PremiumThe three options available in this plan has unique offerings. Especially the Income Plus option which acts as a means of regular income for individuals once they turn 60, according to the HDFC Life press release
HDFC Life Insurance has launched a term insurance policy Click 2 Protect Life. The non-linked, non-participating, individual term policy will cater to the changing needs in the different life stages of an individual. This is a term policy with three options packed in. We take you through these options.
According to the HDFC Life press release issued on 28 January said “The three options available in this plan has unique offerings. Especially the Income Plus option which acts as a means of regular income for individuals once they turn 60. One can choose the option that is best suited for their requirements."
1. Life & Critical Illness Auto-balance: This option will provide protection against critical illness (CI) and death by auto balancing life and CI cover with increasing age. In this option, the life cover decreases while critical illness cover increases proportionally, on each policy anniversary. In addition, on diagnosis of any of the listed 36 CI conditions, not only the increased CI sum assured is paid but also all future premiums are waived off and the life cover continues.
At the start of the policy, the basic sum assured is split between life cover and critical illness cover in 80:20 ratio. The total basic sum assured remains the same throughout the policy, the HDFC Life release said.
Also, despite the increasing CI cover at every policy anniversary, the premium for the customer will remain unchanged throughout the policy term.
2. Life protect option: This option will provide financial protection to the family of the life assured by providing coverage against death during the policy term. A lump sum is provided to the nominee on death of the life assured. This cover can be taken either for a fixed term or for the whole of life.
3. Income plus option: This option will provide regular monthly income from age 60 onwards while also providing cover for death during the policy term to ensure financial well-being of the dependants. The life assured is covered for the entire policy term and starts receiving a monthly income starting from the age of 60, continuing until death or policy maturity, whichever comes first. The death benefit payable to the nominee will be after deduction of the monthly income that was paid until death. In this plan one can also opt for whole life cover, as per the HDFC Life press release.
This option is a unique proposition in the life insurance industry as it bundles regular pension with life cover, the HDFC life press release said.
All options include both fixed and whole life covers.
As per the HDFC life press release, add-on features like Return of Premiums, Waiver of Premiums on CI, Accidental Death Benefit and premium payment frequency alteration are available for some options as per pre-disclosed conditions.
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