Thanks for visiting Capital Advisor. I frequently update this blog to cover various topics on personal finance such as investment strategies, financial products that you should buy and ones that you really should stay away from, financial calculators, emerging themes such as early retirement and financial independence, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.
My first impression of the HDFC Life Click 2 Protect (the fifth review in this series) online term plan was to “Click 2 Close.” Seriously, the portal is that unimpressive in its design. Don’t even ask about the premium calculation page — the clunky user interface is a nightmare. The company should look definitely around once to see what its competitors do on their portals.
Yep! That’s Dr. Capital Advisor seeking a life insurance quote.
I already don’t have any hope. But let’s see.
- For our usual 30-30-1 benchmark plan (30-year old buying a 30-year plan for Rs 1 crore cover), the indicated premium is Rs 10,600 (!) excluding service tax. Come on, what kind of premium is that (about 45% more than its competitors and as we’ll see below for nothing exemplary in features)? Further, annual premium payment is the only option (?) on offer.
- The policy term is discontinuous and you can only select from 10/15/20/25/30-years. Hence, for example, if you’re 36-years old, you can only choose a maximum policy term of 25-years because otherwise you’d cross the maximum maturity age of 65-years if the policy term was 30-years. But with a continuous option, you’d have been able to choose a maximum policy term of 29-years.
- Apart from that there’s nothing much to write about this plan. I didn’t get a good impression at the start and that didn’t change at the end. Brand-wise though, I’m comfortable with the HDFC name.
I’m sure you’d have guessed the verdict by now.
A poorly designed portal, a ho-hum product offering, and an exorbitant premium all combine for a thumbs-down to the HDFC Life Click 2 Protect online term plan. That means, our top ranker — AEGON Religare iTerm online term plan — continues to be the top ranker.
What do you think?
A quick reminder: To help you to keep up with new term plan reviews, to go back and refer to past reviews, and to share all of this content with your friends, I’ve created the following easy to remember link — http://bit.ly/termplans. So, please go ahead, bookmark and share — I see that many of you already are. Thanks!
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.