HDFC Life Insurance FAQs

HDFC provides a wide range of Term, Savings, Investment, Pension, Health and Child plans. HDFC Life Insurance has a claim settlement ratio of 99.07% for the year 2019-20. HDFC provides 24x7 customer care service.

You should choose the policy that best suits your needs depending on your insurance objectives, your income, your existing policies (if any), your assets, liabilities, your expenses.

HDFC Life Insurance offers various modes of premium payment:

1) Online: Net Banking, UPI, Debit Card, Credit Card & E-Wallets.

2) Cheque: You can drop your policy premium cheque at any HDFC Life Insurance branch office or at any HDFC bank.

3) Cash: You can pay policy premiums in cash.

If the nominee dies or is not mentioned in the policy, your family members will have to produce proof establishing their right to claim the policy benefit.

Yes, The insurer allows you to track the real-time status of your application through the customer portal.

Original cancelled cheque, bank statement with pre-printed account number, IFSC code or a copy of the bank passbook can be submitted.

After sending the documents HDFC Life will send an acknowledgement letter within 15 days of receiving them. Any further requirements shall be notified via letter, email or SMS on your registered mobile number.

You can upload the documents online, visit the nearest HDFC Life Insurance branch office or you can submit the documents to the Health Claims Team for processing.

If the nominee does not have the original policy documents an Indemnity Bond should be submitted in the place of the policy documents. Note that the Indemnity Bond should be duly notarized.

In the absence of a beneficiary, your family members will have to produce evidence or proof to establish their right to claim the policy benefit.

A claim will be declined if it does not abide by the following:

• Declaration as well as authorisation that was mutually agreed upon by the insurer and insurer at the inception of the policy, as per the details of the application form
• Terms and Conditions mentioned in the policy document

Policyholders get to nominate a person at the time of filling up a policy proposal where he/she is entitled to the death benefits under this policy they are called nominees.

HDFC provides a wide range of term, savings, investment, pension, health and child plans.

HDFC Life Insurance featured a Claim Settlement Ratio of 99.07% for the year FY 2019-20.

The toll-free customer care number of HDFC Life is 1800 266 9777.

You can return the policy stating the reasons why you disagree with terms and conditions of the policy within the free look period as per regulations of IRDA. For Life Insurance policies, the free-look period starts 15 days from the date of receiving policy documents.

To check the status of your HDFC life insurance policy logs onto MyAccount on the HDFC Life website. You can get the details by entering the necessary details.

HDFC offers a standard grace period of 30 days for half-yearly or quarterly premium payment, and for monthly premium payment, the grace period is of 15 days.

Purchasing life insurance online is fast and convenient, requires minimum paperwork, is economical and provides you with real-time tracking.

United-linked Insurance Plans are investment plus protection plans. They offer an opportunity to make an investment through market-linked returns and provide life insurance cover as well.

To check the status of your HDFC life insurance policy logs onto MyAccount on the HDFC Life website. You can get the details by entering the necessary details.

HDFC offers a standard grace period of 30 days for half-yearly or quarterly premium payment, and for monthly premium payment, the grace period is of 15 days. The policy will not lapse during the grace period and will lapse thereafter if no premium is paid.

If your age is above the minimum age limit set by the insurance company, then you will have to go through a medical test.

To submit the cancellation request, you must fill and submit the Mandate Deactivation Form available at your nearest HDFC Life branch at least 15 days before the due date. You can also place a request for Auto Debit Deactivation by emailing the form at service@hdfclife.com from your registered email ID.

Tax benefits under Section 80C are applicable for a term insurance plan at a maximum of Rs. 1.5 Lakh in any given financial year.

If you are already an existing customer of HDFC Life Insurance, you need to re-submit the documents only when there is any change in the information that had been provided in the previous policy.

A life insurance policy offers maturity benefits. On the other hand, a term insurance plan offers no such benefits but simply offers the nominee/beneficiary of the policyholder the sum assured in case the policyholder dies during the policy duration.

HDFC Life offers a grace period of 30 days for the premium payments made yearly, half-yearly, quarterly. The grace period for monthly premium payments is 15 days from the due date. The policy will not lapse during the grace period and will lapse thereafter if no premium is paid.

Unit-Linked Plans as known as ULIPs are a category of insurance plans that serve the dual purpose of providing insurance and investments as well. When you purchase a ULIP, you pay a premium for the selected life cover amount. A portion of the premium is used in providing the life cover and the rest is used for investment purposes.

Factors that affect premium calculation for Max Life Term Insurance Plan are Age, Gender, Medical History, Geographic location, BMI Index and Lifestyle of a person who is purchasing the insurance plan.

A free look period of 15 days is offered by HDFC Life from the day the policyholder receives the original policy documents. In case the policy is purchased by the policyholder through distance marketing then the free look period offered is 30 days.

Change in premium amount is based on several factors like addition of riders or declaration of habits like smoking, drinking etc. or the declaration pertaining to employment, which is hazardous in nature.

Term insurance plans are a category of insurance plans that offer lump-sum amounts only at the time of death of the nominee or beneficiary. They provide high life coverage at affordable prices.