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HDFC Whole of Life Insurance Plan - Review, Key Features & Benefits

HDFC Whole of Life Insurance Plan

HDFC Life Whole of Life Insurance-Single Premium Plan is a Whole Life Participating Insurance Plan with Lump Sum Investment Opportunity. It is a Traditional Plan with Bonus facility.

How it works – In this plan, premium can be paid in a lump sum under Single Premium Option but the policy continues till the end of the policy tenure.

In this plan, premium needs to be paid in a lump sum. Thus, if the Life Insured dies, the Sum Assured + the accrued Bonus are paid as Death Benefit and the policy terminates. There is Compounded Reversionary Bonus as well as Terminal Bonus in this plan

Being a Whole Life Plan, the plan continues till death. However, the money can be withdrawn after the 10th Policy Anniversary or on every 5th year after that.

Key Features of HDFC Whole of Life Insurance Policy

  • It is a pure Whole Life Insurance Policy with Death Benefit only
  • Annual Compound Reversionary Bonus and Terminal Bonus is paid in this plan
  • There is an Option of withdrawing the Sum Assured after the 10th, 15th or 20th policy anniversary
  • There is Guaranteed Surrender Value after 3 policy years
  • There is Loan available in this plan as well
  • There is no requirement of any medical tests in this plan

Benefits you get from HDFC Whole of Life Insurance

Death Benefit – In case of death of the Life Insured, the nominee gets the Sum Assured + accrued Bonuses under the plan as Death Benefit and the policy terminates.

Maturity Benefit – There are no maturity benefits under this plan. However, if the Life Insured wishes, he may choose to withdraw. For a period of 4 weeks, after any one of the 10th, 15th, 20th and subsequent five-year anniversaries, the Sum Assured plus any attaching bonuses can be withdrawn in full.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and

conditions.

Eligibility conditions & other restrictions in HDFC Whole of Life Insurance

Minimum

Maximum

Sum Assured(in Rs.)

25,000

5,00,000

Policy Term(in years)

10

40

Premium Payment Term(in years)

Single

Entry Age of Life Insured(in years)

18

70

Age at Maturity(in years)

-

Whole Life

Single premium(in Rs.)

23,750

4,75,000

Payment modes

Only Single

Sample illustration of premium amount in HDFC Whole of Life Insurance

The below illustration is for a healthy Male (non-tobacco user) of 30 years age opting for a Sum Assured = Rs. 50,000, Rs. 1,00,000 and Rs. 2,00,000 respectively.

HDFC Life Whole Life Plan Sample Premiums

Additional Features and Benefits of HDFC Whole of Life Insurance

Riders – There are no riders available in this plan.

You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses and all benefits stops.

You want to surrender the policy – There are Surrender Benefits in this plan after 3 policy years.

Minimum Guaranteed Surrender Value= 50% of the Single Premium Paid

You want a loan against your policy – Loan facility is provided under this policy after 6 months from policy inception but of a minimum amount of Rs 25,000.

Some Whole Life Insurance Plans from other insurance companies

Future Generali Anand Plan

LIC Whole Life Plan
ICICI Prudential Whole Life Plan


Category: Insurance plans

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