HDFC Life has launched a new product called HDFC Life Click 2 Achieve Par Advantage, designed to provide individuals with a flexible and secure way to plan for their long-term financial goals. According to Aneesh Khanna, Head of Products & Segments at HDFC Life, the product is tailored to meet the specific needs of individuals at different life stages, taking into account their age, income, and plans for the future. The goal of HDFC Life Click 2 Achieve Par Advantage is to provide a financial safety net that protects individuals’ dreams and aspirations against uncertainties.
The product offers several key features, including the Policy Continuance Benefit (PCB) option, which waives future premiums in the event of the policyholder’s death. In such a scenario, the death benefit is paid out as a lump sum, and future benefits under the plan continue for the nominee or survivor. Additionally, the product offers a choice of death benefit multiples, allowing policyholders to customize their coverage to meet their specific needs. The options include death benefit multiples of 5x, 7x, or 11x.
Another key feature of HDFC Life Click 2 Achieve Par Advantage is the Paid Up Addition option, which allows policyholders to convert partial or entire cash bonuses payable into paid-up additions. These paid-up additions can be encashed at any time during the term of the policy, providing policyholders with a degree of liquidity and flexibility.
Overall, HDFC Life Click 2 Achieve Par Advantage is designed to provide individuals with a comprehensive and customizable life insurance solution that meets their unique needs and goals. With its range of features and options, the product offers a high degree of flexibility and security, making it an attractive option for those looking to plan for their long-term financial future. By launching this product, HDFC Life is reinforcing its commitment to providing innovative and customer-centric life insurance solutions that help individuals achieve their financial goals and protect their loved ones.