HDFC Life Classic One Plan

HDFC Life Classic One Plan is an investment plan that combines insurance and investment. It offers coverage for two individuals with a payout on the second death. You can invest in different market-based funds and potentially grow your wealth over time.

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What is HDFC Life Classic One Plan?

HDFC Life Classic One is a Unit-Linked Insurance Plan (ULIP) that combines life coverage with the potential for market-linked returns. A unique aspect of HDFC Life Classic One is its joint life coverage option. This allows you to insure two lives – yourself and your spouse, child, parent, or another dependent – under a single plan. In the unfortunate event of the first life assured passing away, the surviving life assured has the flexibility to withdraw the entire accumulated fund value and continue with full life cover for the remaining policy term. Upon the second life assured passing away, the nominee receives a lump sum benefit of 10 times the single premium you initially paid.

Features of HDFC Life Classic One Plan

The features of HDFC Life Classic One Plan are:

  • Life cover with market-linked returns: Invest a lump sum premium and get life cover while your money grows based on market performance.

  • Single or Joint life coverage: Choose between coverage for yourself or yourself and another person (spouse, parent, child, etc.).

  • Flexibility on death benefit: In the joint-life option, the nominee gets the payout only on the second death. The surviving life assured can withdraw the entire fund value and continue with the life cover.

  • Loyalty rewards: Get bonus units for staying invested for 10 years

  • Invest how you like: Choose from 11 investment funds and switch between them freely.

  • Rupee cost averaging: Invest a fixed amount regularly to benefit from market fluctuations.

People also read: HDFC Life ULIP Plans

Eligibility Criteria for the HDFC Life Classic One Plan

Eligibility Criteria For Single Life For Joint Life
Minimum Maximum Minimum Maximum
Age at Entry (Last Birthday) 0 years 40 years  18 years  80 years
Age at Maturity (Last Birthday) 18 years 50 years 28 years 90 years
Single Premium ₹25,000 No Limit ₹25,000 No Limit
Policy Term 10 years 50 minus age at
Entry
10 years 90 minus age at
Entry
Sum  Assured 1.25 x
Single Premium
10 x
Single Premium
10 x Single Premium

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Benefits of the HDFC Life Classic One Plan

  1. Maturity Benefit:

    Receive your accumulated fund value (units x unit price) at policy maturity.

    Option to withdraw the maturity amount in instalments through a Systematic Withdrawal Plan.

  2. Death Benefit:

    • Provides financial security for your loved ones.

    • Pays a lump sum benefit:

      • Single Life: Sum assured on death of the insured.

      • Joint Life: Sum assured on the second death of the covered individuals.

    • The benefit amount is the highest of:

      • Sum assured minus partial withdrawals (if any).

      • Total fund value.

      • 105% of total premiums paid.

  3. Loyalty Additions:

    • Get bonus units after 10 years, based on your premiums or a flat 5% of your single premium. This can boost your overall maturity benefit.

  4. Partial Withdrawals*:

    • Access your funds after 5 years, subject to conditions. This provides flexibility to meet your needs.

*Note: Partial withdrawals cannot be made if they cause the policy to lapse.

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Riders Under the HDFC Life Classic One Plan

  1. HDFC Life Income Benefit on Accidental Disability Rider

    Receive extra income benefits beyond your Sum Assured in the event of total permanent disability due to an accident

  2. HDFC Life Protect Plus Rider

    Stay safeguarded with a portion of Rider Sum Assured in situations such as Accidental Death or partial/total disability from an accident or if diagnosed with Cancer.

Policy Details of the HDFC Life Classic One Plan

  • Free-Look Period: You have 15 days (30 days for distance marketing policies) to return the policy if you disagree with the terms. Refunds include allocated unit value, unallocated premium portion minus risk charges, medical expenses, and stamp duty.

  • Settlement Option: Choose to receive maturity benefits in instalments over a maximum 5-year period. Maintain 105% risk cover, switch funds, but no partial withdrawals are allowed during the settlement period. Withdraw full fund value without charges during settlement.

  • Switching: Unlimited fund transfers are allowed throughout the Policy Term and Settlement Period.

  • Loans: Policy loans are not available for this product.

