HDFC Life Insurance is one of the leading life insurance companies in India, offering a wide range of life insurance products to cater to the needs of individuals and groups. HDFC Life Insurance understands the importance of group insurance plans in providing financial protection to a group of people against unforeseen events. That is why HDFC Life Insurance offers various group insurance plans designed for employers, organizations, and financial institutions to benefit their employees, members, or customers.
What is Group Insurance Plan?
Group insurance plans provide coverage to a group of people under a single policy, making it an economical and hassle-free way of providing financial protection to a group. These plans offer several benefits to the group members, including life cover, accidental death cover, disability cover, and more. The premiums for group insurance plans are lower than individual insurance plans, making them affordable for the group members.
Types of Group Plans Offered by HDFC Life Insurance
HDFC Life Insurance offers various group insurance plans, and here are some of them:
Group Term Insurance Plan
The Group Term Insurance Plan provides life cover to the members of a group at an affordable premium. The plan can be customized to suit the needs of the group. The plan offers financial protection to the group members in case of death, accidental death, or disability.
Group Credit Protection Plan
The Group Credit Protection Plan provides coverage to the members of a group against loan repayment liabilities in case of death or disability. This plan benefits financial institutions that provide loans to individuals or organizations.
Group Gratuity Plan
The Group Gratuity Plan helps employers cost-effectively manage their gratuity liabilities. The plan provides benefits to employees upon retirement, death, or disability. The plan offers tax benefits to the employer and is a great way to provide financial security to employees after retirement.
Group Superannuation Plan
The Group Superannuation Plan helps employers create a retirement corpus for their employees. The plan offers tax benefits and helps employees save for their retirement. The plan is an excellent way for employers to attract and retain talented employees by providing them with financial security after retirement.
Group Variable Employee Benefit Plan
The Group Variable Employee Benefit Plan allows employees to choose their investment options. The plan offers benefits such as life cover, accidental death cover, and disability cover. The plan is a great way to provide financial security to employees and help them plan for their future.
Group Plans Offered Under HDFC Life Insurance
HDFC Life Insurance offers various group plans, each with unique features and benefits. Below we have listed all the group plans offered by HDFC Life Insurance, their key features, and their eligibility criteria and categorized them into three different categories as given below:
Group Retirement Plans
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HDFC SL Group Traditional Plans |
Key Features
- Annual Interest Credit
- Tax Benefits
- Interim Interest Credit
Eligibility Criteria
Entry Age: 16 Years to 75 Years
Minimum Group Size: 50 Members
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HDFC Life Group Unit Linked Pension Plans |
Key Features
- Superannuation Benefit Fund
- Assured Benefit
- Flexibility to Choose Renge of Investment
Eligibility Criteria
Any Earning Person
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HDFC Life New Immediate Annuity Plan |
Key Features
- Multiple Payout Modes
- Wide Range of Annuity Options
- Guaranteed income source
Eligibility Criteria
Entry Age: 18 Years to 99 Years
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HDFC Life Group Variable Employee Benefit Plans |
Key Features
- Minimum Return of 1% per Annum
- Income Tax Benefits
- Additional Interest Rate
Eligibility Criteria
Entry Age: 16 Years to 75 Years
Minimum Group Size: 10 Members
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HDFC Life New Group Unit Linked Plan |
Key Features
- Flexibility of paying premiums
- Death Benefits
- Maturity Benefits
Eligibility Criteria
Entry Age: Any Earning Person
Minimum Group Size: 10 Members
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HDFC Life Group Gratuity Product Plans |
Key Features
- Expert Fund Management
- Past Service Contribution
- Gratuity Management
Eligibility Criteria
Entry Age: 18 Years to 79 Years
Minimum Group Size: 10 Members
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HDFC Life Group Traditional Secure Plans |
Key Features
- Surrender Benefit
- Death Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 18 Years to 75 Years
Minimum Group Size: 10 Members
Group Protection Plans
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HDFC Life Group Poorna Credit Suraksha |
Key Features
- Life Option
- Tax Benefits
- Extra Life Option
Eligibility Criteria
Entry Age: 16 Years to 79 Years
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Hdfc Life Group Credit Protect Plus Plans |
Key Features
- Top Up Loans
- Flexibility to Choose Loan Cover
- Flexibility to Choose Plan Options
Eligibility Criteria
Entry Age: 14 Years to 70 Year
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HDFC Life Group Term Insurance Plans |
Key Features
- Employee Benefit
- Benefits to Employeer
- Tax Benefits
Eligibility Criteria
Entry Age: 16 Years to 79 Years
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HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana |
Key Features
- Renewable Life Cover
- Income Tax Benefits
- Death Cover
Eligibility Criteria
Entry Age: 18 Years to 50 Years
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HDFC Life Group Jeevan Suraksha Plan |
Key Features
- Lumpsum Payout
