HDFC Life Insurance is an India-based life insurance company, offering term and universal life insurance policies to residents of India. Policies offer several riders for additional coverage, as well as multiple payout options for beneficiaries. HDFC Life Insurance may be a good option for Indian residents looking for flexible universal life insurance coverage.
- Pros and Cons
- Key Takeaways
Term policies offer “whole of life” coverage option
Wide range of investment options on universal policies
Some term policies build cash value savings
24/7 customer support
Policy quotes require talking to an agent directly
No accelerated death benefit available
- HDFC Life Insurance is one of the largest life insurance companies in India.
- HDFC Life Insurance is a subsidiary of HDFC Ltd., a large financial holding company in India.
- HDFC offers term and universal life insurance, as well as term plans for children.
- HDFC Life Insurance has a BBB rating from S&P 500 Global.
- Year Founded 2000
- Kinds of Plans Term, Universal Life
- Number of Plans 5
- Payment Options Monthly, Quarterly, Semi-Annually, Annually
- Official Website www.hdfclife.com
HDFC Life Insurance offers term and universal life insurance to residents of India. We researched HDFC Life Insurance’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of HDFC Life Insurance with the competition.
HDFC Life Insurance is one of the largest life insurance companies in India, headquartered in New Delhi, India. HDFC Life Insurance is a joint venture between HDFC Ltd., a large financial company, and Life Aberdeen, a global investment company. HDFC Life Insurance has over 350 offices across India and a 15% market share for life insurance policies in India.
HDFC Life Insurance offers term and universal life insurance policies, as well as a few policy riders available for additional coverage options. Some policy quotes are available online, but many of the policy estimates require you to talk directly to an agent for an exact quote.
HDFC Life Insurance is licensed in India, but actual availability varies by product and location.
HDFC Life Insurance also offers annuities, pension plans, and supplemental health insurance products.
HDFC Life Insurance offers five types of life insurance, with term, universal, and child life insurance plans available. Term plans can be applied for online, but universal plans require speaking with an HDFC Life Insurance agent directly.
HDFC Life Click 2 Protect Life (Term)
The HDFC Life Click 2 Protect Life is a term life insurance policy offering. While term lengths and coverage amounts will vary, these policies are low-cost coverage for specific lengths of time. Payouts are either a lump sum or monthly payment to selected beneficiaries. There are several available riders as well to extend coverage or add living benefits to the policy.
HDFC Life Saral Jeevan Bima (Term)
The HDFC Saral Jeevan Bima plan is a flexible term life offering with a basic death benefit and lump sum or recurring premium payment options. Additional riders are available, and coverage amounts and term lengths vary per policy.
HDFC Life Click 2 Wealth (ULIP)
The HDFC Life Click 2 Wealth policy is a type of universal life insurance, referred to as a Unit-Linked Insurance Plan (ULIP). Premiums are flexible and are split into a policy benefit account and a cash-value account, which can be invested into a choice of 10 investment funds. There are several payouts methods available, including monthly income and lump sum. Plans also offer access to several riders for further customization.
Quotes are not available online for universal life insurance policies. You must speak directly with an HDFC Life Insurance agent for policy quotes.
HDFC Life Click2Invest (ULIP)
The HDFC Click2Invest plan is a universal policy that offers multiple premium payment options and the ability to invest the cash value of the plan into 11 different investment funds. Premiums can be paid in a lump sum or over periods of 5, 7, or 10 years, with coverage lasting a lifetime. Partial withdrawals are available from invested funds after a five-year waiting period. Death benefits are paid out in a lump sum or monthly installments.
HDFC SL YoungStar Super Premium (ULIP)
The HDFC SL YoungStar Super Premium plan is a children’s ULIP life insurance policy that offers life insurance coverage for children with the ability to invest the cash value. The plan consists of a death benefit as well as a maturity benefit. It functions similar to a term plan, as the policy has a maturity date set, but it also allows the insured to collect the cash value of the policy after the term has ended.
