HDFC Life Click 2 Protect 3D Plus Review and Benefits

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

HDFC Life recently revised it’s existing term life insurance plan and launched a new plan HDFC Life Click 2 Protect 3D Plus. Let us see it’s review and benefits.

What is Term Life Insurance?

Term Life Insurance is a type of life insurance, which provides coverage during a policy period. If the insured dies during the policy tenure, then his nominee will be eligible to receive the death benefit (or sum assured). If insured survives up to the period of maturity, then he will not receive anything.

Simple right?? But hold on! Now the definition seems simple. Also, such simple products were available few years back. Now the game changed. There is a huge demand for such term life insurance.

Hence, life insurance companies looking for innovative ideas to lure the customers and garner the business. One of such an idea is the birth of HDFC Life Click 2 Protect 3D Plus.

I am not sure why so many unwanted features clubbed and made a simple term life insurance into the complicated product.

The idea of HDFC Life is to offer a single product which has all features in its kitty. But sadly such things makes buyers more complicated and they easily run away.

Earlier they have a term plan called HDFC Click2Protect Plus, which itself complicated many new buyers. But HDFC Life Click 2 Protect 3D Plus product crossing that limit now.

HDFC Life Click 2 Protect 3D Plus Eligibility

I have explained the same from below image. Do remember that the maximum maturity age is 75 years. So bit cheerful news to those who desperately looking for a term life insurance beyond their retirement 🙂

HDFC Life Click 2 Protect 3D Plus Eligibility

Features of HDFC Life Click 2 Protect 3D Plus

# In HDFC Life Click 2 Protect 3D Plus plan 3D refers to a feature of the plan which it provides cover for 3Ds – Death, Disease, and Disability. Hence, it is nothing but the Term Insurance clubbed with accidental and critical illness disability riders.

# HDFC Life Click 2 Protect 3D Plus plan offers 9 different plan options. You can choose based on your requirement.

# All future premiums are waived on Accidental Total Permanent Disability( available under all options ) and on a diagnosis of Critical Illness (Available with 3D Life and 3D Life-Long Protection options). This means, let us say if you met with an accident and resulted in Total Permanent Disability, then your all future premiums are waived off.

Total Permanent Disability means when the life assured is totally, continuously and permanently disabled and meets either of the two definitions below.

  1. Unable to Work: Disability as a result of injury or accident and is thereby rendered totally incapable of being engaged in any work or any occupation or employment for any compensation, remuneration or profit and he/she is unlikely to ever be able to do so.
  2. Physical Impairments: The life assured suffers an injury/accident due to which there is a total and irrecoverable loss of-The use of two limbs, The sight of both eyes, The use of one limb and the sight of one eye, Loss by severance of two or more limbs at or above wrists or ankles, The total and irrecoverable loss of sight of one eye and loss by severance of one limb at or above wrist or ankle.

Same way, if you are diagnosed with Critical Illness, then your all future premiums are waived off ONLY in case of 3D Life and 3D Life-Long Protection options.

Critical Illness coverage is restricted. Hence, you must know what is critical illness and what the illnesses covered under this plan. This list is as below.

HDFC Life Click 2 Protect 3D Plus Critical Illness Feature

# You can protect your life for whole life by opting the features like Life-Long Protection Option and 3D Life-Long Protection Option.

# Life Stage Protection feature offers to increase insurance cover on certain key milestones without medicals. Under this feature, you have the option to increase the basic Sum Assured without fresh The three stages are as below.

  • Life Assured 1stMarriage: 50% of Sum Assured subject to a maximum of Rs. 50 lakh.
  • Birth of 1st child: 25% of Sum Assured subject to a maximum of Rs. 25 lakh.
  • Birth of 2nd child: 25% of Sum Assured subject to a maximum of Rs. 25 lakh.

Hence, without any further medical examination and all other under underwriting exercise, you can enhance your sum assured in the same existing term life insurance.

