HDFC is India's premier financial institution. Since 1977, HDFC has been serving the financial needs of Indians. Currently (June 2011), it not only has coverage in India, but it also has international offices in Dubai, London, and Singapore. HDFC life insurance provides several comprehensive packages which suits the needs of all types of individuals. This article overviews HDFC's life insurance offerings
Introduction to HDFC Life
HDFC is one of India's biggest financial providers, with an asset base of 1,32,727 cores (£18.46 billion), and a network of 289 offices across India. Standard Life PLC is a Scottish-based insurance company, which is in business since 1825 and has over six million customers Worldwide. HDFC has joined forces with Standard life in order to provide its insurance offerings to the Indian public.
HDFC life insurance offerings
HDFC Term Insurance plan
This plan is designed to secure the family's future in case of uncertainties. It achieves this by paying out a lump sum in the case of bereavement or critical illness.
· A policy term from a minimum 10 years to a maximum of 30.
· A plan choice either single or joint.
· Death benefits - The nominee or assignee, will receive the insurance pay-out. · Maturity benefits - There are no maturity benefits.
· The entry age ranges from 18 to 60 years old. HDFC Premium Guarantee plan This is similar to the term insurance plan, with the exception that it comes with maturity benefits. Here are the only differences to the plan: · The entry age ranges from 18 to 55 years old.
· Maturity benefits - There are maturity benefits. After the policy matures, all premiums will be returned less processing fees. HDFC Loan Term loan cover Term assurance plan Is designed to protect the family in case of outstanding loans upon the beat of the insured. This plan is only different from the term loan policy in that: · The entry age ranges from18 to 55 years old.
· Payment Is designed to cover outstanding loans upon death. HDFC Home Loan Protection plan This plan is designed to pay any outstanding mortgage payments upon the demise of the insured. · The minimum premium is RS 2,000
· Payment options - Either single upfront payment or as a monthly payment along with the mortgage EMI.
· Sum assured - The maximum insured amok is RS 30,00,000
· The entry age ranges from18 to 50 years old.
· Benefit - The assurance sum decreases as the mortgage progresses. Upon death prior to the end of the mortgage, the assured amount will be paid to the family members.