HDFC Life Assured Gain Plus: An Individual, Non-linked, Participating Savings Life Insurance Plan. Experience assured gains alongside consistent growth.
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Important Features of HDFC Life Assured Gain Plus insurance plan: |
Life is full of uncertainties, making it essential to plan to protect our loved ones financially. We can save for goals like a house, a car, a family vacation, or children's education and weddings. Introducing HDFC Life Assured Gain Plus, an individual non-linked participating savings life insurance plan. It offers financial protection for your family and pays a lump sum upon survival at the end of the term to help achieve your financial goals. |
Key features of the plan: - Life Insurance Cover for the full term while paying for a limited number of years. - Guaranteed Sum Assured at maturity with survival benefits, contingent on premium payments. - Potential bonus returns (if declared). - Enhanced protection options through riders. |
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**HDFC Life Assured Gain Plus Overview:** **Eligibility Criteria:** - **Minimum Age at Entry:** - 3 years (for 15/20/25/30 Year Policy Term) - 6 years (for 12-Year Policy Term) - 8 years (for 10-Year Policy Term) - **Maximum Age at Entry:** 65 years - **Minimum Maturity Age:** 18 years - **Maximum Maturity Age:** 85 years. |
**Policy Terms:** - **Single Premium:** PT 10/12/15 - **PPT 5:** PT 10/12/15/20/25/30 - **PPT 6:** PT 12/15/20/25/30 - **PPT 7:** PT 15/20/25/30 - **PPT 8:** PT 15/20/25/30 - **PPT 10:** PT 15/20/25/30 - **PPT 12:** PT 20/25/30 *(PT includes the chosen PPT.)* |
Premium Payment Term (s) -
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Minimum Premium (Rs.): Limited Premium Payment Term:
Single Premium: 2,50,000 |
Maximum Premium: No Limit ( subject to board-approved underwriting). |
Minimum Sum Assured on Maturity:
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Premium Payment Mode:
Note - For the monthly mode, 3 monthly premiums must be paid at policy commencement. |
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Benefits of the HDFC Life with Assured Gain Plus insurance plan: | |
**A. Death Benefit:** HDFC Life Assured Gain Plus provides financial protection to your family through: - Sum Assured on death - Applicable Guaranteed Terminal Additions - Vested Simple Reversionary bonus (if declared) - Terminal Bonus (if declared) For limited premium payment terms, the Sum Assured on death is the higher of: a) ‘X’ times the Annualized Premium b) 105% of Total Premiums Paid until death The multiplier ‘X’ is: - 10 times for ages under 45 - 7 or 10 times for ages 45 and over For single-premium policies, it is 1.25 times the Single Premium. Annualized Premium excludes taxes and extra charges. Total Premiums Paid refers to the total premiums under the base product, excluding extra premiums and taxes collected. | |
**B. Maturity Benefit:** Upon completing the policy term, HDFC Life Assured Gain Plus provides you with: - Sum Assured on Maturity - Applicable Guaranteed Terminal Additions - Vested Simple Reversionary Bonus (if declared) - Terminal Bonus (if declared) The maturity benefit will be at least 101% of the total premiums paid (excluding taxes and rider premiums). **What is Sum Assured on Maturity?** It is the guaranteed amount paid at policy maturity. **What are Guaranteed Terminal Additions?** This is a percentage of the Sum Assured on Maturity, payable at maturity or upon death, whichever occurs first. | |
End of Policy Year | Guaranteed Terminal Additions payable as a percentage of Sum Assured on Maturity |
5th | 7.5% |
6th | 9% |
7th | 10.5% |
8th | 12% |
9th | 13.5% |
10th | 30% |
11th | 33% |
12th | 36% |
13th | 39% |
14th | 42% |
15th | 45% |
16th | 45% |
17th | 45% |
18th | 45% |
19th | 45% |
20th | 50% |
21st | 50% |
22nd | 50% |
23rd | 50% |
24th | 50% |
25th | 55% |
26th | 55% |
27th | 55% |
28th | 55% |
29th | 55% |
30th | 60% |
