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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.

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Death Benefit
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Income Tax benefit
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Incorporated in the loan payment and paid as instalment
Compare this plan with other Term Plans
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Key Features

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Pure Decreasing Term Insurance Policy

It is a pure Decreasing Term Insurance Policy with Death Benefit only

Option of single premium payment

There is an option of single premium payment in this plan

The premium can be incorporated in the loan payment and paid as instalments
The Sum Assured keeps decreasing every year as per the policy schedule
There is no Maturity Benefit in this plan
Death Benefit

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

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Death Benefit

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.

Maturity Benefit

There are no maturity benefits under this plan

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. The Death Benefit is tax free under section 10(10)D subject to fulfilment of terms and conditions.

Riders

There is no additional rider available in this plan

How it works

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 In this plan, premium can be paid in a lump sum as Single Premium. However, the premium can also be incorporated within the instalments of Home Loan repayments. The Sum Assured is chosen as the total outstanding Home Loan Amount which keeps decreasing every year as a percentage as per the policy schedule.
 
Being a pure Term Plan, there is no Maturity Benefit in this plan. However, in case of unfortunate death of the Life Insured within the Policy Tenure, the corresponding Sum Assured is paid as Death Benefit to cover the outstanding Home Loan and the policy terminates.
 

Sample illustration of premium amount in HDFC Home Loan Protection Plan

The below illustration is for a healthy Male (non-tobacco user) opting for a
Sum Assured = Rs. 3 lakhs
Premium Paying Term = Single
HDFC Life Home Loan Protection Plan Sample Premiums
 

Eligibility

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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

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angle down iconWhat if I stop paying the premium?

Being a Single Premium Plan, there is no further requirement of premium payment.

angle down iconWhat if I want to surrender the policy?

There are no surrender benefits under this term plan.

angle down iconWhat if I want a loan against your policy?

Loan facility is not available under this policy.