HDFC Life Classic Assure Plus

This plan meant for wealth addition has the following salient features -

Benefits and Advantages of Classic Assure Plus Policy

This plan from HDFC Life is meant for people wishing to build a corpus that would aid in a smoother financial scenario during retirement or help in a large planned expense. The life cover provided by the plan is an added bonus. The key advantages in opting for this plan can be mentioned in the following points -

• Life cover is present throughout the policy term
• Limited pay of premiums doesn’t require policyholder to keep on investing throughout the policy term
• Applicable tax benefits for life insurance policy can be availed as per Section 80C and 10(10D) of the Income Tax Act
• Policy terms are available in three options and convenient enough to allow for a planned lump sum return

The key benefits under this policy can be explained as below -

• Maturity Benefit - Paid once the policy reaches the maturity age, after the completion of the policy term, this amount can be paid to the policyholder or nominee. This amount includes the Sum Assured and if applicable, Simple Reversionary Bonuses and Terminal Bonus
• Death Benefit - In case of the death of the insured life, Death Benefit will be payable to the nominee. Accrued Simple Reversionary Bonuses and Terminal Bonus if any, will also be payable. The base amount payable will be higher of 105% of all the premiums paid, 10 times annualised premium and sum assured
• Surrender Benefit - In case 2 years’ premiums have been paid for a paying term of 7 years and 3 years’ premiums have been paid for a paying term of 10 years, the policy would acquire a Guaranteed Surrender Value and the same will be paid to the policyholder. In certain cases, may also pay an amount higher than the GSV
• Tax Benefit - The contributions made towards the premiums of this policy can be tax deductible as per Section 80C and the received benefits can fall under Section 10(10D). Though these benefits are dependent on the prevailing tax laws

Premium Payment for HDFC Life Classic Assure Plus Policy

The details of premium payment for this plan can be summarised in the table below -