HDFC Premium Guarantee Plan
HDFC Life Premium Guarantee Plan is a variant of a pure term plan where the sum assured is paid to the nominee on death of the life insured and the premiums are returned to the life insured on maturity. Thus, if the life insured dies within the policy tenure, then death benefit is payable else maturity benefit is payable to the life insured if he survives the entire period. The premium paid by the policy holder would be returned in case the policy holder survives the term of the policy.
Key Features
No riders are available in this plan
Benefits
Once the life insured dies during the policy is inforce, then the nominee would receive the sum assured as Death Benefit.
The premiums are returned to the life insured if he is alive till the end of the policy term.
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
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 3,00,000 | No Limit |
| Policy Term (in years) | 10
|
30 |
| Premium Payment Term (in years) | Equal to policy term | |
| Entry Age of Policyholder (in years) | 18 | 55 |
| Age at Maturity (in years) | - | 65 |
| Single premium (in Rs.) | ||
| Payment modes | Yearly, Half-yearly and quarterly | |
Sample illustration of premium amount in HDFC Premium Guarantee Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 10 lakhs and Policy Term = 25 years
FAQs
What happens if you stop paying the premium If the premiums are not paid within the grace period of the policy, it would lapse and all benefits would cease to exist. After completion of 3 years, the policy is in paid up state and it would be payable to the life insured on maturity or to the nominee on death of the life insured, whichever is earlier.
What happens if you want to surrender the policySurrender Benefits are available after completion of 3 years. The guaranteed surrender value is 75% of all premiums paid.
What happens if you want a loan against your policyLoan facility is not available under this policy.
