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HDFC Life Assurance Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
HDFC Life Assurance Plan
HDFC Assurance Plan is a Traditional Participating Endowment Plan. Thus, it is a non-linked Insurance Plan with Bonus facility.
How it works – In this plan, premium needs to be paid till the end of the policy tenure, i.e. for the entire period of 10 years. This policy accrues Simple Reversionary Bonus compounded annually. When the policy matures, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit. Interim or Terminal Bonus may also be paid.
However, if the Life Insured meets with an unfortunate death within the Policy Tenure, the basic Sum Assured + the accrued Reversionary Bonus would be paid to the nominee as Death Benefit and the policy would be terminated.
Key Features of HDFC Assurance Policy
This is a Traditional Endowment Plan with Bonus facility
This is a 10 year plan with Regular Premium Payment
On Policy Maturity, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit
On unfortunate Death of the Life Insured within the Policy Tenure, the basic Sum Assured + the accrued Reversionary Bonus would be paid to the nominee as Death Benefit
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from HDFC Assurance Insurance Plan
Death Benefit – If the Life Insured dies within the Policy Tenure, the basic Sum Assured + the accrued Reversionary Bonus would be paid to the nominee as Death Benefit and the policy would be terminated.
Maturity Benefit – On maturity, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit and the policy would be terminated. Interim or Terminal Bonus may also be paid.
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 Benefit is tax fee under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions and other restrictions in HDFC Assurance Plan
Minimum
Maximum
Policy Term (in years)
10
Premium Payment Term (in years)
10
Entry Age of Life Insured (in years)
18
50
Age at Maturity (in years)
-
60
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
Sample illustration of premium of HDFC Assurance Plan
Age of Life Insured = 30, 40 and540 years respectively
Policy Term = 10 years Sum Assured= Rs.1,00,000
Additional Features and Benefits of HDFC Assurance Plan
Riders – There are NoAdditional Riders available with this policy:
What happens if?
You stop paying the premium – The policy will lapse if the premium stops. However, it can be revived within 3 years from the date of first unpaid premium.
You want to surrender the policy – If premiums for 3 years have been paid up, then surrender of policy is allowed. There is a minimum Guaranteed Surrender Value available with this plan.
You want a loan against your policy - There is no Loan available under this plan.
