HDFC Life Classicassure Plus Plan

HDFC Life ClassicAssure Plus Plan

HDFC Life ClassicAssure Plus Insurance Plan is a Limited Pay 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 only for 7 or 10 years while the policy continues till the end of the policy tenure as selected.

This policy accrues Simple Reversionary Bonus compounded annually. Terminal Bonus may also be paid at the end of the Policy Tenure depending upon the company’s profits for the year. The Simple Reversionary Bonus is guaranteed at a minimum of 3%.

On survival till the end of the Policy Tenure and provided all due premiums have been paid, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit and the policy would be terminated.

However, on unfortunate Death of the Life Insured within the Policy Tenure, the higher of the basic Sum Assured, 10 times the Annualized Premium and 105% total Premiums paid would be paid to the nominee along with the accrued Reversionary Bonus as Death Benefit and the policy would be terminated.

 

• This is a Traditional Endowment Plan with Bonus facility
• This plan offers Limited Payment Option
• This plan has Simple Reversionary Bonus compounded annually and Terminal Bonus
• The Simple Reversionary Bonus is guaranteed at a minimum of 3%
• There is an option to opt for Declaration of Good Health for a healthy Life Insured of age less than 50 years and opting for a sum assured of less than Rs 20 lacs
• 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 higher of the basic Sum Assured, 10 times the Annualized Premium and 105% total Premiums paid would be paid to the nominee along with the accrued Reversionary Bonus as Death Benefit
• There is a High Sum Assured rebate of 5% provided for this plan for Sum Assured > Rs 10,00,000

 

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Death Benefit – If the Life Insured dies within the Policy Tenure, the nominee gets the higher of:

• The basic Sum Assured
• 10 times the Annualized Premium
• 105% of Total Premiums paid

Along with the accrued Reversionary Bonus till date of death 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. Terminal Bonus may also be paid at the end of the Policy Tenure         .

 

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.

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	49447 for PT=10, 48032 for PT=15 and 73516 days for PT=20	No Limit
Policy Term or PT (in years)	10, 15	20
Premium Payment Term or PPT (in years)	7 for PT=10, 7 or 10 for PT=15 and 10 for PT=20
Entry Age of Life Insured  (in years)	8 for PT=10, 3 for PT=15 and 30 days for PT=20	55 for PT=10, 60 for PT=15 and 55 for PT=20
Age at Maturity (in years)	-	65 for PT=10, 75 for PT=15 and PT=20
Annualized Premium (in Rs.)	12,000	No Limit
Payment modes	Yearly, Half-Yearly, Quarterly and Monthly

 

Age of Life Insured = 20, 30 and 40 years respectively

Policy Term = 20 years

Premium Paying Term= 10 years

Sum Assured= Rs.2,00,000

 

Riders – There are No Additional Riders available with this policy

 

 

You stop paying the premium – The policy will lapse if the premium stops. The policy becomes paid up if at least 3 years’ premiums have been paid for a Premium Paying Term of 10 years and 2 years’ premiums have been paid for a Premium Paying Term of 7 years . The policy can however be revived within 3 years from the due date of the first unpaid premium.

 

You want to surrender the policy – If least 3 years’ premiums have been paid for a Premium Paying Term of 10 years and 2 years’ premiums have been paid for a Premium Paying Term of 7 years the policy acquires Surrender Value which depends on the GSV Factor as a percentage of the premiums paid.

 

You want a loan against your policy - There is Loan available under this plan.