HDFC Life Launches Guaranteed Income Insurance Plan; Know the most important details here

Private life insurer HDFC Life today announced the launch of the HDFC Life Guaranteed Income Insurance Plan. The company said this product offers guaranteed periodic, tax-free benefits and a guaranteed death benefit.

With this, the company offers customers the opportunity to build a financial corpus that supports them with regular and guaranteed income, the company said in a press release.

What is the HDFC Life Guaranteed Income Insurance Plan?

The HDFC Life Guaranteed Income Insurance Plan is a non-linked, non-participating individual life insurance savings plan. According to the company, the plan offers guaranteed post-premium tax-free benefits and a guaranteed death benefit throughout the life of the policy and is a savings-oriented product.

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According to the company, the following benefits are part of the new product;

The entry age for the plan ranges from 0 (zero) to 65 years. The plan offers a guaranteed income of 11% to 13% annually as a percentage of the “amount insured” under the policy. This is a non-participating life insurance plan. The first year premium is available for purchase online; 12% rebate for 8 and 10 year PPT periods and a 15% rebate for 12 and 15 year PPT periods. The plan also offers life insurance during the income payout period Individuals can choose the income period of 8, 10, 12, 15, 20, 25 or 30 years The guaranteed death benefit can be claimed either in the form of a lump sum or in monthly installments as a family income benefit

Aneesh Khanna, Head Products and Segments, HDFC Life, said: “The life insurance product category offers the dual benefits of protection and long-term savings. The HDFC Guaranteed Income Life Insurance Plan offers guaranteed returns and protects policyholders from future uncertainties. The plan offers a choice of premium payment period and life insurance even during the income payment phase. We hope individuals make the most of this plan and build a corpus along with a financial safety net for themselves and their families.”

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