HDFC Life unveils pure online term insurance Click2Protect

Every year, the tax-saving season from January to March sees the launch of several financial products. This year too, insurance companies have either lined up or have already launched products to attract customers who are planning investments to avail of tax benefits under Section 80C.

HDFC Life has recently introduced Click2Protect, a pure protection term policy, that can be bought only online. Over the last couple of years, several life insurers have launched online term plans where premiums are merely half of what their regular term plans entail. Same is the case with Click2Protect. If a 30-year-old male seeking a Rs 50-lakh cover over a 20-year period has to pay an annual premium of Rs 10,556 under HDFC Life's Term Assurance, HDFC Life Click2Protect will charge just Rs 5,100. That is, for a non-smoker. Those who consume tobacco will have to shell out a higher amount. Premiums for women are lower than those applicable to men.

The maximum sum assured that you can opt for is Rs 10 crore, while the minimum is Rs 10 lakh. The plan is not available for individuals over 55 years of age. Policy tenures range from 10 to 30 years. Premium payments are accepted only in the annual mode and you cannot service them in two or four instalments a year.

Upside

Term insurance is the cheapest and most recommended form of life insurance and online versions offer further discounts. Click2Protect is significantly cheaper than its offline counterpart. Non-smokers and women stand to gain even more in the form of additional discounts in premiums.

Downside

There are no rider benefits like accidental death and critical illness covers attached to the product. In the absence of any intermediary or advisor, the onus of executing the entire transaction is on you.

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Life Insurance | Health Insurance | Ulips | Term Plan