Gone are the days when you would simply keep money in your bank accounts and wait for the quarterly interests. The saving, as well as methods of investments, have changed a lot over the years. These days people put money into both small-term as well as long-term investments plans that can provide a high return on their investment. However, one of the investments that people have lately been quite interested in and which is also very important for each one of us is the term insurance policy. Let us first understand the concept of term life insurance better so that we can decide for ourselves if it is something that meets our financial needs.
What is term life insurance?
Term life insurance is a pure life insurance policy that provides you cover for life, and you can keep paying regular premiums on a monthly, quarterly, or annually. With a term insurance plan, you will ensure for the beneficiary of your plan to receive the sum assured which they will get on your demise, within the term of the insurance plan. If you survive through the term plan, you will not get any benefit. However, some term insurance plans will enable you to get back the premiums that you pay. Although even in this case there will not be any maturity amount that you get. While buying a term insurance plan, you have to mention one or two beneficiaries, who will claim the sum assured in the event of your passing away.
The concept of term life insurance is very simple but what is tricky is choosing the right term insurance plan according to your needs. There are various types of term insurance plans with different providers that are available in the market and choosing one can be very confusing. In one such dilemma, you can any day consider the HDFC term insurance plans. The HDFC term insurance plans are considered to be one of the best term insurance plans that offer substantial life coverage at affordable prices of premium. Along with these plans, you can also add riders, which will provide additional benefits to your plans. Now, let us check out the several HDFC term insurance plans available in the market.
HDFC Life Click 2 Protect Life
This plan consists of several features specially designed to provide for the needs of an individual at various stages of life. This plan comes with all-inclusive coverage that can ensure a financially secure future. The premiums under this plan are very cost-effective and provide excellent returns on your investment.
HDFC Life Click 2 Protect Plus
HDFC Life Click 2 Protect Plus is another HDFC Life term insurance plan that comes with various features as well as benefits, which make sure that the insured gets affordable life coverage. The plan comes with four options such as Life Option, Extra Life Option, Income Option, and Income Plus Option. The insured can choose any of these options as per their requirements.
HDFC Life Click 2 Protect 3D Plus
This is the third type of HDFC Life term insurance plan which offers the option to the insured to customize the term plan by choosing from nine options. The plan comes with comprehensive financial protection at a reasonable price, along with all the features as well as benefits.
The several benefits of purchasing of HDFC Life term insurance plan include the following:
Cost-effective premiums: The plans offer high sum assured at reasonable premiums, and make sure that your family gets complete protection without compromising on your budget.
Flexible options: The HDFC Life term insurance plans also offer flexibility to choose from various coverage options, payout options, premium payments which are based on the needs and preferences of the policyholders.
Tax benefits: Under sections, 80C and 10(10D) of the Income Tax Act, 1961, HDFC term insurance plans are eligible for tax benefits.
MWPA benefit: If you buy a term insurance plan under MWPA Act, you can rest assured that the death benefit can only be claimed by your wife and/or children. Under this Act, no one else can claim the sum assured.
Claim Settlement Ratio: The claim settlement ratio of the HDFC term life insurance plans is 98.01% which can be considered excellent. This ratio represents that how easy will it be for your beneficiary to claim the money in the event of your death.
These factors make the HDFC term life insurance plans a great choice for anyone. To find more details and compare various plans you can head to the IIFL website and make the best choice for you and your loved ones.