HDFC Click 2 Protect Plus Term Insurance Plan Review
HDFC life insurance, is one of the top private insurance company. We all know about HDFC click 2 protect term insurance plan. With some modifications, HDFC Life has brought a new term insurance plan called HDFC Click To Protect Plus term insurance plan. This has several add-on features compared to old term insurance plan. How good is HDFC Click 2 Protect Plus Term plan? What are its benefits? Should you opt for HDFC click 2 protect Plus plan or not?
HDFC Click 2 Protect Plus Term Insurance Plan Review
HDFC Life Click 2 Protect Plus provides with four Plan Options + add-on features.
a) Life Option: A Lump sum amount is paid in case of death of the policy holder.
Explained by example: Mr. Mahesh has taken ₹ 10 Lakhs sum assured. During the death of Mr. Mahesh, his nominee would get ₹ 10 Lakhs as death benefit.
Also Read: How good is HDFC Click 2 Invest ULIP Plan?
b) Extra Life Option (Accidental Death Benefit): A additional lump sum amount is paid in case of death, over and above Sum Assured in case of death due to accident.
Explained by example: Continuing above example, if Mr. Mahesh has died due to death, his family would get ₹ 10 Lakhs sum assured + another ₹ 10 Lakhs as accidental benefit, totaling to ₹ 20 Lakhs.
c) Income Option: 10% of Sum Assured is paid in case of death of the policy holder and balance is paid in equal monthly instalments for the next 15 years of time frame.
Explained by example: Continuing above example, if Mr. Mahesh has opted for Income option (sum assured ₹ 10 Lakhs), during his death, his family would get ₹ 1 Lakh (10% of the sum assured) and balance ₹ 9 Lakhs would be paid for 15 years in equal monthly instalments of ₹ 5,000 each.
d) Income Plus Option: 100% of Sum Assured is paid on death of the policy holder and monthly income of 0.5% of the sum assured is paid for next 10 years. The monthly Income can be chosen as Level or Increasing at 10% p.a.
Continuing above example, Mr. Mahesh family would get ₹ 10 Lakhs as a lump sum and 8,333 per month for next 10 years.
e) Life Stage Protection Feature: Under this feature, you have an option to Increase your risk coverage on reaching certain milestones like Marriage and birth of a child. This is very good option where you can increase sum assured of 50% in the case of marriage and 25% on the birth of your first child and 25% on the birth of your second child. This feature comes without any medicals.
Let me explain with an example. Mr. Akhil has taken life stage protection feature for ₹ 20 Lakhs. When Akhil gets married, he can increase the sum assured by 50%, i.e. ₹ 10 Lakhs additional. Now he has first child, he can increase sum assured by additional ₹ 5 Lakhs. During second child birth, he can increase by another ₹ 5 Lakhs. Means after the second child, his total sum assured would be increased to ₹ 40 Lakhs. Akhil does not need ₹ 40 Lakhs when he is single. However, when he is married and has 2 kids, his sum assured has to be high to take care of his family needs in his absence. Here HDFC Click 2 Protect Plus would help you in bridging this gap.
What are the premiums for HDFC Click 2 Protect Plus plan?
- Premiums would depend on the options which you would choose.
- For a 30 years male and ₹ 50 Lakhs sum assured approx premiums would come around ₹ 6,000 for Life option, ₹ 5,000 with income option and ₹ 8,100 with Income Plus Option
- For a 40 years male and ₹ 50 Lakhs sum assured approx premiums would come around ₹ 13,000 for Life option, ₹ 23,000 with income option and ₹ 37,000 with Income Plus Option
Also Read: LIC e-Term Online Term insurance Plan Review
Other features/eligibility of HDFC Click 2 Protect Plus Term Insurance Plan
HDFC Click to Protect Plus brochure can be downloaded at this link.
Should you opt for HDFC Click 2 Protect Plus plan?
Like I indicated in my earlier articles, best way to take life insurance is considered term insurance plans.
- HDFC Life insurance has 95% claim settlement ratio of 2012-13 which is the second largest among the private sector insurance companies (after ICICI Life insurance). Hence this is trusted insurance company.
- One can consider HDFC Click 2 Protect Plus with the life stage option.
- Considering Income Option would be waste as you would not get any returns for 90% of your insurance amount for 15 years.
- Income Plus Option is good as nominee would get sum assured during the death of policy holder and 0.5% of the sum assured would be paid every month beyond the sum assured.
- However, all such options would come with additional premiums.
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Suresh
HDFC Click 2 Protect Plus Term Insurance Plan
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41 comments
Add a comment ↓Hi .. as per IRDA any claim submitted post 3 year of insurance cannot be rejected. I have couple of queries regards to this.
1. Do you have data which can give us insight on the fact that how many claims are rejected post three year of insurance.
2.any particular reason i should be worried that my nominees claim will be rejected post three year of insurance.
With reference to term insurance—-What are the cases the claims gets rejected…can you give some examples….you have mentioned settlement ratio is somewhere 95%…the balance 5%–Why they doesnt get settled
Hi Suresh,
Thanks for the informative article. I am holding a HDFC click to protect term insurance for 1Cr. now I want to increase it by 50L.
In case if I am buying a new term insurance from another company for 50L and some year down the lane I passes away then how the claim would be settled?
I hope my query is clear, awaiting your reply.
Thanks
Nirmal
If you take another Rs 50 Lakhs say from ICICI life insurance (as an example), when the nominee claims, they would put claim to both insurance companies and both would be paid. It is always safer to take second term insurance plan from other insurance company other than the one where you purchased to avoid risk in future by your family
That’s great. Thanks for clearing the doubt. 🙂
Dear Suresh,
Thanks for sharing valued information regarding investment.
Which one is better HDFC Click to protect plus or ICICI Pru iProtect Smart?
Regards,
Chirag
Both are good Chirag. HDFC click 2 protect plus has more options in case of demise of insured person.
Thanks sites, your reply will help me to take important decision.
Regards,
Chirag Harde
what if the nominee also dies before the end of dispersal period?
Sir, I want to know what are the survival benefits after end of policy term. I am 24 years old, Male. I want to buy the insurance of sum assured 1 crore. What are the premium I have to pay. I lo choose life stage option with income plus option. Please tell me the survival benefit.
Call me 9029323343
hai my name is ratheesh iam working in MARCHANT NAVY..can u suggest me a suitable term insurance plan.
Dear Suresh,
i am 61 year old and i am ex-govt employee. can i take click to protect plan. please suggest.
Regards
Babu
Yes you can Mr.Babu. Check the entry age and terms and conditions before you proceed further.
I want to buy a term insurance for 30 years 1 Cr SA
Which term insurance shall I take. Please suggest.
There are several term insurance policies. However you need to go based on settlement ratio and then for lower premiums. You can look for LIC Term insurance ICICI term insurance plan, HDFC Click 2 protect etc.. The order is followed based on the settlement ratios
sir
good evening, your articles are very informative and helpful. i was very happy to reach your blogging site and told my friends about this. you are really doing a great job.
sir my question to you is about a term insurance plan that gives:
good claim settlement ratio and record
covers death as well as critical disability in case of accident
to insure me for 1cr for about 40yrs