Compare HDFC Standard
Life Insurance Plans

HDFC Standard Life Insurance Company

HDFC Standard Life Insurance Company

HDFC Standard Life Insurance was established in the year 2000. It is one of the major players in the insurance sector in India. They offer a wide variety of insurance plans to individuals as well as groups. Savings plans, pension plans, health plans, investment plans and life protection plans are among the various types of plans offered. Policy buyers have the advantage of tweaking and customizing their policy by opting for customization features called as riders at a reasonable price. There are 29 individual products and also 9 different group products under the company’s portfolio, as of 1st November 2016. There are as many as 8 different riders that cater to various customer needs. The firm has a wide network of 398 offices across the nation. There are over 9000 distributor locations (touch points). The firm has a large number of expert consultants. The firm has recently finished the incorporation of the completely self-owned subsidiary to provide reinsurance services. This subsidiary is in Dubai.

HDFC Standard Life Insurance is a joint venture partnership between Standard Life and HDFC Ltd. Standard Life is a global player in long PERIOD investment saving. HDFC is one of the foremost housing finance institutions in India. HDFC Ltd owns 61.63% of the shares. Standard Life owns 35% of the shares. Remaining shares are owned by others.

Company Past Performance

HDFC Standard Life Insurance’s formal operation started in the year 2000. The network strength is quite strong with 398 offices across the country.

The firm has won a large number of accolades such as-

  • HDFC Life won the award (in 2014-15) ‘Excellence in Financial Reporting’ from Institute of Chartered Accountants of India. Also, HDFC Life won Silver Shield two years back to back in the Insurance category.
  • ABP News Award under BFSI sector

 The CSR (claim settlement ratio) is 93%.
The different plans offered by the insurance firm are as follows-

  • Health Insurance
  • Savings and Investment Plan
  • Retirement Plan
  • Protection Plan
  • Young Star Plan
  • Employee Benefit Plan

The employee strength is quite strong at 15108.

Key Advantages and Features

Below is a list of the wide array of products offered by HDFC Standard Life Insurance Co. Ltd.-
1. HDFC Term Insurance Plans:

  1. Life Click 2 Protect Plus - non-participating as well as non-linked term plan.  
  2. Life CSC Suraksha- a simple, zero hassles insurance plan. The plan gives a total lump sum payment in the event of policyholder’s demise.

2. HDFC Health Plans:

  1. Life Easy Health Plan- this one is a critical ailment health insurance.
  2. Life Cancer Care – cancer is a high risk in India, and it can happen to almost anyone. This plan is dedicated to catering to people diagnosed with cancer.

3. HDFC Child Insurance Plan:

  1. SL YoungStar Super Premium-  this is a ULIP plan designed to take care of one’s child’s needs in one’s absence.
  2. Life YoungStar Udaan- the plan covers financial expenditures occurring before college education, specific targets such as college fees and marriage expenses.

4. HDFC Retirement Plans:

  1. Life Click2Retire
  2. Life Assured Pension Plan- a ULIP plan.

5. HDFC Group Insurance Plans:

  1. Life Group Variable Employee Benefit Plan.
  2. Life New Group Unit Linked Plan

Product Plans Details

Below are the details of the premier insurance plans by HDFC Standard Life Insurance

1. Click2Protect Plus Plan Overview

Minimum Age for Policy purchase(years completed)

18

Maximum Age for policy purchase (years completed)

65

Age of Maturity (years completed)

75

Policy Term (in years)

Minimum- 10
Maximum- 40

Term for Premium payment

every month, every 4 months, every 6 months, or once in a year.

Benefits

  1. This plan from HDFC brings Tax exemption benefits
  2. Death benefits- in the event of demise of the insured person, the nominee receives the benefits in accordance with the premium policy opted for
  3. Maturity benefits are not available for this plan from HDFC

Eligibility

  1. Entry age of the prospective policyholder to buy this cover from HDFC ranges from 18 years to a ceiling age of 65 years.

2. Life CSC Suraksha Plan Overview

Minimum Age for Policy purchase(years completed)

18

Maximum Age for policy purchase (years completed)

55

Age of Maturity (years completed)

Min- 23
Max-60

Min Annual Premium (in INR)

112

Policy Term (in years)

Minimum- 5
Maximum- 15

Term for Premium payment

every month, every 4 months, every 6 months, or once in a year.

Minimum value of Sum Assured (in INR)

30000

Eligibility

  1. Entry age of a prospective policyholder to buy the cover as above-mentioned from HDFC ranges from 18 years to a ceiling age of 55 years.

3. Life Child Plan Overview

Minimum Age for Policy purchase(years completed)

30

Maximum Age for policy purchase (years completed)

60

Age of Maturity (years completed)

75

Policy Term (in years)

Minimum- 15
Maximum- 25

Term for Premium payment

every month, every 6 months, or once in a year.

Minimum value of Sum Assured (in INR)

Variable

Eligibility

  1. Entry age of a prospective policyholder to buy this particular cover from HDFC ranges from 30 years to a ceiling age of 60 years.

4. Life Retirement Plan Overview

Minimum Age for Policy purchase(years completed)

18

Maximum Age for policy purchase (years completed)

65

Age of Maturity (years completed)

75

Policy Term (in years)

Minimum- 10
Maximum- 40

Term for Premium payment

every month, every 4 months, every 6 months, or once in a year.

Minimum value of Sum Assured (in INR)

2 lacs

Eligibility

  1. Entry age of the prospective policyholder to buy this cover from HDFC ranges from 18 years to a ceiling age of 65 years.
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