HDFC Classic assurance plan ? To surrender or continue

POSTED BY wise man ON January 10, 2015 8:04 am COMMENTS (6)

Hi manish

I am an NRI and made mistakes of doing two plan under HDFc life. Missold like many others by uncle .

one plan is HDFC SL Classic assure with premium paid already for three years of 150000 each with sum assured 1250470 plus bonuses at maturity over a fifteen year term. Premium paying term is seven years .in last three years they have paid bonuses close to 50,000.

I am not sure what’s to do as getting messages from other customer that it is just a waste of money and better to stop it now.

Could you let me know what’s best to do at this stage ? Like stopping premium and waiting for it to be paid up ? Or just surrender ?

6 replies on this article “HDFC Classic assurance plan ? To surrender or continue”

  1. Sagar says:

    Dear Manish,

    Is it advisable to invest in HDFC Life Classic Assure plan for risk free investment and guaranteed returns. HDFC RM has verbally promised if premium is paid for 7 years amount at maturity of 10 years will be doubled. So if 35L are invested in 7 years at 10th year i will be getting 70L approximately, nothing less that 65L.

    Regards

    Sagar

    1. Yes, he is correct.

      But I am wondering why do you want to get your money doubled in 10 yrs in this product, when you can do it in FD ?

      While this product seems to be “secure” and “risk free”. You need to understand that it comes with the cost of pathetic returns.

      You are better off in debt mutual funds which are equally secure and can give you much much better returns. They will triple your money in same time frame. I suggest you read a bit more on this and let me know if you need help on this. MY team can help you on this

      Manish

      1. Sagar says:

        Dear Manish

        Only reason i was thinking for this plan as returns are tax free , and FD interest has limit over which we have to pay tax.
        If you can particularly suggest investment with TAX FREE returns would be great.

        Regards

        Sagar

        1. What you should be intersted in is the NET AMOUNT you will make after any investment. What if this product gives you more money even after taxes ?

          Manish

          1. Sagar says:

            Yes, can compare net returns after taxes and tax free returns to take a call on investments.
            Which product you are mentioning here.

            Sagar

  2. Read up https://www.jagoinvestor.com/forum/hdfc-classic-assured-plan

    You can see how others think about it . What really matter is how much return do you see from it on a long term basis ? What are the numbers in your case ?

    Manish

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