HDFC Life, Indiaâ€™s leading long-term life insurance solutions provider has launched its first product compliant with new regulations. Recently (February 2013) IRDA issued Non-linked and Linked Life Insurance Products Regulations to ensure that all products are consistent in design and are focused on meeting policyholdersâ€™ expectations.
Speaking on the launch, Sanjay Tiwari, Vice President, Products, HDFC Life said, â€śWe have been a front-runner in adapting to the new regulations.
Keeping up with the trend, we are pleased to announce the launch of HDFC Life ClassicAssure Plus, which is a participating, traditional insurance plan that offers limited premium payment term along with a guaranteed reversionary bonus during the premium payment term. In line with the new regulation, the plan also offers higher death benefit during the policy term. This plan is ideal for meeting long-term financial goals and creating security and prosperity.â€ť
Eligibility Criteria: -The age and term limits for this plan are given below:-
| Eligibility Criteria |
| Policy Terms (Years)
|| 20 |
| Premium paying term(Years)
|| 7 or 10
|| 10 |
| Minimum Entry Age(Years)
|| 30 days |
| Maximum Entry Age(Years)
|| 55 |
| Maximum Maturity Age(Years)
|| 75 |
| Minimum Sum Assured(Rs)
|| 73,516 |
| Maximum Sum Assured(Rs)
|| No Limit, subject to satisfactory underwriting |
Â· Limited pay term: Limited premium paying terms of 7 and 10 years.
A. Maturity Benefit: - On survival till the maturity date and full payment of premiums due throughout the premium paying term, Sum Assured plus accrued bonuses is paid to the policyholder.
B. Death Benefit:- On death of the life assured, provided all due premiums are paid, the company pays the higher of the following:
10 times annualized premium
105% of the premiums paid plus accrued bonuses if any to the nominees. The policy is terminated on payment of the maturity or death benefit.
C. High Sum Assured Discount:- For policies with a Sum Assured of Rs 10 Lakhs and more, a discount of 5% is offered on the basic premium (i.e. excluding policy fee and any underwriting extra premium)
D. Policy Loan:- Loan can be availed under the policy provided the policy has acquired a surrender value and to terms and conditions as the company may specify from time to time.
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