HDFC Life Insurance Benefits

Founded in the year 2000, HDFC Life Insurance Company Limited is a joint venture between HDFC Limited and Standard Life Aberdeen. HDFC Life has insured 6.8 crore plus lives so far and is one of the leading life insurance companies in India. The company has over 60 products in its portfolio ranging from Protection, Pension, Savings, etc.

Listed below are some of the unique features of HDFC Life that makes it a preferable life insurance option for people [1]:

• Claim Settlement Ratio: HDFC Life Insurance has achieved a great claim settlement ratio of 99.39% in FY 22-23. This means that the company has settled almost all claims received in that fiscal year.
• Amount Settled: During FY22-23, HDFC Life settled claims worth Rs. 1390 Crores. This amount reflects the company’s prioritises on providing financial support to its customers at their time of need.
• Solvency Ratio: With 203% as their solvency ratio, HDFC Life insurance company showcases a very strong financial health and abilities to cover potential liabilities as per the report by IRDAI in FY22-23.
• Assets Under Management: HDFC Life managed assets worth Rs. 236994 Crores during FY22-23. It is worth mentioning their extensive financial strength and capability to manage risks effectively and keeping the interest of policyholders on top of the company’s priority list.
• Sum Assured in Force: For the financial protection and security of policyholders, it is important that a company reflects a good sum assured helping policyholders choose better. As reported in FY22-23, HDFC Life had a total sum assured of Rs. 15,90,501 Crores in force.

Here are the benefits of buying your life insurance from HDFC Life:

• Financial Protection: Having an HDFC Life insurance will protect your family financially in case of your untimely death or in case you have a partial or complete disablement.
• High Claim Settlement Ratio: Boasting a claim settlement ratio of 99.39%, HDFC Life insurance comes with a guarantee that you will get your sum assured in case something happens to you.

• Variety of Products Offered: HDFC Life offers more than 60 products and you can choose from a wide range of options as per your requirements.

• Post Retirement Income: Your HDFC Life insurance can also become a great source of income for you post retirement as the amount saved will be given to you post the retirement age, usually it is after 60 to 65 years of age.

Tax Benefits: You can also avail tax benefits under Section 80 of the Income Tax Act 1961.

• At what age can I apply for taking HDFC Life Insurance?

Ans. You can apply for taking an HDFC Life insurance starting from the age of 18 years

• What is the claim settlement ratio of HDFC Life Insurance?

Ans. The claim settlement ratio or CSR of HDFC Life insurance is at 99.39% for FY 22-23 as per IRDAI

• What are the documents that are valid to prove my age for taking HDFC Life Insurance?

Ans. Aadhar card with complete date of birth in DDMMYYYY format, passport and driving licence are all valid proof for your age.

1. What is the process to cancel my HDFC Life insurance?

Ans. In case you are planning to cancel your HDFC Life insurance, you should connect with an InsuranceDekho advisor for proper assistance on our helpline number: 7551196989 or email us on support@insurancedekho.com

• Will there be a medical test that will be conducted for taking an HDFC Life Insurance?

Ans. Yes, there will be a medical test that will be conducted before an HDFC Life insurace policy is issued to you.

1. https://www.insurancedekho.com/life-insurance/hdfc
2. https://www.hdfclife.com/insurance-knowledge-centre/about-life-insurance/need-for-insurance