HDFC Standard Life Insurance Co. Ltd., (HDFC Life) is one of the topmost players in the insurance market. Launched in the year 2000, HDFC Life is a partnership between HDFC Ltd., one of India’s biggest housing finance institution and Standard Life, a global long term investment savings player. They have joined hands to provide customers with a range of insurance and investment products covering categories such as Protection, Pension, Savings, Investments, Health, Children and Women! With such a diverse portfolio, the company strives to meet individual protection and wealth-enhancing needs and provide customized financial solutions for everyone.
HDFC Life brings to you two different child plans, each designed keeping in mind different needs of parents and their long-term goals when it comes to their child’s future in terms of education, career and marriage. The plans have attractive features and benefits to help your child stay financially independent, even in your absence.
Features:
Benefits:
Entry Age | Life Option: Min-max: 18-65 years| Life & Health Option: Min-Max: 18-55 years |
Maturity Age | Life Option: 75 years | Life & Health Option: 65 years |
Policy Term | Life Option: Min-Max: 10-20 years |Life & Health Option: Min-Max: 10-20 years |
Annual Premium | Min: Rs. 15,000 | Max: No Limit |
Sum Assured | 10 times annual premium depending on age to 40 times the annual premium |
Features:
Death Benefits: Before discussing the two options for death benefits, let’s understand some basic terms here:
Sum Assured:Sum assured on death is calculated as the higher of sum assured on maturity or 10 times annualized premium for entry age up to 50 years and 7 times annualized premium for entry age above 50 years
Basic Death benefit is calculated as the higher of sum assured on death or 105% of all premiums paid
Premium Waiver: All future premiums are waived off at the time of death of the insured, but the policy shall continue and all benefits including survival benefit and maturity benefit shall be paid as per schedule
The two types of death benefits are:
Entry Age | 30 days to 60 years |
Maturity Age | 18 to 75 years |
Policy Term | 15 years to 25 years |
Premium Payment Term | 7, 10 or Policy Term minus 5 years |
Annual Premium | Min: Rs. 24,000 | Max: No limit |
Sum Assured | As per term, age, premium etc. |