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HDFC Life Group Variable Employee Benefit Plan
HDFC Life Group Variable Employee Benefit Plan

IndiaFirst Group Term Plan
IndiaFirst Group Term Plan



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HDFC Life Group Variable Employee Benefit Plan
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IndiaFirst Group Term Plan

Group Variable Employee Benefit and IndiaFirst Group Term Plan

1 Details
1.1 Insurance Provider
HDFC Standard Life Insurance Company Limited
IndiaFirst Life Insurance Company
1.2 Claim Settlement Ratio
1.2.1 Settlement Ratio (2015-16)
65.55%
Rank: 20 (Overall)
60.43%
Rank: 21 (Overall)
1.2.2 Settlement Ratio
LIC Bhagya Laks..
91.00%
Rank: 7 (Overall)
72.00%
Rank: 14 (Overall)
Edelweiss Tokio My Life Plus
1.2.3 Settlement Ratio (2013-14)
LIC New Jeevan ..
94.01 %
Rank: 3 (Overall)
73.13 %
Rank: 22 (Overall)
DHFL Pramerica Family Income
1.3 Type
Group Life Insurance Plan
Group Life Insurance Plan
1.4 Status
In-force
In-force
1.5 Online
10% Group Life Insurance Plans Life insurance plans have it !
50% Term Plans Life insurance plans have it !
1.6 Eligibility
1.6.1 Min Entry Age
AEGON Religare ..
16 years
Rank: 15 (Overall)
14 years
Rank: 13 (Overall)
Bajaj Allianz Cash Assure
ADD ⊕
1.6.2 Max Entry Age
ICICI Pru Immed..
75 years
Rank: 8 (Overall)
70 years
Rank: 11 (Overall)
Reliance Classic Plan 2
ADD ⊕
1.6.3 Min Vesting Age
Canara HSBC Sma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Shriram Secure Investment Plan
ADD ⊕
1.6.4 Max Vesting Age
Bharti AXA Life..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
LIC New Children Money Back Plan
ADD ⊕
1.7 Policy Term
1.7.1 Min Term
Edelweiss Tokio..
Not Available
Rank: N/A (Overall)
1 years
Rank: 1 (Overall)
HDFC Life New Group Unit Linked Plan
ADD ⊕
1.7.2 Max Term
TATA AIA Fortun..
Not Available
Rank: N/A (Overall)
1 years
Rank: 38 (Overall)
HDFC Life New Group Unit Linked Plan
ADD ⊕
1.8 Returns
1.8.1 Min Sum Assured
Aviva Life Shie..
Not Available
Rank: N/A (Overall)
₹ 5000
Rank: 3 (Overall)
ICICI Pru Immediate Annuity Plan
1.8.2 Min Sum Assured (Variable)
Not Applicable
Not Applicable
1.8.3 Max Sum Assured
IDBI Federal Lo..
Not Available
Rank: N/A (Overall)
₹ 50000000
Rank: 7 (Overall)
Kotak Gratuity Plus Group Plan
1.8.4 Max Sum Assured (Variable)
Not Applicable
Not Applicable
1.9 Group Plan
99% Group Life Insurance Plans Life insurance plans have it !
5% Term Plans Life insurance plans have it !
1.9.1 Group Type
Employer-Employee
Employer-Employee, Non Employer-Employee
1.9.2 NEE Size
Metlife Group T..
Not Available
Rank: N/A (Overall)
50
Rank: 1 (Overall)
Reliance Traditional Group Employee Benefit Plan
1.9.3 EE Size
Metlife Complet..
10
Rank: 6 (Overall)
50
Rank: 3 (Overall)
HDFC Group Term Insurance
2 Premium
2.1 Minimum Premium
2.1.1 Min Premium
Kotak Preferred..
₹ 500000
Rank: 76 (Overall)
Not Available
Rank: N/A (Overall)
HDFC Life Group Credit Protect Insurance Plan
2.1.2 Min Premium (Variable)
Not Applicable
Not Applicable
2.2 Maximum Premium
2.2.1 Max Premium
Metlife Traditi..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana
2.2.2 Max Premium (Variable)
Not Applicable
Not Applicable
2.3 Payment Options
Single Pay
Limited Pay, Regular Pay
2.4 Regular Modes
Not Applicable
Annual, Monthly, Semi-Annual
2.5 Top Up
Allowed
Not Allowed
2.5.1 Top Up Value
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Pension Plus
3 Loan And Benefits
3.1 Loan
5% Group Life Insurance Plans Life insurance plans have it !
6% Term Plans Life insurance plans have it !
3.2 Surrender
66% Group Life Insurance Plans Life insurance plans have it !
45% Term Plans Life insurance plans have it !
