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HDFC Life New Money Back Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
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.
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.
Key Features of HDFC Life New Money Back Insurance Plan
It is a pure Money Back Insurance Policy with Death Benefit as well as Survival and Maturity Benefit
This plan has Reversionary and Terminal Bonus
Percentage of the Sum Assured is paid as Survival Benefit at the end of every 4 policy years
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
This plan provides for High Sum Assured discount of 5% for Sum Assured of Rs 5 lakhs or more
COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
Benefits you get from HDFC Life New Money Back Insurance Policy
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
4th Year
8th Year
12th Year
16th Year
20th Year
24th 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.
Eligibility conditions & other restrictions in HDFC Life New Money Back Policy
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
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
Additional Features and Benefits of HDFC Life New Money Back Plan
Riders – There are no riders available in this plan.
What happens if?
You 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.
You 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-1st year’s Premium
You want a loan against your policy – There is no Loan facility in this plan.
