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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This plan has been withdrawn by the insurance company and is no longer available for sale.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
 
 
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
 

 

 
Minimum
Maximum
Sum Assured (in Rs)
30,00,000
No Limit
Policy Term (in years)
Equal to Home Loan Tenure
Premium Payment Term (in years)
Single
Entry Age of Policyholder (in years)
18
50
Age at Maturity (in years)
-
60
Single Premium (in Rs)
2,000
No Limit
Payment modes
Only Single
 
 
Sample illustration of premium amount in HDFC Home Loan Protection Plan
 
The below illustration is for a healthy Male (non-tobacco user) opting for a
Sum Assured = Rs. 3 lakhs
Premium Paying Term = Single
HDFC Life Home Loan Protection Plan Sample Premiums\
Additional Features and Benefits of HDFC Home Loan Protection Plan
 
Riders – There is no additional rider available in this plan
 
 
What happens if?
 
You stop paying the premium – Being a Single Premium Plan, there is no further requirement of premium payment.
 
You want to surrender the policy – There are no surrender benefits under this term plan.
 
You want a loan against your policy – Loan facility is not available under this policy.



 
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