HDFC Life Click 2 Achieve: Key Features of the Life Insurance Plan for Smart Students and Dream Achievers:

 

HDFC Life Click 2 Achieve: Key Features of the Life Insurance Plan for Smart Students and Dream Achievers:

An individual non-participating, non-linked savings life insurance plan is a traditional policy that provides guaranteed returns (maturity benefits) and life cover, with no market risk or profit sharing. It is ideal for low-risk, secure savings, offering a pre-defined sum assured for long-term financial planning. **Key Features:** - **Life Insurance Cover:** Ensures financial security for your family. - **Guaranteed Benefits:** Fixed returns are provided if all premiums are paid. - **Flexibility:** Choose Death Benefit, Premium Payment Term, Policy Term, and Benefit structure. - **Increasing Income:** Offers 1-10% simple interest per annum on selected income structures. - **Premium Offset:** Use accumulated survival benefits to pay future premiums, reducing cash outflows. - **Deferral of Benefits:** Postpone regular payouts with benefits that accrue interest, allowing lump-sum withdrawal later. - **Juvenile Critical Illness Cover:** Offers financial protection for children against severe health conditions, with a tax-free lump sum upon diagnosis. - **Optional Riders:** Customizable add-ons for enhanced protection against specific risks. This plan is designed for those seeking steady growth and security in their savings and insurance needs.

**Plan Options:** - **Smart Students** - **Dream Achievers** Once selected, the plan option cannot be changed during the policy term, and premiums will vary accordingly. **Smart Students Option:** - Provides stable income for 3-5 years for educational expenses. - Choose when your child's income starts (16 or 18 years). - Offers peace of mind with a premium waiver for death, critical illness, or total permanent disability. - Rewards exceptional achievements with an Outstanding Achievement Award.

**Eligibility Criteria for Smart Students Options** - **Entry Age:** 30 days to 13 years   - **Maturity Age:** 19 to 23 years   - **Premium Payment Term (PPT):** 5 to 12 years   - **Policy Term:**     - Non-POS: 10 to 23 years     - POS: 10 to 20 years   - **Survival Benefit Term:** 3/4/5 years   - **Survival Benefit Start Age:** 16 or 18 years   - **Minimum Sum Assured on Death:** ₹50,000   - **Maximum Sum Assured on Death:**     - Non-POS: No limit (subject to BAUP)     - POS: ₹25,00,000   - **Maximum Instalment Premium:**     - Non-POS: No limit (subject to BAUP)     - POS: ₹25,00,000   **Note:** Risk cover starts at policy commencement. Policy vests upon attaining age 18. All ages are based on the last birthday, and minimum premiums exclude taxes. The POS variant has no medical coverage.

**Benefits of the Scheme:** **A. Death Benefit:** In the event of the Life Assured's death during the policy term, the nominee receives the highest of the following: - Sum Assured on Death (10 times Annualized Premium) - 105% of Total Premiums Paid - Surrender Value on date of death   The policy terminates upon payment of the death benefit, with no further benefits payable. There’s no waiting period for the death benefit, even in POS channels. **B. Survival Benefit:** Survival benefits begin when the Life Assured reaches age 16 or 18, as chosen at inception, and are payable in the last 3, 4, or 5 policy years. The final installment is payable at maturity, with no additional maturity benefit. **C. Inbuilt Benefits:** 1. **Outstanding Achievement Award:**     Earn 2 times the Annualized Premium for achievements such as admissions to top universities or medals in recognized competitions. This can be claimed only once during the policy term.     2. **Waiver of Premium on Death:**     Future premiums will be waived upon the proposer’s death, while all policy benefits remain intact.     3. **Waiver of Premium on Critical Illness:**     Future premiums are waived if the proposer is diagnosed with a covered critical illness, and all benefits continue to accrue.     4. **Waiver of Premium on Total and Permanent Disability:**     Premiums are waived upon the proposer's total and permanent disability, keeping the policy benefits active.  For more details, please visit the official website at hdfclife.com.

