HDFC Life
Click2Protect Life
HDFC Life Click2Protect (C2P) Life will pale compared to the more expensive Click2Protect Super which offers better features, more value for money, and a few extra add-ons. So what’s the case for buying HDFC Click2Protect Life? If you want a term plan with fewer add-ons, the HDFC brand name, and a slightly more affordable option, then you can pick C2P Life over C2P Super. But bear in mind, that both plans are relatively expensive when compared to other plans out there.
Good Claim Settlement Ratio
HDFC Life settles 99.2% of claims of the total number of claims it receives as compared to the industry average of 97%. A pretty good number overall.
Good Complaints Ratio
HDFC Life receives 2 complaints (per 10,000 claims registered) as opposed to the industry median of 17 complaints. Pretty good figure overall.
Decent Amount Settlement Ratio
Some insurers pay out the smaller claims while declining to pay out the few higher-value claims in a bid to improve the claim settlement ratio. So you will need to look at the total amount settled as a percentage of the total amount claimed. HDFC Life meanwhile has an amount settlement ratio of 87.3% as opposed to the industry average of 87%. It’s not something to brag about. But it’s not horrible either.
The aforementioned ratios have been averaged over three years for every insurer and the industry as a whole.
What's good here?
Accidental Death Benefit Available
Some policies offer you the option of adding extra protection for accidental deaths. And while we recommend customers choose a comprehensive cover without worrying about the specifics of death precisely, Click2Protect Life offers accidental death benefit nonetheless.
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Premiums waived after permanent disability (due to accident) or critical illnesses
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. And Click2Protect Life extends the waiver-of-premium option in both cases.
Payouts in the event of total permanent disability
Some policies offer you a monthly income or a large lumpsum in the event you are disabled totally for life. And Click2Protect Life extends this option.
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Decent Critical Illness Benefit
If you’re ever diagnosed with a debilitating illness, you would want your insurance policy to pay a fixed sum so that you can deal with any monetary obligations you may have. Click2Protect Life extends critical illness benefit without too many restrictions and pays up to undefined so long as you are diagnosed with 19 illnesses listed in the policy brochure.
Delayed Payouts:
Payouts for critical illnesses may not be made immediately. Instead, insurers expect you to survive for a certain duration before they make the payment. And Click2Protect Life will pay out the benefit 30 days after the diagnosis is confirmed.
Payout on top only:
Some policies will pay out the critical illness (CI) benefit from the total term cover available, i.e. Accelerated payout, while also offering you the option to avail it on top of the total term cover available. Click2Protect Life however doesn’t offer the accelerated option and pays out the benefit on top.
Long waiting period:
Most policies impose a waiting period before they make the Critical Illness Benefit available. And Click2Protect Life imposes a 180 days waiting period before they can process any claim related to critical illnesses. This is longer than the industry average.
You can recover your premiums after policy matures
Some policies return your premium after the policy matures if you don’t make a claim. However, we don’t recommend this option actively considering the option can be expensive. In any case, Click2Protect Life extends this option to those considering it.
What's lacking here?
No Zero Cost Option
Some insurers will return all your premiums if you forego your policy before maturity, during a period specified by the insurer. So in essence, you get all your premiums back, while also being protected under the term plan during this time. Unfortunately, Click2Protect Life doesn’t extend this option.
No Terminal Illness Benefit
Certain policies will disburse the entire cover amount the moment you are diagnosed with a terminal illness. So even in the absence of death, you can still get the money and use it any way you wish. Unfortunately Click2Protect Life does not extend the terminal illness benefit.
No option to increase your cover with inflation
Some policies automatically increase your cover by a certain amount (usually inflation) to always provide you with the necessary protection. Unfortunately Click2Protect Life doesn’t extend this option.
No Top-Up Option
Some policies extend the option of increasing your total term cover even after you buy the policy. And Click2Protect Life doesn’t extend this option.
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