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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.
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 3 – 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.
|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
|Sum Assured||Term 10 years – Rs.49,447
Term 15 years – Rs.48,032
Term 20 years – Rs.73,516
|Guaranteed Maturity Benefit||Rs.1 lakh||No limit|
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.