Life insurance solutions for NRI’s by HDFC that provide comprehensive insurance solutions for the policyholders’ and their families with varying levels of protection and tax benefits.
The life insurance policies available for NRI’s in HDFC Life offer the non-resident Indians a holistic insurance solution allows the policyholder to secure their family’s future in the unfortunate event of their demise. It also offers a range of other benefits which help them secure an income post retirement and enjoy tax benefits on the earnings generated through these policies.
The various HDFC Life Insurance Plans available for NRI’s are as follows:
- HDFC Life Pension Super Plus: This policy is designed to ensure life after retirement is not a nonstop rush to meet the increasing cost of living. The plan allows policyholders to build a post retirement corpus that helps in securing income after retirement. It has a policy term of 10, 15 or 20 years with a minimum entry age of 35 years and a maximum entry age of 65 years. Policyholders can pay the premiums either monthly, quarterly, half yearly or annually. The minimum premium to be paid is RS 2000 a month and the policy allows for top up premiums to be paid throughout the term of the policy. Premiums paid inclusive of top up premiums are invested in a pension fund and upon maturity or vesting, the policyholder receives the higher of the value of the fund or 101% of all premiums paid. The death benefit has a minimum value of 105% of all premiums paid and can be paid to the nominee either as a lump sum or in the form of annuity.
- HDFC SL ProGrowth Super II: This insurance cum savings policy provides the policyholders and their families with a valuable financial protection by providing a policy that not only offers life cover but the opportunity to invest in funds ranging from income fund, balanced fund, blue chip fund and opportunities fund. This mix of funds have their own profit and risk rating ranging from low to moderate to high. This comprehensive policy has a list of 8 plan options. Each of these options provide a particular benefit. While one may provide death benefit, others may provide death benefit with accidental death benefit or with a death benefit with critical illness benefits as well. These additional benefits and plan options allow policyholders to choose the plan that suits them the best. This policy allows for only one mode of premium payment which is annually and the minimum premium to be paid is RS 15,000. Upon maturity, the policyholder will receive the fund value and can take this either as a lump sum or through periodic instalments for a period of 5 years. Upon death of the policyholder, the beneficiary receives sum of sum assured and unit value of the fund. The minimum death benefit that is paid out is 105% of all premiums paid
- HDFC Life ClassicAssure Plus: Life as we know it is highly unpredictable but one thing that can be guaranteed is the benefit from this insurance cum investment plan that guarantees the policyholder the basic sum assured along with accrued bonuses. In the case of the policyholder’s demise, the beneficiary is paid the higher of the sum assured or 10 times the annualised premium or 105% of all premiums paid to date. The minimum premium to be paid is RS 1000 and the policy allows premium payments to be made through monthly, quarterly half yearly or yearly payments and offers policy terms of 10, 15 and 20 years. For those policies taken with a high assured sum of amounts exceeding RS 10 Lakh, the policyholder will receive a 5% discount on the basic premium to be paid. This policy also allows holders to avail up to 80% of the guaranteed surrender value of the policy as a loan.
- HDFC SL YoungStar Super Premium: policyholder can now revel in the joy of fulfilling the promise of a better future for their child with the HDFC SL YoungStar Super Premium policy. The policy allows holders to meet the immediate and future needs of their children and protects them in case of the unfortunate demise of the policyholder by providing regular yearly payments to the policyholder’s family. The mode of paying premiums in this policy is only annually and the minimum premium that has to be paid is RS 15,000 p.a. The plans have 2 options which are death benefit and Death benefit plus Critical illness benefit and the benefit payment preference also has 2 options. The first option is that upon death the nominee is paid the sum assured and the family need not pay any more premiums. HDFC will pay all regular premiums and pay out the fund value to the beneficiary upon maturity. In the second benefit payment option, the sum assured along with 50% of all regular premiums to be paid are paid to the beneficiary. The balance 50% is sued to pay all future premiums and the fund value is paid to the beneficiary upon maturity.
- HDFC Life Personal Pension Plus: This life insurance policy accounts for life after retirement. Retirement may signify the end of regular income but not the end of costs and expenses. The policy offers great flexibility and has a tenure option ranging from 10 years to 40 years. The minimum age of entry is 18 years of age and the maximum age of entry is 65 years. The benefit upon vesting or in the unfortunate event of policyholder’s death is 101% of the regular premiums paid. The policy offers a mode of premium payments with option of paying premiums annually, half yearly, every 3 months or on a monthly basis. The minimum premium to be paid is RS 2000 a month. This assures a sum of RS 2,04,841 upon maturity. The policy accounts for life’s various needs and allows policyholders to surrender their policy prematurely. The guaranteed surrender value is provided after the policyholder has paid the premiums for the first three years regularly.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017