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HDFC Life Endowment Assurance Plan

HDFC Endowment 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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Rider Benefit
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Key Features

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This is a Traditional Endowment Plan with Bonus facility
Reversionary Bonus

This plan has Simple Reversionary Bonus compounded annually

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

Rider Benefit

There are 3 additional riders available with this plan

This plan can be opted for Single or Joint Life Basis

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. Terminal Bonus may also be paid at the end of the Policy Tenure

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.

Rider Benefit

There are 3 Additional Riders available with this policy:

  1. Critical Illness Benefit Rider
  2. Accidental Death Benefit Rider
  3. Waiver of Premium Benefit Rider, in case of Total Disability

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. Terminal Bonus may also be paid at the end of the Policy Tenure.

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.

There are 3 additional rider benefits along with this plan.

Sample Premiums in HDFC Endowment Assurance Plan:

Sum Assured = Rs. 5 lakhs
Term of Policy = 20 years

HDFC Life Endowment Assurance Plan Sample Premiums

Eligibility

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  Minimum Maximum
Policy Term (in years) 10 30
Premium Payment Term (in years) Equal to Policy Tenure
Entry Age of Life Insured without riders (in years) 18 60
Entry Age of Life Insured with riders (in years) 18 55 for CI and ADB
50 for WOP
Age at Maturity without rider (in years) - 75
Age at Maturity with rider (in years) - 70 for CI
65 for ADB
60 for WOP
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 want to surrender the policy?

If premiums for 3 years have been paid up, then surrender of policy is allowed.
Minimum Guaranteed Surrender Value= 50% of all Premiums paid – 1st Year’s Premium

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

There is no Loan available under this plan.