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. Flexi Online Term Plan by Future Generali
  2. Care Plus by Future Generali

2. Traditional plans
If you are someone who doesn’t like to take any risks, this is probably the best plan for you. They are one of the oldest plans, and you get the guaranteed sum and also a bonus at maturity.
Following are the plans under it:

  1. Assure Plus
  2. Triple Anand Advantage
  3. New Saral Anand

3. Unit Linked Insurance Plans
These plans help fulfil your financial goals, be it a medium term or long term. With this plan, you can choose to participate in capital markets.
Following are the plans under it:
REGULAR/LIMITED PREMIUM

  1. Easy Invest Online Plan
  2. Dhan Vriddhi
  3. Wealth Protect Plan           
  4. Bima Advantage Plus

SINGLE PREMIUM

  1. Bima Gain
  2. Pramukh Nivesh ULIP

4. Guaranteed Plans
These plans provide you with consistent income for a certain period. You can also receive death benefits, maturity benefits and tax benefits.
Following are the plans under it:

  1. Pearls Guarantee
  2. Saral Bima
  3. Assured Income Plan
  4. Assured Money Back Plan
  5. Assured Education Plan

5. Group Plans
These plans are perfect for groups and institutions. They have many options to extend your loans, life insurance, superannuation, etc.
Following are the plans under it:

  1. Group Superannuation Plan
  2. Group Leave Encashment Plan
  3. Group Gratuity Plan
  4. Group Term Life Insurance Plan
  5. Loan Suraksha

6. Retirement Plans
As the name suggests, these plans are for you to live a happy and relaxed life after your retirement. You’ll be provided with regular pension and also guaranteed benefits.
Following are the plans under it:

  1. Immediate Annuity Plan by Future Generali
  2. Pension Guarantee by Future Generali

7. Rural Plans
These plans are created with low cover at low premiums, and still crafted to meet the necessities of people throughout the country.
Following are the plans under it:

  1. Future Generali Jan Suraksha Plus
  2. Future Generali Jan Suraksha

8. Health Plans
These plans are designed to help your family if you meet with some unfortunate occurrence and aren’t around for them.
Following are the plans under it:

  1. Cancer Protect Plan

Product Details

1. Flexi Online Term Plan by Future Generali

 

Basic Life Cover

Income Protection

Minimum Entry Age

18 years

25 years

Maximum Entry Age

55 years

55 years

Maturity Age

Minimum – 28 years
Maximum – 75 years, 65 years for smoker

Minimum – 45 years
Maximum – 65 years

Policy Term

Minimum - 10 years

Maximum – 75 years (Smoker – 65 years) minus Entry Age

Minimum – 10 years
Maximum – 65 years minus entry age

My Protection Plan

Premium Payment Frequency

Annual

Minimum Sum Assured

Rs. 50,00,000

Maximum Sum Assured

No Limit

Benefits:

  • You can create your plan.
  • Obtain a longer protection.
  • Premium rates for women are less.

2. Future Generali Pearls Guarantee

Minimum Entry Age

7

Maximum Entry Age

55

Maturity Age

Minimum – 23
Maximum - 73

Policy Term

Minimum – 16
Maximum - 18

Premium Payment Mode

Yearly/Half Yearly/Quarterly/Monthly

Maximum/Minimum Sum Assured

Based on Policy Term Chosen

Benefits:

  • Tax benefits are available.
  • Maturity benefits are available.

3. Future Generali Cancer Protection Plan

Minimum Entry Age

1

Maximum Entry Age

65

Premium Payment Frequency and Policy Term

Major lives - 10 years, 15 years, 20 years or 80 years minus age at entry. 
Minor lives - 18 minus age at entry or 10 years, whichever is higher
Maximum coverage Age is 80 years

Sum Assured

Major lives (in lakhs): 10, 20, 30, and 40
For Minor lives (in lakhs): 10

Benefits:

  • Tax benefits are available.
  • In case you aren’t okay with any terms of the policy, you can return it to the company within a period of 15 days.
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