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HDFC Life Click 2 Protect Life logo

HDFC Life Click 2 Protect Life

Introduction to HDFC Life Click 2 Protect Life

HDFC Life Click 2 Protect Life is a term insurance plan offered by HDFC Life, which is also known as HDFC Standard Life Insurance Company Limited. With this plan, your family will be paid a sum of money as a death benefit, in case you pass away during the policy term. This amount will ensure that your family will be able to meet all their regular needs as well as fulfill their future dreams, without worrying about the money. Along with a death benefit, you may also pick optional add-ons, called riders, to provide additional cover for specific situations like a critical illness or a serious accidental disability.

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INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: HDFC Life Click 2 Protect Life

A key feature of this plan is that you can choose the exact number of years you want to pay your premiums for (after the first 5 years, until maturity). The insurer has an excellent track record with respect to their purchase and claims service, meaning your family is very likely to get a smooth experience with this insurer. This plan doesn’t have increasing covers and doesn't give you many options to customize how your family will receive the claim amount. Further, it is also considerably expensive compared to other products in the market.

Pros & Cons: HDFC Life Click 2 Protect Life

  • arrow Several Limited Pay options available, to speed up payments
  • arrow Critical illness rider is available, and the payout is in addition to the life cover amount
  • arrow Received fewer complaints on claim settlement compared to other insurers
  • arrow Received fewer complaints during policy purchase compared to other insurers
  • arrow Much costlier than other products in the market
  • arrow Doesn't offer the option to automatically increase your claim amount, with time
  • arrow Not many options to customize claim payouts
  • arrow Our study observed their responses on Twitter to be relatively slower than other insurers

About HDFC Life Insurance Co. Ltd

HDFC Life Insurance Co. Ltd logo

HDFC Life also known as HDFC Standard Life Insurance Company Limited is a Life Insurance Company in India. It offers Term Life Insurance Plans, Traditional Savings Plans and Unit Linked Insurance Plans. Founded in the Year 2000, it is a joint venture between Housing Development Finance Corporation Limited and Standard Life Limited. The company is headquartered in Mumbai and has 420 branches across India. The CEO / CMD of the company is Ms. Vibha Padalkar.

Founded in
2000
JV Partners
HDFC Ltd and Standard Life Limited.
Turnover (GWP)
38,583.5 Crores
Number of Policies
982,263
Number of Claims
1,734,807

Detailed Product Specs & Rating: HDFC Life Click 2 Protect Life

Claims Experience 3.5/5 star green
Customer Service 3.1/5 star green
Product Benefits 2.8/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
92.00%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.03%
How complex is the Claim Form?
The longer, the more hassles during claims
Very Long
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
99.07%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
92.58%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
201%
Personal relationship manager for claims
Available
Can you track claims online?
Available
Dedicated toll-free for claims service
Not Available
Separate Claim Form for above 3 Years Claim
Not Available
Home pickup of Claims
Not Available

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What’s the Review of HDFC Life Click 2 Protect Life by HDFC BY HDFC Life?
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HDFC Life Click 2 Protect Life is a term insurance plan offered by HDFC Life. 

While HDFC Life holds an exceptional purchase and claims service track record, this particular product comes with an exclusive feature where it allows you to choose the exact number of years for which you wish to pay your premium until the maturity of your term, after the completion of the first 5 years of buying the policy.

Having said that, this plan is substantially more expensive than other term insurance plans in the market. And it does not allow you to make important customizations such as increasing cover nor does it give you many options to customize how your family will receive the claim.

Below is an overview of the various features and benefits which come with the HDFC Life Click 2 Protect Life 

What are the key features of HDFC Life Click 2 Protect Life? 