HDFC Life Insurance offers several riders for its life insurance policies. A rider offers additional coverage options on an insurance policy. Some riders are included with a policy at no additional cost, but some may be billed as a small percentage of the policy premium or as a flat annual fee. Fees vary by policy, product, and options selected.
Disability Income Benefit Rider
If you become permanently disabled (unable to work) due to an accident or unforeseen circumstance, this rider will pay out a lump sum or monthly payment.
Critical Illness Rider
If you suffer a critical illness such as a heart attack or cancer diagnosis, you can access the face value of the rider to help pay for medical and other expenses.
Return of Premium (Maturity) Rider
If you survive your term policy, electing the maturity rider will pay back your policy premiums at the end of the term.
Customer Service: Many Ways To Connect
HDFC Life Insurance offers support over the phone, SMS text message, online chat, via WhatsApp, or the HDFC mobile app. Support is available 24/7, giving customers access to agents around the clock.
Customer service can be reached by calling 1-860-267-9999 or sending an email to service@HDFClife.com.
HDFC Life Insurance has its own WhatsApp number, and you can reach customer service by calling +91 8291890569.
Customer Satisfaction: Not Available
Since it is not a U.S.-based company, HDFC Life Insurance is not rated by accrediting agencies (such as the NAIC and J.D. Power). According to a few third-party review websites, some customers have cited issues with HDFC Life Insurance customer service, including policy payout and billing issues.
Financial Strength: BBB Rated by S&P 500 Global
HDFC Life Insurance is a strong financial company owned by HDFC Ltd. and Aberdeen Life as a joint venture. Although it is not rated by AM Best, it is rated BBB by S&P 500 Global, with a stable outlook. This high rating from S&P 500 Global gives customers confidence that HDFC Life Insurance can pay claims as they arise.
Cancellation Policy: Varies
HDFC Life Insurance offers a refund of premiums paid for canceling policies. There is no timeline given on when policies can be canceled, so you will need to talk to an HDFC agent directly for exact policy cancellation details.
Refunds are subject to a deduction for medical exam costs.
Price of HDFC Life Insurance: Varies
HDFC Life Insurance premiums vary by policy, length, age, and health status. Quotes can be started online but require providing a phone number and giving express permission for an HDFC Life Insurance agent to call you directly for final pricing. Premiums can be paid monthly, quarterly, semi-annually, or annually.
How HDFC Life Insurance Compares to Other Life Insurance
HDFC Life Insurance offers term and universal life insurance for residents of India. HDFC Life Insurance also offers children’s term insurance to protect the whole family. While HDFC only offers a few riders for custom coverage, there are many ways to pay premiums and receive policy payout benefits.
HDFC Life Insurance does not carry final expense or standard whole life policies, and policy quotes are not available without talking to an agent. Here’s how HDFC Life Insurance compares to another large insurer in India.
HDFC Life Insurance vs. Max Life Insurance
Both HDFC Life Insurance and Max Life Insurance offer term and universal life policies to residents of India. Both companies also offer policy riders for additional coverage. While HDFC Life Insurance offers a wide range of investment options for ULIP policies, Max Life Insurance offers a variety of term life insurance options that accrue cash value that may be invested.
Here are a few more differences between HDFC Life Insurance and Max Life Insurance:
- HDFC Life Insurance offers child’s term life insurance with a cash value option.
- Max Life Insurance offers a child education term policy with a lump sum payout when they turn 18.
- HDFC Life Insurance offers up to 11 investment fund options for universal plans.
- Max Life Insurance offers up to 67-year term lengths on policies.
While HDFC Life Insurance offers more investment options for universal policies, Max Life Insurance offers a wide range of customization to its term policies.
Read our full Max Life Insurance review.
|HDFC Life Insurance||Max Life Insurance|
|Number of Plans||5||6|
|Online Quotes Available?||No||No|
|Service Method||Online, phone, app, live chat||Online, phone, in-person|
|AM Best Rating||N/A||N/A|
HDFC Life Insurance is one of the largest insurers in India that offers term and universal policies for all ages. With flexible premiums on term life plans, a wide range of investment options for universal life plans, and child term coverage that builds cash value, HDFC Life Insurance is a decent option for residents of India.
All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.