Compare HDFC Life Classic Assure Plan


HDFC Life Classic Assure Plan

HDFC Life Classic Assure Plan is a traditional endowment plan which earns guaranteed bonuses during the plan tenure. The policyholder can choose to pay premiums as per his choice as the plan has limited premium paying tenures. The plan is easily available and can be bought online without undergoing any pre-entrance medical screening.

Key features of the plan

  • Guaranteed bonuses are added to the plan during the premium paying term.
  • The plan can be bought by filling up a Short Medical Questionnaire
  • Premium discounts are allowed for choosing a higher level of Sum Assured.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured, the plan term, the premium paying term and frequency. Based on the insured’s age and the above factors, the premiums are calculated.

Step 2- in case of death, the death benefit would be paid which is the Sum Assured and accrued bonuses.

Step 4 – if the insured survives the plan tenure, the maturity benefit is paid which is the Sum Assured and accrued bonuses.


Mohit buys the plan choosing a Sum Assured of Rs.5 lakhs. He is 30 years old and buys the plan for a term of 20 years paying annual premiums for 10 years.

Option 1 – if Mohit dies during the plan term, higher of the Sum Assured or 10 times the annual premium is paid subject to a minimum of 105% of premiums paid.

Option 2 – when the plan matures, Rs.5 lakhs and accrued bonuses are paid. The accrued bonuses would be a minimum of Rs.15, 000 payable for 10 years. Thus, the total minimum bonus would be Rs.1.5 lakhs.

Plan benefits

  • Death benefit – if the life insured dies during the term of the plan, and all premiums have been paid, the death benefit is paid. The death benefit is higher of the Sum Assured or 10 times the annual premiums paid or 105% of all premiums paid till death. The accrued bonuses and any terminal bonus are also paid along with the death benefit.
  • Maturity Benefit – when the chosen tenure of the plan comes to an end, and all premiums have been paid, the Sum Assured along with accrued bonuses and any terminal bonus is paid to the policyholder.
  • Bonus – simple reversionary bonuses are declared every year if due premiums are paid. The bonus rate depends on the performance of the company but the minimum guaranteed bonus is 3% of the Sum Assured. On maturity or death, a terminal bonus and an interim bonus might also be paid.
  • Premium discounts – discounts are allowed in premium if the policyholder chooses a Sum Assured of Rs.10 lakhs and above. The rate of discount is 5%.
  • Loan – up to 80% of the acquired Surrender Value can be availed as loan under the policy.


  Minimum Maximum
Age at entry (in completed years) Term 10 years – 8 years
Term 15 years – 3 years
Term 20 years – 30 days
Term 10 and 20 years – 55 years
Term 15 years – 60 years
Age at maturity (in completed years) NA Term 10 years – 65 years
Term 15 and 20 years – 75 years
Term of the plan 10,15 or 20 years
Premium paying options Limited pay
Premium Paying term Term 10 years – 7 years
Term 15 years – 7 or 10 years
Term 20 years – 10 years
Premium amount Yearly – Rs.12,000
Half-yearly – Rs.6000
Quarterly – Rs.3000
Monthly – Rs.1000
No limit
Sum Assured Term 10 years – Rs.49,447
Term 15 years – Rs.48,032
Term 20 years – Rs.73,516
No limit
Guaranteed Maturity Benefit Rs.1 lakh No limit

What is not covered in the policy?

  • In case of suicide committed within 12 months of inception, 80% of the premiums paid are refunded.
  • If suicide is committed within 12 months of revival, higher of 80% of the premiums paid or the surrender value under the plan is paid.

Premium Illustration

Below are the sample rates of premium payable by a non-tobacco user male for a combination of different ages, term and Sum Assured. The premiums are excluding taxes and are assumed to be paid annually for 7 years.



Is there any limit on the Sum Assured for buying the plan without medical check-ups?

For individuals aged 18-50 years, a maximum Sum Assured of Rs.20 lakhs is available without medical health check-ups.

What is the loan interest rate?

The company charges an interest rate of 14% per annum on the loan sanctioned under the plan.

Are there any conditions for availing loan?

Loans are given only on in-force policies, i.e. policies whose premiums are being regularly paid. The policyholder can take a loan only if he is at least 18 years of age.

Are bonuses declared under a lapsed policy?

No, bonuses are declared only under a policy whose premiums are being paid.

How to revive a lapsed policy?

To revive a lapsed policy, the outstanding premiums, applicable interest on defaulted premiums and a revival fee of Rs.250 is payable. Moreover, revival should be done within 2 years of lapse.

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