Mumbai, Maharashtra, India, Thursday, June 06, 2013 -- (Business Wire India)
Launches HDFC Life ClassicAssure Plus, a protection cum investment plan with
limited premium payment term
HDFC Life, India's leading long-term life insurance solutions provider has
launched its first product compliant with new regulations. Recently (February
2013) IRDA issued Non-linked and Linked Life Insurance Products Regulations to
ensure that all products are consistent in design and are focused on meeting
Speaking on the launch, Mr. Sanjay Tiwari, Vice President, Products, HDFC Life
said, “We have been a front-runner in adapting to the new regulations. Keeping
up with the trend, we are pleased to announce the launch of HDFC Life
ClassicAssure Plus, which is a participating, traditional insurance plan that
offers limited premium payment term along with a guaranteed reversionary bonus
during the premium payment term. In line with the new regulation, the plan also
offers higher death benefit during the policy term. This plan is ideal for
meeting long-term financial goals and creating security and prosperity.”
-- Limited pay term: Limited premium paying terms of 7 and 10 years.
A. Maturity Benefit:- On survival till the maturity date and full payment of
premiums due throughout the premium paying term, Sum Assured plus accrued
bonuses is paid to the policyholder.
B. Death Benefit:- On death of the life assured, provided all due premiums are
paid, the company pays the higher of the following:
-- Sum Assured
-- 10 times annualized premium
-- 105% of the premiums paid plus accrued bonuses if any to the nominees. The
policy is terminated on payment of the maturity or death benefit.
C. High Sum Assured Discount:- For policies with a Sum Assured of Rs 10 Lakhs
and more, a discount of 5% is offered on the basic premium (i.e. excluding
policy fee and any underwriting extra premium)
D. Policy Loan:- Loan can be availed under the policy provided the policy has
acquired a surrender value and to terms and conditions as the company may
specify from time to time.
About HDFC Life:
Established in 2000, HDFC Life is India's leading long-term life insurance
solutions provider offering a range of individual and group insurance solutions
that meet various customer needs such as Protection, Pension, Savings,
Investment, and Health. The company also offers Women's Plans to meet specific
needs of women. Customers have the added advantage of customizing plans, by
adding optional benefits called riders, at a nominal price. The company
currently has 32 retail and 10 group products in its portfolio, along with 10
We promote high integrity in business practices and shun short cuts and
unethical practices, as we aspire to the most trusted company, the easiest to
deal with, and offer the best value for money. Since our inception, we have
consistently focused on setting benchmarks in all aspect of insurance business.
HDFC Life continues to have the widest reach with about 500 branches in India
touching customers in over 900 cities and towns. The company has also
established a liaison office in Dubai. The company has a strong presence in its
existing markets with a strong base of Financial Consultants.
HDFC Life is a joint venture between Housing Development Finance Corporation
Limited (HDFC), India's leading housing finance institution and Standard Life
plc, the leading provider of financial services in the United Kingdom.
For more information, please visit our website, www.hdfclife.com. You may also
connect with us on Facebook, Twitter, Youtube, Linkedin, and Google+.
Media contact details
Supriya Saxena Negi,
+91 (22) 67516324,
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-0- Jun/07/2013 04:30 GMT
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