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Clarification about "2X benefit" called "Secure Benefit" under HDFC Optima Secure

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30 Nov, 2021 by  Manish Chauhan

I need to discuss and clarify an important point regarding the HDFC Optima Secure Policy.


The Brochure and the sales person from HDFC are saying that you get "2X cover from day 1" .. Means if you take a Rs 10 lacs plan, your cover from day one is 20 lacs.


Does it mean that the total available cover for 1st claim itself will be 20 lacs? If the first claim is for Rs 16 lacs, Will it be paid?


If thats the case then what is the meaning of these lines written in the Policy wording


https://www.hdfcergo.com/download/policy-wordings


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2.5. Secure Benefit An additional amount as specified in the Policy Schedule will be available to the Insured Personas Sum Insured for all claims admissible under Section B (Base Coverage)and Section B-2.3 (Protect Benefit) during the Policy Year, subject to the following conditions:


a. This Secure Benefit shall be applied only once during each Policy Year and any unutilized amount, in whole or in part,will not be carried forward to the subsequent Policy Year.


b. The Secure Benefit can be utilized for any number of claims admissible under the Policy during the Policy Year.


c. The Secure Benefit will be applicable only after exhaustion of Base Sum Insured.


d. In case of family floater policy, the Secure Benefit will be available on floater basis for all Insured Persons covered under the Policy and will operate in accordance with the above conditions.


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Please look at the point A) and C) specifically .. Why does point C say that secure benefit will be applicable only after "exhaustion" of base sum assured?


I had a talk with HDFC sales person and they are saying that dont worry, its truly 2X from day 1


I am quite confused and have my doubts on this point? Can other experts please give their comments on policy wording?

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1 Answer

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Hi Manish,


Thanks for this question, I am sure it will help a lot of policy seekers.


Secure benefit in HDFC ergo optima secure is basically 2X coverage from day 1


Your base cover gets doubled instantly upon purchase, without having the need to claim it. This benefit will increase your ₹10 lacs base cover to ₹20 lacs and can be claimed in a single claim.


Answering your queries w.r.t policy wording:


a. This Secure Benefit shall be applied only once during each Policy Year and any unutilized amount, in whole or in part,will not be carried forward to the subsequent Policy Year.


This means that it will be applied only once during policy year , In 10 lacs plan- 20 lacs secure benefit can be claimed only once in each policy year and if there is any unutilized amount , that will not be carried forward in the next year.



b. The Secure Benefit can be utilized for any number of claims admissible under the Policy during the Policy Year.


There is no number of claims limit, it is upto the sum assured for secure benefit. It can be multiple claims as well



c. The Secure Benefit will be applicable only after exhaustion of Base Sum Insured.


I will take an example here - In 10 lacs policy with secure benefit it becomes 20 lacs.


Claim 1- 12 lacs , 10 lacs will be paid from base and 2 lacs from secure benefit.


This means first payout will be from base and the secure benefit.



d. In case of family floater policy, the Secure Benefit will be available on floater basis for all Insured Persons covered under the Policy and will operate in accordance with the above conditions.


This part also gets answered above.


So , to summarise in 10 lacs policy, one can claim upfront for 20 lacs with secure benefit.


Hope this clarifies, let me know if some part remains unanswered or if you need more clarity.


Thanks


Gurleen Kaur Tikku

Hareepatti





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