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HDFC Life Insurance T&Cs

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Claim Settlement Ratio98.01%
Customer Care9:00 AM to 9:00 PM
Death Benefit Paid For12,509 Policies
Presence421 Branches
Total Death Benefit Paid50.33 Crore

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

HDFC Life Insurance Life T&Cs

The terms and conditions of HDFC Life Insurance plans are explained below:

  • Tax Benefits: The premiums payable under HDFC Life plans are eligible for tax benefits and exemptions under Section 80C of the Income Tax Act, 1961, subject to the conditions and limits. The tax benefits provided are as per the current tax rules. Your tax benefits can change if the tax rules are changed.
  • Cancellation In a Free-Look Period: If the policyholder is not satisfied or does not agree to any policy terms and conditions of HDFC Life insurance plans, then he/she can return the policy to the insurer within 15 days from the date of receipt of the policy, with reason for the same. The free-look period of 30 days is allowed if you have purchased your policy through distance marketing/Online (When insurance policies are sold over the telephone or the internet or any other method then it is known as Distance Marketing). On receipt of the policyholder letter along with the original policy documents, HDFC Life Insurance shall refund the premium, subject to deduction of the proportionate risk premium and the expenses incurred by the HDFC Life Insurance on medical examination.
  • Revival: The policyholder can revive his/her lapsed policy within 2 years of the lapsation period subject to the terms and conditions, specified from time to time by the HDFC Life insurance. Once the policy is revived, the policyholder is entitled to receive all benefits.
  • Assignment/Endorsement/Transfer of Policy: According to Section 38 of the Insurance Act 1938-

a) The policy can be assigned or transferred, wholly or in part, with or without consideration.

b) An Assignment may be effected in policy by an endorsement upon the policy under notice to the Insurance company.

c) The assignment should be signed by the assignor or authorized agent and attested by at least one witness.

d) The transfer or assignment will not be in force against an Insurance company until a notice in writing of the transfer or assignment is delivered to the Insurance company.

e) The authority regulated fees to be payable for the assignment through regulations.

f) The Insurance company should grant a written acknowledgement of receipt of the notice. Such notice acts as evidence against the company for duly receiving the notice. HDFC Life Insurance company has the right to accept or decline any transfer or endorsement or assignment. In case of refusal to act upon the endorsement by the Insurance company, the policyholder or the nominee may prefer a claim to the Insurance Regulatory Authority of India within 30 days of receipt of the refusal letter from the insurance company.

  • Discontinuance of Premiums: If the due premium is not paid by the policyholder by the end of the grace period for limited and regular pay policies, then the policy will lapse without value and the policy benefits will cease.
  • Non-Disclosure (Section 45 of the Insurance Act, 1938): This section states that no policy of HDFC Life Insurance can be called in question on grounds of mis-statement after 3 years of policy purchase. Suring 3 years, it may be called in question on the grounds of fraud, provided that the insurance company will have to communicate in writing to the policyholder or the legal representatives or assignees or nominee of the policyholder the grounds and materials on which such decision is based. No insurance company can repudiate a life insurance policy on the ground of fraud if the insured or the policyholder can prove that the misstatement or suppression of a material fact was true to the best of his knowledge or that there was no deliberate intention to suppress the fact or that such misstatement or suppression of a material fact is within the knowledge of the insurance company.
  • Policy Loan: HDFC Life Insurance provides no loans under its term insurance plans.
  • Alterations: Under HDFC Life Insurance, policy term and premium paying term cannot be altered but the policyholder can alter premium payment frequency.

Latest News on HDFC Life Insurance

  • Ways To Check Expiry Date Of HDFC Life Policy

    Ways To Check Expiry Date Of HDFC Life Policy

    You can easily check the expiry date of your life insurance policy by going to the website of HDFC Life. For more details on why to check the expiry date of HDFC life policy and others, read on.
    By Saumya Srivastava21 Feb 2023
  • How To Get Duplicate HDFC Life Policy

    How To Get Duplicate HDFC Life Policy

    There are chances that you might get your HDFC Life insurance policy lost or misplaced, in such a case you need to apply for a duplicate one. Read on to understand the process of getting a duplicate of the HDFC Life policy.
    By Saumya Srivastava27 Jan 2023
  • HDFC Life Premium Calculation: Meaning, Benefits & Process

    HDFC Life Premium Calculation: Meaning, Benefits & Process

    HDFC Life Term Insurance Premium Calculator lets individuals evaluate the premium amount on the basis of the selected sum assured of their life insurance policy. Read on to know the process of using HDFC Premium Calculator Online!
    By Saumya Srivastava24 Jan 2023
  • Steps To Revive Lapsed HDFC Life Policy

    Steps To Revive Lapsed HDFC Life Policy

    You can revive your lapsed HDFC policy by following the process of Reinstatement. To know more about the steps, read on and learn more.
    By Saumya Srivastava18 Jan 2023
  • All about HDFC life loan process

    All about HDFC life loan process

    You can easily apply for a loan with HDFC Life either through an online process or an offline process. There are certain terms and conditions attached when taking loans from HDFC Life. Read on to know all about the HDFC Life loan process.
    By Saumya Srivastava04 Jan 2023
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HDFC Life Insurance User Reviews

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What users are saying
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  • Once I selected my HDFC Life Insurance Policy, InsuranceDekho issued my policy quickly. I didn't have to wait ...

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    By Shalini Pundir
    On: Sep 25, 2023
  • With Dekho's life insurance, I have peace of mind knowing that my loved ones are protected financially. Their ...

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    By Sakshi Kiani
    On: Sep 20, 2023
  • I was pleasantly surprised to discover that InsuranceDekho's HDFC Life Insurance Policy offers educational ben...

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    By Sonia Puri
    On: Sep 14, 2023
  • InsuranceDekho's claim settlement process for the HDFC Life Insurance Policy is transparent and efficient. The...

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    By Rohit Dubey
    On: Sep 12, 2023
  • The InsuranceDekho website has a unique feature, which is the reminder feature. This feature sets a reminder e...

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    By Karan Tahim
    On: Sep 07, 2023

Claim Process at HDFC Life Insurance

  • 1

    Claim Intimation

    In the event of the death of the life assured, the insurance company should be intimated as early as possible.
  • 2

    Submission of Documents

    For easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
  • 3

    Claim Evaluation

    After successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
  • 4

    Claim Settlement

    If claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.

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