  • Life cover Benefit: This term insurance plan pays an assured sum of money to your family if your death happens during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy. 
  • Entry age for the policy: This plan allows you to apply for the policy, when your age is at least 18 years and until you’re 60 years old. 
  • Increasing cover: While this plan might fit your other requirements, there's one drawback here that you should know about. This plan does not provide you the benefit of an increasing cover, which means you cannot automatically grow your existing cover with time. So, every time you want to increase your cover, you will have to purchase a new term insurance plan. 
  • Cover Duration: Unlike other products where you can buy the cover for a maximum age of 60- 65 years, this plan provides you a cover till the age of 85 years - meaning, you can enjoy the cover benefits even post your retirement. 
  • Limited Pay Option: The limited pay option is suitable if you want to get the burden of premiums off your chest while you still have a dependable income. The HDFC Life Click 2 Protect Life comes with the rolling limited pay option that allows you to choose the exact number of years you want to pay your premiums for after the first 5 years of buying the policy, until maturity.
  • Claim Payout Option: This plan doesn’t give you the option to customize how your family will receive the claim amount. So, you’ll have no option but to select the lump sum claim payout option where the entire claim amount will be credited to your nominee’s bank account at once. Lump-sum is a good payout option when loans and liabilities have to be paid off. However, it may not be suitable if your nominee is not financially well-versed or if you want your family to receive a monthly income so that they can take care of the regular expenses. 

What are the Riders available with the HDFC Life Click 2 Protect Life? 

The HDFC Life Click 2 Protect Life comes with additional benefits known as riders. You don’t need to buy every rider, but you consider looking into the ones that suit your needs.  It includes of- 

  • Critical Illness Rider: This add-on will pay an additional amount of money as a lump sum if you get diagnosed with any of the serious illnesses listed in the policy document. You can use this money to replace the loss of income and to pay for any additional health-related expenses your family might incur, which won’t be covered by a regular health insurance plan. 
  • Accidental Death Benefit Rider: With the help of this rider, your family will receive an additional amount of money, if you die due to an accident. You can also use this rider to improve your overall cover in case you are eligible for a sum assured that is lower than the cover amount required for your family.  
  • Waiver of Premium for Critical Illness Rider: This is one of the most helpful riders and everyone should always consider buying it. If you are diagnosed with a serious disease that is listed in the policy, you will not have to pay any further policy premiums and you can retain the cover until the end of the term. 

Why should you choose this term plan by HDFC Life? 

  • Speed of Claim Settlement: As the insurer is known for a good track record in its claim settlement process, your family is less likely to face any inconvenience while collecting the claim. HDFC Life has settled around 92% of its claim settlement in less than 30 days. 
  • Claims Complaints: As per the research conducted by our in-house researchers, we were able to gather that HDFC Life holds quite less number of complaints with regards to the claims process. This kind of gives an assurance that your nominee or family will not have to worry much during collecting the claims. 
  • Claim Settlement Ratio: The insurer holds a claim settlement ratio of 99.07% and their claim amount settlement ratio is 92.58%. 
  • Personal Relationship Manager: The insurance company offers you a personal relationship manager,  to help your nominee throughout the entire claim settlement process.
  • Online Tracking of Claims: HDFC Life will allow your family to keep a track of the entire claim process from the comfort of their home by giving them an option of tracking the required information online.

What are some of the disadvantages of buying term insurance from HDFC Life? 

Buying term insurance is important when you are the only financially independent member of your family and have large responsibilities over your shoulders. Now that we have discussed most of the pros on why you should consider HDFC Life Click 2 Protect Life and its insurer, here are some of the cons that you could consider as well while taking your final decision. 

The disadvantages of buying term insurance from HDFC Life are- 

  • Length of the Claim form: This insurer's claim form is very long which includes several questions to answer. This indicates that there is a chance your family might face some issues while filling the form up. 
  • Home pick up for Claims: HDFC Life does not provide the option to pick up the documents from home. Your family/ nominee will have to visit the branch to submit the documents personally.

How is the Customer Service of Bharti AXA? 

  • Response on Toll- Free Service: When it comes to customer service, our research found the insurer’s response over the toll-free to be slow compared to other insurers. 
  • Response on Twitter: However, the claimants also have the option to connect over Twitter for any doubts or queries with regard to the status of their claims. But, research suggests the response rate over social media is also slow too.

About the Insurer - HDFC Life 

HDFC Life, also known as HDFC Standard Life Insurance Company Limited, is a Life Insurance Company in India. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in the Year 2000, it is a joint venture between Housing Development Finance Corporation Limited and Standard Life Limited. The company is headquartered in Mumbai and has 420 branches across India. The CEO / CMD of the company is Ms. Vibha Padalkar.

Final Verdict on HDFC Life Click 2 Protect Life

Based on the 100+ parameters across product features, claims experience and customer service quality - analyzed by our in-house research team, the HDFC Life Click 2 Protect Life gets an overall Beshak⭐Rating of 3.2/5

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