HDFC ClassicAssure Insurance plan is an endowment plan with premium payment term of only 7 years. You can choose the policy term to be either 10, 15 or 20 years. On the date of maturity, you will get the sum assured + bonuses (if any). It’s a good savings plan and you will need to pay Rs.50,000 for 7 years which is Rs.350,000. You should ask for a Sample illustration of projected returns at the rate of 6% and 10% from the representative/s of the life insurance company. If the representative quotes you any amount that you can expect to get on maturity, then it should be shown to you on this sample illustration. HDFC is a very reputed brand in the Banking, Financial Services and Insurance industry and there should be no reason for you to worry.
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