HDFC Life Insurance

Established in 2000, HDFC Life Insurance Company Limited originated as a joint venture between HDFC Limited, a prominent Indian financial institution, and Standard Life Aberdeen, an international investment company with a global presence. To date, the insurer has insured more than 6.8 crore lives and has positioned itself as one of the leading, publicly listed providers of long-term life insurance solutions in India.

With a diverse portfolio having more than 60 products, the insurance provider is highly recognised for its commitment to offering a broad range of insurance products like Protection, Pension, Savings, etc. Every life insurance plan offered by the company is tailored to address individual and group needs. [1]

The following are the reasons that make HDFC Life a good choice for buying a life insurance plan:

• Claim Settlement Ratio: In the fiscal year FY22-23, HDFC Life achieved an impressive claim settlement ratio of 99.39%. This implies that nearly all life insurance claims were successfully settled by the company.
• Amount Settled: During FY22-23, the insurer has settled claims amounting to Rs. 1390 Crores. This amount reflects the company's financial stability and commitment to fulfilling policyholder obligations efficiently.
• Solvency Ratio: As per the IRDAI Report FY22-23, the insurer maintained a solvency ratio of 203%, indicating strong financial health and the ability to cover potential liabilities.
• Assets Under Management: The insurer managed assets worth Rs. 236994 Crores during FY22-23. This highlights the insurer's extensive financial strength and capability to manage risks effectively for the benefit of policyholders.
• Sum Assured in Force: As reported in FY22-23, the insurance provider had a total sum assured of Rs. 15,90,501 Crores in force. This shows the substantial coverage provided to policyholders for their financial protection and security. [2]

The eligibility to buy HDFC life insurance plans depends on whether you are opting for a Term Plan or an Investment Plan. The eligibility details for both are provided below:

Term Plans

For Salaried Individuals

• If you have completed 10th grade, your minimum verifiable annual income must be at least Rs. 10 lakhs annually to qualify for HDFC Term Insurance.
• If you have completed 12th grade, your minimum verifiable annual income should be at least Rs. 5 lakhs annually to qualify for HDFC Term Insurance.
• If you are a graduate or have higher qualifications, you are eligible for HDFC Term Insurance if your minimum verifiable annual income is more than Rs. 2.5 lakhs.

For Non-Salaried Individuals

• If you have completed 10th grade, your minimum verifiable annual income must be at least Rs. 10 lakhs yearly to qualify for HDFC Term Insurance.
• If you have completed 12th grade, you must earn at least Rs. 5 lakhs annually as verifiable annual income to qualify for HDFC Term Insurance.
• If you are a graduate or have higher qualifications, you can avail HDFC Term Insurance if your minimum verifiable annual income is above Rs. 4 lakhs.

Investment Plans

The minimum entry age requirement for HDFC Life investment plans is 30 days, and the average maximum entry age is 65 years. However, these age limits may vary depending on the specific investment plan you choose.

Following are the different types of plans offered by HDFC Life:

• Term Insurance Plans: Term insurance plans by HDFC Life provide financial security to your loved ones in case of your unfortunate demise. As a death benefit, a lump sum amount will be given to your family during the policy term.
• Savings Plans: This type of plan by HDFC life insurance helps you to systematically save and build wealth over time. It also offers the flexibility to choose the policy term and receive guaranteed returns, which in turn provides financial stability for future goals.
• ULIPs (Unit Linked Insurance Plans): ULIP plans offer a dual benefit of wealth creation and protection. These plans allow you to choose from a variety of funds for potential returns while providing life coverage.
• Retirement - Annuity Plans: These plans make sure you have a consistent income after you retire. They work by turning your savings into regular income.
• Retirement - Pension Plans: Retirement Pension Plans make sure you receive a fixed income after you retire. This guarantees financial independence and a comfortable lifestyle during your retirement years.
• Child Plans: Child plans combine life coverage with wealth creation and provide financial support for your child's education, marriage, and other important events.

