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HDFC Home Loan Protection

Objective

This term insurance policy aims to settle outstanding home loan in the unfortunate event of death of the borrower.

Our View

As the name suggests, this plan is suitable for those who have a home loan liability to repay. Home loan plan is beneficial as it allows family members to have their own house without fear of paying outstanding loan if something unfortunate happens to the insured person. Check if the interest rates offered by the policy matches with rate of interest on your loan to get an adequate coverage. Buy a policy that falls in your budget.

Suited for

Those with a loan liability or looking to take a loan can go for this policy.

What does it do?

This policy covers home loan liability. Insurer will pay the outstanding loan amount, if the policyholder dies. The policy reduces the sum assured with decline in home loan liability. The premium can be paid either as a single installment or added in loan amount and paid as repayment of home loan.

Pros

Declining sum assured prevents policyholder from paying high premiums against a cover that will not be required, when the loan is repaid.

It offers two types of premium payment modes. If the insured person cannot pay the premiums in a single go, he can add it to his loan amount.

Eligibility

Entry Age (years)

Minimum
18
Maximum
50
Maximum Maturity Age (years)
60

Sum Assured (Rs)

Maximum
3000000

Minimum Premium (Rs)

Single
2000
Premium Payment Frequency
Single
Premium Payment Term
Single or added to the home loan tenure
Policy Cover
Cover matches the home loan and it decreases by the amount the loan is repaid.

Other Features

Tax Benefits
Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
Exclusions
In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit

Customer Service

Address
HDFC Standard Life Insurance COmpany Limited, 13th Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi Road, Mahalaxmi, Mumbai - 400011
Mail To
[email protected]
Call On
1800 227 227
SMS
LIFE@5676727

Cost Details

Indicative Premiums for a Sum Assured of Rs 3 lakh
Age (in years)Policy term ( iny ears)Single Premium (in Rs)Annual Cost (in Rs)
30207374369
35156813454
40106231623
Premiums are exclusive of service tax and cess.