People also read: ULIP Calculator

Exclusions Under the HDFC Life Classic One Plan

  1. Single Life Coverage Variant:

    If the policyholder dies by suicide within 12 months from the policy start or revival date, the nominee/beneficiary receives the Fund Value at the time of death notification. Charges other than Fund Management Charges (FMC) and guarantee charges will be added back to the fund value.

  2. Joint Life Coverage Variant:

    If either of the joint life policyholders commits suicide within 12 months from the policy start or revival date, the policy continues for the surviving life without the fund value being set to a minimum of 125% of Single Premium or the balance in the unit fund. Full withdrawal option is not available for the surviving life. If both policyholders die by suicide within 12 months from policy start, the nominee/beneficiary receives the Fund Value at the time of death notification.

FAQs

  • What are the conditions for Joint Life coverage eligibility?

    The relationship between the two policyholders can include spouses, children, parents, grandparents, or co-borrowers. Other relationships, like those within partnership firms, may also be considered if there is an insurable interest between the individuals. The cover granted is limited to the extent of insurable interest established during policy issuance, meeting the requirements of our Board Approved Underwriting Policy (BAUP).
  • Where does the premium amount get invested?

    HDFC Life Classic One offers 11 different Funds for investment, each with its investment policy based on asset allocation among equity, debt, and money market instruments. You can allocate your funds across different options or switch between funds without any charges.
  • Is there an option for STP?

    You can opt for a Systematic Transfer Plan (STP) for rupee cost-averaging benefits. The transfer is spread over 12 equal instalments, with the option to choose either the 1st or 15th of each month as the transfer date.

*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
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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HDFC Life Classic One Plan Reviews & Ratings

4.1 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Raju
, September 02, 2021
Proactive helpdesk
While purchase HDFC Life Click 2 Protect Life plan from policy bazaar, I wanted to check the policy specifications. As soon as I contacted the helpdesk, the executive resolved my queries and sent the policy brochure to my email for future reference. Such a proactive team highly impressed with them.
Arjun
Adoor, March 19, 2019
A good retirement plan
As said “Easy comes, easy go” therefore i choose to invest in HDFC Life ULIP Plans. As per company plans it will pay higher than the fund value of all premium paid. I found HDFC Life ULIP Policy attractive and a good retirement plan.
Ravi
Mishrpur, September 21, 2016
Good
I found nice ulip insurance policy which i took from hdfc standard life insurance. Premium of the policy is very less. Payback is very good and the policy coverage is high. Claiming process is easy and amount is good after maturity of insurance policy.
Vikram
Korba, August 22, 2016
ULIP Plan
The ulip insurance plan of mine is fantastic which has low premium and come's in less investment too. The hdfc life insurance is the best terms and conditions which facilitates me many benefits. The policy coverage is high approx. 90% and easy online renewal is possible with online portal.
Mukesh
Gurgaon, May 06, 2016
best service
overall best service good conversation with the financial adviser...
Rohit
Raipur, April 15, 2016
Fantastic plan
My ulip policy plan is really nice, i.e., HDFC standarad life insurance. It has good benefits and services. Policy coverage is 89% and claims are around 39 L. Service is very good and fast that's why the work is done in very shot time period. I like it.
Sandeep
Jalpaiguri, April 15, 2016
Perfect
I have ulip plan from hdfc standard life insurance. The plan works for me. Policy coverage is also good with claiming amount of Rs.41 L. Service provided by you is awesome and fabulous with fast interface. Good future investment.
Harish
Chattarpur, April 15, 2016
Better Plan
My ulip policy plan is from hdfc standard life insurance and the policy is the best because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high 89% and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick. Great job guys.
Ishant
Pondicherry, April 15, 2016
Above Average
The hdfc life ulip plan policy i have and happy to own it. The policy coverage is 81% and the claims are normal. Services are little bit slow provided by the staff members. Good future investment which saves tax also. Just improve the services and even the web services are better. Good Work.
Umakant
Karnal, April 15, 2016
Manageable
Policy premiums are low and the claims are high. HDFC ulip policy plan facilitate the people provide good response. One of my friend introduced this company for insurance. Getting reminders regularly and sum assured is double. Accidental and risk coverage is there. Good service by executives. I like it.
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