Term insurance is a type of life insurance that provides coverage for a specific period, typically 10, 20, or 30 years. If the insured person passes away during the policy term, beneficiaries receive a death benefit payout. Term insurance is like renting life coverage for a specific time. If you pass away during this time, your chosen people get money. If not, the coverage ends. It's simple and less costly compared to other types of life insurance.
HDFC Life Click 2 Protect Super is a special insurance plan from HDFC Life, which safeguards your family's financial future. It's a term insurance plan that acts as a safety net. If something happens to you while the plan is active, your family receives a sum of money. This helps them maintain their lifestyle and pursue goals without financial concerns. It's a wise and affordable choice.
Here is the review of HDFC Life Click 2 Protect Super Insurance and their distinct features:
Age requirements and sum assured: This policy allows you to purchase the term insurance from the age of 18 years till 84 years of age. However, the maximum age of maturity is 85 years. There is no maximum requirement of sum assured, you can apply for as high as possible.
Plan options: Following options are available under the plan where the premium will vary depending upon the option chosen.
- Life: Under this option, the policyholder is covered for death benefit during the policy term, which can be accelerated in the case of diagnosis of terminal illness.
- Life plus: Under this option, the policyholder is covered for death benefit which can be accelerated in the case of diagnosis of terminal illness. An additional amount will be payable in case of accidental death during policy term.
- Life goal: Under this option, the sum assured payable on death would vary with the policy year, in accordance with the ‘Level Cover Period’ and ‘Amortisation Rate’ as chosen by the policyholder.
Increasing cover: Choose an amount to protect your family's finances. Pick the "increasing cover" option to keep up with rising costs. This adds 5% to your coverage each year, until it doubles your original amount. This helps your family stay secure against inflation and changing needs.
Limited pay option: With this option, you can get the premium paying liability off your chest quickly. The HDFC Life Click 2 Protect Super comes with the rolling limited pay option. Meaning, you can choose the exact number of years for which you wish to pay your premiums.
Claim payout option: This term life insurance plan lets you tailor how your loved ones receive the payout, in case of death.
- One-time lump sum: Your nominee will get paid the whole sum assured at the time of death of policyholder,
- Monthly income: Here, your nominee will get the payment on a monthly basis and for a set regular period of time.
- Combination of both choices: Here, your nominee will receive a part of the claim amount in one go. And, a part of the claim amount will be divided into several smaller payments, which your nominee will receive on a monthly basis.
Which are the riders available in this policy?
There are mainly 3 types of riders available which will cater to your needs and one should consider purchasing them.
Comprehensive critical illness rider: If you get really sick with one of the major illnesses in the policy paper, this extra thing will give you more money. Your family can use this money to make up for the money you can't earn and to pay for extra costs because of the sickness.
Accidental death benefit rider: If you die in an accident, this add-on gives extra money to your family. It also makes your insurance better, and you can get it even if you're eligible for less coverage than your family needs.
Waiver of premium due to critical illness rider: It is like a safety net for your insurance. If you get a serious illness mentioned in your insurance papers, this rider will cover your future premium payments. So, you don't have to worry about paying premiums while dealing with your illness. Your insurance protection stays in place until it naturally ends. It's a smart choice to think about getting this rider.
HDFC Life Click 2 Protect Super gives you the power to tailor your coverage with choices like increasing your protection, the ability to exit early, and a rolling limited pay option. This special option lets you pick the number of years you want to pay premiums for. The company providing the insurance sets the choices available. You also get to decide how your family will receive the money when a claim is made.
HDFC Life is also known for settling claims quickly and reliably. This means you and your family are likely to have a hassle-free experience. On the downside, this product is more expensive than other options on the market.
Rohit Gyanchandani is Managing Director at Nandi Nivesh Private Limited