Although it is perfectly fine to get yourself and your family insured with a basic insurance plan, there are some who expect more than mere coverage from their insurance policies. For such folks there is presence of HDFC Life ULIP Plans that provide the best mix of insurance cum investment.
Table of Contents:
What are HDFC Life ULIP Plans?
A distinct investment instrument, ULIP is that policy which has combined benefits of insurance and investment, both. HDFC Life ULIP Plans provide protection against the life of the policyholder as well as the option to invest in any number of shares. Thus, such schemes help in growing one’s long-term investments by simultaneously covering the risks of life. These can be managed by the preferences of the policyholder.
Also Check:- HDFC Click2Protect Plus
HDFC Life ULIP Plans
HDFC has come up with different plans to provide a versatile bunch of ULIPs. Following are the various Unit Linked Insurance Plans offered by HDFC Life:
- HDFC Life Click2Invest ULIP: It is an online ULIP plan that offers returns (market–linked) so as to provide you and your family with utmost financial protection while aiding you in meeting your optimum investment goal.
| Particulars | Details |
| Entry Age | 0 – 65 Years |
| Maturity Age | 18 – 75 Years |
| Minimum Premium | Regular:Rs.1,000
Single: Rs.24,000 |
| Policy Term | 5 – 20 Years |
| Features |
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- HDFC SL Crest: This is a perfect ULIP plan for those who are up for a short term investment. You just need to pay for 5 years for a policy term of 10 years.
| Particulars | Details |
| Entry Age | 14 – 55 Years |
| Maturity Age | 65 Years |
| Minimum Premium | Rs.50,000 |
| Policy Term | 10 Years |
| Features |
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- HDFC Life Click 2 Wealth: It’s a non-participating unit linked insurance plan which has high potential of market-linked benefits leading you closer to your investment goals. There are three sub-sections of this plan, viz.: Invest Plus, Premium Waiver Option and Golden Years Benefit Option.
| Particulars | Invest Plus | Premium Waiver Option | Golden Years Benefit Option |
| Entry Age | 30 Days – 60 Years | Life Assured: 30 Days – 60 Years
Proposer: 18 – 65 Years |
30 Days – 60 Years |
| Maturity Age | 18 – 75 Years | 18 – 75 Years | 99 Years |
| Minimum Premium | Single: Rs.24,000
Quarterly: Rs.3,000 |
Annual: Rs.12,000
Monthly: Rs.1,000 |
Semi-Annually:Rs.6,000 |
| Policy Term | 10 – 40 Years | 10 – 40 Years | 99 Minus Entry Age |
| Features |
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- HDFC SL YoungStar Super Premium: This HDFC SL Youngstar Super Premium plan helps you to create a corpus good enough to dispense necessary educational and other related expenses for your child without having to drill holes in your pocket. The benefits of this plan can be incurred by your child even in your absence.
| Particulars | Life Option | Life & Health Option |
| Entry Age | 18 – 65 Years | 18 – 55 Years |
| Maturity Age | 75 Years | 65 Years |
| Minimum Premium | Rs.15,000 | Rs.15,000 |
| Policy Term | 10 – 20 Years | 10 – 20 Years |
| Features |
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- HDFC Life ProGrowth Plus: A simple investment cum savings plan, enrolling in this policy lets you create customized investment strategy thus making the most of your savings.
| Particulars | Life Option | Extra Life Option |
| Entry Age | 18 – 65 Years | 18 – 55 Years |
| Maturity Age | 75 Years | 70 Years |
| Minimum Premium | Rs.2,500 | Rs.8,333 |
| Policy Term | 10 – 30 Years | 10 – 30 Years |
| Features |
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- HDFC SL ProwGrowth Flexi: If providing financial security along with amplifying your investment is your prime goal then is this the perfect plan for you. It has two sub-divisions of Life Option and Extra Life Option.
| Particulars | Life Option | Extra Life Option |
| Entry Age | 14 – 65 Years | 18 – 55 Years |
| Maturity Age | 75 Years | 70 Years |
| Minimum Premium | Rs.2,500 | |
| Policy Term | 10 – 30 Years | 10 – 30 Years |
| Features | Flexibility to choose: Death Benefit or Death + Accidental Death Benefit AND Sum Assured from the multiples of 10 to 40 of the annual premium
Easy premium redirection leading to future investment in different fund selection Easy fund switching |
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- HDFC SL ProGrowth Super II: This is a smart savings + investment ULIP plan that is designed to provide the finest of financial coverage for your family and a promising corpus to satiate your investment objectives. It has 8 fund options to invest in and 8 plan options providing varied covers so as to help you choose the one that suits your needs the best. Refer to the policy document for a detailed documentation of the same.
| Particulars | Details |
| Entry Age | Life: 14 – 65 Years
All Others: 18 – 55 Years |
| Maturity Age | Life: 75 Years
Extra Life: 70 Years All Others: 65 years |
| Minimum Premium | Rs.15,000 |
| Policy Term | Life, Extra Life, Life & Extra Health, Extra Life & Health: 10 – 30 Years
Life & Disability, Extra Life & Disability, Life & Health & Disability, Extra Life & Health & Disability: 10 – 25 Years |
| Features |
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- HDFC SL ProGrowth Maximiser – Single Premium ULIP Plan: This is, as the name says, a one time-premium payment unit-linked plan that is best for those who want a lump sum money with them and wish to multiply with market-linked returns.
| Particulars | Details |
| Entry Age | 14 – 65 Years |
| Maturity Age | 75 years |
| Minimum Premium | Rs.50,000 |
| Policy Term | 10 Years |
| Features |
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- HDFC Life Classic One: This is one-of-a-kind ULIP plan offered by HDFC Life in which there is life coverage for two individuals.
