Executive Summary: Click2Protect 3D Plus, a term policy from HDFC Life has many options. These options suit different requirements. It is good to offer choice to customers, but it is better to keep a term plan basic.
Click2Protect 3D Plus is a new term insurance policy from HDFC Life. It is an online policy.
Let us look at the features, pros and cons of this policy –
It has 9 plan options. These are –
Let us look at the features, pros and cons of this policy –
It has 9 plan options. These are –
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Name of Option
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Description
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Life Option
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If the insured dies anytime during the term of the policy purchased, , the sum assured is paid to the nominee.
If the insured meets with an accident leading to total disability, all future premiums are waived off. But the insurance cover continues till the end of the policy term. |
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3D Life Option
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Apart from the Life Option features, if the insured is diagnosed with one of the 34 mentioned critical illness, the sum assured is paid to the policyholder and the policy ceases to exist.
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Extra |
Apart from the features of Life Option, the nominee will get an additional Extra Life Sum Assured upon death due to accident.
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Income Option
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Here the nominee can get the sum assured in the form of a regular income.
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Extra Life Income Option
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Apart from the features of the Life Option, the nominee will get a death benefit equal to the annual income of the person insured immediately and an income equal to the annual income in monthly terms for the remaining period of the policy.
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Return of Premium
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Apart from the features of the Life Option, if the person insured outlives the policy, he/she will get back all the premiums paid.
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Lifelong Protection Option
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Apart from the Life Option features, if the insured is diagnosed with any terminal illness, the sum assured is paid to the policyholder.
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3D Lifelong Protection Option
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Apart from the Life Option features, if the insured is diagnosed with one of the 34 mentioned critical illness or any terminal illness, the sum assured is paid to the policyholder and the policy ceases to exist.
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These are the key features of the Life Option available for all plan variants –
Lumpsum payment on Death – If the insured dies anytime during the term of the policy purchased, , the sum assured is paid to the nominee.
Accidental Total Permanent Total Disability – If the insured meets with an accident leading to total disability, all future premiums are waived off. But the insurance cover continues till the end of the policy term.
Life stage Protection – You can increase the sum assured based on certain life events. You will have to pay the premium applicable for the increase in the sum assured. Life events included are –
1) First Marriage – You can increase the policy amount up to 50% of sum Assured provided the amount is not greater than Rs. 50 lakh.
2) Birth of first child – You can increase the policy amount up to 25% of sum assured provided the increase in amount is not greater than 25 lakh.
3) Birth of second child – You can increase the policy amount up to 25% of sum assured provided the increase in amount is not greater than 25 lakh.
Lumpsum payment on Death – If the insured dies anytime during the term of the policy purchased, , the sum assured is paid to the nominee.
Accidental Total Permanent Total Disability – If the insured meets with an accident leading to total disability, all future premiums are waived off. But the insurance cover continues till the end of the policy term.
Life stage Protection – You can increase the sum assured based on certain life events. You will have to pay the premium applicable for the increase in the sum assured. Life events included are –
1) First Marriage – You can increase the policy amount up to 50% of sum Assured provided the amount is not greater than Rs. 50 lakh.
2) Birth of first child – You can increase the policy amount up to 25% of sum assured provided the increase in amount is not greater than 25 lakh.
3) Birth of second child – You can increase the policy amount up to 25% of sum assured provided the increase in amount is not greater than 25 lakh.
Premium Payable
The premium depends on many factors like age, sum assured, whether the person consumes tobacco and the plan option chosen.
Insured Person’s details – 35 year old man who does not consume tobacco and stays in Mumbai.
Sum assured = Rs. 1,00,00,000
The premium depends on many factors like age, sum assured, whether the person consumes tobacco and the plan option chosen.
Insured Person’s details – 35 year old man who does not consume tobacco and stays in Mumbai.
Sum assured = Rs. 1,00,00,000
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Option
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Premium per annum
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Life Option
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Rs. 12,160
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Income Replacement Option with current income as Rs. 50,000 per month and a yearly increase in the income of 10%
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Rs. 25,897
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3D Life Option
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Rs. 13,197
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Eligibility Criteria
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Criteria
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All Options except Life Long
Protection Option & 3D Life Long Protection Option |
Life Long Protection Option & 3D Life Long Protection Option
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Entry Age
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18-65 years
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25-65 years
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Policy Term
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Minimum – 5 years
Maximum – 40 years |
Minimum – 5 years
Maximum – Applicable for whole life |
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Sum Assured
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Minimum – Rs. 10,00,000
Maximum – No Limit |
Minimum – Rs. 10,00,000
Maximum – No Limit |
Advantages of this term plan
- There are many options available and buyers can pick and choose if they have any specific preferences.
- There is waiver on premiums for disability due to accident.
- The premium is on par with most term policies for the basic versions.
- There are options to top up the cover and to change the premium payment frequency.
- Premium paid is allowed as deduction in income tax calculation.
Disadvantages
- If there are too many plans, some consumers can get confused. They might find it a complex task to select an insurance plan.
- There is no one option that covers all features.
- Disability due to accident is covered but permanent disability is not covered.
The company has tried to include many features. Some people may like having different options. It is best to keep the term plan simple. Therefore it is better to go for a basic version.
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