HDFC Life New Money Back Plan

HDFC Life New Money Back Plan is a Money Back Participating Insurance Plan. It is a Traditional Plan with Bonus facility.

Death Benefit as well as Survival and Maturity Benefit

Survival Benefit

High Sum Assured discount

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Key Features

Death Benefit as well as Survival and Maturity Benefit

It is a pure Money Back Insurance Policy with Death Benefit as well as Survival and Maturity Benefit

Reversionary and Terminal Bonus

This plan has Reversionary and Terminal Bonus

Survival Benefit

Percentage of the Sum Assured is paid as Survival Benefit at the end of every 4 policy years

Maturity Benefit

The remaining Sum Assured along with accrued Bonus is paid as Maturity Benefit on survival till the end of the Policy Tenure

Sum Assured + Bonus is paid as Death Benefit if Life Insured dies within the policy tenure

High Sum Assured discount

This plan provides for High Sum Assured discount of 5% for Sum Assured of Rs 5 lakhs or more

Benefits

Death Benefit

In case of death of the Life Insured, the nominee gets the entire Sum Assured + accrued Bonuses under the plan as Death Benefit, irrespective of the amount already paid as Survival Benefit and the policy terminates.

Survival Benefit

A % of the Sum Assured is paid as Survival Benefit every 4 policy years

Policy Tenure (years)	Survival Benefit as a % of the Sum Assured as Money Back payout
Policy Tenure (years)	4^th Year	8^th Year	12^th Year	16^th Year	20^th Year	24^th Year
12	25%	25%	Remaining 50% + Bonus
16	25%	25%	25%	Remaining 25% + Bonus
20	20%	20%	20%	20%	Remaining 20% + Bonus
24	15%	15%	15%	15%	15%	Remaining 25% + Bonus

Maturity Benefit

The remaining amount of Sum Assured along with Bonus is paid as Maturity Benefit and paid to the policyholder on survival of the Life Insured till the end of the policy tenure.

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 Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

Riders

There are no riders available in this plan.

How it works

In this plan, premium needs to be paid till the end of the Policy Tenure.

In this plan, a Survival Benefit is paid at the end of every 4 years and the remaining amount is paid as Maturity Benefit along with the accrued Bonus.

However, if the Life Insured dies within the Policy Tenure, the entire Sum Assured would be paid as Death Benefit along with accrued Bonus, irrespective of the amount already paid.

Sample illustration of premium amount in HDFC Life New Money Back Plan

The below illustration is for a healthy Male (non-tobacco user) of 30 years age opting for a Sum Assured = Rs.2,00,000
HDFC Life New Money Back Plan Sample Premiums

HDFC Life New Money Back Plan Sample Premiums

Eligibility

	Minimum	Maximum
Policy Term (in years)	12, 15, 20	24
Premium Payment Term (in years)	Equal to Policy Term
Entry Age of Life Insured (in years)	14	53
Age at Maturity (in years)	-	65
Annual Premium (in Rs.)	10,000 for Annual Mode 12,000 for other modes	No Limit
Payment modes	Annual, Semi-Annual, Quarterly and Monthly

FAQs

What if I stop paying the premium?

If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses and all benefits stops. If at least 3 years premiums have been paid, the policy acquires a Paid Up Value.

What if I want to surrender the policy?

There are Surrender Benefits in this plan after 3 policy years.

Minimum Guaranteed Surrender Value= 50% of the Premiums Paid-1^st year’s Premium

What if I want a loan against your policy?

There is no Loan facility in this plan.