Private life insurer HDFC Life today announced the launch of HDFC Life Guaranteed Income Insurance Plan. The company said that this product provides guaranteed, regular, tax-free benefits and guaranteed death benefit.
With this the company is providing an opportunity for customers to build a financial corpus that would support them through regular and guaranteed income, the company said in a statement.
What is HDFC Life Guaranteed Income Insurance Plan all about?
HDFC Life Guaranteed Income Insurance Plan is a non-linked non-participating individual life insurance savings plan. According to the company, the plan provides guaranteed tax-free benefits after completion of premium payment term and guaranteed death benefit during the entire policy term and this is a savings oriented product.
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As per the information provided by the company, the following benefits are part of the new product;
- The entry age for the plan ranges from 0 (zero) to 65 years
- The plan provides a guaranteed income of 11% to 13% annually as a percentage of the ‘Sum Assured’ under the policy
- This is a non-participating life insurance plan
- Discount on first year premium is available for online purchase; discount of 12% for 8 and 10 years of premium payment term (PPT) and a discount of 15% for 12 and 15 years PPT
- The plan provides life cover even during the income payout phase
- Individuals can choose the income period of 8, 10, 12, 15, 20, 25 or 30 years
- Guaranteed death benefit can be availed of either in lump sum or in monthly installments as a family income benefit option
Aneesh Khanna, head products and segments, HDFC Life, said, “Life insurance as a product category provides the dual benefits of protection and long-term savings. HDFC Life Guaranteed Income Insurance plan offers guaranteed returns and secures policyholders from future uncertainties. The plan offers a choice of premium payment term and life cover even during the income payout phase. We hope individuals make the most of this plan and build a corpus along with a financial safety net for themselves and their families.”
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