What is a Term Assurance Plan? Why Should you buy this product? What optional benefits are available with this plan? Does Term Assurance plan offer You tax benefits? What is the Eligibility Criteria? What are the Payment Options? Can I have an indication of my Premium? Can I take a joint life policy? What should I do next? Prohibition of Rebates. Apply Online What is a Term Assurance Plan? Under this plan, a sum assured is payable in case of death of the life assured during the term of the contract. One can choose the lump sum that would replace the income loss to one’s family in the unfortunate event of one’s death. Since this is a pure risk cover plan, no benefits are payable on survival at the end of the term of the policy. Go to top Why should you buy this product? If you have a family that you care for, you should consider what would happen in case of your unfortunate death. The emotional void cannot be filled, but financial insecurity can be avoided. By taking this affordable life insurance plan, you can provide for the well being of your family in case of your unfortunate death. This plan comes to you at a minimal cost and is well suited for the value conscious customer. Go to top What optional benefits are available with this plan? You can add the following Optional benefits to customize your policy to suit your needs: Accidental Death Benefit (ADB) provides an additional amount equal to the basic sum assured in case you die: Due to an accident, and Within 90 days of the accident. Critical Illness (CI) Benefit provides an additional amount equal to the basic sum assured on diagnosis of any one of the 6 common critical illnesses. The sum assured is payable if you survive for 30 days after the date of the claim. This benefit provides for payment of an amount, on the diagnosis of any one of the following common critical illnesses: Cancer Coronary artery bypass Heart attack Kidney/Renal failure Major Organ Transplant (as recipient) Stroke Once such a claim has been met, no further Critical Illness Benefit is payable. However, your basic policy continues even after we pay a claim on this benefit. Accelerated Sum Assured (ASA) Benefit provides, on diagnosis of any one of the 6 common critical illnesses, an amount equal to the amount payable on death. As soon as we accept your claim: We pay out the sum assured, and Your basic policy immediately terminates without value. This benefit accelerates or advances the date on which the benefit would be payable. It becomes payable n death or critical illness, which ever occurs earlier. Once a claim has been met, either on death or critical illness, no further benefit is payable on your policy. Note: CI and ASA are not simultaneously available on a single policy. All optional benefits must be selected at the outset of your plan. Go to top Does Term Assurance plan offer you tax benefits? Tax benefits described in section 88 and section 10 (10 D) of the Income Tax Act are applicable. Go to top What is the Eligibility Criteria? The eligibility criteria is as follows: Eligibility Criteria   Basic Policy Policy with any Optional benefit Minimum age at entry 18 18 Maximum age at entry 60 55 Maximum age at expiry 65 65 Go to top What are the Payment Options? You have the choice of paying your premium either in yearly, half-yearly or quarterly modes, or of paying a single one-time premium, depending on your convenience. Go to top Can I have an indication of my Premium? Indicative Premium Age of Life Assured Annual premium (Rs) Sum Assured (Rs) 20 years 1,566 6,00,000 25 years 1,662 6,00,000 30 years 1,782 6,00,000 35 years 1,956 6,00,000 40 years 2,688 6,00,000 *The premium quoted is for a healthy male, paying premiums for a 15 year term. The exact premium may vary as a result of underwriting. Go to top Can I take a joint life Policy? Yes, on the basis of joint life first death. This is useful in case where both the husband and wife enter in to a loan agreement. We will pay out on the death of the first to die of the two lives assured if it is during the term of the policy. After the first claim, the policy terminates. Go to top What should I do next? If you are interested and want to know more about these plans, please fill up the registration form and we will get in touch with you. Go to top Prohibition of rebates Section 41 of the Insurance Act, 1938 states:- No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees. Regd. Office: HDFC Standard Life Insurance Company Ltd, Ramon House, 169 Backbay Reclamation, Mumbai - 400 020. This document has no monetary value at any time and is not a proof of any contract with HDFC Standard Life Insurance Company Ltd. Go to top Apply Online If you are interested in the term assurance plan from HDFC Standard Life, please register here. Our consultants will get in touch with you as soon as we receive your contact details. Address Personalfn Insurance Services India Ltd., 404, Damji Shamji Business Center, Vidhyavihar (W), Mumbai - 400 086, India. Phone: 91-22-5599 1234 / 5599 7536 Email: insurance@personalfn.com Go to top