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 Rs 10 Lakhs sum assured. During the death of Mr. Mahesh, his nominee would get Rs 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 Rs 10 Lakhs sum assured + another Rs 10 Lakhs as accidental benefit, totaling to Rs 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 Rs 10 Lakhs), during his death, his family would get Rs 1 Lakh (10% of the sum assured) and balance Rs 9 Lakhs would be paid for 15 years in equal monthly instalments of Rs 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 Rs 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 Rs 20 Lakhs. When Akhil gets married, he can increase the sum assured by 50%, i.e. Rs 10 Lakhs additional. Now he has first child, he can increase sum assured by additional Rs 5 Lakhs. During second child birth, he can increase by another Rs 5 Lakhs. Means after the second child, his total sum assured would be increased to Rs 40 Lakhs. Akhil does not need Rs 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 Rs 50 Lakhs sum assured approx premiums would come around Rs 6,000 for Life option, Rs 5,000 with income option and Rs 8,100 with Income Plus Option
- For a 40 years male and Rs 50 Lakhs sum assured approx premiums would come around Rs 13,000 for Life option, Rs 23,000 with income option and Rs 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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HDFC Click 2 Protect Plus Term Insurance Plan
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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.