HDFC Life has launched a new insurance plan which offers guaranteed income of 11% to 13% annually as a percentage of the sum assured under the policy. The product HDFC Life Guaranteed Income Insurance plan also offers guaranteed, regular, tax-free benefits and guaranteed death benefits.
Mr Aneesh Khanna – Head of Products & Segments, HDFC Life said, “At HDFC Life, our aim is to ensure financial security for our policyholders and their loved ones. Life insurance as a product category provides the dual benefits of protection and long-term savings."
Mr Khanna added, "HDFC Life Guaranteed Income Insurance plan offers guaranteed returns and secures policyholders from future uncertainties. The plan offers a choice of premium payment terms 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."
HDFC Life's new insurance plan gives a discount on first-year premiums for online purchases. There is also a discount of 12% for 8 and 10 years of a premium payment term (PPT) and a discount of 15% for 12 and 15 years PPT.
The plan also provides life cover even during the income payout phase.
A policyholder will have the option to choose the income period of 8, 10, 12, 15, 20, 25, or 30 years.
Additionally, the policy provides guaranteed death benefits either in a lump sum or in monthly instalments as a family income benefit option.
The entry age for the plan ranges from 0 (zero) to 65 years and the plan is a non-participating life insurance one.
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 a regular and guaranteed income.
HDFC said, life insurance is a necessity for every individual with responsibilities and long-term financial goals. HDFC Life Guaranteed Income Insurance Plan can enable the fulfillment of these goals, reported Mint.