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HDFC Whole Of Life Insurance Plan

HDFC Life Whole of Life Insurance-Single Premium Plan is a Whole Life Participating Insurance Plan with Lump Sum Investment Opportunity. It is a Traditional Plan with Bonus facility.

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Loan Facility
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Death Benefit
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Bonus

Key Features

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Death Benefit

It is a pure Whole Life Insurance Policy with Death Benefit only

Bonus

Annual Compound Reversionary Bonus and Terminal Bonus is paid in this plan

Withdrawing Options

There is an Option of withdrawing the Sum Assured after the 10th, 15th or 20th policy anniversary

Surrender Value

There is Guaranteed Surrender Value after 3 policy years

Loan Facility

There is Loan available in this plan as well

No Medical Tests

There is no requirement of any medical tests in this plan

Benefits

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Death Benefit

In case of death of the Life Insured, the nominee gets the Sum Assured + accrued Bonuses under the plan as Death Benefit and the policy terminates.

Maturity Benefit

There are no maturity benefits under this plan. However, if the Life Insured wishes, he may choose to withdraw. For a period of 4 weeks, after any one of the 10th, 15th, 20th and subsequent five-year anniversaries, the Sum Assured plus any attaching bonuses can be withdrawn in full.

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 proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

How it works

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In this plan, premium can be paid in a lump sum under Single Premium Option but the policy continues till the end of the policy tenure.
In this plan, premium needs to be paid in a lump sum. Thus, if the Life Insured dies, the Sum Assured + the accrued Bonus are paid as Death Benefit and the policy terminates. There is Compounded Reversionary Bonus as well as Terminal Bonus in this plan
Being a Whole Life Plan, the plan continues till death. However, the money can be withdrawn after the 10th Policy Anniversary or on every 5th year after that.
Sample illustration of premium amount in HDFC Whole of Life Insurance:
The below illustration is for a healthy Male (non-tobacco user) of 30 years age opting for a Sum Assured = Rs. 50,000, Rs. 1,00,000 and Rs. 2,00,000 respectively.
HDFC Life Whole Life Plan Sample Premiums

Eligibility

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Minimum
Maximum
Sum Assured (in Rs.)
25,000
5,00,000
Policy Term (in years)
10
40
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
18
70
Age at Maturity (in years)
-
Whole Life
Single premium (in Rs.)
23,750
4,75,000
Payment modes
Only Single

FAQs

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angle down iconWhat happens if you stop paying the premium?

If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses and all benefits stops.

angle down iconWhat happens if you want to surrender the policy?
There are Surrender Benefits in this plan after 3 policy years.
Minimum Guaranteed Surrender Value= 50% of the Single Premium Paid
angle down iconWhat happens if you want a loan against your policy?

Loan facility is provided under this policy after 6 months from policy inception but of a minimum amount of Rs 25,000.

angle down iconIs Rider available in this plan?

There are no riders available in this plan.