The top plans offered by HDFC Life Insurance are tabulated below:

The riders available with HDFC Life insurance plans [3] are as follows:

• HDFC Life Terminal Illness: If two IMA-certified doctors provide written confirmation that an insured individual is not expected to survive beyond 180 days, the Sum Assured will be paid out before the death, up to a maximum of 2 crores.
• HDFC Life Critical Illness Plus Rider: If you face any of the 60 critical illnesses listed by the company, this rider will give you a lump sum amount to cover medical expenses related to that particular illness. Note that the rider will activate after 90 days and the survival period is 30 days.
• Waiver of Premium on Critical Illness: This additional rider ensures that you receive a lump sum payment to assist with medical expenses arising from any of the 36 critical illnesses. This rider's Waiting Period and Survival Period are the same as that of a Critical Illness Plus Rider.
• Renewability Option at Maturity: When your insurance policy is about to end, this rider can help you keep it going for longer and it can be exercised only up to five times. But remember that if you choose to extend the term of your HDFC Life Insurance policy, you'll have to pay more money, and the amount will be calculated based on certain factors.
• Life Stage Benefit: This rider can be opted at the time of the policy’s inception and you as a policyholder can choose to increase your Sum Assured without underwriting on certain events specified by the insurance provider.
• HDFC Life Protect Plus Rider: In case of an accident, if the policyholder dies on the spot or within 180 days of an accident, the nominee will get double the sum assured.
• HDFC Life Income Benefit on Accident Disability Rider: If unexpected accidents affect your ability to work, this rider will step in and will provide a monthly income to support your family if you can't work due to accidental disability.

NOTE: A rider is an extra feature that can be added to the main life insurance policy for additional benefits. However, these benefits are accessible only by paying an extra premium.

You can buy HDFC Life Insurance plans online in two ways i.e. Via the InsuranceDekho website and Via the Insurer’s Website. The steps for each of these ways are as follows:

Buy HDFC Life Policy Through the InsuranceDekho Website

Here’s a step-by-step guide on how to buy an HDFC life policy with InsuranceDekho:

Step 1: Visit InsuranceDekho Website

Go to the InsuranceDekho website [4] and click on the “Insurance” tab at the top. Choose the “Life Insurance” option.

Step 2: Fill in Your Details

Enter your name, gender, date of birth, mobile number, etc., on the next page. Then, click on the "View Plans for Free" button.

Step 3: Choose HDFC Life Insurance Plan

Apply filters as needed and select the most suitable HDFC Life Insurance plan from the list. Consider adding add-ons for extra benefits.

Step 4: Provide Specific Information

On the following page, input specific details such as your name, education, income, etc. Click on the "Next Step" button after filling them out.

Step 5: Pay Premium

Review the premium amount and click on the "Accept and Pay" button to make the premium payment for your HDFC Life Insurance Plan.

Step 6: Submit Proposal Form & Basic Documents

Following successful payment, proceed to submit the Proposal Form along with basic documents such as KYC and income proof and additional documents based on the responses you provided in the Proposal Form.

NOTE: The required documents are typically limited if you opt for Investment Plans.

Step 7: Medical Evaluation & Underwriting Review

If you have chosen the HDFC Term Plan, you may have to undergo medical evaluation and later the underwriting team will thoroughly assess all submitted details, and then decide on the policy issuance.

Step 8: Policy Issuance

If approved, your HDFC Life Insurance policy will be issued and you will receive the confirmation on your registered email ID and phone number.

Buy HDFC Life Policy Through Official Website

Follow the steps mentioned below to purchase an HDFC life insurance policy via official website:

Step 1: Access the HDFC Life Website

Visit the official website of HDFC Life Insurance [5].

Step 2: Follow the Steps Above

To proceed further, you need to follow the same steps (starting from Step 2) outlined in the section “Buy HDFC Life Policy Through the InsuranceDekho Website” to complete the policy-buying process through the official HDFC Life Insurance website.

