HDFC Life Classic Assure Plus Plan 2024 Benefits Features Details Reviews

About HDFC Life Classic Assure Plus Plan

Investment cum insurance plan HDFC Life Classic Assure Plus gives you guaranteed benefits while letting your money grow. In addition to the option of selecting a premium-paying term, this policy provides a guaranteed reversionary bonus. Throughout the term of the policy, it also provides financial protection against the policyholder’s untimely death. The policy is ideal for achieving long-term financial objectives like financing your child’s aspirations for higher education, setting up a fund for your own aspirations in the future, and establishing financial stability for your loved ones’ futures.

Eligibility – Who is the HDFC Life ClassicAssure Plus Plan for?

The HDFC Life ClassicAssure Plus plan can only be purchased by customers who meet a number of eligibility requirements related to their age and the level of protection they require. The insurer specifies these factors, which can be compiled as shown below:

Sum Assured and Premium Range – What you Get and What it Costs?

Sum Assured:

The aggregate guaranteed is how much advantage that is destined to be paid at the hour of strategy development or the demise of the existence safeguarded, as per the agreements determined in the approach.

Premium:

The policyholder has the option of selecting the premium from the following table:

Plan Coverage – What the HDFC Life ClassicAssure Plus Plan Covers?

Participating insurance plan HDFC Life ClassicAssure Plus offers the flexibility to choose a premium payment term and a guaranteed reversionary bonus. The following are included in the HDFC Life ClassicAssure Plus plan’s coverage:

• Maturity Benefit – If the policyholder lives to the policy’s maturity date and has paid all premiums, they will receive the assured amount and any bonuses they have earned.

• Death Benefit – The insurer would pay the nominee the highest amount, subject to payment of all outstanding premiums, if the life insured were to pass away.
• Sum Assured
• 10 times the annual premium
• 105% of paid premiums

The nominee will receive all bonuses accrued under the policy in addition to this sum. The policy will end without any further benefits when the maturity or death benefit is paid out..

• Discount on High Sum Assured – The policyholder receives a discount of 5% on the basic premium amount when the sum assured under the policy is at least Rs. 10 lakh.

Exclusions – What the HDFC Life ClassicAssure Plus Plan doesn’t Cover?

If the life insured commits suicide within 12 months:

• Subject to the policy remaining in effect, the nominee will receive 80% of the paid premiums from the beginning of the policy.
• The nominee will receive the highest amount starting on the policy’s revival date:
• 80 percent of the premiums paid up to the date of death
• Surrender value as on the date of death

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Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Grace Period:

The Grace Period is the time after the due date for premiums when the policy is in effect and covers all risks. For policies with annual, semi-annual, and quarterly frequencies, the HDFC Life ClassicAssure Plus plan provides a grace period of thirty days. The grace period is 15 days for a policy where premium payments are made monthly. The insurer will honor a valid claim if it is made within the grace period. In such a scenario, the benefits payable will be reduced by the due and unpaid premiums.

Lapsation:

The policy will become lapsed if the policyholder does not pay the due premiums within the grace period and the policy does not have a surrender value. The risk cover will no longer exist and no benefits will be paid out if the policy is canceled. A policy that has expired can be revived.

Paid-Up:

At the end of the grace period, the policy will be paid-up if the policyholder stops paying premiums after the surrender value of the policy has been reached. The policy will continue to be associated with the Reversionary Bonus that was accrued up until the date of payment. However, the policy will not receive any additional bonuses.

The Paid-up value at death is the highest amount among the following:

• Paid-up sum assured
• 105% of the paid premiums

The death benefit will also include the bonuses earned on the policy in addition to the amount mentioned above. A paid-up policy can be reactivated.

Revival:

Within two years of lapse or payment, a lapsed or paid-up policy can be reinstated. The policyholder is obligated to pay all outstanding premiums and interest for revival. Along with the taxes, he or she must also pay a revival fee of up to Rs. 250.All contractual benefits are reinstated when the policy is reactivated.

Surrender:

The policyholder will need to keep the policy until the end of the term if they want to take full advantage of the coverage. However, this might not always be possible. When a policy’s Guaranteed Surrender Value is reached:

• For a premium payment term of seven years, the premium for two full years has been paid.
• For a premium payment term of ten years, the premium for three full years has been paid:

A percentage of all premiums paid is used to calculate the Guaranteed Surrender Value. When the policy reaches a Guaranteed Surrender Value, a percentage of the bonuses that have been earned is also added. The policyholder will no longer receive any benefits after the surrender benefit is paid.

Free-Look Period:

Within 15 days of receiving the insurance policy, the policyholder has the option of returning it to the insurer if they do not agree with the terms and conditions outlined in the policy. Policies purchased through distance marketing have a 30-day free-look period. After deducting the costs of the medical examination and stamp duty, the insurer will arrange for a refund of the premium when they receive the returned policy from the policyholder along with all relevant documents. It is important to keep in mind that a returned policy cannot be restored or reinstated again.

Tax Benefits – How you can save with the HDFC Life Classic Assure Plus Plan?

Sections 80C and 10(10) of the Income Tax Act of 1961 provide tax benefits for premiums paid for the HDFC Life Classic Assure Plus policy. However, these tax laws are subject to change, so you should check with your tax advisor for up-to-date information.

Product Specification:

Other Benefits – How you can save with the HDFC Life Classic Assure Plus Plan?

HDFC Life is a leading insurance company in the country that is known for the high quality of its products and excellent service for customers. In the financial year 2013-2014, the insurer observed a competitive claim settlement ratio of 99.41%.Customers can get assistance throughout the claims process from the company’s dedicated claims assistance cell.

Why you should Buy the Classic Assure Plus plan from HDFC Life?

HDFC Life has 398 offices and 9,000 points of contact all over the country. This guarantees that customers will always have access to the insurer’s products. Additionally, HDFC Life has a competent team of financial consultants who provide customers in India and abroad with financial solutions.

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