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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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
Aashish, read this article about claim settlement ratio which would give idea on which insurance company to choose. https://myinvestmentideas.com/2015/01/irda-claim-settlement-ratio-2013-14-what-does-it-mean/
Hi Suresh,
I am 28 yrs old and i dont have any insurance on me. please suggest a best policy for me. I want to assure for 30 to 40 lacs with a monthly premium of 700 to 1000 rupees.
You can consider LIC e-term term insurance plan, HDFC Click 2 protect or ICICI Pru term insurance plan etc. as they have high claim settlement ratios
its usefull informatio foe me. / .sir am 31 yr married male 3yr child at buldana maharashatra,, intrested for 50lac term plan ,,max 35 to 40 yr term/// kindly advice me between click ti protect plan hdfc and bhartiya axa term plan .. SIR i had miner heart problem like attack 25days ago.but angiography shows normal and no blockage . . is there any problem to buy term plan plz advice me as early as.,., date of brt 27-07-1983 non smoker
sir this is jagan.iam gonig to take term insurance for 20,00,000/- for the period of 40 yrs.my date of birth is 05-06-1987.i want critical illness rider also
I am now 41 Years, I have purchased click to protect 2 yrs back (SA 1 cr) for 20 years term. Is it advisable to close this and purchase the C2P + as new proposal, with extra life option. for which i have to pay 6000 more premium than earlier
Thanks
If you think that other one is most suitable, you can do it. Check whether there is any swtich option (switching from C2P to C2P+
Hi Suresh,
Could you please advise on my above question/confusion posted on Nov 13 at 3:19 PM. Your advise is very much important for me here. I haven’t decided to go further yet. Thanks.
Hi Suresh,
I am very impressed with the articles you post. These are very useful for people like me who don’t have time/want to spend much time on research.
One idea you implanted in my brain recently is to not mix up insurance and investments.
Hence I wanted to go for a good term insurance plan(50 lakhs) with some critical illness rider and be at peace with further investments.
I am father of 2 kids and husband of 1 wife ☺.
Please do suggest me some good options..
Thanks a ton.
Madhava, Thanks. There are several term insurance plans, however only a few offer critical illness riders. I think SBI e-Shield offers such riders. You can review and consider.
Hi Suresh,
I am planning (within this week) to buy term insurance (50 lakh cover) through policybazaar.com. Term 37 years and I am 39 years old. The agent/adviser from policybazaar told me to buy two separate policies (25 & 25) from two different companies (HDFC & aegon religare or Reliance) to save the premium of around couple of thousand rupees. He told me I have following benefits if I go his way:
1. Since the sum insured is less amount for each companies (25 lakh), there are full chances my claim will pass.
2. If one company reject claim and other one pass, we can fight through consumer court saying such company has passed my claim, why can’t you.
3. Aegon Religare and Reliance has less claim settlement ratios then HDFC and ICICI. However, their premium is lesser too. If they don’t honour my claim, I can fight stating HDFC does.
Both will require medical test and I will disclosed all information accurately. I do consume tobacco and occasionally alcohol.
Please advise if I should obtain two separate policies from two separate companies or stick with HDFC?
Please advise at your earliest convenience. Thanks so much.
Hi,
I am thinking to buy HDFC Click 2 protect plus plan in next few days, but I am still confused with the statement
Illustrative Benefits on Death –>
Higher Of:
* 10 times the Annualized premium or
* 105% of all premiums paid as on date of death or
* Sum Assured
Why the first 2 are there if we are deciding our Sum Assured amount?
As per my understanding on term plan is on death insurer, nominee will get the whole sum assured.
Thanks and Regards
Arun
What you said is correct, nominee would get sum assured. However there are cases where such insurance company would charge higher premiums for low sum assured. In such case atleast 10 times of annualised premium, nominee would get. This is to protect insurers
Thanks for the information.
One more quetion I have is, I have HDFC Life Classic Assure Insurance policy. But as per my understanding I would not be getting any benefit (sum assured seems less than what I am paying) from this policy after my policy term.
My quetion is, Is there any way by which I can change my policy plan?
This is not that good policy as this policy lacks disclosure of charges. You can review and surrender the policy after taking adequate term plan
Hi Suresh,
Th article is good. However, I see lot of negative reviews on this policy.
Though not sure true or not.
Thanks,
Raju
It depends on what is your requirement. Some review and target only postives (especially agents of this policy) and some post only negatives (like competitors of this insurance company). I have posted postive and negatives.
For a similar age and policy duration, the premium amount for hdfc click to protect is slightly higher than the premium amount for hdfc click to protect plus, even though the latter has an additional feature of life stage option. Why is this? Is there some other catch? The difference was almost 500 rupees.
Also, under life stage option, after 45 years of age, when you revert back to original SA, will the premium be same as the one which was at start of policy? Or is it recalculated again? (that’s what the wording says).
Hi. Thank you for your article. One observation I made was that for a given age and tenure, the premium in life option for HDFC click to protect plus is slightly lesser than HDFC click to protect scheme. Any reason for this ? This is surprising since HDFC click to protect plus is not only cheaper as said above but it also has the option of life stage protection feature. Are there any other differences between the two plans ?
Another query is in case of life stage protection feature, after 45 years age, when you revert back to base SA, will the premium be same as to what you were paying initially ? OR is it freshly calculated ? (Thats what the wording says).
Thanks Suresh for the review. I already have HDFC Click to protect (since 2 years). Is there any advantage to upgrade to HDFC Click to Protect PLUS?
Yes Venkat. There are several positive factors in HDFC click 2 protect plus comparing to normal one.
interested for term insurance plan for myself
Very useful to me
Dear Sir,
Your article is very useful for any begineer which opted to buy any term plan insurance, I really aprreciate your article with examples.
Thanks a lot.
Regards,
Amit Yadav