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HDFC Life Home Loan Protection Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
HDFC Life Home Loan Protection Plan
HDFC Life Home Loan Protection Plan is a Protection Plan. This is a Traditional Decreasing Term Plan without Bonus facility. This plan has been designed to help family repay the outstanding Home Loan in case of an unfortunate death of the Life Insured.
How it works – In this plan, premium can be paid in a lump sum as Single Premium. However, the premium can also be incorporated within the instalments of Home Loan repayments. The Sum Assured is chosen as the total outstanding Home Loan Amount which keeps decreasing every year as a percentage as per the policy schedule.
Being a pure Term Plan, there is no Maturity Benefit in this plan. However, in case of unfortunate death of the Life Insured within the Policy Tenure, the corresponding Sum Assured is paid as Death Benefit to cover the outstanding Home Loan and the policy terminates.
Key Features of HDFC Life Home Loan Protection Insurance Plan
It is a pure Decreasing Term Insurance Policy with Death Benefit only
There is an option of single premium payment in this plan
The premium can be incorporated in the loan payment and paid as instalments
The Sum Assured keeps decreasing every year as per the policy schedule
There is no Maturity Benefit in this plan
In case of an unfortunate death of the Life Insured within the Policy Tenure, the corresponding Sum Assured is paid as Death Benefit to pay for the outstanding Home Loan and the policy terminates
COMPARE THIS PLAN WITH OTHER TERM PLANS
Benefits you get from HDFC Life Home Loan Protection Insurance Policy
Death Benefit – Since this is a pure term plan, the corresponding Sum Assured is paid as Death Benefit if the life insured dies during the policy tenure to pay for the outstanding Home Loan and the policy terminates.
Maturity Benefit – There are no maturity benefits under this plan
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. The Death Benefit is tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions & other restrictions in HDFC Home Loan Protection Policy
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