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HDFC Life Assurance Plan

HDFC Assurance Plan is a Traditional Participating Endowment Plan. Thus, it is a non-linked Insurance Plan with Bonus facility.

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Maturity Benefit
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Death Benefit
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Bonus
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Key Features

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Bonus

This is a Traditional Endowment Plan with Bonus facility

10 year plan

This is a 10 year plan with Regular Premium Payment

Maturity Benefit

On Policy Maturity, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit

Death Benefit

On unfortunate Death of the Life Insured within the Policy Tenure, the basic Sum Assured + the accrued Reversionary Bonus would be paid to the nominee as Death Benefit

Benefits

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Death Benefit

If the Life Insured dies within the Policy Tenure, the basic Sum Assured + the accrued Reversionary Bonus would be paid to the nominee as Death Benefit and the policy would be terminated.

Maturity Benefit

On maturity, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit and the policy would be terminated. Interim or Terminal Bonus may also be paid.

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Benefit is tax fee under section 10(10)D subject to fulfilment of terms and conditions.

How it works

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In this plan, premium needs to be paid till the end of the policy tenure, i.e. for the entire period of 10 years. This policy accrues Simple Reversionary Bonus compounded annually. When the policy matures, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit. Interim or Terminal Bonus may also be paid.

However, if the Life Insured meets with an unfortunate death within the Policy Tenure, the basic Sum Assured + the accrued Reversionary Bonus would be paid to the nominee as Death Benefit and the policy would be terminated.

Sample illustration of premium of HDFC Assurance Plan:

Age of Life Insured = 30, 40 and540 years respectively
Policy Term = 10 years
Sum Assured= Rs.1,00,000

HDFC LIfe Assurance Plan Sample Premiums

Eligibility

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  Minimum Maximum
Policy Term (in years) 10
Premium Payment Term (in years) 10
Entry Age of Life Insured (in years) 18 50
Age at Maturity (in years) - 60
Payment modes Yearly, Half-Yearly, Quarterly and Monthly

FAQs

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angle down iconWhat happens if you stop paying the premium?

The policy will lapse if the premium stops. However, it can be revived within 3 years from the date of first unpaid premium.

angle down iconWhat happens if you ant to surrender the policy?

If premiums for 3 years have been paid up, then surrender of policy is allowed. There is a minimum Guaranteed Surrender Value available with this plan.

angle down iconWhat happens if you want a loan against your policy?

There is no Loan available under this plan.