# Flexibility to increase your cover every year through top-up option. You may opt for a systematic increase of your cover from 1st policy anniversary onwards. This option will be available subject to all of the following conditions being met

  • This option can be exercised only at the policy inception.
  • The Life Assured is underwritten as a standard life at policy inception. This means there will not be any loading in premium due to health or other issues. Then only you can exercise this option.
  •  The increments in Sum Assured shall stop applying in the event of any claim (including rider claim) under the policy.
  • An additional premium will be charged for the increase in the Sum Assured. Therefore, you must remember that for such incremental top-up option, the premium will not be same throughout the policy period.
  • The incremental cover as well as the incremental premium, both, will apply prospectively.
  • The premium rate applicable, for the additional Sum Assured shall be as per the premium table “Incremental”.
  • This premium rate shall be based on the age attained and outstanding policy term at the time of the exercise of option.
  • This shall be subject to the minimum policy term available under the product at the time of exercising this option.
  • This option is available subject to the premium rates being available at the time of exercise of the option.
  • The policyholder has the option to exit this option at any time during the remaining policy term.

# Special premium rates for female lives.

HDFC Life Click 2 Protect 3D Plus Plan Options

As I mentioned above in plan features, HDFC Life Click 2 Protect 3D Plus offers you 9 different plan options. You can choose anyone based on your requirement. Let us move on and discuss one by one.

1) HDFC Click 2 Protect 3D Plus -Life Option

This is the simplest form of plan feature. The only additional feature than the typical term life insurance is premium waiver benefit in case of you met with an Accidental Total Permanent Disability. The same is illustrated from below image.

Let us say Mr.X is a 25-year-old. He buys this plan for Sum Assured of Rs.1 Cr, Term-40 Yrs and Premium Paying Term also 40 Yrs. There may be 3 possibilities and those are explained as below.

  1. Assume that during the 5th Policy Year, he meets with an accident which renders him totally, permanently disabled. Hence, from that moment, his premiums are waived off. He no needs to pay an additional premium. However, the life risk continues as usual up to the policy period.During the 10th Policy Year, he passes away due to illness.
  2. Assume during the 10th Policy Year, he passes away due to illness. Then his nominee will get Rs.1 Cr and policy ceases there itself.
  3. If he survives till the policy period, this he will not receive anything.

HDFC Click 2 Protect 3D Plus -Life Option

2) HDFC Click 2 Protect 3D Plus -3D Life Option

The plan feature of this option is exactly same like “Life Option”, which is explained above. The only exceptional is that critical illness rider is also added. If you are diagnosed with a critical illness, then the future premiums are waived off. Rest of all benefits are same.

Hence, if you met with an accident and resulted in Accidental Total Permanent Disability or diagnosed with Critical Illness during the policy period, then your future premiums are waived off.

3) HDFC Click 2 Protect 3D Plus – Extra Life Option

The plan feature of this option is exactly same like “Life Option”. The only exceptional is that “Accident Death Benefit” is added in this plan.

Hence, this “Extra Life Option” will come into the picture if the life assured died due to the accident. The Sum Assured opted in “Extra Life” (which is additional and above the basic sum assured), will be payable to nominee along with basic sum assured.

Do remember that if you met with an accident and resulted in Accidental Total Permanent Disability, then, as usual, your future premiums are waived off. However, this plan not provides you any benefits if you are diagnosed with Critical Illness during the policy period.

4) HDFC Click 2 Protect 3D Plus – Income Option

In all above features, the sum assured payable to the nominee in a case of life assured will be as a lump sum. This lump sum payout in case of death of life assured is common.

However, HDFC Life went one step ahead and planning to offer the “Income Option”. Under this plan, if policy holder’s death occurs during the policy period, then his nominee will get two benefits.

a) Nominee of the insured will get basic sum assured chosen by insured immediately after the death.

b) For the next 10 years from the death of life assured, his nominee will receive monthly income starting from Rs.1 Lakh. Increasing every year at 10% p.a. simple rate.

