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:
Modes of Payment |
Single premium |
Claim Settlement Ratio of the Insurer |
97.8% |
USPs of the Policy |
|
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%. |
Firstly, an individual is required to select one life coverage variant from the following:
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:
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:
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:
In case of the untimely demise of the insured, the nominee receives the higher of the following:
In addition to the benefits mentioned earlier, here are some more reasons to consider buying the HDFC Life Classic One 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.
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.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.