Know Why you should opt for HDFC Click 2 Protect Life Term Insurance Plan

The COVID-19 pandemic is bringing the focus back to protecting one’s health and making sure a financial corpus is built to safeguard one’s family in case of any unfortunate events. However, though India has 24 life insurance companies, it still lags in insurance penetration which stood at 3.76 percent in 2019, the Economic Survey 2020-21 shows, compared to developed nations like the US, where it is 11.43 percent. One of the prime reasons for this is the less awareness of life insurance products. Still, it is necessary to make necessary arrangements for the future while being alive, so your loved ones don’t suffer financially in your absence.

Don’t know what the term plan is? It is the simplest form of life insurance that promises to pay the sum assured or benefit amount to your family in case you encounter death, illness, or accident during the policy term. The other most significant advantage of availing a term insurance policy is its premium which is the lowest compared to other insurance plans.

With many insurance companies offering term plans, selecting the best life insurance plan can be difficult. To help you make the right choice, we provide a detailed look at the HDFC Click 2 Protect Life term plan from HDFC Life Insurance.

The HDFC Life Click 2 Protect Life is a protection plan that provides complete financial protection to your family against life’s uncertainties, such as death. This HDFC Life insurance term plan is slightly different from the regular term plan, which offers death benefits only. To know more in detail about the essential features of this plan, continue reading below.

HDFC Life Click 2 Protect Life Features:

• Multiple Plan Options: The HDFC Life Click 2 Protect Life Insurance gives you the flexibility to choose the right cover based on your insurance objective through its three different plan options. 
• Life & Critical Illness Rebalance Option: A balance between death and critical illness benefit is made available to the policyholder. The critical illness cover increases at each policy anniversary with a corresponding reduction in the life cover. If the insured person is diagnosed with any of the 36 critical illnesses during the policy term, all future premiums are waived off, but the life cover continues. This option functions like a term plan with a critical illness.
• Life Protect Option: This is the fundamental life protection cover, wherein a one-time lump-sum payment is paid as a death benefit upon the policyholder’s demise. There is also an option to choose the coverage for a limited tenure or whole life and reduce the premium payment frequency during the term. By selecting the return of premium option, the policyholder is eligible for maturity benefit on the survival of the policy term. 
• Income plus option: It offers life coverage for the chosen policy term and regular monthly income from the age of 60 onwards at the time of maturity. This is quite advantageous for those who are seeking monthly income during their retirement to support their dependents. Among all the HDFC life term insurance plans, the Click 2 Protect term plan is quite popular mainly because of the multiple options it offers for the policyholder. This enables you to plan for life’s important stages and align the insurance policy along with it, without any significant change to your lifestyle, assuring the same for your family, even in your absence.
• Premiums put to good use: When looking to understand term insurance meaning, the fact that premiums paid towards a term insurance policy are not returned to them puts off many to strongly purchase it. This HDFC term insurance policy addresses this issue to the point by allowing its policyholders to choose between return of premium and waiver of premium add-on benefits. While Life & Critical Illness rebalance and life protect options are eligible for return of premium upon survival on maturity, the waiver of premium can be activated on the diagnosis of critical illness, thereby waiving off all the future premiums payable under the plan.
• The low premium for females & non-smokers: This HDFC term plan incentivizes non-smokers by offering them low rates on the premium, as the health risk possessed by smokers are high compared to those who do no smoke. Similarly, females are also eligible for low premium rates. 
• Rest assured with high CSR: With a claim settlement ratio of 99.07%, HDFC insurance plans command high popularity for on-time claim settlements. The claim settlement ratio (CSR) is an important parameter that you need to consider while choosing India’s best term insurance. A high CSR score means the company is proactive in settling its claims most of the time, and a low CSR score denotes late or irregular settlement of claims. When should I get term life insurance is a popular question asked by many? Still, instead, everyone should ask, what is the CSR score of the insurance company before buying an insurance policy, as it is more relevant and can save their families from getting into any trouble while filing claims. 
• Helps you save income tax: Like any other term plan benefits, the HDFC click 2 protect life plan also provides income tax benefits, where the policyholder can claim deductions for the premiums paid under Section 80C of the Income Tax Act, 1961. Also, the benefit payout is wholly exempted from any taxes under Section 10(10D). 

Having read about how HDFC Click 2 Protect life term plan helps be the right term insurance policy for you and your family, it is time to decide whether this policy suits your needs. To know more about this HDFC Click 2 Protect life term plan benefits and features, you can visit iiflinsurance.com.