HDFC Life to offer life and critical illness rebalance option under term insurance

FPJ Web DeskUpdated: Thursday, September 16, 2021, 04:07 PM IST
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Srinivasan Parthasarathy, Chief Actuary – HDFC Life |

As one ages, the need for life cover typically reduces while that of health cover increases. To address this change in need, HDFC Life, one of the India’s leading life insurance companies is offering customers a unique Life and Critical Illness (CI) Rebalance option as part of its flagship term product - HDFC Life Click 2 Protect Life.

The Life and CI Rebalance option provides protection against critical illness (CI) and death by auto balancing life and CI cover with increasing age. In this option, the life cover decreases while the critical illness cover increases proportionally, on each policy anniversary.

Further, on diagnosis of any of the listed 36 CI conditions, not only the increased CI sum assured is paid but also all future premiums are waived off and the life cover continues.

At the start of the policy, the basic sum assured is split between life cover and critical illness cover in 80:20 ratio. The total basic sum assured remains the same throughout the policy.

The premium for the customer remains unchanged throughout the policy term.

On death, the applicable death benefit will be paid to the nominee and the option also allows one to get back all premiums paid on survival till maturity with Return on Premium add-on.

Speaking about the offering Srinivasan Parthasarathy, Chief Actuary – HDFC Life, said, “Rapidly changing lifestyles have brought about an increase in critical illnesses like cancer, cardiac ailments, etc. The cost of treatment for such illnesses is usually very high and could even lead to a financial setback for the entire family. Thus it becomes imperative to have a policy that can cover the cost of treatment without having to dip into one’s savings. The Life and CI Rebalance option available with Click 2 Protect Life enables policyholders and their families to be financially prepared to manage critical illnesses.”

Term insurance is an important step towards building a secure future for oneself and the family. HDFC Life’s flagship term plan, HDFC Life Click 2 Protect Life is a non-linked, non-participating, individual term plan that caters to the changing needs of individuals in the different stages of life.

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