HDFC Life launches Regular Income Insurance Plan

Limited premium paying term of 8, 10 & 12 years

January 13, 2014 12:40 IST | India Infoline News Service
HDFC Life, India’s leading long term private life insurance solutions provider announced the launch of HDFC Life Super Income Plan, a new traditional, with profits plan under savings category. Under the new product regime, HDFC Life recently launched 11 traditional plans and 10 ULIPs. This new plan enhances the company’s robust product portfolio.

Speaking about this launch Sanjay Tiwari, Vice President - Products, HDFC Life said, “Super Income Plan is a much awaited product for us as it fills in a critical gap in our current product portfolio. HDFC Life Super Income Plan will help customers to fulfill multiple needs like planning for child’s education, retirement planning or simply to save for increasing expenses in future. This product offers higher death benefit to the customers in line with new regulations and also helps customers to secure their future with Guaranteed Regular Income.“

HDFC Life Super Income is a Regular Income Plan which along with protection coverage provides the following benefits to the customer:
1. Regular Income: after the end of premium payment term, customer gets a guaranteed regular income for a payout period of 8, 10, 12 or 15 years as per plan option chosen
2. Lump-sum payout at maturity: the plan participates in the profits of the company, payable to customer in lump-sum at the end of policy term

This plan gives customer flexibility to choose from 6 plan options with different term combinations. Each plan option offers a different level of guaranteed regular income defined as a percentage of “Sum Assured on Maturity”. This Sum Assured on maturity is chosen by customer at policy inception, allowing customer to define his/her own benefits.

Therefore if a customer chooses plan option1, he or she will need to pay premiums for 8 years,
Will get a guaranteed regular income for next 8 years and At the end of 16th year customer will get accrued bonuses paid out along with the last installment of regular income.
This plan is ideal for individuals who want to save for a limited term and need regular income at their disposal in future.

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