Investment Plans 912 views April 15, 2020

Savings are important for securing one’s future financial needs. Savings secure your loved ones from the uncertainties and financial distress in your absence. Apart from creating a pool of savings, protecting them is one of the most challenging aspects. Protecting savings can be done by investing money in RIGHT instruments. HDFC Life Uday insurance plan is one such way to protect your savings. With HDFC Life Uday protects your savings and boosts them with guaranteed additions and bonuses. By buying HDFC Life Uday insurance plan you ensure the financial safety of your loved ones as they receive a lump sum benefit in the event of your unfortunate death.

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Features of HDFC Life Uday Plan

The HDFC Life Uday plan offers a wide range of unique features as under:

  1. The plan is a traditional non-market-linked insurance plan that offers guaranteed returns on invested premium along with life cover.
  2. This plan is for people from every walk of life, with low ticket size the monthly premium of this plan can be as low as Rs 500 while the annual premium amount is Rs 5000
  3. The plan has multiple term options thereby giving the flexibility to choose the policy term as per your needs. With 8 years or 10 years of premium paying term, the policyholder can avail multiple policy terms as per their need
  4. The plan offers guaranteed additions of 3 per cent per year for the first 5 policy years
  5. When the policy gains guaranteed surrender value, the death benefit, in this case, shall continue for one-year even if one-year premium payment defaults.
  6. The policyholder can avail tax benefits on maturity amount and premium paid as per the prevailing tax laws.
  7. The nominee shall receive the accidental death benefit in the event of accidental death of the life assured during the policy term
  8. The policy issuance process is quick and simple.

Eligibility Criteria of HDFC Life Uday Plan

ParticularsCriteria
Age at EntryMinimum 18 Year
Maximum 55 Years
Age at MaturityMinimum 30 Years
Maximum 70 Years
Minimum Sum Assured on MaturityRs 28,465
Maximum Sum Assured on MaturityNo Limit, Subject to the approval of Underwriting Policy
Policy Term12 Years or 15 Years
Premium Payment TermFor 12 years of life cover, the premium paying term is 8 years
For 15 years of life cover, the premium paying term can be either 8 years or 10 years
Premium Payment FrequencyYearly, Half-Yearly, Quarterly or Monthly
Premium AmountMonthly: Rs 500
Quarterly: Rs 1250
Half-Yearly: Rs 2500
Yearly: Rs 5000
No Maximum limit on the premium amount

Benefits of HDFC Life Uday Plan

The HDFC Life Uday is a comprehensive life insurance policy that offers numerous benefits to the policyholder. The benefits offered by the HDFC Life Uday plan is as under:

Maturity Benefit:

Maturity Benefit is payable to the policyholder in the event of survival of the life assured throughout the policy tenure. The maturity benefit under HDFC Life Uday plan is that the life assured shall receive the aggregate amount of:

  1. Sum Assured on Maturity
  2. Accrued Guaranteed Additions
  3. Accrued Reversionary Bonus, Interim Bonus, and Terminal Bonus, if any

Death Benefit:

The death benefit is paid to the nominee in the event of an untimely death of the life assured during the policy tenure, provided all the premiums are paid regularly. The nominee is eligible to receive higher of the following:

  1. Sum assured on death + accrued guaranteed additions + accrued reversionary bonuses (if any) + interim bonus (if any) + terminal bonus (if any)
  2. Kindly note, here the ‘sum assured on death’ will the highest of the following:
  3. Sum assured on maturity
  4. An absolute amount assured to be paid on death, which, in this case, is equal to the sum assured on maturity
  5. 10 times annualized premium for entry age up to 50 years and 7 times annualized premium for entry age greater than 50 years.
  6. 105% of the premiums paid
  7. Kindly note, in the case of accidental death of the life assured during the policy tenure, an additional benefit is paid to the nominee equivalent to 100% of the sum assured on death

Tax Benefits:

Tax benefits are available under this plan. the policyholder is eligible to avail tax benefit on the premium paid under section 80C of the Income-tax Act. Similarly, the amount received as maturity proceeds is eligible for benefit under Section 10(10D) of the Income Tax Act, 1961.

Policy Loan Facility:

Once the HDFC Life Uday Policy acquires surrender value, the life insured can avail loan facility. This loan facility is available against the surrender value of the policy.

Free-Look Period:

The free-look facility is a benefit offered to the policyholder. Any policyholder who is not satisfied with the terms and conditions of the policy he/she has the facility to cancel the policy in the free-look period. Under the HDFC Life Uday plan, the free-look period is of 15 days starting from the date of receipt of the policy. For cancelling the policy, the policyholder has to submit the original policy document along with a signed written letter stating the reason for cancellation. Once the insurance provider receives the policy document and letter, they shall cancel the insurance contract and refund the premium amount by deducting a few nominal charges.

Grace Period:

Under the HDFC Life Uday policy, the policyholder is offered a 30 days grace period for the payment of premium. In the case of monthly premium payment mode, the grace period offered is 15 days. The grace period starts from the date of the unpaid premium. Kindly note, the status of the policy during the grace period shall be ‘in-force’, however, if the premium is not paid in the grace period, then the policy status shall change to ‘Lapsed’.

HDFC Life Uday plan is for people from every walk of life. This plan is designed to secure the future of your loved ones in your absence. Additionally, wealth creation is another important factor in buying this plan. the plan is best suited for individuals looking for an instrument that offers both life cover and savings. The HDFC Life Uday plan proves to be the best insurance plan that helps in achieving financial goals.

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