HDFC Savings Assurance Plan

HDFC Savings Assurance Plan is a 'With Profits' savings plan, which helps you build your long-term savings conveniently and ensures that your family is protected even if you are not around.

• This is a Traditional Endowment Plan with Bonus facility.
• This is a 10 year plan with Regular Premium Payment.
• If the Life Insured dies in the first policy year, only 80% of the premium would be paid as Death Benefit

• HDFC Savings assurance plan is a traditional endowment plan with bonus.
• On Policy Maturity, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit
• Only fixed term of 10 years can be opted.

•  Maturity :
  On maturity, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit and the policy would be terminated. Interim or Terminal Bonus may also be paid.
•  Death :

1. In the first Policy Year, 80% of the premium paid would be paid back to the nominee as Death Benefit and the policy would be terminated
2. After the first Policy Year, 100% of the Premiums paid till date + Compound Interest at 6% p.a. would be paid to the nominee as Death Benefit and the policy would be terminated.

• Premium:

1. The annual premium payable for a Sum assured of Rs. 1 lakh
2. The premium that needs to be paid by you would depend on the Sum Assured chosen by you and the premium payment frequency.
3. The premiums need to be paid at the original level during the entire policy term and no alterations to premium will be allowed.

• Simple reversionary bonuses:

1. At maturity, the policy pays out the basic sum assured plus reversionary bonuses declared during the policy term. Interim or terminal bonus may also be payable.
2. On the death after the first year and during the policy term, all premiums paid to date will be returned with compound interest calculated at 6% per annum, subject to a maximum of the sum assured plus reversionary bonuses declared to date.

• What happens if?

1. You stop paying the premium: The policy will lapse if the premium stops. However, it can be revived within 3 years from the date of first unpaid premium.
2. You want to surrender the policy: If premiums for 3 years have been paid up, then surrender of policy is allowed. There is a minimum Guaranteed Surrender Value available with this plan.
3. You want a loan against your policy: There is no Loan available under this plan.

Not Available

There are No Exclusions under this product.

Tax Benefits

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Benefit is tax fee under section 10(10)D subject to fulfilment of terms and conditions

Know Claim Process of HDFC Savings Assurance Plan

Claim Process

HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.HDFC Ltd. holds 70.65% and Standard Life (Mauritius Holding) 2006 Ltd. holds 26.00% of the equity in the joint venture while the rest is held by others.