New Delhi: Life is full of uncertainties. Unexpected events like job loss, illness, or accidents can disrupt our financial plans. A term plan can serve as a safety net during these challenging times. Term insurance is a type of life insurance that provides financial protection for a specific period. If the policyholder dies within this term, the insurance company pays a death benefit to the designated beneficiaries. By having term insurance in place, you can live with greater peace of mind, knowing that your loved ones will be financially protected.
Before purchasing term insurance, it’s essential to understand its key features and benefits to determine if it’s the right choice for your financial needs.
Experts recommend that regardless of age, individuals with an income and liabilities should consider securing their financial future with adequate term life insurance. This essential financial product can help protect your loved ones from the financial burden of unexpected events. It’s advisable to invest in term life insurance as soon as you start earning to ensure maximum coverage at a potentially lower premium.
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HDFC Life CMO Vishal Subharwal says, “Term plan is an essential financial product which one should buy at the moment you start earning.”
HDFC Life Click 2 Protect Super plan could be an excellent choice to cover your liabilities.
Mr Subharwal has provided valuable insights into the key features of the HDFC Life Click 2 Protect Super plan. We’ve summarized his key recommendations as follows:
The HDFC Life Click 2 Protect Super plan includes a convenient online Human Life Value (HLV) calculator. This tool helps you determine the appropriate life insurance coverage amount based on your current lifestyle and future financial goals. By using the HLV calculator, you can estimate your ideal coverage or assess the need for additional protection. Simply visit the HDFC Life website to access the HLV calculator.
Term insurance is often enhanced with riders to provide additional coverage and protection. Riders play a crucial role in contingency planning, offering support in unforeseen situations like accidents or critical illnesses. This plan includes the following riders:
HDFC Life Income Benefit on Accidental Disability Rider- Non Linked
You can receive additional income benefits on top of your sum assured in the event of total permanent disability caused by an accident.
HDFC Life Protect Plus Rider – Non Linked
Receive a portion of the Rider Sum Assured in the event of Accidental Death or partial/total disability due to an accident or a cancer diagnosis.
HDFC Life Health Plus Rider – Non Linked
Receive a lump sum benefit equal to the Rider Sum Assured upon diagnosis of any of the 60 covered critical illnesses. Additionally, depending on the plan option chosen, you may receive a benefit as a proportion of the Rider Sum Assured upon diagnosis of early-stage or major cancer.
HDFC Life Click 2 Protect super plan has a unique feature of Smart Exit Option. The policyholder has the option to receive a refund of all premiums paid under the policy. No additional premium is required to exercise this option. This option can be exercised by canceling the policy subject to some conditions.
(Podcast with Mr Subharwal: https://youtu.be/SRk4ptN7dOQ?si=3NlCMwZ0BCMWEz8v)
