HDFC Life ClassicAssure Plus
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| Launch Date | UIN | Status |
| 14/12/2017 | 101N089V03 | Active |
About HDFC Life ClassicAssure Plus Plan
- HDFC Life ClassicAssure Plus plan is a limited premium paying endowment plan
- Primary objective of this plan is investments with low-risk returns
- It offers a financial cushion to secure the family’s future
- Fixed policy term (10 or 15 or 20) allows planning for specific life goals
- Limited premium payment term of 7 years for 10 or 15 years (policy term) and 10 years for 15 or 20 years (policy term)
- Guaranteed Reversionary bonus to be a minimum of 3% p.a. of sum assured during the premium paying term.
- Option of an additional benefit on diagnosis of 19 critical illnesses in the form of riders
How does HDFC Life ClassicAssure Plus work?
Under HDFC Life ClassicAssure Plus, an individual chooses a policy term a fixed policy term (10 or 15 or 20) and premium paying term of 7 or 10 years accordingly for a sum assured. For a sum assured of Rs 10 lakhs or above, he can get discount of 5% on basic premium. On completion of the premium paying term, the individual receives a Maturity Benefit which is a lumpsum comprising of the Sum Assured and accrued bonus. If the insured passes away during the policy term, his nominee receives the Death Benefit which is a lumpsum amount called Sum Assured, which is the higher amount among the following:-
- Basic Sum Assured
- 10 times of the yearly premium amount paid till death
- 105% of the premiums paid till death
Consider,
Person’s age: 32
Sum assured: Rs 10 lakhs
Premium Paying Term: 7 years
Policy term: 10 years
A 32-year-old individual pays a premium of INR 1,88,791 annually for 7 years for a policy term of 10 years. After the policy term is over, on maturity he receives a lumpsum of approximately Rs 18,30,000 as the maturity amount, which is inclusive of accrued bonus. Incase of death of the individual before the end of policy term, his nominee will receive death benefit lumpsum, which includes accrued bonus and is of a higher valuation than the Sum Assured or the total annual premium paid till his death, that is approximately Rs 19,17,910.
Why should you buy HDFC Life Classic Assure Plus Plan?
- It is a low-risk investment option that provides monetary gains over the years
- High Life cover ratio means higher bonus amounts.
- This plan can be used to avail loans.
- Premiums paid are tax exempt under Section 80C and maturity amount is tax free under section 10(10D).
COMPARE & BUY SIMILAR PLANS
Bonus History
Company Name : HDFC Standard Life Insurance
Plan Name : HDFC Life ClassicAssure Plus Plan
| BonusYear | RevBonus | MinPT | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2013-14 | 3% | |||||||||
| 2014-15 | 3% | |||||||||
| 2015-16 | 3.50% | 10 | ||||||||
| 2015-16 | 4% | 15 | ||||||||
| 2015-16 | 4.50% | 20 | ||||||||
| 2016-17 | 3.50% | 10 | ||||||||
| 2016-17 | 4% | 15 | ||||||||
| 2016-17 | 4.50% | 20 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
Who should buy HDFC Life ClassicAssure Plus Plan?
- Entry age for 10-year term - 8 years to 55 years.
- Entry age for 15-year term - 3 years to 60 years.
- Entry age for 20-year term - 30 days to 55 years.
- Maximum age at maturity for the 10-years term is 65 years and for other terms, it is 75 years.
- An individual who is looking out for a low-risk investment that pays guaranteed amount.
- People planning for specific life goals like a bigger house, world trip, daughter’s marriage, and so on.
Rider:
HDFC Life Critical Illness Plus Rider: On diagnosis of any one of the specified 19 critical illnesses, a person and his family gets a lump sum benefit that can be used to cover expenses associated with the illness.
Company Overview
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.
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