HDFC Life Insurance 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.