This is the only additional feature of this plan. Rest of all features are like “HDFC Click 2 Protect 3D Plus -Life Option”.

Do remember that if you met with an accident and resulted in Accidental Total Permanent Disability, then, as usual, your future premiums are waived off. However, this plan not provides you any benefits if you are diagnosed with Critical Illness during the policy period.

5) HDFC Click 2 Protect 3D Plus -Extra Life Income Option

In this option, the plan features are exactly like “Income Option”. The only additional benefit is that adding an accidental rider. Hence, the benefits can be explained as below.

a) If life assured died (except accidental death), then nominee of the insured will get basic sum assured chosen by insured immediately after the death. Along with this, his nominee will be eligible to receive the benefit of-For the next 10 years from the death of life assured, his nominee will receive monthly income starting from Rs.1 Lakh. Increasing every year at 10% p.a. simple rate.

b) If death occurs due to an accident, then nominee of the insured will get basic sum assured chosen by insured immediately after the death and the extra life sum assured. Along with this, his nominee will be eligible to receive the benefit of monthly Income for Income Period paid to the nominee and the policy terminates.

Do remember that if you met with an accident and resulted in Accidental Total Permanent Disability, then, as usual, your future premiums are waived off. However, this plan not provides you any benefits if you are diagnosed with Critical Illness during the policy period.

6) HDFC Click 2 Protect 3D Plus -Income Replacement Option

This is one more complicated option. In earlier option, a nominee will receive the basic sum assured and yearly Rs.1 lakh for the next 10 years at the increasing rate of 10% per year. However, in this case, if the policyholder dies during the policy period, then his nominee will receive the 12 times the then “Increased Monthly Income” paid as Lumpsum Benefit + Level/ Increasing Income for Residual Policy Term paid to the nominee and the policy terminates.

Let us assume that Mr.X is a 40 year 40-year-old. He buys this plan option. He announced that his annual income is Rs.6 lakh and premium payment term is 15 years. Also, he must announce the level of increase in his income and he mentioned that it is at 10%.

Do remember that in this option you have to specify below points without fail.

a) Annual Income

b) Income Increasing Rate

c) Term of the Policy.

Let us assume he dies on the 4th year. Hence, his nominee will receive (immediately on death) 12 times the increased monthly income.

Here, earlier while buying this plan he mentioned that his monthly income was Rs.50,000 per month (annually Rs.6 lakh). Also, he mentioned that the income increasing rate is at 10%. Hence, as per this, on the 4th year, his income will be Rs.65,000 per month or Rs.7,80,000. Hence, his nominee will receive Rs.7,80,000 as lump sum payment immediately.

Along with this lump sum payment, his nominee will also receive Increasing Monthly Income paid to nominee until the end of Policy Term.

If your nominee is not interested in receiving increasing monthly income, which is payable till the end of the policy period, then he can surrender such all future payment and get back a lump sum. This lump sum shall be the discounted value of the future income payments at the prevailing revival interest rate. The current rate of interest is 9% p.a and shall be reviewed half-yearly which shall be effective from 25th February and 25th August each year

Do remember that if you met with an accident and resulted in Accidental Total Permanent Disability, then, as usual, your future premiums are waived off. However, this plan not provides you any benefits if you are diagnosed with Critical Illness during the policy period.

7) HDFC Click 2 Protect 3D Plus -Return of Premium Option

This option exactly works like the 1st one (Life Option), except if life assured survive till the policy period, then he will receive all the premiums he paid during the policy period.

Do you feel the return of premium the BEST option? No…Because such feature is discounted in premium. Hence, life insurance companies not at all doing any social work. Hence, better to avoid such options.

Do remember that if you met with an accident and resulted in Accidental Total Permanent Disability, then, as usual, your future premiums are waived off. However, this plan not provides you any benefits if you are diagnosed with Critical Illness during the policy period.

