HDFC Life Classic One Plan

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, similar to how selecting the best SIP plan requires aligning investments with goals.

• 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.

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Eligibility Criteria for the HDFC Life Classic One Plan

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.

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.

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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.