HDFC Life
Click2Protect Super
HDFC Life Click2Protect (C2P) Super is a good plan but one that is relatively expensive for most profiles we’ve evaluated so far. And while HDFC Life does carry the HDFC brand name, a good track record and relatively smooth operations, the price may be off-putting to a lot of people. If you set aside the price however, you’ll see that this is a good product marketed by a solid life insurance company and one that offers significant customization options.
Note: HDFC Life also markets C2P Life - a different term insurance product that offers slightly fewer customization options but with the added benefit of a critical illness rider.
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 Super offers accidental death benefit nonetheless.
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Zero Cost Option Available
Some insurers will return all your premiums if you forego your policy before maturity, during a period specified by the insurer. Meaning you get all your premiums back, while also being protected under the term plan during this time. And Click2Protect Super extends this option.
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. And Click2Protect Super extends this option.
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 Super 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 Super 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 Super extends critical illness benefit without too many restrictions and pays up to undefined so long as you are diagnosed with 60 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 Super will pay out the benefit 15 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 Super however doesn’t offer the accelerated option and pays out the benefit on top.
Short waiting period:
Most policies impose a waiting period before they make the Critical Illness Benefit available. And Click2Protect Super imposes a 90 days waiting period before they can process any claim related to critical illnesses. This is shorter than the industry average.
Note: Another version of the critical illness benefit in this plan provides payout 30 days post-diagnosis confirmation. This applies only to the 19 illnesses specified in the policy brochure and includes a 90-day waiting period before claim processing.
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Decent 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. And while Click2Protect Super does not disburse the entire sum assured, you do have the option to receive a portion of your cover if you are diagnosed with a terminal illness.
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 Super extends this option to those considering it.
Top-Up Option available (As Life Stage Benefit)
Some policies extend the option of increasing your total term cover even after you buy the policy. And while Click2Protect Super doesn’t offer you a blanket option to increase your cover, it does extend the provision to increase your cover during significant life events i.e. when you get married, when you have kids etc. The feature is called life stage benefit.
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