- Issurance without Medical
- Death Benefit
Eligibility Criteria
Entry Age: 18 Years to 80 Years
Minimum Group Size: 20 Members
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HDFC Life CSC Suraksha Plan |
Key Features
- Lumpsum Payout to Family
- Tax Benefits
- Premium Starting @INR 112/annually
Eligibility Criteria
Entry Age: 18 Years to 55 Years
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HDFC Life Group Suraksha Plans |
Key Features
- Policy Issurance Without Medical
- Death Benefit
- Extra Life Benefit
Eligibility Criteria
Entry Age: 14 Years to 69 Years
Minimum Group Size: 5 Members
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HDFC Life Group Poorna Suraksha Plans |
Key Features
- 3 Customized Plan Options
- Death Benefits
- Extra Life Option
Eligibility Criteria
Entry Age: 18 Years to 79 Years
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HDFC Life Group Term Life Plans |
Key Features
- One-Year Renewable Plan
- Life Cover at an Affordable Premium
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 79 Years
|
HDFC Life Group Loan Suraksha |
Key Features
- Single Premium Payment
- Range of Loan Options
- Option to Choose between Level and Reducing cover
Eligibility Criteria
Entry Age: 18 Years to 74 Years
|
HDFC Life Group Micro Term Insurance |
Key Features
- Policy Issuance without medical
- Multiple Plan Variants
- Joint Life cover with spouse
Eligibility Criteria
Entry Age: 18 Years to 66 Years
Group Health Plans
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HDFC Life Group Health Shield |
Key Features
- Cancer Cover
- Cardiac Cover
- Personal Accident Cover
Eligibility Criteria
Entry Age: 18 Years to 69 Years
Minimum Group size: 7
Benefits of HDFC Life Insurance Group Plans
HDFC Life Insurance Group Plans offer a range of benefits to the members of the group as well as the organization providing the insurance. Here are some of the key benefits of HDFC Life Insurance Group Plans:
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Cost-effective
HDFC Life Insurance Group Plans are cost-effective as the premiums for these plans are lower than individual insurance plans. This makes it easier for organizations to provide insurance coverage to their employees or customers without burdening them with high premiums.
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Financial protection
Group insurance plans provide financial protection to the group members in case of an unforeseen event such as death, accidental death, or disability. This provides peace of mind to the group members and ensures their families are financially secure in case of an unfortunate event.
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Customizable
HDFC Life Insurance Group Plans are customizable, which means that the organization can tailor the plan to meet the specific needs of its members. For example, a group term insurance plan can be customized to offer accidental death and disability coverage to the group members.
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Tax benefits
HDFC Life Insurance Group Plans offer tax benefits to the organization. The premiums paid towards the group insurance plan are tax-deductible, which helps in reducing the organization's tax liability.
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Easy to administer
Group insurance plans are easy to administer as the entire group is covered under a single policy. This makes it easier for the organization to manage the insurance coverage of its members.
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Employee retention
Providing group insurance plans to employees is an excellent way for organizations to attract and retain talented employees. Group insurance plans are considered an essential employee benefit, and providing this benefit can help boost employee morale and loyalty.
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Simplified claims process
HDFC Life Insurance Group Plans have a simplified claims process, which ensures that the group members can easily claim the insurance benefits in case of an unfortunate event. This helps reduce the stress and financial burden on the group members and their families.
Quick Links
HDFC Group Plan Buying Process
You can buy HDFC Group plans through two platforms, i.e., from the official website of HDFC Life Insurance or RenewBuy.com. Below we have explained both the buying process in detail:
Buy from the Official Website of HDFC Life Insurance
- Visit the “HDFC Life Insurance” official website.
- Click on the “Life Insurance Plans” section from the header menu.
- Then, click on the “Group Plans” section from the drop-down.
- Select the desired Group Plan and click the “Buy Now” button.
- Fill in the required details and click on the “Calculate” button.
- Select the cover option you want and make your payment.
Buy from RenewBuy.com
- Visit the official website of “RenewBuy”.
- Click on the “Life Insurance” tab.
- Go to the “Life Insurance Companies” section.
- Select “HDFC Life Insurance” company from the list.
- Scroll down and select the “Group Plan” section
- Click on the “Buy Now” button
- A pop-up will show you the plan details and the additional rider information.
- Click on the “Proceed to Buy” button.
- Make the online payment, and the policy documents will be sent to your registered email address.
Conclusion
HDFC Life Insurance offers a variety of group insurance plans that cater to the needs of different organizations and groups. Group insurance plans are a cost-effective way of providing financial security to a group of people. HDFC Life Insurance's plans are designed to offer maximum benefits to the group members. With HDFC Life Insurance's group insurance plans, organizations can attract and retain talented employees, and individuals can enjoy financial security and peace of mind.