**“Dream Achiever” Option:** - Enjoy guaranteed immediate income with a customizable duration. - Tailor your plan with options for lump sum, periodic income, or money-back features. - Choose a suitable Death Benefit Multiple and income type (consistent or escalating). - Flexibility in Death Benefit multiples, Premium Payment Term (PPT), Policy Term (PT), and Income Term. **Eligibility Criteria:** - Entry Age: 30 days to 65 years - Maturity Age: 18 to 99 years - PPT: 5 to 35 years - Policy Term: 5 to 40 years - Minimum Sum Assured: Rs. 50,000 - Maximum Sum Assured on death: No limit (subject to underwriting policy) - Minimum and Maximum Instalment Premium: Based on Sum Assured **Available Riders:** - HDFC Life Income Benefit on Accidental Disability - HDFC Life Protect Plus - HDFC Life Waiver of Premium - HDFC Life Health Plus - HDFC Life LiveWell Risk cover starts at policy commencement and vests at age 18 for minors.  **Example:** Raj, age 40, uses Dream Achiever to save for his dream bike: **Guaranteed Lump Sum Benefit:** Rs 3,00,000 **Total Income:** Rs 3,91,510 over 5 years **Total Premium:** Rs 3,00,000 over 10 years **Premium Payment Term:** 10 years **Policy Term:** 20 years **Income Term:** 5 years Note: All ages refer to the last birthday. Minimum premium amounts exclude taxes. The POS variant lacks medical coverage.

**Benefits of the “Dream Achiever” Option:** **A. Death Benefit:** If the Life Assured dies during the policy term, the nominee receives the death benefit, which is the highest of: - Sum Assured on Death - 105% of Total Premiums Paid - Surrender Value at the time of death. The Sum Assured on Death is chosen by the policyholder at inception, subject to a minimum limit of 7 times the Annualized Premium. After the death benefit is paid, the policy terminates. **B. Survival Benefit:** The survival benefit amount is determined by the policyholder at policy inception and is payable at specified intervals. **C. Maturity Benefit:** Upon maturity, the Sum Assured, as chosen at inception, is payable. The policyholder may also opt for an income benefit during the income term beginning on the maturity date, with the structure decided at inception. If the policyholder dies during this term, the nominee continues to receive the income benefit. **D. Inbuilt Benefits Flexibility (additional premium applicable):** 1. **Waiver of Premium on Death:** Future premiums are waived upon the proposer’s death, with the contract continuing. 2. **Waiver of Premium on Critical Illness:** Future premiums are waived if the proposer is diagnosed with a covered critical illness. 3. **Waiver of Premium on Total and Permanent Disability:** Future premiums are waived in case of total and permanent disability. **General Definitions:** - **Total Premiums Paid:** All premiums paid under the policy, excluding extras. - **Annualized Premium:** The yearly premium excluding taxes and additional charges. - **Sum Assured on Death:** The guaranteed benefit upon death. - **Sum Assured on Maturity:** The guaranteed benefit at policy maturity.

**Rider Options:** We offer the following Rider options to enhance your protection: 1. **HDFC Life Income Benefit on Accidental Disability Rider:** Provides 1% of Rider Sum Assured per month for 10 years in case of Accidental Total Permanent Disability. No maturity benefit available. 2. **HDFC Life Protect Plus Rider:** Offers protection against cancer and accidental death or disability. No maturity benefit available.  3. **HDFC Life Waiver of Premium Rider:** Waives outstanding premiums on death, disability, or diagnosis of listed critical illnesses, ensuring continued policy benefits. 4. **HDFC Life HealthPlus Rider:** Pays a lump sum equivalent to Rider Sum Assured upon diagnosis of covered 60 Critical Illnesses or a proportionate payment for Early Stage Cancer. No maturity benefit available. 5. **HDFC Life LiveWell Rider:** Provides comprehensive protection and wellness benefits based on premiums, covering risks like death, accidental disability, hospitalization, and surgeries. For detailed information, please refer to the Rider Brochures on our website: www.hdfclife.com.

