HDFC Life Classic One
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About HDFC Life Classic One Plan
The HDFC Life Classic One plan is a unit-linked life insurance plan (ULIP) that can be purchased with a single premium. The plan offers life coverage for two individuals, wherein a sum of 10 times the single premium is offered for your spouse or nominee in case of the untimely demise of either. Your fund is additionally boosted with loyalty additions.
Let’s understand this plan in brief before getting into its details:
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Modes of Payment |
Single premium |
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Claim Settlement Ratio of the Insurer |
97.8% |
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USPs of the Policy |
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Illustration |
Age: 30 years Sum payable to the insured on maturity of the fund is Rs 25,69,290 with the rate of return assumed at 4% and Rs 37,27,241 with the rate of return assumed at 8%.
Sum payable to the insured if death occurs in the 6th year is Rs 25,00,000 with the rate of return assumed at 4% and Rs 28,60,463 with the rate of return assumed at 8%.
Sum payable to the insured if death occurs in the 9th year is Rs 25,00,000 with the rate of return assumed at 4% and Rs 34,57,241 with the rate of return assumed at 8%. |
How Does This Plan Work?
Firstly, an individual is required to select one life coverage variant from the following:
- Single Life Coverage – One life is covered
- Joint Life Coverage: Two lives are covered and the lump sum payment is made to a nominee after the death of the second covered individual. The relationship between the two policyholders can be that of a spouse/child/parent/grandparent/co-borrower.
Secondly, the individual is required to select a premium amount (single), policy term (10 to 21 years), sum assured, and funds for allocation.
The premiums will be invested in one of the following funds or a combination of them, which the policyholder has to decide beforehand:
- Discovery Fund
- Money market and cash instruments: 0% to 10%
- Government securities, fixed-income instruments: 0% to 10%
- Equity and equity-related securities: 90% to 100%
- Risk rating: Very High
- Equity Plus Fund
- Money market and cash instruments: 0% to 20%
- Government securities, fixed-income instruments: 0% to 20%
- Equity and equity-related securities: 80% to 100%
- Risk rating: Very High
- Diversified Equity Fund
- Money market and cash instruments: 0% to 40%
- Government securities, fixed-income instruments: 0% to 40%
- Equity and equity-related securities: 60% to 100%
- Risk rating: Very High
- Blue Chip Fund
- Money market and cash instruments: 0% to 20%
- Equity and equity-related securities: 80% to 100%
- Risk rating: Very High
- Opportunities Fund
- Money market and cash instruments: 0% to 20%
- Equity and equity-related securities: 80% to 100%
- Risk rating: Very High
- Balanced Fund
- Money market and cash instruments: 0% to 20%
- Government securities, fixed-income instruments: 0% to 60%
- Equity and equity-related securities: 40% to 80%
- Risk rating: Moderate to high
- Income Fund
- Money market and cash instruments: 0% to 20%
- Government securities, fixed-income instruments: 80% to 100%
- Risk rating: Moderate
- Bond Fund
- Money market and cash instruments: 0% to 60%
- Government securities, fixed-income instruments: 40% to 100%
- Risk rating: Moderate
- Conservative Fund
- Money market and cash instruments: 0% to 60%
- Government securities, fixed-income instruments: 40% to 100%
- Risk rating: Low
Maturity Benefit
The sum assured is payable in two ways – lump sum payment and systematic withdrawal of a plan over 2 to 10 years. The following are the maturity benefits of the two plan options:
- Single Life Coverage: On survival, the fund value will be paid at maturity.
- Joint Life Coverage: On survival of at least one of the insured, the entire fund value will be paid.
Death Benefit
In the Joint Life Coverage variant, the sum assured is payable after the death of the second life covered by the plan. In case any one of the two face an untimely demise, the surviving insured has the following two options:
- The individual can fully withdraw the sum assured and continue with the policy coverage
- The individual can withdraw any amount and continue the policy with the coverage as per the policy provisions
In case of the untimely demise of the insured, the nominee receives the higher of the following:
- Total fund value, which includes single premium fund value + top-up premium fund value
- 105% of total premiums paid + top-up premiums
Why Should I Buy This Plan?
In addition to the benefits mentioned earlier, here are some more reasons to consider buying the HDFC Life Classic One plan:
- Loyalty additions are available as extra units at the end of the 10th policy year
- Investments are flexible with a total of 9 funds
- The plan allows unlimited free switches
- The plan offers the benefit of rupee cost averaging with the Systematic Transfer Plan (STP) provision
COMPARE & BUY SIMILAR PLANS
Who Should Buy This Plan?
The plan can be purchased by citizens of India with a minimum age of 0 years and maximum age of 50 years. The plan is a perfect option to get profits from the share market with a death cover for one or two insured persons.
Company Overview
HDFC Life is a joint venture between HDFC Limited and Standard Life plc, one of the leading financial service providers from UK. The company offers a wide range of individual and group insurance products to meet the various financial needs of customers.
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