HDFC Term Assurance Plan

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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		response@hdfcinsurance.com
Call On		1800 227 227
SMS		LIFE@5676727
Additions to the Plan
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

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