HDFC Life, a leading life insurer in India, has launched its new product, HDFC Life Click 2 Achieve Par Advantage, a participating product designed to cater to individuals’ milestones at different life stages. The product is designed to provide flexibility, liquidity, and financial security for the future while offering a range of options to customers.
The product features a Policy Continuance Benefit (PCB) option, which waives future premiums in case of the life assured’s death, and provides a lump-sum payment of the death benefit to the nominee or survivor. Additionally, the product offers a Choice of Death Benefit Multiple, allowing customers to choose from 5x, 7x, or 11x death benefit amounts. A Paid-Up Addition option also allows customers to convert partial or full bonus payments into a paid-up addition that can be encashed at any time.
The product also offers additional life coverage, including the option to cover a spouse, and provides tax benefits based on prevailing tax laws. HDFC Life has a commitment to high claim settlement ratios, with 99.5% in FY24. According to Aneesh Khanna, Head of Products and Segments at HDFC Life, “We believe that life insurance products should be designed to fit individual needs, depending on age, life stage, current income, and future plans. HDFC Life Click 2 Achieve Par Advantage is designed to offer a solution for individuals who want to create a better future and protect their dreams against uncertainties with a financial safety net.” The product can be accessed through HDFC Life’s digital platform, which offers multiple servicing options for customers.