HDFC Life Insurance Protection Plans
HDFC Standard Life Insurance Co. Ltd. is a private life Insurance Co. offering various insurance solutions to the people in India. It is a collabaration between Housing Development Finance Corporation Ltd, which is a pioneer in Indian housing finance and Standard Life Plc, United Kingdom. Standard life Group has a strong base in UK taking care of insurance, pension, investment, banking and health care needs of the people sucessfully.
HDFC Standard Life Insurance Plans are broadly classfied as given below:
- 1) Protection Plans
- 2) Children’s Plans
- 3) Retirement Plans
- 4) Savings & Investment Plans
- 5) Health Plans
Why do you need Protection Plans:
As the name suggests these plans help to protect your family from various unforeseen income losses, such as demise, critical illness etc. These plans assume greater significance if you are the sole bread winner in the family. All the savings and investments you have made over the years can be reduced to nothing if any of these eventualities occur. Hence financial protection is very much essential to tide over any such crisis in life.
The following are the three types of Protection Plans offered by HDFC Sun Life INsurance:
- 1) HDFC Term Assurance Plan
- 2) HDFC Loan Cover Term Assurance Plan
- 3) HDFC Home Loan Protection Plan
HDFC Term Assurance Plans:
It is a pure risk cover plan giving protection to your loved one in case of any eventualities.You can choose the amount of life cover required to be paid to the family in case of your unfortunate demise within policy term. You can also opt for additional benefits such as critical illness, accidental death benefit, accelerated sum assured benefit.
- a) Critical illness – company will pay an amount equal to the sum assured selected under this benefit if any one of the 6 critical illness mentioned in the policy document is detected. The amount will be paid only if you survive for 30 days after the claim.
- b) Accidental death benefit – The additional amount equal to the sum assured will be paid if the death caused by accident.
- c) Acclerated Sum assured (ASA) Benefit – company will pay an amount equal to the sum assured selected under this benefit if any one of the 6 critical illness is detected. If the claim is settled the basic policy is terminated with nil value.
A few other benefits of HDFC Term Assurance Plans are listed below:
- Single premium option available
- YOu can choose the sum assured
- tax benefits under 80C, 80D and 10(D) of IT Act
- Plan can be taken for single or joint life
Eligibility Criteria:
- Minimum entry age 18 and max 60 years
- Minimum policy term 5years and max 30 years (for single premium 2years to 15 years)
Note : This policy has no maturity or survival benefits
For further details on HDFC Protection Plans, go here
