HDFC Life Insurance: Facts, Benefits Online

Whether it is finding your partner for life or ordering a brand new smartphone, we just do it with a touch of our finger. Our life is so digitalized that right from buying daily groceries on a mobile app to booking a cab for work; everything is dependent on the Internet and phone. We buy apparels online, we pay bills online, we search for a maid online, and we also see traffic updates on Google.

The way we sit, eat, walk, and commute everything depends on the world wide web. We save time by avoiding visits to provision stores, salon, and medical stores by easily booking our slots and services online. Hence why not buy a life insurance plan online without any extra efforts? In today’s lifestyle, we prefer swift online facilities to make our life convenient and easy.

Term life insurance plan

Internet a Game-Changer

The Internet has revolutionized the way our society operates; now you can make friends on dating sites and meet your perfect match on matrimonial sites as per your community and status. Similarly we have online brokerage sites, internet banking and insurance websites to make our choices easier.

We can buy life insurance policies for ourselves and our acquaintances through online mode as per our suitable time. A company representative will call us and answer all our queries; we can also book for a home appointment to better understand the plans and completing the formalities.

It’s wrong to procrastinate choosing an insurance plan as you have the excuse of “no time to visit the office”. You must avail the online facility as fast as possible at a young age so that you get the benefit of low premium payment. Don’t wait for the right time, just do it online without any hassles. You can select from a host of health plans, ULIPs, retirement plans, and much more on the website. You can consult online forums for accurate feedback and policy review to get a better insight.

Moreover, we also have a duty of saving environmental degradation, and online purchase permits paperless transactions. You can pay your premiums using the online facility by setting reminders and check the progress report of all your investments on a single page without doing any paperwork. HDFC offers a spectrum of insurance products based on your unique requirements, with special emphasis on customized offerings.

The new HDFC Life app has taken a step further by giving you the power to control your investments at your fingertips. Do not wait to take the financial leap into a world of innovation and secure your financial future.

Endless Benefits

There are several saving instruments – few offer low risk like bank deposits, government bonds, and debt funds while the rest like equities offer higher returns at greater risk. Insurance is best in all aspects due to the following factors :

  • Tax efficient – Maturity benefits for several insurance plans are tax-free under Section 10 (10D) of the IT Act. Plus the premium paid is entitled to deduction under Section 80C of the Income Tax Act, 1961.
  • Certainty – Once you identify a goal and set a value, a life insurance policy is a superb investment vehicle to fund your goal — the main reason being the assurance that even in case of unfortunate event of critical illness or death, the sum assured amount can support the family or financial objective of the policyholder.
  • Flexibility – Insurance products, particularly ULIPs (Unit Linked Plans), provide flexibility in premium payment terms, asset allotment to suit different risk appetites, fund switching options, and policy durations.
  • Wider choices – Based on the investor’s time horizon for goal realization, expected returns, and risk appetite, a wide array of asset allocation in terms of equity and debt is possible in any ULIP. The beneficiary can customize the plan as per his/her requirement.
  • Liquidity – Almost all insurance products provide sufficient liquidity post the lock-in tenure to cover any kind of urgent fund requirement. But there are certain unavoidable charges which discourage pointless encashment.
  • Earmarking – Most people choose insurance policies for fulfilling a particular goal. Hence an investor doesn’t use these funds for meeting any other intention. Besides it also encourages regular contributions.

Insurance for Financial Safety

Insurance helps an individual to afford for contingent liabilities such as critical illness, hospitalization, debt redemption, and more in a cost effective manner.

Term insurance

This is the simplest type of life insurance, which pays the assured sum on death. Term insurance is very useful to provide basic support for your family’s survival on the unfortunate event of the sudden demise of the main earning member. It can help to cover debt repayment of an investor by assigning the insurance policy to a creditor. On the policy’s maturity, the creditor receives the proceeds. Loan Cover plans are little different as the assured sum keeps reducing in sync with the amount of loan balance.

