HDFC Term Assurance Plan

Type of policy: Term Insurance

 

Term insurance is a fantastic product that every single family needs to have, for its earning member(s). It is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner. A single term policy of adequate cover will suffice for entire insurance needs.

We typically recommend an insurance cover of 4-8 times your annual income and for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

Additional benefits like critical illness cover and personal accident cover are offered with this policy. But we recommend a standalone critical illness cover as that gives wider range of cover in terms of number of illnesses, renewability and comes at lower premium. Personal accident cover is really an additional expense to be avoided as it covers your life which is already covered by the term policy.

 

Product features:

Parameter

Value

Fintotal Comment

Minimum age at entry

18 years

 

Maximum age at entry

60 years

 

Maximum policy term

30 years or attainment of 65 years, whichever is earlier

 

Minimum sum assured

Rs 5 lakh

 

Maximum sum assured

Unlimited

35% discount on premium available on sum assured exceeding Rs 25 lakhs calculated on excess of premium corresponding to sum assured of Rs 25 lakhs

 

Returns: If the insured survives term, no benefits are paid. Insurance should be viewed as an expense rather than investment.  Both function best when handled separately.

 

Illustration:
The table shows indicative annual premium for a non-smoking male. Premiums for females may be lower.

Your age

Term

Indicative Annual Premium

(For cover of Rs.50 lakh )

25 years

25 years

Rs. 10,650

30 years

25 years

Rs. 12,150

40 years

20 years

Rs. 20,550

50 years

10 years

Rs. 34,650

*Exclusive of service tax and educational cess.

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