HDFC ULIP: Features and Benefits HDFC - Fusion - WeRIndia

HDFC ULIP: Features and Benefits

HDFC ULIP: Features and Benefits

HDFC – Housing Development Finance Corporation:

HDFC is one of the biggest and best insurance companies in India. It stands on the 4th position regarding to the market share of 4.7 % (2015 – 16 financial year). HDFC was established in the year 2000. HDFC Life is an insurance policy provider which offers a plethora of insurance plans to choose from in the sectors of health, child plans, travel, life, retirement, and many more sectors to choose from.

HDFC Life is HDFC Standard Life Insurance Company Limited which is a joint venture between one of India’s largest investment companies – Standard Life Aberdeen plc and one of India’s leading housing finance institutions – Housing Development Finance Corporation Limit. HDFC offers the public with many financial and banking services.

HDFC insurance company offers around 31 individual policies as well as 10 group insurance policies among which it offers many ULIP plans as well.


ULIP:

A ULIP is a unit linked insurance plan. The ULIP plan is a combination of an insurance plan and an investment plan which is what makes it one of the best options to choose from. If an individual takes up a ULIP plan, then they will receive the sum assured through the comprehensive insurance policy as well as return on investments through the investment plan. It is a two – in – one plan which gives double the benefits for the price of one.

There is only one other plan which does that, it is the Endowment plan. The ULIP has a high return on the investments you make through the premiums of the insurance plan.

HDFC ULIP Plans:

HDFC ULIP Plan Features, benefits and more
HDFC Life Click 2 Invest Type: Savings and Investments plan
Death benefit: In case of the unfortunate death of the policy holder, this insurance plan will provide a death benefit to the family or the nominees of the insured. The amount to be given as the death benefit is either the value of the fund of the insurance up until the death of the policy holder or is a percentage of 105 % of the entire amount of premiums that were paid till the death of the insured by the policy bearer, whichever amount of these two funds has a larger value will be paid. There are about 8 types of this fund available to choose from.
Tax Benefits: Tax exemptions are allowed under Section 80 C and Section 10 (10 D) of the Income Tax Act.
Age: To be able to get this policy started, the potential insured has to be a minimum of 30 days old and cannot be more than 65 years of age.
Term: The tenure of the policy can range any number of years between 5 years to 20 years.
Maturity: The minimum maturity age of the insurance plan is 18 years and the maximum maturity age is 75 years.
Sum Assured: The sum assured of this ULIP plan is the value of 1.25 times the Single Premium or 10 / 7 times the premium per annum.
HDFC Life Pension Super Plus Type: Pension or Retirement Plan
Death Benefit: The death benefit is valued at a rate of 105 % of the entire sum of premiums that the insurance bearer has paid or the sum of 6 % of the premiums paid per year, whichever of these amounts holds a higher value.
Age: To be able to enter into this plan, the potential insured has to be a minimum of 35 years and cannot be more than 65 years of age.
Term: The term of this plan can range any number of years between 10 years to 20 years.
Vesting Age: The minimum age for vesting the policy is 55 years and the plan cannot be vested after 75 years of age.
Vesting benefits: The insurer will pay an amount of the fund value or 101 % of the paid premiums by the insured, whichever amount holds a higher value.
Tenure Benefit: After the completion of 10 years in the tenure of the policy, a sum amounting to 102.5 % is allocated to the fund value.
HDFC SL Crest Type: Limited Premium Paying
Death Benefit: In case of the death of the policy holder, the sum assured is paid to the nominees of the insured.
Death before the age of 60 years: The higher amount of either the fund value or the sum assured net of partial withdrawals made 2 years before the death will be paid.
Death after the age of 60 years: The higher amount of either the fund value which is 105 % of the entire premium or the sum assured net of partial withdrawals made after age 58 years is paid.
Tax Benefits: Tax exemptions are allowed under Section 80 C and Section 10 (10 D) of the Income Tax Act.
Age: To be able to enter into this plan, the potential insured has to be a minimum of 14 years and cannot be more than 55 years of age.
Sum Assured: It is the sum amount of the value of 10 / 7 times the yearly premium or 20 times the yearly premium.
Options: There are 4 fund options under the HDFC SL Crest to choose from.
Maturity Age: The maturity age in the HDFC SL Crest insurance policy is 65 years of age.
Term: The term of this plan is 10 years.
Premium Paying Term: The premium paying term of the HDFC SL Crest insurance plan is 5 years which is 5 years lesser than the tenure of the insurance policy.

 

The unit linked insurance plans by HDFC have really good benefits and will give out really good sum assured amount when claimed for. Purchase ULIP plans by HDFC and get your claims settled and get a good return on your investments. HDFC ULIP has been providing people with insurance and investment benefits for many years, and it will continue to do so. So, choose well!

Image Reference: Google

Image Reference: Google

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