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HDFC Life Invest Wise Plan
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HDFC Life Invest Wise Plan
HDFC Life Invest Wise Plan is a Single Premium Unit Linked Insurance Plan (ULIP). Thus, it is a non-Traditional Insurance Plan without Bonus facility.
How it works– In this plan, premium needs to be paid in a lump sum, whereas the policy continues till the end of the Policy Tenure. This is a policy for investment purpose for people above 45 years of age.
There are 5 funds for investment purpose where the policyholder can choose his portfolio depending upon his risk appetite.
In this plan, if the Life Insured dies within the Policy Tenure, then higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit and the policy terminates. On maturity, the Fund Value is paid to the policyholder as Maturity Benefit.
Key Features of HDFC Life Invest Wise Insurance Plan
It is a simple Unit Linked Insurance Policy without Bonus Facility
This is a Single Premium Plan
Higher of Sum Assured or Fund Value is paid to the nominee as Death Benefit
The Fund Value is paid as Maturity Benefit
There are 5 funds for investment purpose
There are no requirement for any medicals in this plan
Upto 65 years, for a Sum Assured of less than or equal to Rs 20 lakhs
For 66 years and above, for a Sum Assured of less than or equal to Rs 1 lakh
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Benefits you get from HDFC Life Invest Wise Insurance Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets higher of Sum Assured or Fund Value as Death Benefit and the policy terminates.
Maturity Benefit – The Fund Value is paid as Maturity Benefit on the policy maturity
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions & other restrictions in HDFC Life Invest Wise Policy
Minimum
Maximum
Sum Assured (in Rs.)
1.1 X Single Premium
Policy Term (in years)
15
Premium Payment Term (in years)
Single Premium Payment
Entry Age of Life Insured (in years)
45
70
Age at Maturity (in years)
-
85
Single Premium (in Rs.)
25,000
No Limit
Payment modes
Only Single
Additional Features and Benefits of HDFC Life Invest Wise Plan
Riders – There are No Additional Riders available in this policy.
Investment Fund Options
There are 5Investment Funds available in this plan:
Short Term Fund
Income Fund
Balanced Fund
Blue Chip Fund
Opportunities Fund
Top-up – Not applicable.
Switching - Free switching is allowed at anytime.
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 10,000 and the Maximum Partial Withdrawal allowed is upto 50% of the Single Premium Paid.
.
What happens if?
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate as per the guidelines of the IRDA and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. The policy can be revived within 2 years from the due date of the first unpaid premium.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate as per the guidelines of the IRDA and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy - There is no loan available under this plan.
