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.
Key Features
It is a pure Whole Life Insurance Policy with Death Benefit only
Annual Compound Reversionary Bonus and Terminal Bonus is paid in this plan
There is an Option of withdrawing the Sum Assured after the 10th, 15th or 20th policy anniversary
There is Guaranteed Surrender Value after 3 policy years
There is Loan available in this plan as well
There is no requirement of any medical tests in this plan
Benefits
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.
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one of the 10th, 15th, 20th and subsequent five-year anniversaries, the Sum Assured plus any attaching bonuses can be withdrawn in full.
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
Eligibility
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
If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses and all benefits stops.
Loan facility is provided under this policy after 6 months from policy inception but of a minimum amount of Rs 25,000.
There are no riders available in this plan.