Term Life Insurance Premium Calculator
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Best HDFC Term Insurance Plans
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.51%
- Zero Cost Benefit
- Terminal Illness
- Nominee's Choice payout
- Voluntary Top Up
- Tax Benefits
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹97.84%
- Waiver of Premium on Disability
- Terminal Illness
- Life Stage Benefit
- Tax Benefits
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.4%
- Tax Benefits
- Terminal illness
Is it important to buy a term plan?
Term plans are important as they provide a life cover for a specific period of time and help the policyholder in safeguarding the financial future of their family members in case of their untimely demise. They are crucial as they allow the family members of the policyholder to meet their daily expenses and maintain a proper living standard even in the absence of the policyholder.
Can I purchase HDFC Life term insurance plan online?
Yes, you can easily purchase HDFC Life term insurance plans online. The online buying process is quite simple, hassle-free and involves much less paperwork. Also, before deciding on a specific term plan, ensure that you thoroughly compare various term insurance plans that are available online in order to get maximum coverage at an affordable premium.
What documents do I need to purchase an HDFC Term insurance plan online?
The documents that you would need to apply for HDFC Term insurance plan online are as follows:
- Address Proof (Voter ID card, electricity bill, passport, telephone bill, ration card, bank account statement, utility bill)
- Age Proof (driver’s license, birth certificate, passport, PAN card, voter ID card, college/school leaving certificate)
- Photo ID Proof (driver’s license, passport, aadhaar card, PAN card, voter ID card)
- A recent passport size picture
- Income Proof (salary slip, Form 16, ITR/assessment order, employer’s certificate)
Can I choose to surrender my HDFC term insurance plan?
Yes, in case you feel that you don’t have any further liabilities in life, you can opt to surrender your term life insurance plan.
Am I allowed to change the frequency of premium payment for my term insurance plan?
Yes, you are allowed to change the frequency of premium payment at any point of time during the policy term.
Who is a nominee?
The nominee is the person appointed at the time of policy issuance for receiving the benefits of the insurance policy. In the event the nominee is a minor, the benefits would be received by the appointee mentioned at the time of policy issuance.
How can I intimate my HDFC Life Term insurance claim?
A claim can be reported by visiting the nearest HDFC Life branch office or by logging into the HDFC Life Insurance website.
What documents are acceptable for ID Proof and address proof?
The following documents can be used for ID and Address Proof- PAN Card Passport, Aadhar Card, Driving License, Bank Account Statement, or Voter Identity Card.
What if the policy documents are not available with the nominee?
If the policy documents are not available with the nominee, then he can submit an indemnity bond. The indemnity bond has to be executed on the stamp paper. You can download the template for an indemnity bond from the HDFC Life website under “Download Form”.
What is the time frame within the claim that has to be reported to HDFC Life?
A claim must be reported as soon as possible to process the claim settlement.
How will I know that my claim has been registered?
After reporting your claim, HDFC Life will send an acknowledgement letter within 15 days of receiving the required documents. The same will be intimated through SMS, Letter, and registered email.
Who is entitled to receive the sum assured in the case of policyholder death?
The nominee, beneficiary, or the assignee/ appointee in case of minor is entitled to receive the sum assured as mentioned by the policyholder in the proposal form.
How will I get to know if my claim has been rejected?
The company will send a rejection letter within 10 days of decision along with a reason for rejection of the claim.
Does COVID 19 is covered under HDFC Life Term Insurance Plans?
Yes, COVID 19 is covered under HDFC Life Term Insurance Plans.
By when will my HDFC Life term insurance claim be settled?
As per the Insurance Regulatory Authority of India (IRDAI), all claims are to be settled within 30 days with all important documents. In case, further investigation is to be required then it may take up to 90 days to settle a claim.
What are Term Insurance Riders?
A term insurance rider is an extra attachment that provides you with additional coverage for an additional fee. A rider can enhance your overall term policy by providing numerous additional benefits over what your term insurance plan already offers.
When is the right time to purchase the HDFC Life Term insurance plan?
The best time to buy an HDFC Life term insurance plan is when you’re young and in relatively good health. This will help you to get your premium at an affordable rate.
What are the minimum and maximum age to buy an HDFC Life term insurance plan?
The minimum age to buy an HDFC Life term insurance plan is 18 years and the maximum age is 65 years.
