HDFC Life Loan Cover Term Assurance Plan
HDFC Life Loan Cover Term Assurance Plan
HDFC Loan Cover Term Assurance Plan is a pure Protection Plan. This is a Traditional Decreasing Term Plan without Bonus facility. This plan has been designed to help family repay the home or personal loan in case of an unfortunate death of the Life Insured.
Key Features
It is a pure Decreasing Term Insurance Policy with Death Benefit only
There is an option of single premium payment in this plan
There is also an additional rider in this plan- Accelerated Sum Assured Benefit
In case of an unfortunate death of the Life Insured within the Policy Tenure, the corresponding Sum Assured is paid as Death Benefit and the policy terminates.
Benefits
Since this is a pure term plan, the corresponding Sum Assured is paid to the nominee as Death Benefit if the life insured dies during the policy tenure and the policy terminates.
There are no maturity benefits under this plan.
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 premium amount for ASA rider is allowed as a deduction from the taxable income each year under section 80D subject to fulfilment of terms and conditions. The Death Benefit is tax free under section 10(10)D subject to fulfilment of terms and conditions.
- Accelerated Sum Assured Benefit- which pays the Sum Assured on diagnosis of any of the 6 Critical Illnesses.
How it works
Sample illustration of premium amount in HDFC Loan Cover Term Assurance Plan
Premium Paying Term = 10 years (2/3rd of the Policy Tenure)
Eligibility
Minimum
|
Maximum
|
|
Policy Term (in years)
|
10 for Regular
5 for Single
|
30 for Regular
15 for Single
|
Premium Payment Term (in years)
|
Single
|
2/3rd of the Policy Tenure
|
Entry Age of Policyholder
|
18
|
55 for Regular
60 for Single
|
Age at Maturity
|
-
|
65
|
Payment modes
|
Yearly, Half-yearly, Quarterly and Single
|
FAQs
The policy would lapse and all benefits would stop once the premium is not paid
There are no surrender benefits under this term plan.
Loan facility is not available under this policy.