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To save for the future of your family is important,and to protect the savings it is important to have an ideal saving plan. HDFC Life Uday is an ideal plan which offers guaranteed additions and bonuses while along with providing a life cover in the event of an unfortunate death. HDFC Life Uday helps you to save for your future and protect for your family under one single plan.
In case of the Life Assured’s death during the policy term, the company will pay to the nominee the highest of the following:
Sum Assured on Death is higher of:
Accidental Death Benefit
In case of the Life Assured’s unfortunate demise due to an accident during the term of the policy, an additional sum equal to Sum Assured on Death is payable to the nominee.
Auto Cover Continuance
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.
Maturity benefit is payable on the survival of the Life Assured till the completion of the policy term. Maturity benefit is payable as an aggregate of
The plan provides you with additional boosters in the form of Guaranteed Additions, at the rate of 3% of 'Sum Assured on maturity' during the first 5 years of the policy. The Guaranteed Additions are payable atmaturity or death,whichever is earlier. In case of surrender, the surrender value of Guaranteed Additions will be payable.
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. A Terminal Bonus may be added to a policy which depends on the actual future experience it is not a guaranteed benefit.
Loan facility is available under this plan. The policyholder can avail loan under the policy provided the policy has acquired a surrender value and subject to the terms and conditions.
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.
The plan offers tax benefits under section 80C and section 10 (10D) of the Income Tax Act, 1961.
|Age (as on last birthday)||18 Years||55 Years|
|Age at Maturity||30 Years||70 Years|
|Policy Tenure||12 Years||15 Years|
|Premium Paying Term||Limited Pay 8/10 Years||-|
|Premium Paying Mode||Annually, Semi Annually, Quarterly And Monthly||-|
|Premium Amount||Annual : Rs 5,000 Semi Annual: Rs 2,500 Quarterly: Rs 1,250 Monthly: Rs 500||No Limit|
|Sum Assured||Rs 28,465||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)||-|
Inbuilt accidental death benefit rider is available with this plan.No additional rides are available with this plan.
Let us understand the plan with the case study of Rahul.
Scenario 1: If Rahul dies during the policy term
The benefits are payable to the nominee (Rahul’s wife) which is the highest of the following:
Scenario 2: If Rahul survives the policy term
Rahul will receive an aggregate of the following as maturity benefit:
Scenario 3: If Rahul dies an accidental death
Rahul’s nominee will receive an additional sum assured of Rs 5 Lacs along with the death benefit as the accidental death benefit rider benefit is inbuilt in the plan.