Term Plan of HDFC

There is a lot of buzz around the term insurance plan these days. It begs a very simple yet effective question. Is term insurance for me and should I buy the same? Before answering that question, it is imperative that we understand what a term insurance plan is and what are the benefits of having one.

A term insurance plan is the most basic form of a life insurance plan. In a term plan, the policyholder pays a certain premium to the insurer and they provide life cover in exchange for the premium. The policy is usually valid for a certain term, thus the name term insurance.

If the policyholder dies during the term of the plan, the nominees of the policy will receive the sum assured. When you compare with other life insurance products, the sum assured provided by term plans rates very high and that too at low premiums.

Term Plan of HDFC

The term plan of HDFC offers you life cover at affordable premiums and a host of other features that you can benefit from. Here are the steps that you would need to follow to buy the right term plan for yourself.

Sum Assured

Arriving at the right sum assured is the very first step. You need to consider any outstanding debts, future obligations and other needs that your family might have. You can take the help of a few online calculators to arrive at the right sum assured for your family.

Compare Policies

After you arrive at the sum assured, comparing different policies would ensure a good buy. You can compare different policies based on coverage, premiums, duration, ease of claim settlement, etc. This will ensure that you buy a policy that meets your needs without burning a hole in your pockets.

Riders

If you feel the standard term of HDFC needs a bit of enhancement, you can take the help of riders. By paying a small premium, you can enhance the capability of the policy by a considerable margin.

Plans on Offer

After you decide that you need to buy a term insurance plan, going through the different term plan of HDFC will help you make the decision. Here are the three plans on offer.

HDFC Life Click2Protect 3D Plus Plan

This term insurance plan has 9 different cover options that you can choose from. The plan also has an inbuild critical illness cover, which will payout a pre-defined per cent of the sum assured on the diagnosis of certain critical illnesses. You can increase the sum assured of the policy at certain life milestones such as marriage and birth of a child. The minimum sum assured of the policy is INR 10 Lakhs.

HDFC Life Click 2 Protect Plus Plan

The policy offers four different cover options for you to choose from. You can increase the sum assured at important milestones such as your marriage or birth of a child. The plan offers lower premiums for non-smokers and you can opt for Accidental Disability Rider along with the plan.

HDFC Life CSC Suraksha Plan

This term plan is aimed at the rural population. The plan offers excellent life cover at low premiums and provides the sum assured in the event of the death of the insured.

HDFC Life offers some of the most practical term insurance plans that you can buy and that too at very affordable prices.

The icing on the cake being, the premiums are tax-deductible under Section 80C and the payouts are non-taxable under Section 10(10D).

I am Tanuja Koshy working with one of the leading online insurance aggregators as a General Manager. I manage and drive online investments, short term and long term insurance like home insurance, travel insurance, health insurance, term insurance.