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HDFC Life ClassicAssure Plus Plan

What is the Plan all About?

HDFC Life ClassicAssure Plus is a participatory saving cum insurance plan that provides guaranteed benefits along with the growth of your money.The plan helps in meeting long term financial goals as well as creating a financial cushion to secure the happiness of your loved ones.

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What are the Key Features?

  • Flexibility to choose a policy term
  • Avail insurance cover throughout the policy term
  • Guaranteed reversionary bonus during the premium paying term
  • Hassle-free issuance on the basis of a Short Medical Questionnaire
  • Enhance coverage by choosing critical illness rider
  • Discount on choosing high sum assured
  • EMI available for HDFC Bank Credit Card holders.
  • Avail tax benefits as per existing tax laws

What are the Plan Benefits?

Death Benefit

    The death benefit is payable if the life insured dies during the term of the policy. The benefits payable to the nominee will be sum assured on death plus accrued simple reversionary bonus plus interim bonus plus terminal bonus.Death sum assured is higher of:

    • Sum Assured
    • 105% of premiums paid
    • 10 times Annualised Premium

Maturity Benefit

    Maturity benefit is payable on the survival of the Life Assured till the completion of the policy term. Maturity benefit is payable as a lump sum which is equal to the sum assured plus accrued simple reversionary bonuses plus interim bonus plus terminal bonus, if any.

Bonus

    The plan is eligible for the bonuses declared by the company.A simple Reversionary Bonus which is declared at the end of each financial year and is payable either on death or on maturity, whichever event happens first.The plan offers minimum 3% guaranteed reversionary bonus.A Terminal Bonus may be added to a policy which depends on the actual future experience it is not a guaranteed benefit.

Loan Benefit

    Loan facility is available under this plan. The policyholder can avail loan up to 80%  of the Surrender Value subject to applicable terms and conditions.

Surrender Value

    Guaranteed surrender value (GSV) plus the surrender value of the bonuses, which is a percentage of accrued bonuses is payable if at least three full years premiums have been paid. The GSV shall be a percentage of total premiums paid.

Tax Benefit

    The plan offers tax benefits under section 80C  and section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years ( For 10 Year Policy Term) 3 Years ( For 1 55 Years ( For 10 Year Policy Term) 60 Years( For
Age at Maturity 18 Years 75 Years(for 15/20 Year Policy Term) 65 Years(for
Policy Tenure 10/15 Years 20 Years
Premium Paying Term Limited Pay 7/10 Years -
Premium Paying Mode Annually,Semi Annually, Quarterly And Monthly -
Premium Amount Annual : Rs 12,000 Semi Annual: Rs 6,000 Quarterly: Rs 3,000 Monthly: Rs 1,000 No Limit
Sum Assured 49,447(for 10 Year Policy Term) 48,032 (for 15 Year Policy Term) 73.516 (for 20 Year Policy Term) No Limit (Subject To Underwriting)
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days & 15 Days (for Monthly Mode) -
Plan Type Online -

Is any Rider Available with this Plan?

Critical illness  rider covering 19 critical illnesses is available with this plan.

How the Plan Works?

Let us understand the plan with the case study of Rahul.

  • Name of Life insured: Rahul
  • Occupation: Sales Manager
  • Age of Life insured: 32 years
  • Family Structure: A wife (appointed as a nominee) and a 2 year old kid
  • Policy term: 20 years
  • Premium paying term: 10 years
  • Sum Assured: Rs 5 Lacs

Scenario 1: If Rahul survives the policy term

Maturity benefit is payable as a lump sum which is equal to the sum assured of Rs 5 Lacs plus Sum Assured plus accrued simple reversionary bonuses plus interim bonus plus terminal bonus, if any.The policy terminates thereafter.

Scenario 2: If Rahul dies during the policy term

The benefits payable to the nominee (Rahul’s wife) will be sum assured on death (Rs 5 Lacs) plus accrued simple reversionary bonus plus interim bonus plus terminal bonus.

Death sum assured is higher of

  • Sum Assured
  • 105% of premiums paid
  • 10 times Annualised Premium