A new guaranteed income life insurance plan with returns of 11% on the sum assured has been introduced by HDFC Life, the life insurance arm of HDFC Ltd. Some assured with guaranteed death benefits are covered by the HDFC Life Guaranteed Income Insurance plan, which guarantees regular returns of 11-13 percent.
Our goal at HDFC Life is to provide policyholders and their loved ones with financial security. Aneesh Khanna, Head of Products and Segments at HDFC Life, stated, “Life insurance as a product category provides the dual benefits of protection and long-term savings.” The entire plan can be found at https://www.hdfclife.com/savings-plans/guaranteed-income-insurance-plan.
Below are a few key features.
The minimum age for this non-participating life insurance policy is 65 years old. Life insurance is included in the plan not only during the plan’s term but also during the income payout period. The amount of money paid out can last for 8, 10, 12, 15, 20, 25, or 30 years.
You can take the guaranteed income every month or every year. In the case of monthly payouts, the monthly interest rate will be slightly lower than the returns for annual payouts.
Policyholders can choose to receive their guaranteed death benefit in one lump sum or in monthly installments through the plan. A family income benefit option would receive the monthly installments. Over the course of 60 months, the installments will be spread out.
When purchasing the policy online, HDFC Life is providing various discounts on the premium for the plan’s first year. When selecting an 8- or 10-year premium payment term, a 12% discount is available (PPT). A discount of 15% on the premium amount is available when selecting a payment term of 12 or 15 years.
Similar to the majority of life insurance policies, the plan provides double-tax savings on both premiums paid and benefits received.
