Edited By: Namit Singh Sengar
Last Updated: February 25, 2023, 12:56 IST
The entry age for the plan ranges from 0 (zero) to 65 years. (Representative image)
The plan provides life cover even during the income payout phase
Private life insurer, HDFC Life today announced the launch of HDFC Life Guaranteed Income Insurance Plan. The company said that this product provides guaranteed, regular, tax-free benefits and guaranteed death benefit.
With HDFC Life Guaranteed Income Insurance Plan, the company is providing an opportunity for customers to build a financial corpus that would support them through regular and guaranteed income, the company said in a press statement.
What is HDFC Life Guaranteed Income Insurance Plan all about?
HDFC Life Guaranteed Income Insurance Plan is a non-linked non-participating individual life insurance savings plan. According to the company, the plan provides guaranteed tax-free benefits after completion of premium payment term and guaranteed death Benefit during the entire policy term and this is a savings oriented product.
Also Read: This LIC Policy Offers Special Premium Rates For Women And Non-Smokers; Check Details Here
As per the information provided by the company, the following benefits are part of the new product;
- The entry age for the plan ranges from 0 (zero) to 65 years
- The plan provides a guaranteed income of 11% to 13% annually as a percentage of the ‘Sum Assured’ under the policy
- This is a non-participating life insurance plan
- Discount on first year premium is available for online purchase; discount of 12% for 8 and 10 years of premium payment term (PPT) and a discount of 15% for 12 and 15 years PPT
- The plan provides life cover even during the income payout phase
- Individuals can choose the income period of 8, 10, 12, 15, 20, 25 or 30 years
- Guaranteed death benefit can be availed of either in lump sum or in monthly installments as a family income benefit option
Aneesh Khanna, head products and segments, HDFC Life, said, “Life insurance as a product category provides the dual benefits of protection and long-term savings. HDFC Life Guaranteed Income Insurance plan offers guaranteed returns and secures policyholders from future uncertainties. The plan offers a choice of premium payment term and life cover even during the income payout phase. We hope individuals make the most of this plan and build a corpus along with a financial safety net for themselves and their families.”
Read all the Latest Business News here
