HDFC Term Plan – Click 2 Protect 3D Plus Review
Couple of years back, HDFC has launched Click 2 Protect 3D Plus term plan. It has fine tuned this term plan now. HDFC Term Insurance plan says you can get this plan at Rs 17/day only. This HDFC Term Insurance Plan comes with several flexible options. HDFC Life has a higher claim settlement ratio, hence it attracts individuals who are willing to take a term plan. What are the features of HDFC Click 2 Protect 3D Plus Term plan? Who is eligible to take this HDFC Term Plan 3D Plus? Should you opt for this HDFC Term Insurance Plan? Let’s do HDFC Term plan review in this article.
Also Read: Best Online Term Insurance Plans in India
What is Term Insurance Plan?
If you are already aware of it, you can skip this section.
Any life insurance plan that provides risk coverage 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 tenure, the nominee would get sum assured. Term Insurance would not have survival benefit or maturity benefit. It only provides risk coverage.
If you are little confused between traditional endowment plans, Term insurance plans and ULIPs, this video can help you.
Features of HDFC Term Plan – Click 2 Protect 3D Plus
Here are the key features of this term insurance plan.
1) HDFC click 2 Protect 3D Plus is a non-linked insurance plan.
2) In this term 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.
3) You can customize this plan with 9 different options are available under this term insurance plan.
4) In case of Accidental Total Permanent Disability or on diagnosis of critical illness (available under specific options only), all the future premiums are waived off.
5) One can protect himself for the entire life with the lifelong protection option or 3D lifelong protection option.
6) The phases and roles of a man changes with time like marriage, becoming a father, etc. This plan gives you an option to increase the insurance cover on some milestones without underwriting or further medical checkups in the same existing term 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 months after the specified event.
d) The life assured must be less than 45 years of age at the time of the 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.
7) 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 the policy.
8) Special premium rates for female individuals.
9) Special premium rates for non-smokers.
10) You can get a 5.5 % discount on premiums for this online term plan.
11) You would get income tax benefits u/s 80C for the premiums paid under this term plan.
12) HDFC Term plan claim settlement ratio / HDFC life Claim Settlement ratio is 97.8% for FY2017-18 that was released in Jan-2019 by IRDA
What is the eligibility criteria to take this HDFC Term Insurance Plan 3D Plus?
Here is the eligibility to take this plan.
What are the various options / Plans available in HDFC Click 2 Protect 3D Plus Term plan?
HDFC Life has come up with 9 different options. One can choose the appropriate option suitable for them.
1) Life Option
Under this option, the nominee gets lump sum benefit in case of death or in case of diagnosis of terminal illness. All future premiums are waived upon Total Permanent Disability due to accident (ATPD).
2) 3D Life Option
Along with the benefits under Life Option above, an additional benefit of waiver in future premiums not only for permanent disability due to accident, but also in case of diagnosis of any of the 34 critical illness indicated in the policy document.
3) Extra Life Option
In addition to the benefits under Life Option, you get an additional sum assured in the event of death due to an accident.
4) Income Option
In this option, along with benefits indicated in life option, the nominee would get the additional benefit of the monthly payout either level or increasing monthly income. However the option would have chosen at the inception of the policy.
5) Extra Life Income Option
In addition to Extra Life option benefits indicated above, one would get monthly payout options too (level or increasing monthly income).
6) Income Replacement Option
This plan option ensures that your nominee continues to receive the income stream even in your absence. Means, in case of death or terminal illness of insured, the nominee would get 12 times of applicable monthly income as a lump sum as well as monthly payout out (level or increasing monthly income).
7) Life Long Protection Option
Under this option, the insured is protected for his entire life, but premiums need to be paid up to 75 years of age. Upon his death, or diagnosis of terminal illness, his nominee gets a lump sum benefit. Future premiums are waived upon Accidental Total Permanent Disability.
8) 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 34 critical illnesses.
9) Return of Premium Option
All above options, there is no maturity benefit. Under this HDFC Term plan with return of premium, if you survive till end of the policy tenure, the insurance company returns all your premiums paid. On the death or diagnosis of a terminal illness during the policy term, a lump sum is paid to the nominee. Understanding Return of Premium Term Plans would help whether to consider such plans or not.
What are the 34 critical illnesses covered under this Term Insurance Plan?
HDFC Term plan with critical illness covers almost 34 critical illnesses.
a) Cancer of Specific Severity.
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
Angioplasty
Cardiomyopathy
Primary (Idiopathic) Pulmonary Hypertension
c) Other critical illnesses
Kidney Failure requiring regular dialysis
Major Organ/ Bone Marrow Transplant
Stroke resulting in Permanent symptoms
Apallic Syndrome
Benign Brain Tumor
Coma of specified severity
End Stage Liver Disease
End Stage Lung Disease
Loss of Limbs
Loss of Independent Existence
Blindness
Third Degree Burns
Major Head Trauma
Permanent Paralysis of limbs
Scleroderma
Alzheimer’s Disease / Irreversible Organic Degenerative Brain Disorders
Motor Neurone Disease with Permanent Symptoms
Multiple Sclerosis with Persistent Symptoms
Muscular Dystrophy
Parkinson’s Disease
Poliomyelitis
Deafness
Loss of Speech
Medullary Cystic Disease
Systematic lupus Eryth with Renal Involvement
Aplastic Anaemia
What options are covered and what are not covered in this term plan?
Summary of what is available and what is not available HDFC Life Click 2 Protect 3D Plus.
What are various HDFC Term plan payment options?
You can consider this term plan and pay the premium either monthly, quarterly, half yearly, yearly or single i.e. one time.
You may like: List of Best 1 Crore Term Insurance Plans in India
What are the premiums in HDFC Term plan Click 2 Protect 3D Plus?
Premiums under this term insurance plan varies with the option which you would choose along with age, tenure and payment method of the plan.
This is for a 30-year individual for Rs 1 Crore for basic life plan for 25 years tenure without any critical illness coverage nor coverage of accidental death benefit riders.
1) Annual Premium – Rs 15,795
2) Half yearly Premium – Rs 8,173
3) Single Premium – Rs 277,648 (One time)
You can check HDFC Term Plan Premium calculator here.
If I wish you take this plan, whom should I contact?
You can directly visit hdfclife portal and apply online. If you still want to talk to HDFC Term Plan customer care, you can reach this link.
Should you opt for HDFC Term Plan – Click 2 Protect 3D Plus?
On the face of it, it looks comprehensive term insurance plan. This HDFC Term Insurance Plan has several options where one can choose based on the need.
1) Think whether you need to really take all the benefits available in the plan. Can we go with simple sum assured or increased sum assured?
2) Some options talks about only monthly payout and not lump sum payouts. Be careful with such options and try to avoid them.
3) If you keep on adding the benefits indicated in the term plan, the premiums would tend to increase.
4) Do you really need monthly payout options as the future is uncertain and we don’t know our loved ones might need a lump sum when we are not there.
5) HDFC Term plan return of premium, do you really need it? Try to avoid this as they would be paying your own money to you at maturity.
In summary, this HDFC term plan insurance is good, however, don’t try to over complicate or over utilize the benefits as it costs you more.
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Suresh KP
HDFC Term Plan – Click 2 Protect 3D Plus – Features and Benefits
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