HDFC Life Uday

The Life Assured will be entitled to Maturity Benefit once the policy matures at the end of policy term. It shall be the aggregate of:

• Sum Assured on maturity
• Accrued Guaranteed Additions
• Accrued Reversionary bonus, Interim bonus and Terminal bonus, if declared

On death of the life assured during the policy term, provided all due premiums are paid, we would pay the highest of the following:

• Sum Assured on Death + Accrued Guaranteed Additions + Accrued Reversionary Bonuses (if declared) + Interim Bonus (if declared) + Terminal Bonus (if declared)
• 105% of Total Premiums paid¹

Where, the Sum Assured on Death shall be the highest of:

• Sum Assured on Maturity²
  
• An absolute amount assured to be paid on death, which in this case, is equal to the Sum Assured on Maturity 
• 10 times Annualized Premium for entry age up to 50 years and 7 times Annualized Premium for entry age greater than 50 years. 

An additional benefit equal to 100% of 'Sum Assured on Death' will be payable in case of death due to an accident³

On payment of the maturity or death benefit, the policy will terminate with no further benefits are payable.

The plan provides you with additional boosters in the form of Guaranteed Additions, provided the policy is in force. 

The Guaranteed Additions will accrue at the rate of 3% of 'Sum Assured on maturity' during the first 5 years of the policy. 

The Guaranteed Additions are payable at maturity or death, whichever is earlier. 

In case of surrender, the surrender value of Guaranteed Additions will be payable.

A Simple Reversionary bonus as a percentage of the “Sum Assured on Maturity” may be declared at the end of each financial year, and payable either on death or on maturity, whichever is earlier provided all due premiums are paid. The Reversionary Bonus is a discretionary benefit declared and would be declared keeping in mind a long term view of expected future experience.

In case of death or surrender during the inter-valuation period the policy will be eligible to receive the Interim Bonus based on the bonus rates declared by the company. 

A Terminal Bonus may be added to your policy at maturity / death which enables the company to pay a fair share of the surplus at the end, based on the actual experience over the Policy Term and allowing for the Reversionary Bonuses already attached. As the Terminal Bonus depends on the actual experience, it is not a guaranteed benefi­t.

Under this feature, for a reduced paid-up policy the full death benefi­t shall continue for a period of one year (Auto Cover Continuance period) from the date of first unpaid premium. 

Auto Cover Continuance applies only to the basic death bene­fit and not to the additional accidental death benefi­t. 

At the time of payment of death benefi­t during the Auto Cover Continuance period the due but unpaid premium shall not be deducted from the bene­fit payable. The basic death benefi­t payable during this one year shall be the higher of:

• Sum Assured on Death + Accrued Guaranteed Additions + Accrued Reversionary Bonus (if declared) + Interim Bonus (if declared) + Terminal Bonus (if declared)
• 105% of Total Premiums paid

The additional accidental death benefi­t shall be reduced to paid-up Sum Assured on Death.

The Guaranteed Additions and Reversionary Bonuses (if declared) accrued till due date of ­first unpaid premium shall become payable on death and no further Guaranteed Additions or Reversionary Bonus (if declared) shall accrue to the policy.

We offer rebate on the policies with sum assured on maturity of 2 lakhs & above. 

The discount rate mentioned below is per 1,000 Sum Assured on Maturity: