HDFC Term Insurance FAQs

Yes, you can easily purchase HDFC Life term insurance plans online. The online buying process is quite simple, hassle-free and involves much less paperwork. Also, before deciding on a specific term plan, ensure that you thoroughly compare various term insurance plans that are available online in order to get maximum coverage at an affordable premium.

The documents that you would need to apply for HDFC Term insurance plan online are as follows:

• Address Proof (Voter ID card, electricity bill, passport, telephone bill, ration card, bank account statement, utility bill)
• Age Proof (driver’s license, birth certificate, passport, PAN card, voter ID card, college/school leaving certificate)
• Photo ID Proof (driver’s license, passport, aadhaar card, PAN card, voter ID card)
• A recent passport size picture
• Income Proof (salary slip, Form 16, ITR/assessment order, employer’s certificate)

Yes, in case you feel that you don’t have any further liabilities in life, you can opt to surrender your term life insurance plan.

Yes, you are allowed to change the frequency of premium payment at any point of time during the policy term.

A claim can be reported by visiting the nearest HDFC Life branch office or by logging into the HDFC Life Insurance website.

The following documents can be used for ID and Address Proof- PAN Card Passport, Aadhar Card, Driving License, Bank Account Statement, or Voter Identity Card.

If the policy documents are not available with the nominee, then he can submit an indemnity bond. The indemnity bond has to be executed on the stamp paper. You can download the template for an indemnity bond from the HDFC Life website under “Download Form”.

A claim must be reported as soon as possible to process the claim settlement.

After reporting your claim, HDFC Life will send an acknowledgement letter within 15 days of receiving the required documents. The same will be intimated through SMS, Letter, and registered email.

The nominee, beneficiary, or the assignee/ appointee in case of minor is entitled to receive the sum assured as mentioned by the policyholder in the proposal form.

The company will send a rejection letter within 10 days of decision along with a reason for rejection of the claim.

Yes, COVID 19 is covered under HDFC Life Term Insurance Plans.

As per the Insurance Regulatory Authority of India (IRDAI), all claims are to be settled within 30 days with all important documents. In case, further investigation is to be required then it may take up to 90 days to settle a claim.

The best time to buy an HDFC Life term insurance plan is when you’re young and in relatively good health. This will help you to get your premium at an affordable rate.

The minimum age to buy an HDFC Life term insurance plan is 18 years and the maximum age is 65 years.

Yes, your premium can change depending on many factors like additional riders coverage, lifestyle changes, etc.

Yes, NRIs who have legal citizenship of India can purchase HDFC life term insurance plans.

HDFC Life offers tax benefits under Section 80C and Section 10(10D) of the prevalent taxation law.

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

HDFC Life featured an impressive claim settlement ratio of 99.07% in FY 2019-2020.

HDFC Life term insurance plans come with the following riders:

• HDFC Life Protect Plus Rider
• HDFC Life Income Benefit on Accidental Disability Rider
• HDFC Life Critical Illness Plus Rider.

Yes. You can avail tax benefits on the premium paid for HDFC Life term insurance plans as per the prevailing tax laws.

In case you are unable to pay premiums for HDFC Life term insurance plans even by the end of grace period, then the policy shall lapse without value and the benefits will be ceased.

No. The policy term and premium paying term for HDFC Life term insurance plans cannot be altered.

Your HDFC Life term insurance premium calculation will be dependent upon various factors including your age, gender, pre-existing disease, occupation, and cover up to which age.

Age is a prominent factor in determining the premium for your HDFC Life term insurance plan. The higher your age, the higher the premium you are required to pay.

The coverage of the HDFC Life Term insurance plan should be adequate enough to cover the financial needs of the policyholder’s family members in the event of an unfortunate incident resulting in the demise of the policyholder. The ideal coverage of your term plan should be 10 to 12 times your annual income.

HDFC Life Term Insurance plans offer Critical Illness cover, Accidental Death Benefit Cover, and Accidental Disability Rider.

If you add riders to your HDFC Life Term Insurance plan, the premium calculated would increase because each rider provides an additional benefit which comes with an additional cost for the additional coverage benefit that it provides. Therefore, by addition of each rider, the amount of premium you are supposed to pay also goes up.

HDFC Life Insurance has a staggering claim settlement ratio of 99.07% in FY 2019-2020.

You can show Premium Receipt to avail the tax benefits under section 80C and section 10(10D) of the Income Tax Act,1961.

Tobacco or Smoking is hazardous for your body. It increases the chance of developing diseases like throat cancer or lung cancer. If you are a regular smoker or tobacco user, you are at high risk of developing a threatening disease so in such a case, you will have to pay a higher premium as compared to the premium paid by a policyholder, who does not consume tobacco .

The 24x7 toll-free customer helpline number of HDFC Life insurance is 1800 266 9777.