HDFC Life - Guaranteed Savings Plan

HDFC Life – Guaranteed Savings Plan is  a  Non-Linked, Non-Participating Endowment Life Insurance Plan which helps you protecting your life goals from eventualities through a life insurance cover and creating a corpus by offering a guaranteed lump sum at maturity.

Why you need this Plan ?
  • Maturity Value disclosed upfront
  • Sum Assured on Death is at least 10 times the Annualised/Single Premium
  • No need to undergo medical examination. Policy issued on self-declaration of good health
  • Policy Loan option available

    On survival until the end of the Policy Term, provided all due premiums have been paid, you shall receive ‘Sum Assured on Maturity’ as a lump sum which is based on the Premium Payment Term, Premium frequency and Premium amount.

    On payment of this benefit the Policy shall terminate and all other benefits shall cease.

On survival until the end of the Policy Term, provided all due premiums have been paid, you shall receive ‘Sum Assured on Maturity’ as a lump sum which is based on the Premium Payment Term, Premium frequency and Premium amount.

On payment of this benefit the Policy shall terminate and all other benefits shall cease.

    Waiting Period of 90 days (from the date of inception of the Policy) applies to payment of Death Benefit for reasons other than accidental  death. Death Benefit shall be payable as a lump sum as per the following table, provided all due premiums under the policy have been paid until the date of death.

    Event/Cause

    Accidental Death

    Death due to other causes

    Death during the Waiting Period

    Sum Assured on Death which is highest of:

    • 10 times the Single Premium/Annualised Premium1, for Single Pay/Limited Pay respectively
    •  105% of Total Premiums paid
    • Sum Assured on Maturity
    • Any absolute amount assured to be paid on death, which is equal to the Sum Assured on maturity

    100% of Total Premiums paid.

     

    Death after the expiry of the Waiting Period

    Sum Assured on Death which is highest of:

    • 10 times the Single Premium/Annualised Premium1, for Single Pay/Limited Pay respectively
    •  105% of Total Premiums paid
    • Sum Assured on Maturity
    • Any absolute amount assured to be paid on death, which is equal to the Sum Assured on maturity

    Upon payment of Death Benefit, the Policy shall terminate and no further benefits shall be payable.

    1Annualised premium shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums, loadings for modal premiums, taxes and other statutory levies, if any.

Waiting Period of 90 days (from the date of inception of the Policy) applies to payment of Death Benefit for reasons other than accidental  death. Death Benefit shall be payable as a lump sum as per the following table, provided all due premiums under the policy have been paid until the date of death.

Event/Cause

Accidental Death

Death due to other causes

Death during the Waiting Period

Sum Assured on Death which is highest of:

  • 10 times the Single Premium/Annualised Premium1, for Single Pay/Limited Pay respectively
  •  105% of Total Premiums paid
  • Sum Assured on Maturity
  • Any absolute amount assured to be paid on death, which is equal to the Sum Assured on maturity

100% of Total Premiums paid.

 

Death after the expiry of the Waiting Period

Sum Assured on Death which is highest of:

  • 10 times the Single Premium/Annualised Premium1, for Single Pay/Limited Pay respectively
  •  105% of Total Premiums paid
  • Sum Assured on Maturity
  • Any absolute amount assured to be paid on death, which is equal to the Sum Assured on maturity

Upon payment of Death Benefit, the Policy shall terminate and no further benefits shall be payable.

1Annualised premium shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums, loadings for modal premiums, taxes and other statutory levies, if any.

Age at entry (last birthday)
 
MIN
8years 5
 
MAX
SP#: 45 years
LP!: 55 years
Age at maturity (last birthday)
 
MIN
18 years
 
MAX
SP#: 55 years
LP!: 65 years
Premium payment Terms
 
MIN
Single Pay
LP!: 5 Years
 
MAX
Single Pay
LP!: 7 Years
Maturity Sum Assured(Single Premium)
 
MIN
Rs. 5,572
 
MAX
Rs. 1,70,566
Maturity Sum Assured (Regular Premium
 
MIN
Rs. 30,359
 
MAX
Rs. 9,86,281
Policy Term
 
MIN
10 years
 
MAX
10 years
Premium*
MIN
Rs. 5,000(Single Pay)
MAX
Rs. 1,00,000(Single Pay)
Rs. 5,000(Annual)
Rs. 1,00,000(Annual)
Rs. 2,535(Half-yearly)
Rs. 50,700(Half-yearly)
Rs. 1,275(Quarterly)
Rs. 25,500(Quarterly)
Rs. 430(Monthly)
Rs. 8,600(Monthly)
*You can choose your premium as per your needs. You can choose to pay your premiums either annually, half yearly, quarterly or monthly. For more details please refer to the product brochure
5Risk cover starts from date of commencement of policy for all lives including minors. In case of a minor life, the policy will vest in the Life Assured on attainment of age 18 years.
!LP= Limited Pay
#SP=Single Pay

FAQs

HDFC Life – Guaranteed Savings Plan is a Non-Linked Non-Participating Endowment Life Insurance Plan where you get Guaranteed Lump Sum at Maturityprovided all due premiums are paid and Sum Assured on Death is at least 10 times the Annualised/Single Premium

You can just pay once or pay for 5 or 7 years at a frequency of your choice.

You can choose your premium as per your needs. You can choose to pay your premiums either annually Rs. 5,000, half yearly Rs. 2,535, quarterly Rs. 1,275 or monthly Rs. 430*. The minimum premium under Single Pay option is Rs. 5,000

*Premium amount calculated for a 35 years old male, Sum Assured on Maturity of Rs. 32,650, Premium Payment Term of 5 years, Policy Term of 10 years, monthly premium frequency, exclusive of Applicable Taxes & Other Statutory Levies.

There is no need to undergo medical examination. Policy is issued on self-declaration of good health

On survival until the end of the Policy Term, provided all due premiums have been paid, you shall receive ‘Sum Assured on Maturity’ as a lump sum which is based on the Premium Payment Term, Premium frequency and Premium amount.

 

For Death during the Waiting Period^,

In case of Accidental Death, Sum Assured on Death is highest of

  • 10 times the Single Premium/Annualised Premium, for Single Pay/Limited Pay respectively
  • 105% of Total Premiums paid
  • Sum Assured on Maturity
  • Any absolute amount assured to be paid on death, which is equal to the Sum Assured on maturity

In case of Death due to other causes, 100% of Total Premiums paid is paid

For Death after the expiry of the Waiting Period^,

  • Sum Assured on Death is highest of
  • 10 times the Single Premium/Annualised Premium, for Single Pay/Limited Pay respectively
  • 105% of Total Premiums paid
  • Sum Assured on Maturity
  • Any absolute amount assured to be paid on death, which is equal to the Sum Assured on maturity

^Waiting Period is of 90 days (from the date of inception of the Policy) and it applies to payment of Death Benefit for reasons other than accidental death. Death Benefit shall be payable as a lump sum as mentioned above, provided all due premiums under the policy have been paid until the date of death.

Once a policy has acquired a Surrender Value, loans will be permitted on this product, subject to such terms and conditions as the company may specify from time to time. Please refer the brochure for details.

 

Product Brochure Download
Premium Rates Downloads

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