**NON-FORFEITURE BENEFITS:** To retain policy benefits, ensure all premiums are paid on time. This section covers benefits and limitations for unpaid premiums. **Grace Period:** There is a 15-day grace period for monthly premiums and a 30-day grace period for other frequencies. Premium payments can be made without penalty during this time. If unpaid after the grace period, the policy will lapse or become paid-up, but risk coverage remains during the grace period. Claims can be honored during the grace period, with unpaid premiums deducted. **Lapse, Paid-up, and Surrender:** A policy acquires a Guaranteed Surrender Value (GSV) after two years of premium payments. If a premium is unpaid after the grace period: - It will lapse if there is no Surrender Value. - It will become reduced paid-up if there is a Surrender Value. Upon policy lapse, all benefits cease. For paid-up policies, maturity and death benefits are reduced based on premiums paid relative to premiums payable. The minimum death benefit is at least 105% of total premiums paid. **Surrender:** During the policy term, surrender benefits will be the higher of the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV). GSV applies after two years of premium payments and is calculated as follows: **GSV = Max (GSV Factor × Total premiums paid – Survival Benefits, 0).**
Policy Year	GSV Factor
2	30%
3	35%
4 to 7	50%
8 to  (Policy Term less 2)	50% + 40% × (Policy Year – 7) ÷ (Policy Term – 8)
(Policy Term less 1) to Policy Term	90%
Upon payment of the Surrender Benefit, the policy will terminate, and no further benefits will be payable. The Special Surrender Value (SSV) is available after the first policy year, provided one full year's premium has been paid. For single premium policies, SSV is payable immediately upon receipt of the premium. This value will be adjusted for any additional survival benefits paid prior to surrender. **Revival:**  If your policy is discontinued for non-payment, it may be revived with all benefits upon payment of the due premiums and charges during the revival period. This must be done within five years from the due date of the first unpaid premium and before the policy term expires. The current revival interest rate is 9.5% p.a., subject to change in accordance with a formula linked to the 10-year benchmark Government Securities yield. During revival campaigns, reduced interest rates may be offered. Once revived, you will be entitled to all contractual benefits.

**Other Benefits of HDFC Life Click 2 Achieve:** A) **Alterations:** Change premium payment and Survival/Income Benefit frequencies annually from the policy anniversary, subject to minimum conditions. B) **Option to Decrease Premiums:** After five years, policyholders can reduce the Annualized Premium by up to 50%, which proportionately reduces all benefits. C) **Juvenile Critical Illness Cover:** Available for ages 4-17 at inception. A lump sum is paid upon a covered illness diagnosis, continuing the policy until age 21 for an additional premium. D) **Premium Offset:** Adjust payable premiums using receivable benefits, with any excess paid out and shortfalls covered by the policyholder. This option can be switched at any time. E) **Deferral of Benefits:** Survival benefits can be deferred, accumulating interest at SBI Savings Bank Deposit Rate + 1.5%. Accumulated funds can be withdrawn early or paid at policy termination. F) **Policy Loan:** Loans up to 80% of surrender value are available, with deductions on payouts for outstanding loans. A fixed interest rate based on the Average Annualized 10-year G-Sec Yield + 2% applies, currently at 9.50% p.a. A reduced rate applies to MSME owners. G) **Conversion Factor:** Policyholders can change premium frequency during the premium payment term using specified multiplication factors.
Frequency	Conversion factor
Half-yearly	0.5100
Quarterly	0.2600
Monthly	0.0875
The policyholder can change the frequency of survival benefit payments during the policy term.  The income benefit for non-annual modes is calculated by multiplying the annual benefit by the factors below:
Frequency	Conversion factor
Half-yearly	0.4800
Quarterly	0.2425
Monthly	0.0800
The policyholder can change the frequency of survival benefit payments at any time during the policy term. For non-annual modes, the survival benefit is calculated by multiplying the annual amount by the factors below:
Frequency	Conversion factor
Half-yearly	0.4800
Quarterly	0.2425
Monthly	0.0800

