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Life is full of uncertainties and we need to plan in advance and ensure our loved ones are financially protected in our absence. We may want to save systematically to achieve financial goals like buying own house or car or go abroad to enjoy family vacation. We may also want to plan for education and career of children, their wedding etc.
Presenting HDFC Life Assured Gain Plus
HDFC Life Assured Gain Plus recognizes the importance of such needs and helps you fulfill them by empowering you with
This product is an individual non-linked participating savings life insurance plan which not only provides financial protection to your family in your absence but also pays you a lump sum on survival at the end of term to help fulfil your financial goals in life.
A. Grace Period:
Grace period is not applicable for Single Premium. The grace period of 15 days (where the premium is paid on a monthly basis) and 30 days (where the premium is paid in quarterly/half-yearly/annual basis) is available on the premium due date, to pay the premium. We will not accept part payment of the Premium. The policy is considered to be in-force with the risk cover during the grace period without any interruption as per the terms and conditions of the policy.
In case of a valid claim during the grace period, before payment of due premium, the claim shall be payable after deducting the due modal premium.
B. Lapsation: A single premium policy doesn’t lapse. For Limited Premium Payment Term (5 years) if at least 1 full year premium is not being paid, the policy will lapse on the date of expiry of grace period. Once the policy lapses, all benefits under the policy will cease until the policy is revived for full benefits.
C. Reduced Paid up: For Limited Premium Payment Term (5 years), if at least 1 full year premium has been paid and further premiums are unpaid and the policy is not surrendered, the policy will acquire the status of reduced paid up on the date of expiry of grace period up till the policy is revived for full benefits
D: Revival: If your Policy has been discontinued due to the non-payment of Premium,, it would be revived/restored by the Insurer with all the benefits mentioned in the Policy document, with or without rider benefits, if any, upon the receipt of all the Premiums due and other charges/late fee, if any, during the revival period, as per the terms and conditions of the Policy, upon being satisfied as to the continued insurability of the insured/Policyholder on the basis of the information, documents and reports furnished by the Policyholder; in accordance with Board approved Underwriting Policy.
E. Surrender: In order to honour unexpected commitments or needs, a Surrender option is available. The Policyholder may surrender the policy during the Policy Term. The Surrender Benefit will be higher of GSV (Guaranteed Surrender Value) and SSV (Special Surrender Value). A single premium Policy can be surrendered anytime during the Policy Term. For Limited Premium Payment Term (5 years), the policy shall acquire a Surrender Value after completion of first policy year provided one full year premium has been received. The surrender benefits are payable immediately on surrender. All benefits under the policy shall automatically terminate upon payment of surrender benefit.
Guaranteed Surrender Value (GSV): For single Premium Policies, the Policy acquires Guaranteed Surrender Value at Policy inception. For Limited Premium Payment Term (5 years), if at least two full years’ premiums have been paid, the policy acquires a GSV. GSV depends on the year of Surrender. GSV is the sum of the following:
Special Surrender Value (SSV): Special Surrender Value (SSV) shall become payable after completion of first policy year provided one full year premium has been received. For single premium policies, SSV shall become payable immediately after receipt of single premium. SSV shall be at least equal to the expected present value of the
(a) paid-up sum assured on all contingencies covered and
(b) paid-up future benefits (such as income benefits), if any, and
(c) accrued/vested benefits, duly allowing for survival benefits already paid, if any
All benefits under the policy shall automatically terminate upon payment of Surrender Value
F. Policy Loan Policy loans will be available during the Policy Term subject to such terms and conditions as the Company may specify from time to time. Our current terms and conditions are stated below:
• The loan amount will be subject to a maximum of 80% of the surrender value.
• The current interest rate on loan is 9.5%p.a. The interest rate on loan shall be calculated as the Average Annualized 10-year benchmark G-Sec Yield (over last 6 months & rounded up to the nearest 50 bps) + 2%. The interest rate shall be reviewed half-yearly and any change in the interest rate shall be effective from 25th February and 25th August each year.
