Investment Plans 550 views December 8, 2020

Do you know HDFC Life ClassicAssure Plus Plan can let your money grow over the years with its guaranteed returns? No! We can let you know how this non-linked participating Life Insurance Plan from HDFC Life can help you achieve your different long-term financial goals. The best part about this investment plan is that you can choose the premium payment term from 7 and 10 years.

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What are the other key benefits of the HDFC Life ClassicAssure Plus Plan that you should know? Well, we will be discussing the same along with other details. Read on to know more!

Key Benefits of the HDFC Life ClassicAssure Plus Plan

Before going further, it’s important to know some of the key benefits of the HDFC Life ClassicAssure Plus Plan so that you can choose the right policy term as well as enhance your benefits. We are showing some of them below. Do check!

  1. With the HDFC Life ClassicAssure Plus, policyholders can choose their premium paying term according to their convenience. HDFC Life provides two options of 7 and 10 years as the premium payment term.
  2. Other than the flexibility of choosing the premium paying term, individuals will also receive a guaranteed reversionary bonus during the premium paying term. These will be Simple Reversionary Bonus and Terminal Bonus.
  3. With this investment plan from HDFC Life, you will continue to get insurance coverage throughout the policy term chosen by you. However, remember you can choose this plan only on an Individual Life Basis.
  4. HDFC Life ClassicAssure Plus also provides the option of a Short Medical Questionnaire that will help policyholders do away with complex medical screening.
  5. If you are an existing HDFC Bank Credit Cardholder and want to choose this plan, you can pay the premium using the EMI Option.
  6. You can enhance covers by opting for a few riders such as Income Benefit on Accidental Disability Rider and Critical Illness Plus Rider.
  7. On choosing a sum assured of INR 10 lakh or above, the policyholders will get a discount on the basic premium amount for such policies.
  8. Under Section 80C and Section 10(10D) of the Income Tax Act, 1961, policyholders can enjoy the tax benefits up to INR 1,50,000.
  9. In an emergency, you can also opt for a loan against your HDFC Life ClassicAssure Plus Plan. The loan amount would be up to 80% of the surrender value at the interest rate of 14% per annum.

Let’s Explain HDFC Life ClassicAssure Plus Benefits

We are showing the benefits of the HDFC Life ClassicAssure Plus in detail so that you can understand it better. Please check!

Maturity Benefits

If you survive till the maturity date and also make the full payment of the due premiums throughout the overall premium payment term, HDFC Life will give a lump sum amount at maturity. This amount will be equal to the Sum Assured at Maturity plus accumulated bonuses as we mentioned before.

Death Benefits

If the policyholder dies during the policy term of this investment plan, the nominee or beneficiary will receive an amount as a death benefit. To get this amount, all due premiums must have been paid. The nominee will get the highest of the following as a death benefit.

  1. Basic Sum Assured on Death
  2. 10 times the Annualized Premium towards your policy
  3. 105% of the Total Premiums Paid by the Policyholder

Along with this, the company will also pay the accumulated bonus to the nominee (if there is any).

Rebate on Choosing High Sum Assured

As we mentioned earlier too, policyholders who choose a sum assured of INR 10 lakh or above, will get a discount of 5% on the basic premium. This discount will be excluded from the policy fee and any underwriting extra premium.

Flexibility in Premium Frequency

With HDFC Life ClassicAssure Plus Plan, policyholders can choose the premium amount according to their income and convenience. The premium payment options are Annual, Half-yearly, Quarterly, and Monthly. What is the minimum premium for all these options? We are showing the same in the table below. Please check!

FrequencyMinimum Premium Installment
AnnualINR 12,000
Half-yearlyINR 6,000
QuarterlyINR 3,000
MonthlyINR 1,000

HDFC Life ClassicAssure Plus Plan Criteria

Want to know the necessary conditions related to the HDFC Life ClassicAssure Plus Plan? Well, we are showing them below. Have a look!

  1. The minimum entry age for this investment plan can be 8 years, 3 years and 30 days for the policy term of 10, 15 and 20 years, respectively. On the other hand, the maximum entry age can be 55, 60 and 55 years for the same policy term.
  2. Policyholders can also choose the premium paying term from 7 and 10 years.
  3. An individual can be a maximum of 65 or 75 years of age at maturity according to the policy term he/she has chosen.
  4. The minimum sum assured on maturity varies according to the policy term. For 10 years, this amount is INR 49,447. For 15 years, the minimum amount is INR 48,032, while for the 20-years Policy Term, this amount stands at INR 73,516. However, there is no maximum limit on the same.
  5. The grace period for the HDFC Life ClassicAssure Plus Plan is fixed at 30 days if an individual has chosen yearly, quarterly or half-yearly frequencies as the premium paying term. However, for the monthly mode, the grace period stands at 15 days from the premium due date.

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