HDFC Life Home Loan Protection Plan
HDFC Life Home Loan Protection Plan
HDFC Life Home Loan Protection Plan is a Protection Plan. This is a Traditional Decreasing Term Plan without a Bonus facility. This plan has been designed to help the family repay the outstanding Home Loan in case of an unfortunate death of the Life Insured.
Key Features
It is a pure Decreasing Term Insurance Policy with Death Benefit only
There is an option of single premium payment in this plan
In case of an unfortunate death of the Life Insured within the Policy Tenure, the corresponding Sum Assured is paid as Death Benefit to pay for the outstanding Home Loan and the policy terminates
Benefits
Since this is a pure term plan, the corresponding Sum Assured is paid as Death Benefit if the life insured dies during the policy tenure to pay for the outstanding Home Loan and the policy terminates.
There are no maturity benefits under this plan
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section. The Death Benefit is tax free under section 10(10)D subject to fulfilment of terms and conditions.
There is no additional rider available in this plan
How it works
Sample illustration of premium amount in HDFC Home Loan Protection Plan
Premium Paying Term = Single
Eligibility
|
Minimum
|
Maximum
|
Sum Assured (in Rs)
|
30,00,000
|
No Limit
|
Policy Term (in years)
|
Equal to Home Loan Tenure
|
|
Premium Payment Term (in years)
|
Single
|
|
Entry Age of Policyholder (in years)
|
18
|
50
|
Age at Maturity (in years)
|
-
|
60
|
Single Premium (in Rs)
|
2,000
|
No Limit
|
Payment modes
|
Only Single
|
FAQs
Being a Single Premium Plan, there is no further requirement of premium payment.
There are no surrender benefits under this term plan.
Loan facility is not available under this policy.