HDFC Life Click 2 Protect Plus
HDFC Life Click 2 Protect Plus Review
HDFC Life Click 2 Protect Plus is a pure term insurance which gives a large amount of life cover for really low premiums. The policy also offers added features such as 1) option to increase cover on milestones such as marriage and child birth, 2) Accidental Death Benefit rider and 3) Taking the payout as lumpsum + monthly claim settlement.
HDFC Life Insurance has recently launched Click2Protect 3D Plus – their new online term plan which offers protection against 3D’s – Death, Disability and Disease. Click here to know more.
Key Features
Benefits
This is a pure protection plan which pays the benefit amount only on the death of the policyholder. There is no maturity benefit in this plan.
In case of the unfortunate demise of Life Assured, the insurance company will pay the benefit as defined below to the nominee:
- Single Premium Policy: Higher of :
- 125% of Single Premium
- Sum Assured
- Regular Premium Policy: Higher of :
- 10 times the annualized premium
- 105% of all the premiums paid as on date of death
- Sum Assured
- Life Option: The death benefit specified above is paid as lump sum on death.
- Extra Life Option(Accidental Death Benefit): In addition to the death benefit mentioned above an additional benefit equal to Sum Assured is payable in case of death due to accident
- Income Option:
- 10% of the Death Benefit paid as a lump sum upon death
- Remaining 90% of the Death Benefit shall be paid as monthly income over next 15 years (0.5% of Death Benefit every month for 15 years)
- Income Plus Option:
- 100% of the Death Benefit specified above shall be paid as a lump sum upon death
- In addition, a monthly income equal to 0.5% of the Sum Assured shall be payable for a period of 10 years.
- The monthly income can be level or increasing at 10% p.a. as chosen by the policyholder
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity amounts you receive from this plan are exempt from tax under section 10(10D)
Lump sum payout of Death benefit in addition extra Sum Assured is paid in case of death due to accident
- Under Life Stage Protection Feature you have an option to Increase your Insurance Cover on certain key milestones of your Life like Marriage, Child Birth without fresh medical test
Variants
Plan Options | Description of Cover |
Life Option | Lump sum payout of Death Benefit |
Extra Life Option (Accidental Death Benefit) |
Lump sum payout of Death benefit in addition extra Sum Assured is paid in case of death due to accident. |
Income Option | Part of Sum Assured payable on death and the remaining payable as monthly income for 15 years |
Income Plus Option | Sum Assured paid on death & monthly income paid for next 10 years. The monthly Income can be chosen as Level or Increasing at 10% p.a. |
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | 25,00,000 | No Limit |
Policy Term (in years) | 10 | 40 |
Premium Payment Term (in years) | Regular, Limited or Single | |
Entry Age of the Life Insured (in years) | 18 | 65 |
Maturity Age (in years) | 28 | 75 |
Payment Modes | Yearly, Half-yearly, Quarterly or Monthly |
Surrender Value
Premium Pay | Surrender Value |
Single Pay | Life, Extra Life Income Option and Income Plus Option: 70% x Single Premium x (Unexpired Coverage Term / Original Coverage Term) |
Regular Pay | No Surrender Value |
Limited Pay | No Surrender Value |
No loans available on the policy
In case of death due to suicide within 12 months from the date of inception of the policy or from the date of the revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to 80% of the premiums paid.
Exclusions
- The Company will not pay accidental death benefit if the death occurs after 180 days from the date of the accident.
- The Company will not pay accidental death benefit, if accidental death is caused directly or indirectly by any of the following:
- If the death occurs after 180 days from the date of the accident
- Intentionally self-inflicted injury or suicide, irrespective of mental condition
- Alcohol or solvent abuse, or the taking of drugs except under the direction of a registered medical practitioner
- War, invasion, hostilities (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion
- Taking part in any flying activity, other than as a passenger in a commercially licensed aircraft
- Taking part in any act of a criminal nature with criminal intent
- Taking part or practicing for any hazardous hobby, pursuit or race unless previously agreed to by us in writing
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