HDFC Standard Life offers a wide range of insurance solution to the customer. HDFC Term Assurance Plan is a pure protection plan, specially designed to help secure family’s financial needs. A lump sum amount will be given to the family of the life assured in case of unfortunate death or critical illness of the life assured during the term of the policy. It is a non-participating plan. No survival benefit is payable at the end of the policy term.
The plan is available for the people aged between 18 years to 60 years. With optional benefits, maximum age is 55 years. The maturity age is up to 65 years. The policy term ranges are from 5 years to 30 years for regular premium payment and for a single premium payment, the policy term ranges are 2 years to 15 years. There is a option of single premiums and regular premium. For a regular premium payment option, the premium can be paid annually, half annually and quarterly. Minimum sum assured is for regular premium option is Rs.8,00,000/-. This plan can be taken on a single life basis or joint life basis. Under joint life basis plan, the death benefit is paid to the survivor.
The plan offers additional optional benefits at a nominal extra cost. The optional benefits such as Critical Illness (CI) Benefit, Accidental Death (AD) Benefit and Accelerated Sum Assured (ASA) Benefit can be taken with basic plan. Critical Illness (CI) Benefits and Accelerated Sum Assured (ASA) Benefit can not be taken together.
Premium paid for the policy is eligible for tax benefit under section 80C and benefit received under this plan exempt from tax under section 10(10D) of the Income Tax Act,1961. Additional premium paid for Critical Illness Benefit and Accelerated Sum Assured Benefit eligible for tax benefit under section 80D.
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