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HDFC Life Traditional /HDFC Investment Plans
HDFC Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits. HDFC Life Sanchay-a traditional Endowment plan which has the following features: Guaranteed Additions accrue under the plan for each completed policy year which depends up on the policy tenure. The rate of these additions is 8% of the Sum Assured for policy tenure of 15-19 years and 9% of the Sum Assured for policy tenure of 20-25 years. On maturity, the Sum Assured and the aggregate Guaranteed Additions is paid to the policyholder. In case of death, higher of the Sum Assured or 10 times the annual premium is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death Smokers are charged with extra premiums Loan can be availed under the plan up to a maximum of 80% of the Surrender Value Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act. Eligibility Details of HDFC Investment Plan HDFC Life Super Income Plan –a savings plan which also provides for regular incomes. The features of the plan are as follows: The plan has 6 options of availing the regular incomes each with a different combination of term, premium paying term and the benefit percentage. The Guaranteed Base Income (GBI) is paid every year after the completion of the premium paying term till the end of the policy term. The rate of the benefit paid ranges from 8% – 12.5% of the Sum Assured depending on the plan option chosen. The benefit can also be availed monthly @ 8% of the annual payout On maturity, the last instalment of the GBI is paid along with the vested bonus, interim bonus and terminal bonus, if any. In case of death, higher of the Sum Assured on maturity or 10 / 7 times the annual premium including the vested bonus, interim bonus and terminal bonus, if any is paid subject to a minimum of 105% of the total premiums paid till the date of death. High Sum Assured rebates are allowed for coverages of Rs.4 lakhs and above. Loan can be availed under the plan up to a maximum of 80% of the Surrender Value Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act. Eligibility Details of HDFC Investment Plan HDFC Life Classic Assure Plus –a traditional Endowment Plan with the following features: Guaranteed Reversionary Bonus @ 3% of the Sum Assured is added every year during the premium paying term On maturity, the Sum Assured including the accrued bonuses, guaranteed reversionary bonus and terminal bonus, if any, is paid to the policyholder In case of death, higher of the Sum Assured or 10 times the annual premium including the vested bonus, interim bonus and terminal bonus, if any is paid subject to a minimum of 105% of the total premiums paid till the date of death. High Sum Assured rebates are allowed for coverages of Rs.10 lakhs and above. Loan can be availed under the plan up to a maximum of 80% of the Surrender Value Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act. Eligibility Details HDFC Life Super Savings Plan –a traditional Endowment Plan with the following features: It is a participating plan which earns simple reversionary bonus, interim bonus and terminal bonus. On maturity, the Sum Assured and the vested bonuses is paid to the policyholder In case of death, higher of the Sum Assured or 10 times the annual premium including the vested bonus, interim bonus and terminal bonus, if any is paid subject to a minimum of 105% of the total premiums paid till the date of death. The plan has an inbuilt Accidental Benefit Rider which pays an additional Sum Assured if the insured dies due to an accident Loan can be availed under the plan up to a maximum of 80% of the Surrender Value Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act. Eligibility Details HDFC Life SampoornaSamridhi Plus –a traditional Endowment plan which can be converted to a Whole Life Plan. The features are as follows: There are two plan options of Endowment and Endowment with Whole Life The option of Endowment with Whole Life can be chosen where the plan runs till death of the insured or till he attains 100 years whichever is later and on death the Sum Assured on Maturity is paid Guaranteed Additions are added in the first 5 policy years @ 3% for a term of 15-19 years, 4% for a term of 20-25 years and 5% for a term higher than 25 years On maturity, the Sum Assured on maturity including the guaranteed additions, vested bonuses and terminal bonus, if any, is paid In case of death higher of the Sum Assured on maturity or 10 / 7 times the annual premium including the guaranteed additions, vested bonuses and terminal bonus, if any, is paid subject to a minimum of 105% of all premiums paid till the date of death The plan has an inbuilt Accidental Benefit Rider which pays an additional Sum Assured if the insured dies due to an accident Rebates are allowed in premium for choosing a high Sum Assured level of Rs.1.5 lakhs and above Loan can be availed under the plan up to a maximum of 80% of the Surrender Value Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act. Eligibility Details HDFC Life Uday –a traditional plan with the following features: It is a participating plan which earns simple reversionary bonus, interim bonus and terminal bonus Guaranteed Additions @3% of the Sum Assured at maturity accrue in the first 5 years of the plan On maturity, the Sum Assured on maturity including the guaranteed additions, vested bonuses and terminal bonus, if any, is paid In case of death higher of the Sum Assured on maturity or 10 / 7 times the annual premium including the guaranteed additions, vested bonuses and terminal bonus, if any, is paid subject to a minimum of 105% of all premiums paid till the date of death The plan has an inbuilt Accidental Benefit Rider which pays an additional Sum Assured if the insured dies due to an accident Rebates are allowed in premium for choosing a high Sum Assured level of Rs.2 lakhs and above Loan can be availed under the plan up to a maximum of 80% of the Surrender Value Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act. Eligibility Details Applying for a Traditional / Investment Plan from the company: Online The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
What are Traditional / Investment Plans?
Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below: These plans are issued for a longer term perspective and money cannot be withdrawn from the plans. In case of stopping the premium payment, the plan becomes paid-up if at least three full years premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan. The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the companys profits and earn bonuses which are not true for non-participating plans. The plans may be issued either as Endowment Plans or Money Back Plans
HDFC Life Investment Plans- FAQs
1. How to pay premium? What are the modes of payment available? You can pay your HDFC Life Insurance premium through ANY these following methods: ECS SYSTEM Bill Pay – EBPP (Electronic Bill Presentment and Payment) Drop box YES /AXIS Bank debit card Bill pay-EBPP(Electronic bill presentment and payment) Cash/Cheque Payments NEFT For paying premium online, please visit e-portal. Step 1: Enter your policy details – policy number and policyholders date of birth Step 2: Pay from your debit/ credit card or select your online bank account to make the payment Step 3: Authenticate and confirm your payment details and receive online premium payment receipt 2. How can I check policy status for HDFC Life investment plans? You can check policy status online, if you are a registered user. Simply log into the e-portal with your Client ID and password to check the policy status. 3. What is the policy renewal process for HDFC Life investment plans? Renew your policy online. Here are the steps; Step 1: Login with your customer ID and password on Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now Step 3: Choose payment option- Credit/Debit Card or NEFT Step 4: Authenticate and confirm your payment details and print the payment receipt 4. What is the companys process to settle claim for HDFC Life investment plans? For HDFC Life Insurance policyholders, Cashless facility is permitted in case of hospitalization or surgery. For others the process is as follows; Step 1: Duly fill the claims form Step 2: Attach the relevant documents- medical bills, reports, accident report- with your claims form Step 3: Submit the documents at the Claims Office at any of your nearest HDFC branch in your city Alternatively, you can post it at their registered headquarter: HDFC Standard Life Insurance Company Ltd.Lodha Excelus, 13th Floor Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India. 5. What is the policy cancellation process for HDFC Life investment plans? Policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. Within 72 hours, the refund will be made into your bank account, post deducting cancellation charges, stamp duty (if any), and medical tests. Oriental Personal Accident
Have you used this product?
1. How to pay premium? What are the modes of payment available? You can pay your HDFC Life Insurance premium through ANY these following methods: ECS SYSTEM Bill Pay – EBPP (Electronic Bill Presentment and Payment) Drop box YES /AXIS Bank debit card Bill pay-EBPP(Electronic bill presentment and payment) Cash/Cheque Payments NEFT For paying premium online, please visit e-portal. Step 1: Enter your policy details – policy number and policyholders date of birth Step 2: Pay from your debit/ credit card or select your online bank account to make the payment Step 3: Authenticate and confirm your payment details and receive online premium payment receipt 2. How can I check policy status for HDFC Life investment plans? You can check policy status online, if you are a registered user. Simply log into the e-portal with your Client ID and password to check the policy status. 3. What is the policy renewal process for HDFC Life investment plans? Renew your policy online. Here are the steps; Step 1: Login with your customer ID and password on Step 2: Select the policy due for renewal payment. Click Pay Renewal Premium Now Step 3: Choose payment option- Credit/Debit Card or NEFT Step 4: Authenticate and confirm your payment details and print the payment receipt 4. What is the companys process to settle claim for HDFC Life investment plans? For HDFC Life Insurance policyholders, Cashless facility is permitted in case of hospitalization or surgery. For others the process is as follows; Step 1: Duly fill the claims form Step 2: Attach the relevant documents- medical bills, reports, accident report- with your claims form Step 3: Submit the documents at the Claims Office at any of your nearest HDFC branch in your city Alternatively, you can post it at their registered headquarter: HDFC Standard Life Insurance Company Ltd.Lodha Excelus, 13th Floor Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India. 5. What is the policy cancellation process for HDFC Life investment plans? Policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. Within 72 hours, the refund will be made into your bank account, post deducting cancellation charges, stamp duty (if any), and medical tests. Oriental Personal Accident