3.2.1 Surrender Value
Policy Account Value
Not Applicable
3.3 Benefits
3.3.1 Tax
94% Group Life Insurance Plans Life insurance plans have it !
All Term Plans Life insurance plans have it !
3.3.2 Tax Benefit Amount
As per applicable tax laws
Applicable as per the Tax Laws
3.3.3 Service Tax
Applicable
Not Applicable
3.3.4 Maturity
11% Group Life Insurance Plans Life insurance plans have it !
28% Term Plans Life insurance plans have it !
3.3.5 Maturity Benefit Amount
Not Applicable
Not Applicable
3.3.6 Death
91% Group Life Insurance Plans Life insurance plans have it !
97% Term Plans Life insurance plans have it !
3.3.7 Death Benefit Amount
Higher of Member's account value or assured benefit
Not Applicable
3.3.8 Annuity
12% Group Life Insurance Plans Life insurance plans have it !
3% Term Plans Life insurance plans have it !
3.4 Bonus
Not Available
Not Applicable
4 Provisions
4.1 Renewal
76% Group Life Insurance Plans Life insurance plans have it !
75% Term Plans Life insurance plans have it !
4.1.1 Renewal Period
Bajaj Allianz R..
1 years
Rank: 4 (Overall)
1 years
Rank: 4 (Overall)
HDFC Life Group Unit Linked Pension Plan
4.2 Riders
4.2.1 Accidental Death
25% Group Life Insurance Plans Life insurance plans have it !
44% Term Plans Life insurance plans have it !
4.2.2 ADBR Description
Not Applicable
Not Applicable
4.2.3 Critical Illness
17% Group Life Insurance Plans Life insurance plans have it !
25% Term Plans Life insurance plans have it !
4.2.4 CI Description
Not Applicable
Not Applicable
4.2.5 Term Rider
No Group Life Insurance Plans Life insurance plans has it !
No Term Plans Life insurance plans has it !
4.2.6 TR Description
Not Applicable
Not Applicable
4.2.7 Permanent Disability
20% Group Life Insurance Plans Life insurance plans have it !
14% Term Plans Life insurance plans have it !
4.2.8 PD Description
Not Applicable
Not Applicable
5 Terms and Conditions
5.1 Grace Period
LIC Jeevan Raks..
Not Available
Rank: N/A (Overall)
30 Days
Rank: 1 (Overall)
HDFC Group Term Insurance
ADD ⊕
5.2 Free Look Period
Mera Term Plan
15 Days
Rank: 2 (Overall)
Not Available
Rank: N/A (Overall)
Reliance Online Term
ADD ⊕
5.3 Exclusion On Base Policy
Not Applicable
Not Applicable
5.4 Charges
5.4.1 Premium Allocation
27% Group Life Insurance Plans Life insurance plans have it !
8% Term Plans Life insurance plans have it !
5.4.2 Premium Allocation Charge
Not Available
Not Applicable
5.4.3 Policy Administration
14% Group Life Insurance Plans Life insurance plans have it !
6% Term Plans Life insurance plans have it !
5.4.4 Policy Administration Charge
Not Available
Not Applicable
5.4.5 Fund Management
27% Group Life Insurance Plans Life insurance plans have it !
6% Term Plans Life insurance plans have it !
5.4.6 Fund Management Charge
Not Available
Not Applicable
5.4.7 Mortality
26% Group Life Insurance Plans Life insurance plans have it !
8% Term Plans Life insurance plans have it !
5.4.8 Mortality Charge
Not Available
Not Applicable
5.4.9 Switching
Not Allowed
Not Allowed
5.4.10 Switching Charge
Reliance Group ..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus
5.4.11 Partial Withdrawal
Not Allowed
Not Allowed
5.4.12 Partial Withdrawal Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
Aviva Live Smart Plan
5.4.13 Premium Redirection
Not Allowed
Not Allowed
5.4.14 Premium Redirection Charge
Kotak Invest Ma..
Not Available
Rank: N/A (Overall)
Not Available
Rank: N/A (Overall)
SBI Life Kalyan ULIP Plus
5.5 Group Members
5.5.1 Addition
Allowed
Allowed
5.5.2 Deletion
Allowed
Not Allowed
5.6 Medical Examination
43% Group Life Insurance Plans Life insurance plans have it !
56% Term Plans Life insurance plans have it !

