HDFC Loan Cover Term Assurance Plan
Objective
This policy aims to relieve family members from the liability of an outstanding loan, in case of unfortunate death of the insured member.
Our View
This is a useful policy to protect your family from the burden of repaying a loan. It ensures that they continue living in self-owned house in your absence.
Critical Illness rider makes more sense with a basic health insurance policy. This rider in the policy cannot replace a basic health plan, but bought as an add on to supplement the loan liability.
Suited for
This policy is suitable if you have any outstanding loan or plan to take a loan in future.
What does it do?
This plan addresses the concern of home loan repayment in case of unfortunate demise of the breadwinner of the family. Here, the sum assured decreases as the loan is repaid. The policy doesn’t pay any maturity benefit on survival. This plan can be taken either on single-life or joint-life basis. It also offers an optional accelerated sum assured (ASA) benefit that covers 6 critical illnesses for a sum equal to the basic sum insured under the policy. Once this claim is settled, the basic policy cover also ends.
Pros
Decrease in sum assured with decrease in loan liability reduces premium towards the policy, thus saving policyholder from paying for insurance cover that is not required.
Women enjoy lower premium rates.
Premiums paid qualify for taxation benefits.
Cons
Accelerated sum assured benefit covers only 6 critical illnesses.
Eligibility
Entry Age (years)
Minimum
18
Maximum
55
Maximum Maturity Age (years)
65
Policy Term (years)
Minimum
10 for Regular Premium policies; 5 for Single Premium Policies
Maximum
30 for Regular Premium Policies; 15 for Single Premium policies
Sum Assured (Rs)
Minimum
800000
Maximum
No Limit
Premium Payment Frequency
Single, Yearly, Half-yearly and Quarterly
Premium Payment Term
Regular and Single (Regular is 2/3rds of policy term)
Policy Cover
Cover remains fixed for the tenure of the policy
Other Features
Grace Period
You are allowed to pay premiums within 15 days from the due date. If a due premium is not received within the grace period of 15 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Tax Benefits
Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply. Premiums paid for Accelerated Sum Assured may qualify for deduction under Section 80D of the Income Tax Act, 1961.
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
Available Rider(s)
Accelerated Sum Assured: On diagnosis of any of the 6 critical illnesses; the rider sum assured is paid but the base policy terminates after settlement of this claim.
Rider Conditions
Entry Age (years)
Minimum
18
Maximum
55 in case of regular premium; 60 in case of Single premium
Maximum Maturity Age (years)
65
Rider Term (years)
Minimum
10 for Regular Premium policies; 5 for Single Premium policies
Maximum
30 for Regular Premium policies; 15 for Single Premium policies
Sum Assured (Rs)
Minimum
Equal to Sum Assured
Maximum
Equal to Sum Assured
Cost Details
| Annual Premium Option for Male | |||||||
| Policy Term (in years) | Age (in years) | ||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | |
| 10 | 7180 | 8240 | 9180 | 11220 | 15040 | 21740 | 31680 |
| 15 | 7420 | 8480 | 9420 | 11500 | 15800 | 23000 | NA |
| 20 | 7660 | 8720 | 9660 | 12860 | 18360 | NA | NA |
| 25 | 7900 | 8960 | 10760 | 14800 | NA | NA | NA |
| 30 | 8140 | 9200 | 11840 | NA | NA | NA | NA |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | |||||||
| Annual Premium Option for Female | |||||||
| Policy Term (in years) | Age (in years) | ||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | |
| 10 | 7040 | 7360 | 8500 | 9840 | 12460 | 17380 | 25240 |
| 15 | 7280 | 7800 | 8740 | 10080 | 12900 | 18320 | NA |
| 20 | 7520 | 8040 | 8980 | 10680 | 14720 | NA | NA |
| 25 | 7760 | 8280 | 9240 | 12140 | NA | NA | NA |
| 30 | 8000 | 8520 | 10000 | NA | NA | NA | NA |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | |||||||
| Single Premium Option for Male | ||||||||
| Policy Term (in years) | Age (in years) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 5 | 17520 | 19260 | 20060 | 25860 | 30400 | 45020 | 60600 | 88020 |
| 10 | 27680 | 31320 | 34420 | 46940 | 59060 | 89260 | 121640 | NA |
| 15 | 37380 | 43960 | 50580 | 72520 | 93500 | 141360 | NA | NA |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | ||||||||
| Single Premium Option for Female | ||||||||
| Policy Term (in years) | Age (in years) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 5 | 16900 | 18400 | 19640 | 22600 | 27580 | 36100 | 51020 | 69520 |
| 10 | 26680 | 29200 | 32620 | 39580 | 51640 | 71080 | 101200 | NA |
| 15 | 35700 | 39940 | 46620 | 59380 | 81040 | 112480 | NA | NA |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | ||||||||
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