HDFC Life Endowment Assurance

HDFC Endowment Assurance Plan is a Traditional Participating Endowment Plan. Thus, it is a non-linked Insurance Plan with Bonus facility.In this plan, premium needs to be paid till the end of the policy tenure, i.e. for the entire period of 10 years.

• This is a Traditional Endowment Plan with Bonus facility.
• This plan has Simple Reversionary Bonus compounded annually.
• On Policy Maturity, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit.
• There are 3 additional riders available with this plan.

• HDFC Endowment Assurance Plan is a Traditional Endowment Plan with bonus facility.
• This plan can be opted for Single or Joint Life Basis.

• Maturity Life :
  Insured dies within  Policy Tenure, the basic Sum Assured + the accrued Reversionary Bonus would be paid to the nominee as Death Benefit and the policy would be terminated.
• Death :
  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. Terminal Bonus may also be paid at the end of the Policy Tenure

• 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.
• You want to surrender the policy: If premiums for 3 years have been paid up, then surrender of policy is allowed. Minimum Guaranteed Surrender Value= 50% of all Premiums paid – 1st Year’s Premium
• You want a loan against your policy: There is no Loan available under this plan.

• Critical Illness Benefit Rider :
  The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit.
• Accidental Death Benefit Rider :
  In case of death due to an accidentof the Life Assured, the Rider Sum Assured chosen will be paid to the nominee. Accident shall mean a sudden, unforeseen and involuntary event caused by external and visible means, and death has to be due to a direct result of the accident and within 180 days of the date of accident.
• Waiver of Premium Benefit Rider :
  In the event of death of the Life Assured, the future premiums gets waived off and all benefits remain intact in the policy and is paid to the nominee as per the policy features and terms & conditions.

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

Tax Benefits

Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961

Know Claim Process of HDFC Life Endowment Assurance

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.