HDFC Life Click 2 Protect 3D Plus Insurance Plan – Should you opt?
Last month, HDFC Life has launched new term insurance plan HDFC Life Click 2 Protect 3D Plus. All insurance providers are throwing various schemes to attract the customers. HDFC also revised its traditional life insurance plan and introduced a new plan named HDFC Life Click 2 Protect 3D Plus. What are the features of HDFC Click 2 Protect 3D Plus? What are the unique features of HDFC Click 2 Protect 3D Plus Insurance plan? In this article, I would provide some insights about this insurance plan and do HDFC Life Click 2 Protect 3D Plus Review.
Also Read: Best Term Insurance Plans in India for 2017
What is Term Insurance Plan?
If you are already aware of what Term Plan is, you can skip this section.
Any insurance plan that provides risk coverage for a given tenure is known as term insurance plan. In the case of life insurance, term life insurance plan covers a defined period of the insured. If the insured dies during this period, the nominee is eligible to receive death benefits or sum assured. But, if he survives, he does not get anything. The premium is lowest in term insurance plans. All the insurance companies provide this plan. Recently, HDFC Life launched a new version of term insurance. The following are its key features.
Features of HDFC Life Click 2 Protect 3D Plus Insurance Plan
This new insurance plan comes with several new features. Lets review them now.
- HDFC click 2 Protect 3D Plus is a non-linked insurance plan which comes with several unique features.
- In this plan, 3D refers to the protection against 3 Ds of life i.e. Death, Disease and Disability. So, it is basically a term insurance plan which has been decorated with disease and disability riders.
- A total of 9 options are available under this new plan.
- In case of Accidental Total Permanent Disability or on diagnosis of critical illness (available under few options), all the future premiums are waived.
- One can protect himself for the entire life with lifelong protection option or 3D lifelong protection option.
- The phases and roles of a man changes with time like marriage, becoming a father etc. This plan gives you an option to increase insurance cover on some milestones without underwriting or further medical checkups in the same existing tem insurance plan.
- a) 1st marriage – the sum assured can be increased by 50% subject to a maximum of 50 lakh.
- b) On birth of 1st and 2nd child – The sum assured can be increased by 25% subject to a maximum of Rs 25 lakh at both the times.
- c) These options are available only for 6 month after the specified event.
- d) The life assured has to be less than 45 years of age at the time of above specified event.
- e) The option is available only if no claims have been made till that date like waiver in case of permanent disability etc.
- There is a flexibility to increase your cover every year through top-up option. This option can be exercised only at the time of inception of policy.
- Special premium rates are available for females.
Who is eligible to take this term insurance plan?
One is eligible to take this plan as per the details indicated below:
What are the options available in HDFC Life Click 2 Protect 3D Plus Insurance Plan?
One can customize their own plan with a wide choice of 9 options. The following plan options are available under this plan-
1) Life Option – Under this option, the nominee gets lump sum benefit in case of death or diagnosis of critical illness. All future premiums are waived upon Accidental Total Permanent Disability (ATPD).
2) 3D Life Option – Along with the benefits under Life Option, an additional benefit of waiver in future premiums is received on the diagnosis of critical illness.
3) Extra Life Option – In addition to the benefits under Life Option, you get an additional sum assured in case of death due to accident.
4) Income Option – This plan option is for those individuals who want a regular stream of income for their nominee apart from a lump sum payment in their absence.
5) Extra Life Income Option – In addition to the benefits under Income Option, an additional lump sum and regular income benefit is paid in case of accident due to death.
6) Income Replacement Option – This plan option ensures that your nominee continues to receive the income stream even in your absence.
7) Return of Premium Option – Under this option, the company returns all your premiums in case of your survival till the end of policy term. On death or diagnosis of terminal illness during the policy term, a lump sum is paid to the nominee.
8) Life Long Protection Option – Under this plan, the insured is protected for his entire life. Upon his death, or diagnosis of terminal illness, his nominee gets a lump sum benefit. Future premiums are waived upon Accidental Total Permanent Disability.
9) 3D Life Long Protection Option – In addition to the benefits under Life Long Protection Option, you will receive an extra benefit of waiver in future premiums upon diagnosis of critical illness.
What are the critical illnesses covered under some of the options indicated above?
These are classified into 3 categories
a) Cancer Rated illnesses
b) Cardiac Related illnesses
- Open Chest CABG
- Myocardial Infraction (First Heart Attack of specific severity)
- Open Heart Replacement or repair of heart valves
- Major Surgery of Aorta
- Primary (Idiopathic) Pulmonary Hypertension
c) Other illness related
- Kidney Failure requiring regular dialysis
- Major Organ/ Bone Marrow Transplant
- Stroke resulting in Permanent symptoms
- Apallic Syndrome
- Benign Brain Tumour
- Coma of specified severity
- End Stage Liver Disease
- End Stage Lung Disease
- Loss of Limbs
- Loss of Independent Existence
- Third Degree Burns
- Major Head Trauma
- Permanent Paralysis of limbs
- Alzheimer's Disease / Irreversible Organic Degenerative Brain Disorders
- Motor Neurone Disease with Permanent Symptoms
- Multiple Sclerosis with Persistent Symptoms
- Muscular Dystrophy
- Parkinson’s Disease
- Loss of Speech
- Medullary Cystic Disease
- Systematic lupus Eryth with Renal Involvement
- Aplastic Anaemia
What is available and what is not available in each and every option in this insurance plan?
What are approximate premiums under HDFC Life Click 2 Protect 3D Plus Insurance Plan?
Minimum premium under various Premium Payment terms and premium frequencies are mentioned below. This is for a 30 year individual for Rs 1 Crore for basic life plan for 40 years tenure. Premiums increases by opting for other options in this plan
1) Annual Premium – Rs 11,704
2) Half yearly Premium – Rs 5,934
3) Quarterly Premium – Rs 2,984
4) Monthly Premium – Rs 1,007
5) Single Premium – Rs 218,682 (One time)
What is the Frequency Conversion factor?
Half-yearly – 0.507
Quarterly – 0.255
Monthly – 0.086
Should you opt for HDFC Life Click 2 Protect 3D Plus Insurance Plan?
In the beginning of launch of such plans, they seem to be attractive but there are several hidden clauses. The following points need to be considered.
1) With the increasing options in the plan, the complexity in the plan is increased. Before choosing any option, one has to carefully go through all the rules and eligibility criteria that are applicable for the options.
2) It talks about waiving the future premiums in case of ATPD, but no lump sum benefit or fixed regular benefit is payable.
3) With the increasing benefits, the sum assured tends to rise.
4) One needs to select monthly income and its term at the time of inception of policy. The future is unpredictable and one cannot calculate the future needs at so early point of time.
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HDFC Life Click 2 Protect 3D Plus Insurance Plan Review