HDFC Life Click2Protect Super Review

HDFC Life Insurance is the largest and most reputed private life insurer in India. Its term insurance plan HDFC Life Click2Protect Super is one of the most popular and sought after term insurance plans in the market.

But what makes HDFC Life Click2Protect Super such a good term insurance plan? What are its pros and cons? And should you consider buying this term plan for yourself?

Let’s find out.

Benefits under The Plan

HDFC Life Click2Protect Super is a term plan with all the basic features you can expect your term policy to have. It comes with various cover options to choose from such as

• Increasing cover options
• Life stage option
• Inbuilt accident death benefit option
• Spouse cover option

With increasing cover options, your term cover increases at a predetermined rate during the policy term increase. If you start with an initial cover of Rs. 1 Cr, your cover eventually increases to Rs. 2 Cr over the policy years. On the other hand, life stage option allows you to increase your term cover under the same policy on occurrence of a life event such as marriage or having a baby. This is, of course, subject to underwriting at the time of increase. You can choose any one of these options if you wish to increase your term coverage with time without the hassle of buying another policy.

Inbuilt accident cover is also a good option to have. If you have a term cover of Rs. 1 Cr, in case of accidental death, your family receives Rs.1 Cr as accident death benefit in addition to regular death benefit of Rs. 1 Cr. 

All these options, along with the spouse cover option, are great choices to enhance your basic term coverage.

There are also some good benefits which are available at no extra cost such as 

• Terminal Illness Benefit
• Smart Exit Benefit (Zero Cost Term Plan)

Terminal illness benefit is a good to have feature inbuilt feature. In the unfortunate event of you being declared terminally ill, which means you have no more than 180 days to live, you will receive your death benefit early while you are still alive subject to a maximum of Rs. 2 Cr. This is an accelerated benefit. So if your base term cover is Rs, 2 Cr or less, you will receive the entire benefit on diagnosis of terminal illness. Your family will not receive anything later. But in case your base death benefit is more than Rs. 2 Cr, say Rs. 3 Cr, you will receive Rs. 2 Cr on occurrence of terminal illness and the remaining death benefit of Rs. 1 Cr will be paid to your family after your demise.

You also have the smart exit benefit which gives you the option to exit your policy if you do not wish to continue your policy later due to any reason. In such a case, all the premium you paid to the company excluding GST are returned to you. This is available only if your policy term is greater than 30 years. So young people taking term cover till age 65 or 70 can exercise this option later if they wish.

Riders or Add-on Benefits

Under HDFC Life Click2Protect Super, there are 2 waiver of premium options.

• Waiver of Premium on CI (WOP CI)
• Waiver of Premium on Total and Permanent Disability (WOP Disability)

If you choose Waiver of Premium on CI Option, all future premiums are waived off on diagnosis of any of the covered critical illnesses. This means that you do not need to pay any future premiums for your base policy and your base cover continues. Similarly, Waiver of Premium on Total and Permanent Disability waives off future premiums in case of occurrence of total and permanent disability.

This plan also comes with 2 variants of CI rider.

• Health Plus Rider
• Critical Illness Plus Rider

You can add any one of these CI riders to get coverage from life threatening critical illnesses. 

Health plus rider is a more comprehensive CI rider which covers 60 listed critical illnesses or provides cover against cancer. You need to choose any one of these 2 options. This is an additional benefit as rider benefit is paid on diagnosis of any listed critical illness or any major cancer. Your base policy and cover continue, as they are, after you receive your rider benefit.

You also have a cheaper version of CI rider in the form of critical illness plus rider which covers only 19 listed critical illnesses. This is also an additional benefit where the payment of rider benefit does not impact the base term coverage. The base policy continues as it is.

There is another unique rider which is Income Benefit on Accidental Disability Rider. If you opt for this rider, it pays 1% of rider cover per month for the next 10 years in case of accidental total permanent disability. This is a good rider which can provide decent monthly income in case you are incapacitated due accidental total permanent disability.

HDFC Life Click2Protect Super comes with all the add on or rider benefits you can think of. You can choose your options to customise your cover according to your requirement.

About HDFC Life

HDFC Life is one of the largest private life insurers in India which comes from the house of HDFC. The company has been in business since 2001 and enjoys great brand equity being backed by India’s largest private bank.

Operational Metrics that Matter

How do you know that a life insurance company is good and worthy of the faith you place in it?

You can check out how it has been doing its business and settling claims. And here are a few metrics you can track.

• Track record of the company (Number of years in business)
• Yearly premiums underwritten (Amount of yearly new business)
• Claim settlement ratio 
• Volume of claim complaints

HDFC Life insurance is one of the oldest private life insurers in India and has been in business for over 2 decades. With the amount of yearly new business premium it underwrites, it is always in the top 2 private life insurers, the other being SBI Life Insurance. Hence this company clearly wins the race here. 

In terms of claim settlement ratio, its last 3 years average claim settlement ratio is 98.7%. This means that the insurer has been settling 987 claims out of every 1000 death claims it receives. Claim settlement ratio just for the year 2022-23 is 99.39% which is great.

If we look at the volume of claim complaints, which is the number of complaints received per 10000 claims, on an average over the last 3 years, this number is less than 3. This is a great achievement for a company operating at such a big scale.

Should you buy HDFC Life Click2Protect Super?

A term insurance plan does not offer anything in return if you survive your policy term. It only sells you the promise to protect your family financially in case you are no more to do that yourself. 

It is important that you place your faith in a company that is expected to fulfil that promise. 

And HDFC Life insurance comes out clean here. It is one of the largest life insurers, enjoys great brand equity and settles claims efficiently. 

However, there are two concerns you can have. The plan is a bit expensive when compared to other term plans in the market. And your application process to get the term coverage could be quite long and tedious.

If you are looking for a good term insurance plan, you don’t have affordability issues and you are ready to be patient with the application process, this plan is worth the time, money and faith you put in it.

Summary

HDFC Life Click2Protect Super offers increasing cover, accidental death benefit, spouse cover, terminal illness benefit, and waiver of premium riders. It’s a good option for those seeking comprehensive coverage but may be expensive compared to competitors.