**Terms and Conditions Summary:** For complete details, visit www.hdfclife.com. **A. Risk Factors:**   - HDFC Life's "Click 2 Achieve" plan does not guarantee quality or returns. Review risks and charges with your agent. **B. Suicide Exclusions:**   - If suicide occurs within 12 months, the nominee receives 80% of premiums paid or the surrender value, whichever is higher. **C. Tax Benefits:**   - Consult your tax advisor for potential tax benefits. **D. Free-Look Cancellation:**   - Cancel within 30 days for a refund (after deductions) with the original policy return and reason stated. **E. Critical Illness Coverage:**   - Covers conditions like Alzheimer’s, Parkinson’s, certain cancers, heart attacks, and some major organ transplants. **Permanent Exclusions:**   - Illnesses outside specified Critical Illnesses, pre-existing conditions (36 months), substance abuse, self-injury, and certain medical treatments are excluded. **Waiting Period:**   - 90-day waiting period at policy start or revival; no waiting for accidental Critical Illness claims. **Survival Period:**   - 15-day survival period after diagnosis needed for benefit payout; post-mortem diagnoses are not accepted.  Refer to the policy document for more details.

**Waiver of Premium on Total and Permanent Disability (WOP TPD) - Covered Disabilities:** Total and Permanent Disability (TPD) includes: 1. **Permanent Disability:** Inability to perform at least 3 of the 6 Activities of Daily Living (Washing, Dressing, Transferring, Mobility, Toileting, Feeding) for 6 months. 2. **Physical Impairment:**     - Complete loss of sight in both eyes    - Loss of use or severance of two or more limbs    - Loss of sight in one eye and loss of use or severance of one limb For accidental TPD, the disability must occur within 180 days of the event during the Premium Payment Term and last at least six months, confirmed by a qualified medical practitioner. **Exclusions:** - Pre-existing conditions diagnosed within 36 months. - Disabilities from alcoholism, drug abuse, suicide, self-injury, war, or hazardous occupations. - Injuries from illegal activities or caused by experimental treatments. - Certain sports and non-commercial flying activities. **Waiting Period:**   90-day waiting period from policy start or revival date, during which no benefits are paid for insured events (except accidents). Permanency must be established for total and permanent disability claims.

**Covered Juvenile Critical Illnesses:**   Leukaemia, Aplastic Anaemia, Bone Marrow Transplant, Acquired Brain Damage, Loss of Speech, Brain Surgery, Glomerulonephritis, Deafness, Blindness, Third Degree Burns, Tuberculous Meningitis, Osteogenesis Imperfecta Type III. **Permanent Exclusions:**   No payment for Critical Illnesses caused by: - Non-specified Illnesses. - Pre-existing Diseases (diagnosed or treated within the last 36 months). - Alcohol, drugs, or substance abuse, or unprescribed narcotics. - Intentional self-injury or suicide. - War, civil unrest, or nuclear/chemical attacks. - Congenital Anomalies. - Hazardous sports activities. - Any flying except as a fare-paying passenger. - Childbirth-related treatments. - Experimental treatments. - Treatments by unlicensed practitioners. - Sex-change treatments or cosmetic surgery (unless medically necessary). - Obesity surgery not meeting specific criteria. - Treatment at spas or similar. - Committing a criminal act. - Death within the survival period. - Sterility and infertility treatments. **Waiting Period:**   A 90-day waiting period applies for all CI conditions; no benefit if the event occurs during this time, but premiums are refunded—no waiting period for accident-only claims. **Survival Period:**   A 30-day survival period after diagnosis is required for payments; confirmation must be made while the insured is alive (no post-mortem claims).

