HDFC Standard Life Insurance - Buying Plans for First Time Buyers

Life is a game at play and every game has its key players. Every player needs protection to get to one stage from another. Without this protection, any player will not be able to survive. A protection that should be chosen is not one that stagnates after a period of time but one that helps the player move forward in life without any hurdles.

HDFC Life Insurance offers this protection to the player and the dependents on this player. HDFC life insurance insures the movement of each player without any major stumbling blocks.

Overview

Let’s look at some of the more popular insurance schemes promoted by HDFC:

Insurance Plans	Age Of Entry	Age Of Maturity	Sum Assured	Policy Tenure	Mode Of Paying Premiums
Standard Life Insurance	18 years to 65 years	75 years	Rs. 25 Lakh Onwards	10 years to 40 years	Annually, Half-Annually Quarterly and Monthly
Endowment Plan	18 years to 60 years	75 years	Rs. 2,45,145 Onwards	15 years to 30 years	Annually, Half-Annually Quarterly and Monthly
Retirement Plan	18 years to 65 years	75 years	Rs. 2 Lakh Onwards	10 years to 40 years	Annually, Half-Annually Quarterly and Monthly
Child Plan	30 years to 60 years	75 years	Based on the age and the premium	15 years to 25 years	Annually, Half-Annually Quarterly and Monthly
Saving Investment Plan	30 years to 45 years	70 years	Rs. 1 Lakh Onwards	15 years to 25 years	Annually, Half-Annually Quarterly and Monthly

Why choose HDFC Life Insurance?

The life insurance plans offered by HDFC contain a plethora of attributes. First time buyers, will find a lot of plans that will agree to their tastes. These plans are tailor made to meet the requirements of first-time buyers and proper guidance for the same is given. Some of the plans that come under this scheme are protection plans, health insurance plans, saving and investment plans, etc.

Features of HDFC Life Insurance

Features of the HDFC Life Insurance includes:

·         Coverage of an individual buyer till 75 years of the buyer’s lifetime.

·         Wholesome Tax benefits at no additional costs.

·         Helps in providing a stable income post retirement of the buyer.

·         Helps in additional creation of wealth, investment planning and health insurance.

Benefits of HDFC Life Insurance

The benefits of the HDFC life insurance plan are many as they open up a plethora of benefits to both the buyer and the rider. These include:

·         On time disbursal of the fund with additional benefits to the buyer on the maturity of the fund.

·         Health insurance for those choosing the health insurance schemes.

·         Some funds provide for children’s education and even marriage.

·         Separate women’s policies for the modern workingwomen.

·         Buyers enjoy various tax benefits on their chosen life insurance plan under the Income Tax Act.

Eligibility

HDFC life insurance has a minimum age of 18 years and the maximum age of entry is 60 to 65 years. However, for the child investment and the saving investment plan the age of entry and exit is 30 to 45 years.

Maturity

The maturity of the term or the age of maturity differs from term to term. However, the term plans do not exceed 75 years. The age of maturity for the savings investment plan does not exceed 75 years.

Inclusions

The plan includes group insurance plans that cover a wide range of groups. Some inclusions are:

·     Fixing of easy EMI for payment of premiums that can be chosen by the buyer. The buyer at no additional costs can also choose the tenure of the plan.

·         Some plans include a distribution rate of 102.5% from the eleventh year of the plan.

·         The health insurance also takes into account insurance for cancer treatments as well as hospitalization charges and major operations.

·       Savings plan that also work as insurance plans to meet unforeseen requirements or circumstances.

·      Also includes birth of a child right up to the marriage of the child and is inclusive of education facilities.

Exclusions

The plan excludes anyone committing suicide within 12 months of buying the plan or a person who does not disclose his/her terminal illness at the time of purchase of the plan.

Documents required

Proof of identity and proof of residence has to be provided to the bank for purchase of HDFC life insurance.

Claim Process

There is a three-fold claim policy, which includes:

·         Filling and filing of the claims form.

·         Attaching relevant documents as per the plan and that has been notified from time to time to the policyholder.

·         Submission of the claim documents at the nearest branch of the Bank.