You will need the below-mentioned documents to proceed further with buying the HDFC Life Insurance plan:

• Income Proof: You will be required to submit income proofs such as the last 3 months' salary statement, the last 3 years’ income tax returns, rent receipt with a valid agreement, etc. Remember that the required documents might differ depending on whether you are a salaried individual or a self-employed individual.
• Identity Proof: To prove your identity, you must submit any of the following - Passport, Voter ID Card, Permanent Driving License, or Aadhaar Card.
• Address Proof: As address proof, you can submit any of these documents - Passport, Voter ID Card, Permanent Driving License, or Aadhaar Card.
• Medical Reports: Medical reports may be required by the insurers, primarily in the case of HDFC Term Insurance Plans, so that they can understand your circumstances well and provide you with a suitable life cover.
• Additional Documents: The additional documents that you might be required to submit involve recent passport-size photographs, details of existing or previous insurance policies, details of past medical history, etc.

The steps below will help you with making a life insurance policy claim in case of the policyholder's demise:

Step 1: Notifying the Claim

After the death of the insured person, the nominee should contact the insurance company promptly.

Step 2: Document Submission

The nominee needs to provide essential documents such as the Policy Number, Death Certificate, and Government ID proof. Please note that FIR Report or Postmortem Report, depending upon the reason of death.

Step 3: Claim Review

Upon receiving the necessary documents, the insurance company will carefully assess the claim.

Step 4: Claim Settlement

Once approved, the claim will be processed.

Note: If there is no nominated beneficiary or if the nominee is absent, the claim will be paid to the next legal heir with proper legal evidence.

How InsuranceDekho can Help?

You can also send your claim request using InsuranceDekho, and our team will coordinate with your insurer to simplify the claim process for you. We will also assist you in case you face any issues along the way.

You can reach out to InsuranceDekho’s customer support team [7] through the following ways in case you require any assistance with your HDFC Life Insurance plans and policies:

• You can send your queries or concerns to the email address: support@insurancedekho.com
• For immediate assistance or if you prefer direct communication, you can contact InsuranceDekho's support team by phone. Simply dial the phone number: +91-755 1196 989

If you are facing any issue or grievance with respect to your HDFC Life Insurance policy, you can get it addressed either through InsuranceDekho or HDFC Life Insurance Company.

Grievance Redressal with InsuranceDekho

In case your HDFC Life Insurance policy claim gets rejected or your claim request is pending or if any of your query is unresolved, you can reach out to InsuranceDekho at

• Phone Number: 755 1196 989, available from Monday to Sunday 24/7 (excluding national and gazetted holidays)
• Email: support@insurancedekho.com

You can also contact Mr. Rohit Khurana, who serves as the designated Grievance Redressal Officer at InsuranceDekho, by emailing grievance@insurancedekho.com. If your concern persists, you have the option to escalate it to the Principal Officer by reaching out to PO_GIBPL@girnarinsurance.com [8].

Grievance Redressal with HDFC Life Insurance Company

Grievances or complaints related to HDFC Life Insurance [9] can be submitted at any of the HDFC Life branch offices, Registered Office, or Head Office. Moreover, you can also drop them an email at service@hdfclife.com or call the customer service team on 1860-267-9999 / 022 - 68446530.

1. https://www.hdfclife.com/about-us
2. https://irdai.gov.in/document-detail?documentId=4417599
3. https://www.hdfclife.com/life-insurance-riders
4. https://www.insurancedekho.com/
5. https://www.hdfclife.com/life-insurance-plans
6. https://www.hdfclife.com/hdfc-careers/awards.html
7. https://www.insurancedekho.com/contact-us
8. https://www.insurancedekho.com/grievance-redressal
9. https://www.hdfclife.com/content/dam/hdfclifeinsurancecompany/about-us/pdf/investor-relations/Information-to-shareholders/Investor-grievance-and-redressal-and-contact-Information-details/grievance.pdf