Nov 30, 2001 12:48 AM
11596 Views
(Updated Mar 20, 2002 09:31 PM)
HDFC standard life insurance is backed by HDFC, the reputed housing financial institution operating since several decades and Standard Life Assurance Company, one of the Europe’s largest mutual fund company. HDFC has 18000 crores of assets and Standard life as $119 billion of assets. So they can be comfortably considered as safe as insurers. They entered into life insurance with four policies.
Services
It has employed well-equipped and trained consultants whom you can ask any question you have for the policy. You just give them a call at their call center (9622777777) they will send them to you home/office. You can ask them to send you just the written information about the policies you will get the courier. So they are your doorsteps to help you. It is too early too tell how efficient they will be in claim settlement.
Policies
Single Premium whole of the life Insurance
Age 18years – 70years
Sum assured 25000 – 5000000
You pay a single premium and policy pays you lump sum when you want it. You can choose to withdraw money on your own, after 10th, 15th, 20th and subsequent five-year anniversaries. Once you withdraw policy terminates. You may also surrender your policy in between. There is no medical requirement and your family will be paid sum assured and bonuses in case of Death. This is best if you have attained some huge amount by selling land or home and you are looking for safe investment required for bad times.
Endowment Assurance Plans
Have six different plans to choose from
Age 12 – 75 years different with different plan
Term 10 –30years
They also give waiver of premium in case you become disabled and additional critical illness cover options.
This gives you a freedom to choose from six different plans depending on you need. Plus maximum age of 75 years is an attraction.
Term Assurance Plan
Age 18 –60 years, 55 in case of special benefits.
Additional death benefit in case of accidental death, 6 common critical illnesses covered. If you are a 30-year-old healthy person premium for 20-year term with 3,20,000 assured sum is 1628 Rs.
This is the least complex and easy to understand straightforward policy Ideal for aged 25 –35 who can plan there future up to 65 years of age with addition benefits.
Money back policy
This is similar to Endowment Assurance Plans with payment of cash lump sum at 5 yearly intervals. In case of unfortunate death sum assured plus bonuses are paid like in any other policy.
If you foresee the need of money in-between, a right one.
All policies have options of yearly/half yearly/quarterly payment modes. You are eligible for tax benefits as per tax laws.
