What is HDFC Health Cover FD ? Here’s everything you should know about it

We all invest our money in various schemes for a better future. Every person does it for different reasons but we all aim for the same thing and that is guaranteed returns. But with returns, there is always a risk. There is a saying ‘The higher the risk, the more returns you get’. But let us be practical. We all want security. We all are looking for a way to get guaranteed returns. And Fixed Deposits FD has made it possible. Fixed deposits is one of the oldest and also the safest way to invest your hard-earned money. And the best part is with fixed deposits you do no have to worry about returns as it offers guaranteed returns.

We invest our money in various schemes so that our loved ones can have a better life. We save money so that we can take care of our children, parents, and our entire family in tough situations. As we mentioned above life is unpredictable and making sure that your health is covered is a big relief. But when you put your money away in investments such as a fixed deposit then your money gets locked for a certain period of time. And if any emergency occurs then you will not be able to use that amount in spite of it being your hard-earned money. But what if I tell you that you can invest your money in a fixed deposit and still have access to Heath insurance so you do not have to settle for one ?

You must be wondering that fixed deposit and health insurance are two different things, so how is this even possible? The answer is yes. It is possible to invest your money in a fixed deposit and still have access to Health insurance. The HDFC bank understood our problem and they also came up with a solution. So now you do not have to choose between investing your money in a fixed deposit account or buying health insurance.

What is HDFC Health Cover FD ?

The HDFC bank offers a ‘Health cover FD’. This is the solution to our problem. It is one of the most unique investments of all time. The HDFC bank Health cover fixed deposit offers both the safety of health insurance and the benefits of the fixed deposit. So now you can invest your money and get the security of health insurance as well. The Health Insurance cover Fixed deposit offers a Hospital cash cover for the first year once you book a Health cover FD in the HDFC bank. So this investment is a wise choice to make as you get guaranteed returns as well as health insurance. And the best part is HDFC has enhanced the customer experience by making the whole process digital. So if you want to book the HDFC Health cover fixed deposit then you can do that in the comfort of your home. You do not even have to step out for any procedure. The entire process is paperless and fully digital. So just follow the steps mentioned below to book the HDFC health cover fixed deposit online.

How to open HDFC Health cover FD online

Here are the steps to open the HDFC Health cover Fixed Deposit FD online –

• Open any browser and go to the official website of the HDFC bank.
• Login to your account by entering your Customer ID or User ID.
• Click on continue.
• You will be redirected to the dashboard.
• Click on the ‘Accounts‘ option.
• Go to and click on the ‘Transact‘ option.
• Then click on ‘Open fixed deposit < 5 crore‘ option.
• Then click on the fixed deposit type as ‘Health cover FD‘.
• Enter the other details carefully and then enter the amount you want to invest in your Health cover fixed deposit.
• Select the tenure that is the time period you want for your Health cover fixed deposit.
• Review the details you have entered once again and also check the maturity date, rate of interest and your maturity amount, then click on the continue button.
• Click on the check box to accept the terms and conditions.
• Click on the continue button.
• And voila ! You have successfully opened the HDFC Health cover Fixed Deposit FD.

This is how you can open your Health cover fixed deposit without even having to visit the bank in person, that too with in minutes ! The HDFC Health Cover fixed deposit offers hospital cash cover of Rs. 500 per day for a period of 15 days if you invest an amount within the range of Rs. 5 lakhs to Rs. 10 lakhs. On the other hand, if you invest an amount of Rs 10 lakhs or even greater than 10 lakhs to 1.99 crores then you get hospital cash cover of Rs. 1000 per day for a period of 15 days. The best part is that the rate of interest is exactly similar to that of a normal fixed deposit and you also do not have to worry as the returns are guaranteed. Also if invest in the HDFC Health Cover fixed deposit you get an instant overdraft that too up to 90 percent of your fixed deposit amount.

HDFC Health cover FD Terms and Conditions

Here are a few details you should know about the HDFC Health cover fixed deposit are as follows –

• The residents falling in the age bracket of 18 to 59 years are eligible to book the HDFC Health Cover fixed deposit.
• The minimum amount for the Health Cover Fixed deposit is Rs. 5 lakhs and the maximum amount goes up to Rs. 1.99 Crore.
• You can select a time period from one month to maximum 10 years.
• The interest rates offered for the Health Cover Fixed deposit are similar to that of the normal fixed deposit.
• You can choose between the two payout options which are
• Monthly payout or Quarterly payout.

• The complementary health insurance offered is only for the first year of the Fixed deposit tenure.
• Also if you break your Health cover fixed deposit by liquidating the amount more than 50% of the total amount of the Health cover fixed deposit then the complimentary hospital cash issued will be canceled.
• You have to mandatorily assign a nominee to your Health cover fixed deposit.
• If the nominee assigned by you is minor then you will have to share all the details of their guardian or appointee.
• Also, only one policy is available against each fixed deposit per customer ID.
• A new policy against the fixed deposit will be available after the maturity of the first fixed deposit.
• The health insurance cover will be available only to the primary holder of the Health cover fixed deposit.
• The benefits under hospital cash will not be payable after 15 days per year policy.

You also have to note the fact that you should not be suffering or even be diagnosed with or undergone surgery for one or more of diseases mentioned the below.

• High blood pressure, heart attack, stroke, paralysis.
• Diabetes, thyroid, or parathyroid.
• Liver failure.
• Any lung disease, blood disorders, gastrointestinal diseases, or any other bones, spine, or muscle disorder.
• Cancer.
• HIV or AIDS.

So should you opt for the HDFC Health Cover FD ?

Now that we have covered every little detailed information about the HDFC health cover fixed deposit. You have to note that there is a minimum amount limit. Even if you have the amount you still have to think this through. Make sure that it is the best health plan. We are vulnerable and life is super unpredictable. So you need to think before investing your money. You might even need this lump sum amount for emergencies. And when you put this into the fixed deposit account your money will not be accessible.

Also, note the fact that you will be charged a penalty for breaking the fixed deposit. Also, if any emergency arises and you need to liquidate your fixed deposit remember that if you liquidate 50% of the total Heath cover fixed deposit amount then the complimentary hospital cash will be canceled. So be wise before coming down to any conclusion. Carefully study your circumstances, and review the interest rates offered. Also, study and go through the terms and conditions carefully. Study the entire plan and then make a decision considering all possibilities before committing to the fixed deposit.