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.
Key Features
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:
- Short Term Fund
- Income Fund
- Balanced Fund
- Blue Chip Fund
- Opportunities Fund
There are no requirement for any medicals in this plan
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- 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
Benefits
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.
The Fund Value is paid as Maturity Benefit on the policy maturity
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.
How it works
Eligibility
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Minimum
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Maximum
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|
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Sum Assured (in Rs.)
|
1.1 X Single Premium
|
|
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Policy Term (in years)
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15
|
|
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Premium Payment Term (in years)
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Single Premium Payment
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|
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Entry Age of Life Insured (in years)
|
45
|
70
|
|
Age at Maturity (in years)
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-
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85
|
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Single Premium (in Rs.)
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25,000
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No Limit
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Payment modes
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Only Single
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FAQs
There are No Additional Riders available in this policy.
Not applicable
Free switching is allowed at anytime.
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.
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.
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.
There is no loan available under this plan.
