HDFC Life Insurance

Key Insights

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Claim settlement ratio (2019-20)

98.01%

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Inception

2000

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Presence

400+ offices

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Total death benefit paid

Rs. 50.33 Crore

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Solvency ratio

2.01

About HDFC Life Insurance

HDFC Life Insurance Company is a joint venture between HDFC Limited, an Indian financial services company and Aberdeen plc (formerly Standard Life Aberdeen plc) a global investment company. It was established in the year 2000. It offers a wide range of individual and group life insurance solutions to meet its customer's requirements. The company has a pan India presence with more than 400+ offices across the country.

How to buy HDFC group term life insurance from Pazcare?

These simple steps allow you to purchase the HDFC group term life insurance policy online from Pazcare.

Step 1: Visit https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.

Step 2: You will see a form that asks for details like your name, phone number, work email address and the number of employees you wish to purchase HDFC group term life insurance.

Step 3: Once you submit this form, our insurance consultants will get back to you to understand what policy you want to offer your employees. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you quotes.

Step 4: Once the data is submitted, we will get back to you with the best quotes for the group term life insurance policy from HDFC Life Insurance company.

Step 5: You can accept the terms and conditions of the policy and pay the premium quoted for that particular year. The policy gets activated immediately after the purchase.

Step 6: Our team will help you with the whole process and also take you through the Pazcare dashboard where you can manage the HDFC group term life insurance policy.

For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596.

HDFC group term life insurance plan

HDFC group term insurance for employees is a custom-made term life insurance plan. The premiums paid are much lower than those of other retail term insurance plans. The plan comes with optional rider benefits like

  • Critical illness rider
  • Accidental death rider
  • Total and permanent disability rider

These are some rider options for your HDFC group term insurance policy. The riders can be claimed according to the terms and conditions of the policy.

HDFC group term insurance renewal

The HDFC group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.

Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.

Step 2: Once the form is submitted, our life insurance consultants will contact you and request you to submit the following documents.

  • Active data of the employees - name, age, gender, designation, CTC, Covid status and vaccination report, etc
  • Claim history of the last 3 years along with the reason for the death of the employees (if any)
  • Policy copy

Step 3: After submitting these details you can choose any additional riders to the policy at your convenience. These riders are critical illness riders, accidental death benefit riders, accidental death and dismemberment rider etc. Once you decide, we will get back to you with the best quotes for your HDFC group term insurance policy.

Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your HDFC group term life insurance policy. 

Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too. 

We make sure that your HDFC term insurance experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.

HDFC Life Insurance claim settlement ratio

The claim settlement ratio is the percentage of the claims settled by the HDFC Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled. 

In the financial year, 2019-20, the claim settlement ratio of HDFC Life Insurance is 98.01%.

HDFC group term insurance premium

The HDFC group term insurance premium depends on various factors like

Covid status

The Covid-19 pandemic has caused a lot of deaths in recent years. Hence, the covid status and the vaccination status of the employee impact the premium of the HDFC group term life insurance plan.

Sum assured

Premium will also be based on how much sum assured the employer wants to offer. A higher sum assured leads to higher group premiums.

Risk category

The nature of the job and the risks involved for the employees also determine the group premium. Employees who travel frequently or work in risky environments may have higher premiums.

Claim history

In the case of renewals, the claims history for the last 3 years, the reason for the death of the employee also determines the premium of HDFC group term life insurance policy.

HDFC group term insurance benefits

Purchasing your group term life insurance policy for employees from HDFC Life Insurance company has the following benefits.

Tax benefits

As employers, when you pay the premium towards the HDFC group term life insurance policy, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.

Choose your riders

Your HDFC group term life insurance policy comes with customizable riders like critical illness riders, income benefit rider, accidental death benefit rider, etc at a much lower price than any retail policy.

No medical screening needed

The group term life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the policy.

400+ branches

HDFC Life Insurance company has 400+ branches present in pan India. This means the offices are easily accessible near most geographical locations for paying the premiums offline or filing for claims offline.

High claim settlement ratio

The claim settlement ratio of HDFC Life Insurance company for the financial year 2019-20 is 98.01%. This means the chances of settling the claims for your group term life insurance policy are high.

HDFC group term insurance claim

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise a death claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the deceased employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly with the nominee or the employer.

4

Contact us for assistance

Contact Pazcare for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise the rider claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the insured employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly to the insured employee.

4

Contact us for assistance

Contact us for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

Documents required to claim HDFC group term insurance

Here are the documents that you require to claim the HDFC group term insurance policy

  1. Duly filled claim form
  2. Original Death certificate of the insured employee or attested copy (death claim)
  3. Certificate of Insurance
  4. Photo ID proof of the claimant
  5. Current address proof of the claimant
  6. Cancelled cheque of the claimant
  7. Letter/confirmation from the employer

Why buy a group term life insurance
policy online from Pazcare?

  • Choose the suitable policy with our consulting approach
  • Custom-made plan with health and mental wellness add-ons
  • The tech-enabled Pazcare dashboard to manage endorsements
  • Integrate the dashboard with your HRMS tool
Pazcare DashboardPazcare app
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HDFC Life Insurance customer care number

For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.

HDFC Life Insurance

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1860 267 9999

Available 24X7

HDFC Life Insurance FAQs

What is HDFC Life Insurance contact number?

The HDFC Life Insurance contact number is 1860 267 9999. Alternatively, you can email them at service@hdfclife.com 

What is HDFC Life Insurance Company claim settlement ratio?

The claim settlement ratio of HDFC Life Insurance for the financial year 2019-2020 is 98.01%.

How is the premium calculated for HDFC group term life insurance for employees?

The premium for HDFC group term life insurance for employees is calculated based on various factors like

  1. Sum assured
  2. Designation and CTC of employees
  3. Covid and vaccination status
  4. Risk of the job
  5. Group Term insurance claim history of last 3 years of the company.

How do I go about renewing my HDFC term life insurance policy?

You can now easily renew your HDFC term life insurance policy with Pazcare. Reach out to our insurance consultants. Make sure you submit all the required documents and decide on the riders you need. Team will get back with the best quote shortly. After you agree with terms & conditions, just pay the premium and your policy shall get activated.

When is the right time to purchase the HDFC term life insurance plan?

The right time to buy an HDFC term life insurance plan is when you’re young and in relatively good health. On doing so, you can get premium at an affordable rate.