HDFC Life Money Back Plan, is a unique life insurance policy that helps you to receive regular cash back at periodic intervals and offers financial protection to your family members in case of your absence.
Save Upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
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Let’s discuss the key features, benefits, eligibility and how a HDFC money back insurance plan works:
HDFC Life Money Back Plan is a financial product that offers periodic payouts i.e., survival benefits at fixed intervals, along with a benefits in case of policyholder’s death (sum assured). These survival payouts amount to some percentage of the life cover. It is a participating plan, which means that you can participate in the profits of the insurance company through bonuses.
Survival Benefits: HDFC Life Money Back Plan provides regular payouts after every four policy years. These payouts can be useful in meeting various financial needs such as education expenses, marriage expenses, or any other planned milestones in your life.
|Policy Term||4th Year||8th Year||12th Year||16th Year||20th Year||24th Year|
|12 years||25%||25%||Remaining 50% + any bonus||-||-||-|
|16 years||25%||25%||25%||Remaining 25% + any bonus||-||-|
|20 years||20%||20%||20%||20%||Remaining 20% + any bonus||-|
|24 years||15%||15%||15%||15%||15%||Remaining 25% + any bonus|
Maturity Benefit: At the end of the policy term, if you survive the entire duration, you will receive the maturity benefit, which is the sum assured along with any accumulated bonuses. You can check the maturity amount by using the HDFC Money Back calculator.
Death Benefit: In the unfortunate event of your demise during the policy term, your nominees will receive the death benefit, which is the higher of the sum assured and accrued bonuses specified under the plan.
Tax Benefits: HDFC Life Money Back Plan allows for annual premiums of up to Rs. 1,50,000 to be exempt from income tax under Section 80C. Additionally, the benefits received upon maturity of the policy are not subject to taxation under Section 10(10D) of the Income Tax Act, 1961.
Bonus Declarations: As a participating policyholder, you are entitled to receive bonuses declared by the insurance company. The plan provides terminal and reversionary bonuses.
High Sum Assured discount: This money back plan offers a 5% discount on the high sum assured for amounts equal to or exceeding Rs 5 lakhs.
To be eligible for HDFC Life Money Back Plan, you need to meet the following criteria:
|Policy term||12,15,20 years||24 years|
|Entry age||14 years||53 years|
|Age at maturity||-||65 years|
|Annual premium||Rs. 10,000 for annual mode Rs. 12,000 for other modes||No limit on the maximum premium amount|
|Premium payment modes||Yearly, half-yearly, quarterly and monthly|
|Premium payment term||Equal to policy term|
Applying for HDFC Life Money Back Plan is a straightforward process. Here are the steps to follow:
Research and Understand: Begin by thoroughly researching the policy details and understanding its features, benefits, and terms and conditions. This will help you make an informed decision.
Consultation with an Advisor: Reach out to policybazaar’s advisor who can guide you through the entire process, answer your queries, and assist you in choosing the right policy variant based on your needs.
Documentation: Prepare the necessary documents required for the application process. This typically includes identity proof, address proof, age proof, and income-related documents.
Application Form: Fill out the application form accurately and provide all the required information. Make sure to double-check the form for any errors or omissions.
Medical Examination: Depending on the sum assured and your age, a medical examination may be required. Cooperate with the insurer's designated medical professionals to complete the examination.
Payment: Pay the initial premium amount as per the payment schedule provided by the insurer. Ensure that the payment is made through secure channels and obtain a receipt for future reference.
Review and Approval: The insurance company will review your application, including the submitted documents and medical reports. Upon successful verification, they will approve your policy and issue the policy document.
Loan availability: The policyholder cannot avail a loan against this policy.
Policy alterations: The following changes can be made during the policy term, but they are subject to the terms and conditions set by the insurer:
Changing the premium frequency.
Reviving a lapsed or paid-up policy.
Increasing or decreasing the premium, sum assured, or policy term is not permitted.
Guaranteed minimum surrender value: After paying premiums continuously for three years since the start of the policy, the policyholder is entitled to receive a guaranteed minimum surrender value.
Riders: There are no additional rider options available for this plan.
HDFC Life Money Back Plan is a feature-rich life insurance policy that provides both financial protection and periodic payouts. By understanding its key features, benefits, and eligibility criteria, you can make an informed decision about whether it aligns with your financial goals and objectives.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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