HDFC Term Assurance Plan
Objective
This is an offline term plan that aims to protect family members of insured person in case of an unfortunate event.
What does it do?
This term plan pays sum assured to the nominee in case of unfortunate demise of the insured. The sum assured can also be claimed on diagnosis of critical illness, if one has taken the critical illness rider. The plan can be taken on single-life or joint-life basis. It offers three optional riders to widen the coverage under a single policy.
Pros
The plan allows a rebate on higher sum assured.
It also offers riders for enhanced coverage.
Cons
One has to take a minimum sum assured of Rs 8 lakh. Anyone looking for lesser sum assured cannot buy this plan.
Suited for
A term insurance policy is must for everyone.
Our View
This is a good term policy for those willing to pay higher premium for agents’ services. Riders can be attached for a wider cover.
Eligibility
| Entry Age (years) | |
| Minimum | 18 |
| Maximum | 55 |
| Maximum Maturity Age (years) | 65 |
| Policy Term (years) | |
| Minimum | 10 |
| Maximum | 30 |
| Sum Assured (Rs) | |
| Minimum | 800000 |
| Maximum | No Limit |
| Minimum Premium (Rs) | 2000 |
| Premium Payment Frequency | Single and Yearly; Half-yearly and Quarterly through ECS only. |
| 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 | [email protected] |
| Available Rider(s) | Critical Illness Benefit: The rider sum assured is paid in case any of 6 critical illnesses--Cancer, Coronary Artery Bypass Graft surgery (CABGs), Heart Attack, Kidney Failure, Major Organ transplant, Stroke. Benefit is paid after 30 days of survival from date of claim of the life assured. Once the benefit is taken, the rider benefit terminates while base policy continues. Accidental Death Benefit: The rider sum benefit is paid in case of death due to accident. 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. The Accelerated Dealth Benefit and Critical Illness Benefit cannot be taken together. |
| Rider Conditions | |
| Entry Age (years) | |
| Minimum | 18 |
| Maximum | 55 |
| Maximum Maturity Age (years) | 65 |
| Rider Term (years) | |
| Minimum | 5 |
| Maximum | 30 |
| Annual Premium Option for Male | ||||||||
| Policy Term (in years) | Age (in years) | |||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | ||
| 10 | 3960 | 4180 | 4800 | 6940 | 10040 | 13860 | 20080 | |
| 15 | 4060 | 4380 | 5200 | 7280 | 10740 | 15440 | NA | |
| 20 | 4160 | 4580 | 5600 | 8220 | 12280 | NA | NA | |
| 25 | 4260 | 4860 | 6320 | 9600 | NA | NA | NA | |
| 30 | 4360 | 5360 | 7460 | 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 | 3860 | 3960 | 4420 | 6540 | 9400 | 12780 | 18300 | |
| 15 | 3960 | 4060 | 4520 | 6800 | 9920 | 14040 | NA | |
| 20 | 4060 | 4160 | 4940 | 7560 | 11220 | NA | NA | |
| 25 | 4160 | 4320 | 5720 | 8780 | NA | NA | NA | |
| 30 | 4260 | 4920 | 6740 | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax | ||||||||