Compare Group Variable Employee Benefit and IndiaFirst Group Term Plan

Compare Group Variable Employee Benefit and IndiaFirst Group Term Plan on basis of policy details, premium details, eligibility etc. Group Variable Employee Benefit is provided by HDFC Standard Life Insurance Company Limited. IndiaFirst Group Term Plan is provided by IndiaFirst Life Insurance Company. Both these policies come under Group Life Insurance Plans. Online buying option is not available for first insurance policy and online buying option is available for second policy.

Minimum entry age for HDFC Life Group Variable Employee Benefit Plan is 16 years and maximum entry age for the same policy is 75 years. Similarly for IndiaFirst Group Term Plan, minimum entry age is 14 years and maximum entry age is 70 years. Depending upon the selected plan, the premium amount and payment options may be different. Premium is the amount you pay to the insurance company in exchange of life cover. Premium payment option/s for former policy: Single Pay and premium payment option/s for latter policy: Limited Pay and Regular Pay. In regular pay mode, you are supposed to pay this money at fixed intervals throughout the policy term whereas for limited pay mode, you are supposed to pay money only for a limited number of years.

Benefits of Group Variable Employee Benefit and IndiaFirst Group Term Plan

Benefits of Group Variable Employee Benefit and IndiaFirst Group Term Plan consist of maturity benefit, tax benefit, death benefit etc. Some HDFC Life Group Variable Employee Benefit Plan and IndiaFirst Group Term Plan Provisions are made for a policy holder. Loan is one such provision. For first plan, a person cannot apply for loan and second plan does not provide loan facility. Following are the benefits under these insurance policies.

For HDFC Life Group Variable Employee Benefit Plan:

  • Tax benefit: Available.
  • Maturity benefit: Available.
  • Death benefit: Available.

For HDFC Life Group Variable Employee Benefit Plan:

  • Tax benefit: Available.
  • Maturity benefit: Not Available.
  • Death benefit: Available.

If the policy has tax benefit, it means that the premium you pay for the policy is eligible for deduction in tax returns along with a part of money you receive on maturity of the policy. If the policy has death benefit, in event of death of the policy holder, all the money paid as premium shall be returned to his family. Even bonus is added to this money for some policies. Thus his family can stay financially secure. Maturity benefit is the money you get at the end of the policy term. This is the total of all the premiums you have paid along with applicable bonus.

Provisions under Group Variable Employee Benefit and IndiaFirst Group Term Plan

Provisions under Group Variable Employee Benefit and IndiaFirst Group Term Plan mainly include policy renewal and different types of riders. For HDFC Life Group Variable Employee Benefit Plan, policy renewal is allowed Policy renewal is allowed for IndiaFirst Group Term Plan. Different riders such as accidental death benefit rider, critical illness rider etc. are provided for an insurance policy. Riders are special clauses in an insurance policy that cover cases when you won't be able to pay premium. Accidental death benefit rider is not available for first policy and it is not available for second policy.Critical illness rider is not available for former policy and it is not available for second policy.Term rider is not available for first insurance policy and this rider is not available for second policy.

Terms and Conditions For Group Variable Employee Benefit and IndiaFirst Group Term Plan

Terms and conditions for Group Variable Employee Benefit and IndiaFirst Group Term Plan includes the grace period, free look period, exclusions, riders etc. for both the policies. Grace period can be utilized for paying unpaid premiums. Grace period of plan 1 is Not Available whereas for plan 2, it is 30 Days. Free look period of plan 1 is 15 Days whereas for plan 2, it is Not Available.

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