**Nomination under Section 39 of the Insurance Act 1938:** 1. A life insurance policyholder may nominate one or more beneficiaries to receive benefits upon their death. 2. If the nominee is a minor, the policyholder can appoint someone to receive the benefits until the nominee reaches adulthood. 3. Nominations can be made anytime before policy maturity and can be included in the policy or registered separately with the insurer. 4. Nominations can be changed or canceled before maturity through endorsement or will, but written notice to the insurer is required to avoid binding payments to the original nominee. 5. Fees for changes or cancellations will be set by the regulatory authority. 6. A transfer under Section 38 cancels the nomination, except for assignments related to loans, where the nomination remains valid. 7. Section 39 does not apply to policies under the Married Women’s Property Act unless specifically noted for a spouse or children.

**Assignment under Section 38 of the Insurance Act 1938:** 1. A policy can be fully or partially transferred or assigned, with or without consideration. 2. Assignment can occur via endorsement on the policy or a separate document, with notice to the Insurer. 3. The assignment document must include transfer details, reasons, assignee's credentials, and terms, and must be signed by the assignor or their agent, with at least one witness. 4. Transfer is effective against the Insurer only upon receipt of written notice and relevant documentation. 5. A fee for the assignment may be set by the Authority. 6. The Insurer will acknowledge receipt upon notice and fee payment, serving as evidence. 7. Assignments can be rejected by the Insurer if deemed not bona fide or against the policyholder or public interest. 8. If rejected, the aggrieved party may appeal to IRDAI within 30 days. For details, refer to Sections 38 and 39 of the Insurance Act, 1938, as amended by The Insurance Laws (Amendment) Act, 2015.

Prohibition of Rebates (Sec. 41, Insurance Act, 1938): Offering or accepting insurance rebates is illegal and punishable with penalties up to ₹10 lakh, unless specified by the insurer. Non-Disclosure (Sec. 45, Insurance Act, 1938): Policies cannot be contested after three years. Within three years, policies can be contested for fraud, provided the insurer states the basis for the claim. If fraud is proven without intent to conceal, the policy remains valid. Misstatements or omissions affecting life expectancy within three years may result in policy adjustments or refunds. Age proof can be requested at any time, but this does not constitute contesting the policy. Fraud or misrepresentation cancels the policy immediately, and the Surrender Value is paid in accordance with Section 45. Note: This summary is not exhaustive; refer to the original Gazette Notification (December 26, 2014) for full details. Taxes: Indirect Taxes: Applicable taxes/levies are added to premiums or charges. Direct Taxes: Tax will be deducted from policy payments in accordance with the Income-tax Act, 1961. Electronic Insurance Account (eIA): Policyholders can manage dematerialized policies via a password-protected eIA. This allows online premium payments and address changes without future KYC documents—details at [HDFC Life eIA]. Grievance Redressal: Contact the Helpline (022-68446530 | NRI: +91 89166 94100) or Email (service@hdfclife.com | NRI: nriservice@hdfclife.com). To Raise Concerns: Visit any HDFC Life Branch with a signed letter. Email from your registered ID to service@hdfclife.com. Visit the website: [Grievance Redressal]. If the issue remains unresolved, contact the Insurance Ombudsman in your region (refer to Part G of the policy document).

**Disclaimer:** Data collected from open sources, such as hdfclife.com, has been summarized using AI tools. We strive to maintain the highest accuracy in summarizing key points. However, the writer of this blog is not responsible for any discrepancies, inaccuracies, or omissions, and cannot be held liable for any consequences that may arise. We recommend visiting the official website at hdfclife.com to review the terms and conditions before making any decisions.

**A Note from the Writer of This Blog:** My name is Arvind Kumar, and I have successfully passed the IC-38 exam conducted by the Insurance Institute of India in accordance with IRDAI regulations. I am currently employed as a Financial Consultant and Life Advisor with HDFC Life Insurance Company, where I am authorized to advise, customize, and sell insurance policies. It is essential to customize an insurance policy to meet individual needs, including survival benefits, critical illness coverage, and death benefits. Please note that an insurance policy cannot be purchased during or after an event, such as death; it must be acquired in advance. If you need assistance with insurance policies, feel free to contact me using the following methods: - **Phone and WhatsApp:** 9899423601 and 9971797791   - **Email:** apcsitbranju@gmail.com

The end and Best of luck.