| Particulars | For Single Life Option | For Joint Life Option |
| Entry Age | 0 – 40 Years | 18 – 80 Years |
| Maturity Age | 18 – 50 Years | 28 – 90 Years |
| Minimum Premium | Rs.2 lakh | Rs.2 lakh |
| Policy Term | 10 – 50 minus age at the time of entry | 10 – 90 minus age at the time of entry |
| Features |
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10. HDFC Life Smart Woman Plan: As the name hints, this unit linked plan is specifically designed to keep up with the investment + insurance interests of a modern woman.
| Particulars | Details |
| Entry Age | 18 – 50 Years |
| Maturity Age | 28 – 60 Years |
| Minimum Premium | Rs.24,000 |
| Policy Term | 10 or 15 Years |
| Features |
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Documents Required to Apply
Following documents must be kept ready in order to sail through the purchasing process of any of the aforementioned HDFC Life ULIP Plans:
- Application Form (Duly filled & signed)
- PAN Card
- Address Proof (Aadhaar Card, Voters ID, Passport, Ration Card, etc.)
- Income Proof
- Bank Account Details
- Passport Size Photographs
Note: This is not an inclusive list thus may lead to further editing.
Claim Process for HDFC Life ULIP Plans
Following is the process of making claims for any of the HDFC Life ULIP Plans mentioned prior:
- Informing the company (HDFC Life) about the event
- Filling and sending the claim intimation letter to the company
- On receipt of the letter, the company sends the list of documents to support the aforesaid claim
- On receipt of complete information of the claim along with all the documents asked, provider verifies the authenticity of the claim
- Payment of the claim amount is released
Documents Required for Claim
- Claim Intimation Form
- Death Claim Form or Critical Illness Form (as the case maybe)
- Death Certificate (wherever applicable)
- Original Policy Document
- Medical records at the time of death & past illness, if any
- Claimant’s Identity & Residency Proof
- NEFT Account Details
- Policy Inquest Report & Punchnama (wherever applicable)
Note: This list may change as per the type of claim and/or asked by the insurer
Time Taken to Settle the Claim
HDFC Life has same-day claim processing and thus usually processes the same within a span of 24 hours. This is subject to claims made 3 years from the date of inception.
Cases Where You Can’t Claim HDFC ULIP Plans
Unit linked insurance plans are quite popular nowadays and the benefits accrued are also spread on a large scale. But despite all the benefits and coverage provided, there are always certain exclusions.
Likewise for HDFC ULIP Plans, there are certain situations which fall out of the periphery of coverage. These are:
- No accidental death benefit is paid if person succumbs to injuries 90 days post-accident
- If cause of accidental death was involvement in hazardous activities, then also no claims shall be entertained
- If cause of death involves any of the following reasons:
- Intentional self-inflicted injury
- Alcohol or drug abuse
- Involvement in terrorist activities, riots, etc.
Note: It is advised to refer the policy documents for complete and detailed list of exclusions.
Riders for HDFC Life ULIP Plans
Following are the riders that one can add to reap more benefits from basic HDFC Life ULIP Plans:
- Accidental Death Benefit Rider: Apart from natural death, if one succumbs to accidental injuries (leading to death), this riders comes into action and beneficiary receives benefits
- Waiver of Premium Rider: If the policyholder suffers from an accident leading to inability in paying premiums, future premiums are waived off
- Accidental Disability Rider: There may come a time when the policyholder faces an accident leading to disability in working. This halts the income and thus leaves the person financially paralyzed. This rider proves beneficial at such times.
- Critical Illness Rider: In case of diagnosis of a critical illness, this rider enables the policyholder to receive financial aid
Note: On adding aforementioned riders to their plans, policyholder must take note of the extra premium they would be required to pay for additional benefits to be received.
Also Check: HDFC Life Sanchay Insurance Plan
Advantages of HDFC Life ULIP Plans
- As per the Income Tax Act, the premiums paid towards the ULIPs along with the benefits received are exempt from tax under Section 80 C and Section 10 (10D)
- Guaranteed death benefits or maturity benefit, whatever is applicable
- Some of the HDFC Life ULIP Plans comes with partial withdrawal facility thus proving to be liquid enough in times of emergency
- Switching among various investment fund options makes market returns quite lucrative and favourable
- These plans are perfect for a long-term investment plan, although some plans are custom-made for short-term investors
- Under HDFC Life Smart Woman Plan, there is inclusion of premium waiver along with premium funding for next 3 years in case of pregnancy complications and diagnosis of malignant cancer of female organs and/or death of spouse (with Elite option only)
Important Aspects
- In order to avail any of the HDFC Life ULIP Plans, one must make sure they have a valid PAN Card
- Always keep the policy document safe as the same is required at the time of claims, surrender of policy and more
- Choosing of Sum Assured must be done very carefully as inability to pay premiums for the same may prove to be a hole-driller in your budget and affect your investment goals otherwise
- Since the premiums paid are invested in market-linked funds which are subject to market risks, it is advised to gain a proper knowledge about the same and understand your own risk-return appetite
Also Read: HDFC ProGrowth Flexi Plan
FAQs
Q1. How can I pay a premium and what different modes are available?
You can pay the premiums through Cash/cheque, NEFT, Dropbox, debit card, credit card, Quick Pay, etc.
Q2. What is the procedure for the renewal of a policy?
You can easily renew your policy online by logging in with your customer and Email ID and choose the policy which you want to renew. Click Pay Renewal and choose a payment option.
Q3. What is the procedure to cancel the policy?
Policyholders are required to attach all the relevant documents with the surrender form. The refund of the amount would be deposited in your account in next 72 hours after deducting all the applicable charges.