Does your life insurance allow you to go out smart? If not, here is an option!

When investing in a life insurance plan, what factors would you normally consider? This would be your life stage, considering future demands such as a growing family, children’s college education, growing retirement corpus, etc. your needs are changing?

Whether it’s a person’s financial situation changing in the years to come or their priorities changing, it’s important that a life insurance policy keeps up with the times. . Being forced to pay premiums for an insurance policy you no longer need can be a huge burden. It would be liberating to be able to invest this amount elsewhere, whether for family vacations, your child’s leisure lessons or simply storing it in another savings vehicle.

Until now, as most of us know, leaving a life insurance plan beyond the official cancellation period has a cost, as one risks losing a significant percentage of premiums. paid and accrued benefits. So, is there a better option? Yes, the good news is that HDFC Life Click 2 Protect Super offers exactly that with its Smart Exit Benefit feature.

A smart term plan, it claims to offer benefits based on your lifestyle and life stage needs, helping you and your family stay truly protected from the ambiguities that life can bring. . Under its Smart Exit plan, policyholders are allowed to collect the accumulated premiums paid on the basic death benefit over the term of the policy, as long as they have not opted for the Life Goal or Return of Premium. No additional premium is payable to benefit from this option. You can do this as long as you meet certain terms and conditions, without having to pay any additional termination fees. Additionally, the smart exit option can be exercised by terminating the policy in any policy year over 30, but not in the last five policy years. The policy must be in force at the time the option is exercised.

According to HDFC Life Click 2 Protect Super terms of the policy, customers can choose one of three plans:

Life Option: The insured life is covered for the death benefit for the term of the policy, which can be accelerated if diagnosed with a terminal illness. The policy can be purchased on a single life or spousal coverage can also be chosen.

Option Life Plus: Here, the insured life is covered for the death benefit, which can be accelerated if diagnosed with a terminal illness. An additional amount will be payable in the event of accidental death during the term of the contract. Under this, it is also possible to opt for spousal coverage.

Life Goal Option: Under this, the sum insured payable on death would vary with the policy year, in accordance with the “level coverage period” and “amortization rate” chosen by the policyholder. insurance.

A policyholder can also choose the life stage option at the start of the policy, gaining the ability to increase the sum insured for certain life events, such as marriage, birth of a child, etc This is subject to certain conditions, such as being valid within six months from the date of the specified events, the policyholder is under the age of 45 at the time, etc.

Besides allowing policyholders to exit the policy hassle-free, here are some other unique features of HDFC Life Click 2 Protect Super:

  • Recover all premiums paid in the event of survival to maturity with the Premium Refund option.
  • Waiver of premium on the Total and Permanent Disability option (WOP Disability).
  • Additional amount payable in the event of accidental death during the term of the contract.
  • Acceleration of the death benefit upon diagnosis of specified terminal illnesses, up to age 80.
  • Possibility to choose to increase the death benefit up to 200% under the Life option.
  • Possibility of varying your death benefit according to your needs under the Life Objective option.
  • Waiver of premiums on diagnosis of Serious Illness / Total and Permanent Disability.
  • Possibility of choosing additional coverage for the spouse.
  • Possibility of receiving the death benefit in several installments.

So, the next time you are considering purchasing term insurance, be sure to look for the unique Smart Exit benefit that comes with HDFC Life Click 2 Protect Super.

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