Can my HDFC Life Term insurance premium change after a period of time?
Yes, your premium can change depending on many factors like additional riders coverage, lifestyle changes, etc.
Can NRIs purchase HDFC Life Term insurance plans?
Yes, NRIs who have legal citizenship of India can purchase HDFC life term insurance plans.
What are the tax benefits applicable under HDFC Life Term insurance plans?
HDFC Life offers tax benefits under Section 80C and Section 10(10D) of the prevalent taxation law.
What is the customer helpline number of HDFC Life Insurance?
The toll-free customer helpline number of HDFC Life is - 1800 266 9777.
What is the Claim Settlement Ratio of HDFC Life Insurance?
HDFC Life featured an impressive claim settlement ratio of 99.07% in FY 2019-2020.
What is the free look period under HDFC Life term insurance plans?
HDFC Life term insurance plans come with a free look period of 15 days during which you can thoroughly understand the terms and conditions of the policy.
What are the riders available under HDFC Life term insurance plans?
HDFC Life term insurance plans come with the following riders:
- HDFC Life Protect Plus Rider
- HDFC Life Income Benefit on Accidental Disability Rider
- HDFC Life Critical Illness Plus Rider.
Can I avail tax benefits on the premium paid for HDFC Life term insurance plans?
Yes. You can avail tax benefits on the premium paid for HDFC Life term insurance plans as per the prevailing tax laws.
What will happen if I am unable to pay premium for HDFC Life term insurance plans?
In case you are unable to pay premiums for HDFC Life term insurance plans even by the end of grace period, then the policy shall lapse without value and the benefits will be ceased.
Can I alter the policy term and premium paying term for HDFC Life term insurance plans?
No. The policy term and premium paying term for HDFC Life term insurance plans cannot be altered.
What is a Term Insurance Policy?
A Term Insurance policy is said to be a pure life insurance plan. It provides financial protection and stability to the policyholder’s family or loved ones in case of unforeseen events. Term plans provide higher cover at an affordable premium rate.
What are the different factors that will affect my HDFC Life Term insurance premium?
Your HDFC Life term insurance premium calculation will be dependent upon various factors including your age, gender, pre-existing disease, occupation, and cover up to which age.
How does my Age affect my HDFC Life term insurance premium?
Age is a prominent factor in determining the premium for your HDFC Life term insurance plan. The higher your age, the higher the premium you are required to pay.
What is the total coverage amount that should be taken under the HDFC Life Term Insurance plan?
The coverage of the HDFC Life Term insurance plan should be adequate enough to cover the financial needs of the policyholder’s family members in the event of an unfortunate incident resulting in the demise of the policyholder. The ideal coverage of your term plan should be 10 to 12 times your annual income.
What are the different Riders options available with HDFC Life Term Insurance Plans?
HDFC Life Term Insurance plans offer Critical Illness cover, Accidental Death Benefit Cover, and Accidental Disability Rider.
How would my Premium change if I add Riders in my HDFC Life Term insurance plan?
If you add riders to your HDFC Life Term Insurance plan, the premium calculated would increase because each rider provides an additional benefit which comes with an additional cost for the additional coverage benefit that it provides. Therefore, by addition of each rider, the amount of premium you are supposed to pay also goes up.
What is the claim settlement ratio of HDFC Life Insurance?
HDFC Life Insurance has a staggering claim settlement ratio of 99.07% in FY 2019-2020.
What are the benefits of premium receipts provided by HDFC Term Insurance?
You can show Premium Receipt to avail the tax benefits under section 80C and section 10(10D) of the Income Tax Act,1961.
What is the impact of HDFC Life Term premium calculation on tobacco users?
Tobacco or Smoking is hazardous for your body. It increases the chance of developing diseases like throat cancer or lung cancer. If you are a regular smoker or tobacco user, you are at high risk of developing a threatening disease so in such a case, you will have to pay a higher premium as compared to the premium paid by a policyholder, who does not consume tobacco .
What is the toll-free customer care number of HDFC Life Insurance?
The 24x7 toll-free customer helpline number of HDFC Life insurance is 1800 266 9777.
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Claim Process at HDFC Term Insurance
Claim IntimationIn the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
Submission of DocumentsClaim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
Claim EvaluationOnce the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
Claim SettlementIf claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.