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Fund Performance Check

Online Buy Support

Branch Locator

Policy Holder Services

Fund Performance Check

1 What is the maturity Process? What documents are required for maturity payout?

If a plan is eligible for maturity benefit, then the same is paid to the customer after the policy maturity date. Following documents are required to be submitted by the customer for processing payout:

  1. Mandatory Document- PAN Card copy

  2. Preprinted personalized cancelled cheque /Last 3 month’s bank statement with Policyholder/beneficiary name, Account number and IFSC code clearly visible.

Note:

  • In case of a Children or YoungStar or any other beneficiary plan, submit PAN Card copy and Preprinted personalized cancelled cheque of Beneficiary

  • If Income tax is paid in a foreign country, following documents are required - Valid Tax Residency Certificate (TRC), Form 10F, Tax Declaration for NRI customers.

  • TDS is applicable on payouts as per TDS guidelines.

  • Please note– If you wish to receive the payout in your NRE account, we would require

NRE account bank statements - Refund to NRE account (full or proportionate) will be subject to ratio of premium(s) paid through NRE account. Please submit a Bank Statement or Bank confirmation letter as evidence for premium(s) paid through NRE account. In case of proportionate payout, please provide two NEFT documents (cancelled cheque/Bank statement) i.e. for NRE account and non-NRE account

  • In case of assignment, the maturity benefit will be paid to the Assignee. Hence, submit NEFT details of the Assignee. If otherwise, NOC from the Assignee should be produced.

  • In case of death of Payee, death certificate of the Payee would be required to process the maturity payout.

2 How to submit the documents for maturity process?

3 Is any intimation letter sent before the maturity of the policy?

4 Are Beneficiary documents required at the time of maturity?

5 What is Enhanced cash/cover option?

This option is available for HDFC Life Sampoorn Samridhi plan

Enhanced Cash Option (default option): The maturity benefit consists of Sum Assured, revisionary bonuses, if any, interim and terminal bonus applicable, plus additional enhanced terminal bonus.

Enhanced Cover Option##: The maturity benefit consists of Sum Assured, revisionary bonus, if any, interim and terminal bonus applicable, and additional Sum Assured payable on the death of the Life Assured up to age 99 years. This option does not have additional enhanced terminal bonus.

##This benefit is allowed only if all the premiums due under the policy have been paid.

6 What is TRC?

TRC stands for Tax Residency Certificate and is required to be submitted by customers residing and paying taxes overseas. It is mandatory for non-residents to produce a TRC issued by the Govt. or revenue/tax authority of the country of residence. This is a must to extend the benefit of Double Taxation Avoidance Agreement that India may have with that country.

7 Is PAN Aadhaar linkage section important?

As per Govt of India mandate, PAN needs to be mandatorily linked with Aadhaar. In case your PAN is not linked with Aadhaar, PAN shall become inoperative under the Income-Tax law resulting in higher tax deduction at source from any payouts due to you. Visit this site to link your PAN and Aadhaar: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar

8 Can I get maturity payout in NRE account?

Refund to NRE account (full or proportionate) will be subject to ratio of premium(s) paid through NRE account. Please submit a Bank Statement or Bank Confirmation letter as an evidence of premium(s) paid through NRE account. In case of proportionate payout, please provide two NEFT mandates i.e. for NRE account and non-NRE account.

9 When are the Moneyback Payouts given?

For policies purchased before 06/09/2010:

Moneyback payouts will be made at regular 5 year intervals during the policy term.

For policies purchased on/after 06/09/2010:

Moneyback payouts will be made at regular 4 year intervals during the policy term.

*Money Back payout intimation letter is sent 90 days prior to the payout due date.

10 Who will get maturity payout if my policy is assigned? (Assigned policy maturity)

In case of assignment, the maturity benefit will be paid to the Assignee. Hence, submit the NEFT details of the Assignee. If otherwise, NOC from the Assignee should be produced.

