New Delhi: Investing in life insurance at a young age is a prudent financial decision. How about you invest in a policy for 15 years and then benefit from a fixed amount for the next 15 years. In the meantime, God forbid, if the policy holder dies, his family also get support. HDFC Life has designed HDFC Life Guaranteed Income Insurance Plan as a comprehensive solution. The plan offers a range of benefits to provide financial security and peace of mind. From guaranteed income streams to life insurance coverage, this policy is tailored to meet the specific needs of single-parent families also.
What HDFC Life Guaranteed Income Insurance Plan is all about?
HDFC Life Guaranteed Income Insurance Plan is a non-linked non-participating individual life insurance savings plan that provides guaranteed tax-free benefits after completion of premium payment term and Guaranteed Death Benefit during the entire policy term. It provides a secure financial foundation for your future, whether you’re planning for your children’s education, their wedding, supporting loved ones, or building a comfortable retirement.
KEY BENEFITS
Guaranteed Income: This plan offers a guaranteed regular income of 11% to 13% per annum with tax savings as per prevailing tax laws. Make premium payments for a chosen duration, followed by a guaranteed, regular income payout until the policy matures. The income amount can be customized based on the policyholder’s needs and financial goals.
Maturity Benefit: A lump sum payment upon policy maturitywith tax savings as per prevailing tax laws income tax.
Income tax benefit: Policyholder may be eligible for tax benefits under section 80C and section 10(10D) of the Income Tax Act, 1961, subject to provisions contained therein.
Guaranteed death benefit (GDB): GDB is an inbuilt life protection cover and is guaranteed at higher of 10 times of annualized premium or Sum Assured or 105% of the premiums paid less unpaid due premiums. It is applicable across the entire term of the policy and shall not be reduced by the Guaranteed Income already paid.
How HDFC Life Guaranteed Income Insurance Plan Works: Case study
To illustrate how the plan works, let’s consider Vineet, a 35-year-old guy who requires a regular, guaranteed income after 15 years. He is willing to pay an annual premium of Rs. 50,665 for the next 15 years.
Vineet’s Plan Details:
Policy Term: 30 years
Premium Payment Term: 15 years
Guaranteed Income: Rs 1,00,881 per year (starting from the end of the 16th policy year). This is equivalent to 13% of the Sum Assured.
Maturity Benefit: Rs 7,76,008 (payable at the end of the 30th policy year)along with last payout of the regular Guaranteed Income.
Guaranteed Death Benefit: If, unfortunately Vineet passes away, his family will get benefit as financial safety, which will be The higher of: 10 times the annualised premium or 105 per cent of the total premiums paid or the sum assured
This plan provides Vineet with a reliable and predictable income stream in his later years, while also protecting his family from financial hardship in the event of his unfortunate untimely death.
HDFC Life Guaranteed Income Insurance Plan is a non-linked non-participating individual life insurance savings plan that provides guaranteed tax-free benefits after completion of premium payment term and Guaranteed Death Benefit during the entire policy term. It provides a secure financial foundation for your future. Business Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
