HDFC Life New Creating Life Insurance Plans

These plans are designed to offer financial security for your children’s goals, even if you are not there. Under this bouquet, you can choose from two plans:

• HDFC Life New Creating Life Plus : A plan in which by paying for just few years, you ensure that on policy maturity, your child gets sum assured with 10% guaranteed addition along with accrued bonuses, if any. In case of any unfortunate event, all future premiums are waived off and your family can receive Death Benefit not only in lump sum but also as income for family for 60 months.
• HDFC Life New Creating Life Regular Pay: A plan in which you pay regularly over the full policy term and ensure your child gets sum assured along with accrued bonuses, if any. In case of any unfortunate event, all future premiums are waived off and your family can receive Death Benefit not only in lump sum but also as income for family for 60 months.

In case of an unfortunate event of death, your family will be paid a Sum Assured on Death which will be higher of the following:

• 10 times the Annualized Premium
• The Sum Assured
   

In this plan, Death Benefit is never lesser than 105% of the Total Premiums Paid

Family Income Payout (FIP) Option: You have the option to receive a part of the Death Benefit as Family Income Payout. In this case your family will receive 50% of the Sum Assured on Death as a lump sum amount and 1% of the Sum Assured will be paid as monthly income spread over 60 months.

In this plan all the future premiums are waived off in case of an unfortunate event and policy continues till maturity. This takes away the burden of the premium payment from your family.

You have flexibility to choose from Limited and Regular pay options

Based on your income and financial plan, you can choose to pay regularly over the policy term or pay for limited numbers of years (5/8/10 years) while the plan continues for the chosen policy term.

These plans reward you with a premium discount if you pay higher premiums.

The applicable premiums slabs and discount rates are mentioned below:

You have the option to enhance your protection further at a nominal cost by adding riders for Accident and Health.

On maturity your child gets a tax free amount which is equal to sum assured and bonuses (if declared) accumulated over the policy term.

(Sum Assured + Vested Bonuses (if declared) + Terminal Bonus, (if declared) + 10% of Sum Assured as Guaranteed Addition¹)