Health insurance

Such policies offer cover against key health care expenses such as critical illness, hospitalization, and surgery. The benefits offered include either fixed pay-outs in case of hospitalization or certain lump sum amount on getting diagnosed with some specific critical illnesses.

Accident benefit

This is typically an add-on rider with a basic insurance policy. It pays the beneficiary an extra sum assured in the event of death caused by accident. As accidental demise is unforeseen and sudden, the family can face issues like debt servicing, relocation, and other fund requirement reasons.

Retirement Planning

The life expectancy in India has improved considerably over the last few years due to accessibility to advanced medical and health care facilities. However, prolonged working life is always not possible due to instances of life-style related ailments and greater burn-out rate. The ever-growing demographic changes with abundant young talent available continuously may discourage a longer working period unless someone is self-employed.

Subsequently, the life span of retirement could be longer than an actively working life, so we need to build a good fund base to maintain our lifestyle even without our earnings. Pension plans are a great savior during post-retirement period, and if you keep saving in these plans while you’re employed, you will receive a heavy amount on retiring. You can get a monthly income in certain pension plans that offer a money back option.

In case of any exigency during your old age, you might be compelled to take help from relatives or friends that may lower your self-respect. Hence it’s better to invest in insurance plans that are the best options in terms of the annuity. You also don’t need to liquidate your existing assets as long as you have a solid insurance backup. Annuities purchased from the retirement fund can be used either as a regular source of income post retirement for a certainly fixed period or your whole life.

Insurance Protects From Inflation:

Inflation reduces the purchasing capacity of money while making a cumulative long-term impact. It lowers our real income on a year-after-year basis as our living standards keep increasing. So, inflation is an important factor that needs to be considered while framing financial objectives. ULIPs are the kind of insurance products that help investors in combating the effect of inflation on their financial dreams. ULIPs offer the choice to invest in stocks (equities) that offer aggressive returns compared to other asset classes in the long run.

Summary of Online Insurance Plans by HDFC Life:

  • HDFC Life Click 2 Protect 3D Plus – This term plan lets you personalize your term plan together with a variety of nine plan options.
  • HDFC Life Click 2 Invest – ULIP – This is a unit linked plan that offers valuable protection to your family, offers best returns, and meets your financial goals to a great extent.
  • HDFC Life ProGrowth Plus Plan: – It is a simple Unit Linked Plan, which offers dual benefits of life cover and market-linked growth.
  • HDFC Life Cancer Care Plan – This plan provides a lump sum amount if the beneficiary is diagnosed with Cancer. Hence, it helps to secure your income and other savings from those expenses that are excluded from your mediclaim policy, including out of network specialist, travel & lodging, out of pocket medical expenditure, experimental cancer treatment, etc.
  • HDFC Life Click 2 Retire ULIP – This ULIP plan lets you plan for your retirement requirements in advance and offers best market returns.
  • HDFC life Easy Health Plan – This online health insurance product by HDFC Life helps you address health issues of your family without any extra burden. It pays you a lump sum money in case of hospitalization, surgical procedures, or critical illness.
  • HDFC Life Cardiac Care – With rising medical expenditure in India and the growing incidence of cardiac ailments, this plan ensures that you’re financially protected in case of stressful times.
  • Click 2 protect Health – HDFC Life and Apollo Munich entered into a collaboration to offer you comprehensive life and health insurance at affordable rates.
  • HDFC Life Classic One – This plan offers a unique option of life coverage for two individuals, where a lump sum of ten times the sole premium is offered in the event of second death out of the two lives assured. Plus, this plan also comes with loyalty additions to help you enhance your fund value.

Don’t Wait!

Often, we spend way too much time putting off the inevitable. Don’t wait until you need life insurance benefits to purchase a plan. By then, it’s often too late and insurers like HDFC Life won’t be able to help you and your family, or will have to charge you much higher premiums.