India's 1st IRDAI Approved Insurance Web Aggregator

HDFC Life Loan Cover Term Assurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

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.
 
How it works – In this plan, premium can be paid under Regular Premium Option where it is to be paid for 2/3rd of the Policy Tenure or in a Lump sum under Single Pay Option. The Sum Assured is chosen as the total outstanding Loan Coverage 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 and the policy terminates.
There is also an additional rider in this plan of Accelerated Sum Assured Benefit where the Sum Assured is paid on diagnosis of any of the 6 Critical Illnesses. This policy can also be opted for Joint Life.
 
 
Key Features of HDFC Loan Cover Term Assurance Plan
  • It is a pure Decreasing Term Insurance Policy with Death Benefit only
  • There is an option of single premium payment in this plan
  • Unique feature of covering joint life
  • There is also an additional rider in this plan- Accelerated Sum Assured Benefit
  • 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 and the policy terminates.
 
COMPARE THIS PLAN WITH OTHER TERM PLANS
    Yes
    No

     
    Benefits you get from HDFC Loan Cover Term Assurance Plan
     
    • Death Benefit – 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.
    • 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 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.
     
     
    Eligibility conditions and other restrictions in HDFC Loan Cover Term Assurance Plan
     
     
    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

    HAVE ANY DOUBTS THAT NEED TO BE CLARIFIED?
     
     
    Sample illustration of premium amount in HDFC Loan Cover Term Assurance Plan
     
    The below illustration is for a healthy Male (non-tobacco user) opting for a
    Sum Assured = Rs. 15 lakhs
    Policy Term = 15 years
    Premium Paying Term = 10 years (2/3rd of the Policy Tenure)

    HDFC Life Loan Cover Term Assurance Plan Sample Premiums

    Additional Features and Benefits of HDFC Loan Cover Term Assurance Plan
     
    Riders – There is 1 additional rider available in this plan
    1. Accelerated Sum Assured Benefit- which pays the Sum Assured on diagnosis of any of the 6 Critical Illnesses.
     
    What happens if?
    • You stop paying the premium – the policy would lapse and all benefits would stop once the premium is not paid
    • 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.



     
    Compare Term Plans

    Leave a Comment

    Term Insurance Calculator
    Important: Insurance is the subject matter of solicitation | © 2009-2022 MyInsuranceClub.com