Mr. Sanjay Tiwari, Vice President of Products, HDFC Life, announced the launch of IRDA defined norms compliant product called HDFC Life Classic Assure Plus Plan. This new product is a protection cum investment plan having limited premium paying tenure. Market regulator Insurance Regulatory and Development Authority had issued a guideline stating that all linked and non linked insurance products should meet the policyholder’s expectation.
IRDA norms complied product launched by HDFC Life
This new plan is a traditional insurance plan having limited premium paying term of seven years and ten years, guaranteed revisionary bonus during the premium payment term. In addition to this, it also offers higher death benefit which is 10 times the annualized premium amount or 105% of the premium paid plus accrued bonuses, if any, whichever is higher. Further, this plan is suitable for meeting long term goal and creating security and prosperity.
This policy offers a discount of 5% on basic premium amount where a sum assured is Rs. 10 lakh or more. Loan facility can also be availed by the policy holder, subject to the surrender value available and terms and conditions specified by the company. The policy holder can add a rider in the existing plan by paying a small premium amount.
The policy gets terminate once the payment of maturity or death benefits are paid.