In today’s world, where uncertainty is just around the corner, there is a simple yet important solution to safeguard your family. Opting for a term insurance plan with interesting benefits and flexibility suited to your distinctive needs can help to achieve your financial goals. Under the Click2Protect Life plan by HDFC, you get coverage under the banner of term insurance. Categories of policies under the umbrella of Click2Protect life can be selected, in accordance with individual financial goals.
The Top-of-the-Line in Insurance Plans
In term plans, individuals get pure life insurance products. Term plans offer protection for beneficiaries in the form of a death benefit in case of the demise of the policyholder. Term plans are popular in India as the premiums paid are of an affordable nature. A term plan especially helps to secure the financial future of a family in which a single member is a breadwinner. With regard to term insurance plans, HDFC Life has one of the ideal plans on the market today. This is the Click2Protect plan, offering life coverage at a fairly affordable cost.
How Does the Return of Premium Rider Work?
When you buy a regular term plan, you get a life insurance policy that is a pure term plan. Term life insurance policies offer you affordable premiums and ways in which to customize your life insurance coverage. You can avail of a wide range of riders (additional coverage and conditions) for any term insurance policy, and these serve to widen the scope of your term insurance plan. The Return of Premium rider effectively makes your plan flexible and saves you money, should you meet certain criteria of the plan.
One of the best features of this plan is the Return of the Premium rider. With this, policyholders are provided with a refund in terms of the premiums paid to maintain a term insurance plan. In some plans with this rider, if the holder of the policy survives the plan’s tenure, the premiums paid are returned to the policyholder. Effectively, this is a highlight of the plan that decreases the cost of insurance for the policyholder to zero. The premiums of a policy that has a return of premium rider may be more costly than without a rider, but you get the benefits should you outlive the policy’s tenure.
For instance, in case you bought a policy with a term of 20 years, at the age of 30, and at age 50, you are still alive, your premiums paid will be returned to you.
The Options Under HDFC Life Click2Protect Plans
The Click2Protect plan from HDFC Life comes in two categories with the feature of the Return of Premium Rider:
- Life and Rebalance Plan - In case a policyholder goes in for this option, the premium paid serves a dual purpose. You get life coverage as part of the premium and critical illness insurance coverage in the other part. So, in other words, your premium is split to fit two kinds of cover. While availing this policy, if the holder of the policy is diagnosed with a critical illness, the part of the plan covering this will give the insurance coverage amount to the policyholder. Moreover, all the policyholder’s future premiums get waived. This means that your premiums, for the future, do not have to be paid. They are “returned'' to policyholders in a way.
This is a plan which offers you the choice of rebalancing your policy in the event of a major illness before the end of the term of the policy. You also get the Return of Premium rider with this plan. What this essentially means is that the policyholder gets premiums returned in case they discontinue the plan at any time during its tenure. So, this is a plan which offers you two benefits with regard to the premiums.
- Life Protect - This is a regular life insurance coverage plan. In case of the untimely death of the holder of the policy, the nominee gets a lump sum assured amount, paid to beneficiaries mentioned in the policy. Under this choice, there is an option of a whole life cover or a fixed term. If the fixed term is opted for, the Return of Premium rider applies when the term of the policy ends.
Click2Protect and Click for Advantages
Other features of any Click2Protect plan option are general and they include high coverage with relatively low premium amounts. There are also alternatives to get a source of regular income after the term of the policy has ended. Some plans include riders for coverage of accidental death benefits, so your coverage is complete. Additionally, the tax benefits are among the best in the industry with tax efficiency in terms of death benefits and the premiums paid. Safeguarding your family and yourself, ensuring timely benefits in the critical illness cover and the maturity benefit, gives you the confidence to face any financial crisis.