8) HDFC Click 2 Protect 3D Plus – Life-Long Protection Option

This feature also works exactly like the first one (Life Option). The only difference is that your life risk continues throughout your life (even after the premium paying term). Hence, in this plan it is sure that your nominee will receive the death benefit whether you die today, tomorrow or after 90 years of age.

Do remember that if you met with an accident and resulted in Accidental Total Permanent Disability, then, as usual, your future premiums are waived off. However, this plan not provides you any benefits if you are diagnosed with Critical Illness during the policy period.

9) HDFC Click 2 Protect 3D Plus – 3D Life-Long Protection Option

This is the additional featured of “HDFC Click 2 Protect 3D Plus – Life-Long Protection Option”. Here, you will be allowed to opt for accidental rider and also the critical illness rider. Rest of all features remain same. Hence, if you met with an accident and resulted in Accidental Total Permanent Disability or diagnosed with Critical Illness during the policy period, then your future premiums are waived off.

HDFC Life Click 2 Protect 3D Plus Review

1) Complexity

Is it easy for a common man to understand? In my view, HDFC Life thought to launch a product which OFFERS everything in a single plan. But the result is horrible. Except few, none can understand what the features are. I am not sure how an individual will choose the options. Hence, by creating more features, HDFC Life made it like a COMPLEX product.

2) Limitation in Accidental Rider-

Even though for all plans they added the “Accidental Total Permanent Disability”, which if happens then you no need to pay the future premium, but there will not be any benefit like what you get as a lump sum in cases of standalone Accidental Insurance Products.

Even though in the option 3 “Extra Life Option” and Option 5 “Extra Life Income Option”, you will receive the lump sum benefits as accidental death benefits. But what about the person who met with an accident and survives with a permanent disability? ONLY future premiums are waived off but no other benefits.

3) Critical Illness-

Here also if you diagnosed with a critical illness, and opted for the options like 3D Life Option or 3D Life-Long Protection Option, then your future premiums are waived off.

This I feel the biggest disadvantage of this plan. They waive off future premiums. But what about the cost of hospitalization and treatment of such critical illness?

If you opted for standalone critical illness cover, then you might have received some lump sum. However, in this plan no such benefits.

4) Each feature comes with cost

Even though the income options provided by this plan looks attractive, all such features will come with COST. If you compare with “Life Option”, then you see that there is a huge difference of premium. Hence, I don’t think it is worth to go for such options.

5) Top-Up Option

Even though you have the option to top up the sum assured. But the premium will increase accordingly. However, in case of other insurers who offer such plans (SBI Life eShield), the premium will remain same throughout the policy period.

Also, such option will come with certain conditions.

6) Whole Life

The worst part of HDFC Life Click 2 Protect 3D Plus plan is offering term life insurance as a whole life. Do we need life insurance during our retirement? In my view NO…bt as per HDFC Life the answer is YES! Hence, this option 🙂

This is the worst feature and I am not sure why they added this feature in term life insurance.

7) Income Replacement Option

This I think is the unique in many terms of HDFC Life Click 2 Protect 3D Plus. However, those who don’t understand the meaning of “Income Replacement” as a tool of life insurance, will never opt this option.

Overall, to me, it looks like HDFC Life made a simple product called Term Life Insurance into a complicated product. If I am a buyer of this product, then I might have opted the “Life Option”. I will dump all other options and not touch.

Conclusion-

Even though with many features, HDFC Life Click 2 Protect 3D Plus looks good. But each feature comes with a cost. Also, as I said above, many features are unwanted. Stay away from such features. If you still want to go with HDFC Life Term Life Insurance, then in HDFC Life Click 2 Protect 3D Plus, chose the “Life Option” only and dump all other options.

More To Explore

double your money
Investment Planning

How to double your money EASILY?

How to double your money? How easy it is or how tough it is? When it comes to investing, many of us have a mindset

Loading comments...

Looking for Unbiased, Simple and Conflict-Free Financial Planning Service?

We neither SELL any product nor represent any Insurance or Mutual Fund Companies.

We offer you an unbiased Fee-Only Financial Planning Service.