums paid for the HDFC 1 Cr Term Insurance Plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961, subject to the specified conditions. The policyholder can claim deductions up to Rs. 1.5 lakh on the premiums paid for this policy.
- Online Purchase: HDFC 1 Cr Term Insurance Plan can be purchased easily online by visiting the HDFC Life website and completing the necessary steps.
1 Crore Term Plan Offered by HDFC Life Insurance
HDFC Life Insurance offers various 1 crore term insurance plans. Every term plan comes with unique features and benefits:
HDFC Life Click 2 Protect Life
- Return of Premium Option
- Income Option
- Income Replacement Option
Entry Age: 18 Years to 65 Years
Sum Assured: 50K to No Limit
HDFC Life Quick Protection Plan
- Covered 19 Critical Illnesses
- No Medical Checkup
- Enhanced Accidental Coverage
Entry Age: 18 Years to 50 Years
Sum Assured: 75 Lakhs to 1.25 Crore
HDFC Life Insurance Buying Process
You can buy HDFC Life Term plans in two ways, i.e. from the official website of HDFC Life Insurance and RenewBuy.com. Given below are the steps to buy the HDFC Life plan:
Through HDFC Life Insurance Official Website
- Visit the official website of "HDFC Life Insurance".
- Click on the desired type of life insurance and click on it.
- Choose the desired plan and click the "Buy Now" Button.
- Fill in the required information and click the "calculate" button.
- Check the premium amount and click the "Pay Now" button.
- Review the details and pay the premium amount online.
- HDFC Life Insurance will share the policy document at your registered email address.
- Visit the official site of "RenewBuy."
- Select the "Life Insurance Plan" tab.
- Select the "Best Life insurance companies in India" tab.
- The next tab will show you all the life insurance companies.
- Click on the "HDFC Life Insurance" tab.
- Select the desired HDFC Life Insurance Plan.
- Fill in all the required information.
- Click on "Buy Now".
- Proceed with the payment.
HDFC 1 Cr Term Insurance Claim Process
HDFC Term Insurance has an easy and hassle-free claim settlement process. To file a claim, you need to follow the below-mentioned steps:
- Intimate the “HDFC Life Insurance” company by emailing them at email@example.com or by calling them on their toll-free number (1860 267 9999).
- You need to provide the following details Name of the policyholder, the date of death of the policyholder, the cause of death, the policy number, the Nominee's name, and contact details.
- Submit the following documents: Death Claim Form, Original Policy Documents, FIR & Panchanama, Death Certificate, Post Mortem Report, Account Details of the Nominee, and Resident Proof.
- HDFC Life Insurance will verify the details and documents per the norms.
- Once the verification is completed, your claim will be settled, and the claim amount will be transferred to your bank account.