11 What is the Maturity Benefit of my policy?

Maturity benefit is a lump-sum amount that the insurance company pays to the Life Assured after the maturity of insurance policy. Maturity benefits will vary for conventional and Unit Linked policies. It also differs from product to product.

  • For policies which offer a bonus: Sum Assured plus the bonus is paid to the insured upon maturity.

  • In addition, some policies offer a loyalty addition, as the name suggests, loyalty addition is the extra amount which you get along with Sum Assured if you stayinvested for the entire policy term.

  • For policies that do not offer a bonus, upon maturity, the Sum Assured or a refund of the premium or no money is receivable by the insured (depending on the type of policy selected).

  • For select policies, the Sum Assured or Fund Value is paid to the insured upon maturity.

Please refer to the ‘Standard Policy Provision’ section in your policy document for Maturity benefits. You may also refer to our website for plan details.

1 What is annuity?

An Annuity is a contract aimed at generating steady income during retirement, where in lump sum payment is made by an individual to obtain certain amounts immediately or at some point of future. Click here to know more about our annuity plan https://www.hdfclife.com/retirement-and-pension-plans/new-immediate-annuity-plan

2 What is pension plan?

3 What is the annuity process?

4 What is annuitization?

5 What are tax implications of annuity?

Annuities do not offer any tax benefit to Policyholders. It is added to income and taxed at the marginal rate of taxation. 

6 Can I increase my annuity amount?

No alterations are allowed once the policy is issued.

7 What happens if interest rates change after I purchase annuity plan?

There is no influence of changing interest rates or market volatility on annuity rate once annuity has been purchased. 

8 Can I change my annuity option?

No, annuity amount mentioned in Illustration at the time of buying is what is guaranteed for life and cannot be changed. You may choose to buy another annuity policy at prevailing rates, if you require additional annuity.

9 Is it mandatory to take an annuity policy after pension plan matures?

Yes, in case the proceeds are received from a Superannuation Scheme or a deferred Pension scheme administered by a Life Insurer, it is mandatory to purchase an annuity policy, as defined in the linked and non-linked regulations published by IRDAI in 2013.

10 Can I withdraw lumpsum amount from pension plan?

Under a superannuation scheme, only 1/3rd* amount can be withdrawn in lumpsum, balance has to be mandatorily annuitized.

* As per the product features and specification, upto 60% amount can be withdrawn in lump sum, balance has to be mandatorily annuitized (version 9)

11 What is Life Certificate?

Life Certificate is a form to prove that customer is alive and is eligible to receive annuity payment. For downloading Life Certificate click on the following link https://lifecertificate.hdfclife.com/ or Go to ‘FORMS & DOWNLOAD’ tab in quick links and click on ‘Policy Servicing Request Forms’ section. You can download Annuity Life Certificate from here.

12 How to submit the Life Certificate for annuity payouts?

1. Online video verification: Please click here for instant submission

2. Alternatively, you can go to ‘FORMS & DOWNLOAD’ tab in quick links and click on ‘Policy Servicing Request Forms’ section. You can download Annuity Life Certificate.

3. You can submit the duly filled and signed Life certificate form at:

i. Any HDFC Life branch. Locate HDFC Life branches here.

ii. Email us a scanned copy of the Life Certificate form from your registered email ID to [email protected] or [email protected] (for NRI customers).

Note: Apple handset users are requested to submit the Life Certificate using Chrome browser.

13 What is TRC?

TRC stands for Tax Residency Certificate and is required to be submitted by customers residing overseas. It is mandatory for non-resident Indians to produce a TRC issued by the Govt. or revenue/tax authority of the country of residence. This is a must to extend the benefit of Double taxation Avoidance Agreement that India may have with that country.

1 How can I avail a loan against my policy?

If your policy has attained a Surrender Value, you can avail a policy loan which is a % of the Surrender Value. The policy loan can be taken for regular as well as single premium, Unit Linked & Conventional policies. Please refer to your policy document for details on the terms & conditions for availing a policy loan.

2 What is Partial Withdrawal?

3 How can I avail the partial withdrawal facility?

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ARN: EU/07/21/24471