G. Suicide: In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.
A) HDFC Life Assured Gain Plus is An Individual Non-Linked, Participating Savings Life Insurance Plan.
B) HDFC Life Insurance Company Limited is only the name of the Insurance Company and HDFC Life Assured Gain Plus is only the name of the product and does not in any way indicate the quality of the product, its future prospect or returns.
C) This product guarantees the Sum Assured on Maturity, Sum Assured on Death and Guaranteed Terminal additions subject to all premiums being paid
D) Simple reversionary bonuses and terminal bonus are not guaranteed and depend on participating fund’s performance.
E) Past performance is not an indication for the future performance.
F) The purpose of this brochure is to provide a general overview about this policy. The information herein is indicative of the terms, conditions, warranties and exceptions contained in the policy terms and conditions of HDFC Life Assured Gain Plus. Please refer to the policy terms and conditions to understand in detail the associated risks, benefits, etc.
G) In the event of any inconsistency / ambiguity between the terms contained herein and the policy terms and conditions, the policy terms and conditions will prevail. H) The acceptance of the proposal shall be subject to prevailing board approved underwriting policy.
1. What is Sum Assured on Maturity?
Sum Assured on Maturity is an amount which is guaranteed to be paid to you at policy maturity
2. What is Guaranteed Terminal Additions?
We understand and value your expectations from us and hence we provide an amount known as Guaranteed Terminal Additions. Guaranteed Terminal Additions is calculated as a percentage of ‘Sum Assured on Maturity’. It is paid on policy maturity or in case of an unfortunate death whichever is earlier starting from end of 5th policy year as applicable.
3. What is Simple Reversionary Bonus and Terminal Bonus?
Your policy is eligible for bonuses during the policy term. Under this policy, Company may declare Simple Reversionary Bonus (SRB) annually throughout the Policy term and shall be vested to be paid out upon death or on Policy Maturity Date, whichever is earlier. The Company might also declare terminal bonus, if any, and the same will be payable in the event of death during the Policy Term or on Policy Maturity Date whichever is earlier. Bonuses are non-guaranteed and declared as a percentage of Sum Assured on Maturity under the policy. Once declared, the bonuses become guaranteed.
1. The risk factors of the bonuses projected under the product are not guaranteed.
2. past performance doesn't construe any indication of future bonuses and
3. These products are subject to the overall performance of the insurer in terms of investments, management of expenses, mortality and lapses.
HDFC Life Insurance Company Limited ("HDFC Life"). CIN: L65110MH2000PLC128245,
IRDAI Registration No. 101.
Registered Office: 13th Floor, Lodha Excellus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011.
Email: service@hdfclife.com, Tel. No: 022-68446530 (Mon-Sat 10 am to 7 pm) STD charges apply. Do NOT prefix any country code. e.g., +91 or 00. Website: www.hdfclife.com
The name /letter 'HDFC' in the name/logo of HDFC Life Insurance Company Limited (HDFC Life) belongs to HDFC Bank Limited and is used by HDFC Life under licence from HDFC Bank Limited.
HDFC Life Assured Gain Plus UIN: 101N151V03. An Individual Non-Linked, Participating Savings Life Insurance Plan. Life Insurance Coverage is available in this product. HDFC Life Income Benefit on Accidental Disability Rider – Non-Linked (101B041V01) is a Non-Linked, Participating, Pure risk premium, Individual Life rider. HDFC Life Protect Plus Rider – Non-Linked (101B040V01) is a Non-Linked, Participating, Pure risk premium, Individual Life rider. This version of the product brochure invalidates all previous printed versions for this particular plan. This Product brochure is indicative of the terms, warranties, conditions and exclusions contained in the insurance policy. Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer.
HDFC Bank Limited is the Corporate Agent (IRDAI Reg. No. CA0010) of HDFC Life. Insurance policy is underwritten by HDFC Life. Purchase of Insurance policy is voluntary. ARN: BA/11/24/17911.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI or its officials do not involve in any activities of insurance business like selling insurance policies, announcing bonus or investment of premiums, refund of amounts.
Policyholders or the prospects receiving such phone calls are requested to lodge a police complaint