**Simple Reversionary Bonus and Terminal Bonus:** Your policy may earn bonuses during the term. The Company may declare an annual Simple Reversionary Bonus (SRB), payable upon death or at maturity, whichever occurs first. A terminal bonus may also be declared and paid under the same conditions. Bonuses are non-guaranteed and based on a percentage of the Sum Assured at maturity, but once declared, they become guaranteed. | |
**C. Enhanced Protection Options:** We offer the following Riders to enhance your protection: 1. **HDFC Life Income Benefit on Accidental Disability Rider – Non-Linked:** - Type: Non-Linked, Participating, Individual Life rider. - Benefit: 1% of Rider Sum Assured per month for 10 years in case of Accidental Total Permanent Disability. No maturity benefit. 2. **HDFC Life Protect Plus Rider – Non-Linked:** - Type: Non-Linked, Participating, Individual Life/Health rider. - Benefit: Protection against cancer and accidental death/disability. No maturity benefit. **Note:** For more information, see Rider Brochures on our website: www.hdfclife.com. Rider terms align with the Base Policy. Coverage terminates under the Base Policy by claim, surrender, or maturity. Riders are unavailable if their term exceeds the base policy term. | |
**Premium Size Discount:** With HDFC Life Assured Gain Plus, get a premium discount for higher premium payments. Below are the discount rates based on premium bands and policy terms (excluding service tax): **Premium Band: Rs. 30,000 – Rs. 74,999** - All policy terms: 0.00% **Premium Band: Rs. 75,000 – Rs. 1,49,999** - PPT 5: 2.50% - PPT 6-10: 1.00% - PPT 12: 1.00% **Premium Band: Rs. 1,50,000 to Rs. 2,99,999** - PPT 5: 3.00% - PPT 6: 2.00% - PPT 7: 2.50% - PPT 8-10: 2.00% - PPT 12: 2.00% **Premium Band: Rs. 3,00,000 & above** - PPT 5: 4.00% - PPT 6: 3.00% - PPT 7-8: 3.00% - PPT 10-12: 2.50% **For Single Premium:** - **Rs. 250,000 – Rs. 349,999**: 0.00% - **Rs. 350,000 – Rs. 4,99,999**: 1.00% - **Rs. 5,00,000 & above**: 1.75% | |
What are your Tax Benefits? Tax Benefits may be available in accordance with prevailing tax laws. You are requested to consult your tax advisor. | |
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**How the plan works:** The sample illustrations below show the premiums and benefits under two assumed interest rates: 8% and 4% p.a. Some benefits are guaranteed, while others are variable and depend on your insurer's future performance. Guaranteed benefits will be marked as such. Variable benefits illustrate two assumed rates of return—8% p.a. and 4% p.a.—but these rates are not guaranteed, and your policy's value depends on various factors, including future investment performance. |
**CASE STUDY 1** Ravi, a 40-year-old professional, aims to secure his family's financial future and save for his 6-year-old daughter Niharika's higher education. He chooses HDFC Life Assured Gain Plus, committing to an annual premium of Rs. 1,00,000 for 5 years with a 15-year policy term. **Details:** - **Age at Entry:** 40 - **Policy Term:** 15 years - **Premium Paying Term:** 5 years - **Total Premium:** Rs. 5,00,000 - **Sum Assured on Maturity:** Rs. 3,75,330 - **Guaranteed Terminal Additions:** Rs. 1,68,898 - **Sum Assured on Death:** Rs. 10,00,000 **Benefits:** 1. **Maturity Amount for Niharika's Education:** - Guaranteed Benefit: Rs. 5,44,228 - With 4% Return: Rs. 6,19,294 - With 8% Return: Rs. 9,47,707 2. **In the Event of Death:** - Death Benefit: Rs. 10,00,000 plus any bonuses declared. 3. **Tax Benefits:** Eligible under the Income Tax Act 1961. This summarizes Ravi's financial planning strategy and benefits. |
**CASE STUDY 2:** Mr. Rao, a 60-year-old retiree, wishes to support his 3-year-old grandson, Arnav, for higher education. He plans to purchase the HDFC Life Assured Gain Plus with a single premium of Rs. 5 lac for a 15-year policy term. **Policy Details:** - Age at Entry: 3 years - Single Premium: Rs. 5,00,000 - Sum Assured on Maturity: Rs. 3,88,365 - Guaranteed Terminal Additions: Rs. 1,74,764 - Total Maturity Benefits: - Guaranteed: Rs. 6,92,636 - Assuming 4% returns: Rs. 7,88,172 - Assuming 8% returns: Rs. 12,77,794 **Death Benefits:** - Sum Assured on Death: Rs. 6,25,000 (from the second policy year) - If death occurs before, the single premium is refunded. |
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**Terms and Conditions:** A. **Grace Period:** Single premium policies have no grace period. Monthly payments have a 15-day grace period; quarterly and annual payments have a 30-day grace period. During this period, coverage remains active, but a valid claim will result in a premium deduction. B. **Lapse:** Single premium policies do not lapse. For LPPT policies, if at least one full year’s premium isn’t paid