HDFC Life Classic Assure Plus is an investment cum insurance plan that offers guaranteed benefits while letting your money grow. This policy offers guaranteed reversionary bonus along with the flexibility to choose premium paying term. It also provides financial protection against the untimely demise of the policyholder throughout the policy term.
The policy is ideal for meeting long term financial goals such as funding your child’s aspiration of higher education, creating a fund for your own future aspirations and creating financial stability for securing future of your loved ones.
A) Maturity Benefit – The policyholder will receive a sum assured + accrued bonuses if the policyholder survives till the maturity period will all the due premiums paid throughout the premium paying term.
B) Death Benefit – If the policyholder passes away then the company will pay the following provided all the due premiums have been paid. On the payment of the death benefit to the nominee, the policy will terminate and no further benefit will be payable. On the death of the life assured, provided all due premiums are paid, the company would pay the nominee highest of the following –
C) High Sum Assured Discount – For policies with a Sum Assured of Rs 10 Lacs and more, a discount of 5% would be offered on the basic premium (i.e. excluding policy fee and any underwriting extra premium).
This policy can be purchased only on a single life basis. Like other HDFC Policies, HDFC Life Classic Assure Plus Policy also has some eligibility criteria. The age and the term limits for this policy are as follows –
How much premium do policyholders need to pay?
The policyholder can choose the premium as per their convenience. The premiums can be paid either annually, half-yearly, quarterly or monthly. Below is the detailed description of the premium –
Can I take a loan against this policy?
Yes, the policyholder can take a loan against this policy, once the policy has acquired the surrender value. The policyholder can take a policy loan up to 80% of the surrender value of the policy subject to applicable terms and conditions.
The current terms and conditions are stated below:
Can lapsed policy be revived?
The lapsed policy can be revived within 2 years of lapsation provided all due premiums have been paid with interest. A revival charge of up to Rs. 250 + taxes will be applicable. Once the policy is revived, the policyholder will be entitled to receive all contractual benefits.
When can this policy acquire a guaranteed surrender value?
The policy can acquire a guaranteed surrender value only in the following 2 conditions –
Once, the surrender benefit is paid, the policy will terminate and no further benefits will be paid.
Are there any exclusions in the policy?
If the policyholder commits suicide within 12 months –
Can I cancel the policy if I didn’t like its terms and conditions?
Yes, the policyholder can cancel the policy within 15 days from the date of receipt of the policy stating a reason for cancellation. This period is called the Free-Look Period. But if the policy is purchased through distance marketing (policies which are not purchased face-to-face) then the free look period will be 30 days.
The company will arrange to refund the premium after deducting the proportionate risk premium for the period on cover, the expenses incurred by the company on medical examination and stamp duty.
So, by now you know each and every important detail of this policy. Now it up to you to decide whether this policy will be helpful in meeting your long-term financial goal. Do let me know if I have missed any important points in the comment section. Please feel free to ask any doubts regarding this policy.
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