HDFC Life Term Assurance is a pure term plan where the sum assured is paid to the nominee on death of the life insured and nothing is payable on maturity. There are certain attractive benefits which makes this plan attractive.
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Key Features of HDFC Term Assurance Plan
- It is a pure Term Insurance Policy with Death Benefit only
- Provides a large sum assured discount for sum assured more than Rs 25 lakhs.
- Unique feature of covering joint life
Benefits you get from HDFC Term Assurance Plan
Death Benefit – being a pure term plan, the sum assured is paid to the nominee if the life insured dies during the policy tenure.
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 80C
Eligibility conditions and other restrictions in HDFC Term Assurance Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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8,00,000
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No Limit
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Policy Term (in years)
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10 for Regular
2 for Single
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30 for Regular
15 for Single
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Premium Payment Term (in years)
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Single
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Equal to policy term
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Entry Age of Policyholder
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18
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55
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Age at Maturity
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-
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65
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Single premium
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Payment modes
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Yearly, Half-yearly, quarterly and single
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Sample illustration of premium amount in HDFC Term Assurance Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 20 years
Additional Features and Benefits of HDFC Term Assurance Plan
Riders – There are 3 riders available in this plan
1. Critical Illness Benefit
2. Accidental Death Benefit
3. Accelerated Sum Assured Benefit
You stop paying the premium – the policy would lapse and all benefits would stop once the premium is not paid.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate term plans from different insurance companies
Tata AIG Life Plus Plan
Aviva Life Shield
Met Suraksha from MetLife
Other term insurance plans from HDFC Life
HDFC Premium Guarantee Plan
HDFC Click2Protect Plan
