HDFC Click 2 Protect is popular online term insurance plan. Good Claim settlement ratio, economical premium charges and trustable brand image make this product more attractive. It is advisable to go through this plan before buying any online term insurance policy. This plan is now extended with new version called as HDFC click 2 protect plus. HDFC Click 2 Protect plus provides add-on optional features compare to traditional plan. Apart from this HDFC Click 2 Protect plus can be purchased offline. Let’s review this plan in detail.
HDFC Click 2 Protect Plus Features
HDFC Life Click 2 Protect Plus is non-participating traditional term plan.
- This plan provides comprehensive coverage at affordable cost
- You can get financial protection for you and your family
- This plan can be customized with four different options.
Life Option – Lump sum payout on Death. This is good old option, which gives your family the assured sum as a lump sum amount.
Under life option you have facility to increase life cover on certain key milestones of your life like Marriage, Child Birth without fresh medical test.
Say At age of 30 years you purchased this policy with life cover of Rs 1Cr, with increase in responsibility like marriage if you wish to increase life coverage by 50% you can do that. After birth of first child you can increase coverage by 25% more.
Extra Life Option (Accidental Death Benefit) –Extra life option covering accident death benefit which gives your family double the assured sum.
Income Option –Part of Sum Assured payable on death and the remaining payable as monthly income for 15 years.
Say for life cover of Rs 1Cr in case of demise of the policy holder family will get Rs 10 lac in lump sum and remaining Rs 90 lac will be divided into monthly instalment of Rs 50000/- and be paid monthly for next 15 years.
Income Plus Option – Sum Assured paid on death & monthly income paid for next 10 years. The monthly Income can be chosen as Level or increasing at 10% p.a.
Say for life cover of Rs 1Cr in case of demise of the policy holder family will get Rs 1Cr as lump sum plus monthly income of Rs 50000/- for 10 years or Rs 50000/- per month increasing at 10% p.a.
HDFC Click 2 Protect Plus Criteria
Minimum Entry Age – 18 years
Maximum Entry Age – 65 years
Maximum Maturity Age – 75 years
Minimum Term – 10 years
Maximum Term – 40 years
Premium paying term – Regular, Limited, Single
Premium Frequencies – Single, Annual, Half Yearly, Quarterly, Monthly
Minimum Sum assured – Rs 25,00,000
Maximum Sum assured – No Limit
Minimum Premium – Rs 3000
Maximum Premium – No Limit
HDFC Click 2 Protect Plus Premium
The premium quotes below are of a regular policy for a healthy non smoker male for a Sum assured of Rs 1 Cr. Term of the policy is 25 years.
HDFC Click 2 Protect Plus Benefit
Death Benefit –
In the unfortunate event of death of life assured during the policy term, the nominee will receive the benefit as
defined below:
For Single Premium Policies
Highest of:-
• 125% of Single Premium
• Sum Assured
Other than Single Premium Policies
Highest of:-
• 10 times the annualized premium
• 105% of all the premiums paid as on date of death
• Sum Assured
Maturity Benefit-
No benefit is payable on survival till end of policy term.
What is not Covered
Suicide Clause:-
In case of death due to suicide, within 12 months from the date of inception of the policy, the nominee of the policyholder shall be entitled to 80% of the premiums paid.
In case of death due to suicide within 12 months from the date of revival of the policy, the nominee of the policyholder shall be entitled to 80% of the premiums paid post revival.
HDFC Click 2 Protect Plus – Should you Buy?
HDFC Click 2 Protect plus is very good plan which provide flexibility in terms of coverage with multiple options but as per me you must consider only life option of HDFC Click 2 Protect Plus.
It is not advisable to opt for any additional option like Income or Income plus option. In Income option insurance company will keep 90% of sum assured with them and distribute that in monthly installment without any additional interest. Instead of this simple life option will provide 100% amount which can be invested in Fixed Deposit or MIS to earn better income.
Similarly for Income plus option you have to pay additional premium you can use this additional premium amount for investment in other option to get better return.
So from my end it is YES for HDFC Click 2 Protect Plus but with Traditional LIFE option only.
To get more information about this policy click here.
