HDFC Life CSC Suraksha Plan

We often fear whether our family would be able to continue their lifestyle in case we are not around with them. That’s where a life insurance plan can help you by protecting your family’s future. You could get HDFC Life CSC Suraksha Plan through the common services center (CSC) channels.. With these channels, a life insurance plan can reach rural areas where individuals don’t have much knowledge about the importance of securing their families’ future with a plan. Some of the most striking features of the HDFC Life CSC Suraksha Plan are as follows-

1. Lump sum payment in the event of an unfortunate death
2. Flexible policy term
3. Affordable premium amount
4. Free look period of 15 days
5. Grace period of 30 days
6. Tax benefits

Now you would want to know these key features in detail. Well, we will be discussing the same along with benefits, policy terms, premium payment terms, eligibility, etc. Do read to know more!

Key Features of HDFC life CSC Suraksha Plan in Detail

HDFC life CSC Suraksha Plan is a non-linked non-participating term insurance plan that can help individuals secure their future. Let’s discuss its features in detail.

Death Benefit

If a policyholder dies during the policy term, the nominee or beneficiary will receive a lump sum amount as a death benefit. This amount can be the highest of the following.

1. Sum assured amount on death
2. 10 times the annualized premium (premium payable in a year excluding taxes, rider premium, etc.)
3. 105% of the total premiums paid as on the date of death

After the payment of the death benefit, the policy will terminate and no further benefits shall be given. Also, do remember that all premiums must have been paid till the date of death and your policy should be in force.

Flexible Policy Term

In the case of HDFC Life CSC Suraksha Plan, you can choose the policy term ranging from 5 to 15 years. Coming to the premium payment term, it will be the same as the policy term. Suppose you choose a policy term of 10 years, you will need to pay the premiums for 10 years.

Free Look Period

If you are not satisfied with the terms and conditions of your policy, you can get a free look period of 15 days from the date of receipt of the policy. You will also need to state the reason behind returning the policy along with the policy documents. The company will refund the premium to you.

Grace Period

Policyholders will also be able to enjoy a grace period of 30 days from the premium due date within which you can pay the premium without having any risk of a lapse in your policy benefits. However, if you don’t pay the premium within this grace period, the policy shall lapse.

The revival of a Lapsed Policy

Policyholders can also revive their lapsed policy within 5 years from the date of the first unpaid premium. To do the same, you will need to pay all the outstanding premiums along with an interest on the same. The current rate of interest for revival stands at 9.50% per annum.

Tax Benefits

On the premium amount paid towards the policy and on the benefits received, individuals can also enjoy tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.

What will be the Minimum Annual Premium Amount?

For the HDFC Life CSC Suraksha Plan, individuals need to pay a minimum annual premium amount of INR 112. However, you can choose from different premium paying frequencies — monthly, quarterly and half-yearly.

What is the Sum Assured for HDFC Life CSC Suraksha Plan?

In the case of this Plan, the minimum sum assured can be as low as INR 30,000, whereas it can go up to INR 2,00,000.

HDFC Life CSC Suraksha Plan Eligibility Criteria

Let’s check some important conditions related to the HDFC Life CSC Suraksha that you need to meet.

1. The entry age for an individual ranges from 18 years to 55 years.
2. The maturity age for any individual under this plan can be 23 years to 60 years.