HDFC Life has launched a “Click 2 Protect Life” term insurance policy, which provides a unique life and critical illness (CI) rebalancing option. The new life and critical illness rebalance option provides protection against critical illness and death by automatically balancing life and coverage with age, according to a recent statement shared by HDFC Life. The non-participating and unrelated term insurance policy responds to the changing needs of different stages of life.
In the new option, the life coverage decreases but the critical illness coverage increases proportionally at each contractual anniversary. In addition, upon diagnosis of one of the 36 listed critical illnesses, the increased insured health insurance sum is paid. In addition, all future premiums are waived and life coverage continues, according to HDFC Life.
At the start of the contract, the base sum insured is divided between life cover and critical illness cover in a ratio of 80:20, and the total base sum insured remains the same throughout the term of the contract.
Despite the increase in critical illness coverage at each policy anniversary, the premium for the client remains stable throughout the life of the policy. In the event of death, the applicable death benefit will be paid to the nominee and the option also allows all premiums paid in the event of survival to maturity to be received with the “return on additional premium”.
“Rapidly changing lifestyles have led to an increase in serious illnesses like cancer, heart disease, etc. The cost of treating these illnesses is usually very high and could even lead to financial setback for the whole family.” Mr. Srinivasan Parthasarathy said. , Chief Actuary – HDFC Vie.
It becomes imperative to have a policy that can cover the cost of treatment without having to dip into your savings. The Life and CI rebalancing option available with Click 2 Protect Life enables policyholders and their families to be financially prepared to manage critical illnesses, ” added Parthasarathy.
On Friday, September 17, shares of HDFC Life Insurance traded for the last time 1.51% lower, at Rs 743.55 each on BSE. HDFC Life Insurance opened on BSE at Rs 757.05, hitting an intraday high of Rs 759.60 and an intraday low of Rs 741.90, during the trading session so far.