by the end of the grace period, the policy lapses, and all benefits cease until revived. C. **Reduced Paid Up (RPU):** LPPT policies with one year’s premium paid, but unpaid subsequent premiums enter RPU after the grace period. RPU reduces the death benefit, and profit participation stops until the policy is revived. D. **Revival:** Policies can be revived within five years of the first unpaid premium due date. Revival restores benefits upon payment of due premiums and fees, subject to insurability. Current revival interest is 9.5% p.a. E. **Surrender:** Policies can be surrendered for the higher of the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV). Single-premium policies can be surrendered at any time; LPPT policies accrue surrender value after one year of premium payments. **Guaranteed Surrender Value (GSV):** GSV for single-premium policies is available at inception; for LPPT policies, it’s available after two full premiums. It is calculated based on total premiums paid and any vested bonuses. **Special Surrender Value (SSV):** SSV is payable after receiving the single premium for single policies and after one premium for LPPT policies, reflecting the present value of paid-up benefits. | |
**F. Policy Loan:** Loans of up to 80% of the surrender value are available, subject to the Company’s terms. The interest rate is 9.5% p.a., based on the Average Annualised 10-year G-Sec Yield (last 6 months, rounded up to the nearest 50 bps) + 2%, reviewed biannually (Feb 25th and Aug 25th). Any outstanding loan and interest will be deducted from the benefits. Non-repayment won't lead to policy foreclosure on in-force or fully paid-up policies. **G. For Minor Lives:** Risk for minors 12 and older begins immediately. For those under 12, full benefits begin at the end of the second policy year. If a minor under 12 passes away before then, the death benefit is limited to a refund of total premiums paid, without interest—the policy vests in the minor upon majority. **H. Free Look Period:** Policyholders can return the policy within 30 days for a refund of the premium, minus any proportional risk premium, medical exam costs, and stamp duty, if they disagree with its provisions. **I. Suicide:** In case of suicide within 12 months of risk commencement or revival, the nominee/beneficiary will receive the higher amount between 80% of total premiums paid or the surrender value, assuming the policy is in force. **J. Modal Factors:** Premiums can be paid annually, half-yearly, or monthly, with corresponding modal factors. | |
Mode of Premium | Multiplicative Factor |
##Monthly | 1 |
Half Yearly | 5.86 |
Yearly | 11.50 |
## For Monthly mode: 3 Monthly premiums to be collected in advance on the date of commencement of the policy. | |
**K. Alterations:** Only the premium payment mode can be changed. **L. Grievance Redressal:** Contact us at: - Helpline: 022-68446530 (charges apply) - NRI Helpline: +91 89166 94100 (charges apply) - Email: service@hdfclife.com or nriservice@hdfclife.com (for NRI) Submit grievances via: - Written Letter: Duly signed, at any HDFC Life branch. Check details: https://www.hdfclife.com/contact-us#BranchLocator (closed Sundays/national holidays). - Email: Send from your registered ID to service@hdfclife.com. - Website: Visit https://www.hdfclife.com/customer-service/grievance-redressal. For unresolved issues, refer to the escalation matrix or contact the regional Insurance Ombudsman (see Part G of the policy document for details). | |
**M. Nomination Provisions (Insurance Act 1938, Section 39):** A policyholder can nominate individuals to receive policy money upon their death. If the nominee is a minor, a guardian may be appointed to manage the funds until the nominee reaches adulthood. Nominations can be made at any time before policy maturity, either in the policy text or through endorsement registered with the insurer. Nominations can be changed or canceled before maturity by endorsement or will, but written notice must be given to the insurer to ensure liability for the new nominee. The Authority may set a fee for registering changes or cancellations. A transfer or assignment under Section 38 automatically cancels a nomination unless it is to the insurer for a loan, in which case it remains in effect until repayment. Section 39 does not apply to policies under the Married Women's Property Act (MWP Act) unless the nomination is specifically for a spouse or children, which must be noted on the policy. | |
N. Assignment Provisions (Section 38 of the Insurance Act 1938): A policy can be fully or partially assigned. This requires an endorsement or a signed instrument with one witness, along with notice to the Insurer. The assignment document must include details of the transfer, the reasons, the assignee's information, and the terms. The transfer takes effect only upon delivery of the notice and the endorsement/instrument (or a certified copy), and may be subject to a fee. The Insurer must confirm receipt of the notice but may refuse the assignment if it is not bona fide, against the policyholder's or public interest, or for trading purposes. Refusal can be appealed to IRDAI within 30 days. Note: Refer to Sections 38 and 39 of the Insurance Act, 1938,8 for complete details. | |
**O. Risk Factors:** A) HDFC Life Assured Gain Plus is a Non-Linked, Participating Savings Life Insurance Plan. B) The names HDFC Life and HDFC Life Assured Gain Plus do not guarantee product quality or returns. C) Guaranteed benefits are contingent upon the payment of all premiums. D) Bonuses are not guaranteed and depend on fund performance. E) Past performance does not predict future results. F) This blog provides a general overview. See policy terms for detailed risks and benefits. G) Policy terms govern any inconsistencies. H) Proposal acceptance follows the underwriting policy. | |
**Taxes:** **Indirect Taxes:** Applicable taxes and future levies may be added to premiums or charges. **Direct Taxes:** Tax will be deducted from policy payments under the Income-tax Act, 1961. | |
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**Section 41: Prohibition of Rebate** The Insurance Act, 1938, prohibits offering or accepting any rebates on commission or on policy premiums as an inducement to purchase insurance policies, except as stated in the insurer's documents. Violations can cause fines up to ten lakh rupees. **Fraud, Misstatement, and Forfeiture (Section 45)** Section 45 governs fraud, misstatement, and forfeiture. A life insurance policy cannot be questioned after three years from the issuance, risk commencement, revival, or rider date, except on grounds of fraud if the insurer provides written notice. If the insured proves any misstatement or suppression was unintentional or known to the insurer, the policy cannot be repudiated. Policies can also be questioned within three years for relevant misstatements, with a requirement to refund premiums within ninety days if repudiated. The insurer can still request proof of age or adjust policy terms without challenging the policy. Note: This summary reflects amendments to the Insurance Laws (Amendment) Ordinance, 2014. For complete details, refer to the Original Ordinance Gazette Notification dated December 26, 2014. |
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Source of Information and Disclaimer: The information provided here is a summary generated using AI tools, compiled from publicly available sources, including hdfclife.com. While we aim for accuracy, the writer of this blog is not responsible for any errors, inaccuracies, or omissions. We are not liable for any consequences resulting from the use of this information. Recommendation: For complete details and before making any decisions, please review the official terms and conditions on the HDFC Life website at hdfclife.com. |
A Note from Your Financial Consultant: My name is Arvind Kumar, and I serve as a Financial Consultant and Life Advisor with HDFC Life Insurance Company. I am fully authorized to advise on, customize, and sell insurance policies, having successfully passed the IC-38 exam conducted by the Insurance Institute of India, in compliance with IRDAI regulations. It is crucial to have an insurance policy tailored to your specific needs, covering benefits for survival, critical illness, and death. Remember, an insurance policy must be secured in advance. It cannot be purchased during or after a major event, such as a death. For assistance with your insurance needs, please feel free to contact me via: Phone and WhatsApp:** 919899423601 and 919971797791 - **Email:** arvind kumar |
Wishing you all the best as we come to the end. Good luck! |
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