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HDFC 1 Crore Life Insurance Policy

In this uncertain and fast-growing world, planning a secure and stable future for your family is very important. However, with time people are understanding the need for life insurance policies and hence they are opting for these plans significantly. HDFC 1 Crore Life Insurance policy is one of the most reasonable and affordable policies out there that can significantly help you protect your loved one's future. The policy ensures that your family will receive a lump sum of Rs.1 crore after the end of policy tenure and they will be able to live a financially stable life even if you are not there for them.

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While this HDFC 1 crore life insurance plan seems to be a policy that will require a large amount of premium, the reality is different. HDFC allows flexible premium and tenure options to help you pay the insurance premium without any burden.

Features of the HDFC 1 Crore Life Insurance Policy

HDFC 1 Crore Life Insurance policy is one of the best insurance plans available in the life insurance market. Let us take a look at some of the key features of this policy:

  1. Simple Purchase Procedure

    The HDFC 1 Crore Life Insurance policy follows a quite simple procedure to purchase, and you can buy it without any hassle. 

  2. High Claim Settlement Ratio

    HDFC Life Insurance policy is known for a high level of customer satisfaction and hence it has a high claim settlement ratio of about 95.54%. Under this plan, almost all types of death causes are covered.

  3. Assured Sum

    The HDFC 1 Crore Life Insurance policy offers you a minimum assured sum of Rs 10 Lakhs and the maximum assured sum of Rs 1 Crore.

  4. Flexible Age Limit

    The policy offers a flexible age limit ranging from a minimum of 18 years to a maximum of 65 years.

  5. Flexible Tenure Term

    You can buy the 1 crore HDFC life insurance policy in various tenure terms, i.e., 10, 15, 20, 25, 30, and 40 years.

  6. Additional Accidental Death Benefits Rider

    In case of the death of the policyholder due to an accident, the nominee will receive some extra assured sum in addition to the insurance cover lump sum.

  7. Monthly Income Option

    HDFC also provides an income option under which the nominee will revive the assured lump sum money and receive the remaining insurance sum in monthly incomes for a maximum of 15 years.

Eligibility Criteria 

HDFC has set certain eligibility criteria for the HDFC 1 Crore Life Insurance Plan which you must meet to buy the policy: 

  1. Age Limit

    The minimum age limit for the policy buyer is 18 years, while the maximum age limit is 65 years.

  2. Maturity Age

    HDFC has set the policy maturity age mark as 75 years.

  3. Coverage Tenure

    The minimum tenure period is 10 years, while the maximum tenure period is 40 years.

Benefits of HDFC 1 Crore Life Insurance Policy

Here are the benefits provided by the HDFC 1 Crore Life Insurance Policy:

  • Even in the case of the death of the policyholder during the policy tenure, the assigned nominee will receive the total assured insurance sum cover.

  • The HDFC 1 Crore Life Insurance plan is a pure term plan. Hence, you will not get any maturity benefits and survival benefits.

  • The death benefit for the 1 crore policy depends on the type of premium policy chosen by the policyholder. For instance, if the policyholder opts for a single premium policy, he/she will get 125% of the single premium along with the assured sum. If the policyholder opts for any other premium policy options, he/she will receive 105% of the premium, 10 times the annualized premium, along with the assured sum.

  • A major benefit of the HDFC 1 Crore Life Insurance policy is that the insurance premium to be paid is exempted from the taxable income of the policyholder under the Income Tax Act, section 80C.

  • The insurance amount received will also be tax-free. Hence, you will not have to pay any tax from the insurance cover.

Documents Required 

The following are the required documents for applying the HDFC 1 Crore Life Insurance policy:

  • PAN Card (If the applicant does not have PAN, he/she can submit Form 60)

  • Passport-sized photographs

  1. Proof of Identity:

    For identification proof, applicants need to submit one of the following documents:

    • PAN Card

    • Passport

    • Any government-issued ID Card

    • Voter ID

  2. Proof of Address:

    For residential proof, one needs to submit any of the following:

    • Passport

    • Ration Card

    • Voter ID

    • Aadhaar Card

  3. Proof of Age:

    For age proof, one needs to submit any of the following:

    • Aadhaar Card

    • Passport

    • Birth Certificate 

    • PAN Card

    • Driving License

Steps to Buy HDFC 1 Crore Life Insurance Policy? 

The complete HDFC 1 Crore Life Insurance policy purchase procedure consists of the following steps:

Step 1:- Filling up the policy proposal form.

Step 2:- Payment of the insurance premium.

Step 3:- Confirmation of the premium payment from HDFC.

Step 4:-  HDFC will analyze your document profile and ask for any other document(s) if needed. 

Step 5:- Once you fulfill all the requirements, HDFC credits the 1 crore life insurance policy in your name.

FAQ's

  • The health examination depends on the health status of the policy buyer. HDFC may or may not conduct the medical examination. However, the medical examination consists of small tests like blood tests, sugar tests, etc.
  • Yes, as hazardous habits such as smoking and drinking bring more risk to your life, policy terms such as premium and tenure may change in such cases.
  • Yes, it solely depends on your decision to buy more than one policy. If you think you can afford and need one more insurance policy, go for it.
  • No, under the Income Tax benefits, you do not have to pay any tax on the money received as insurance cover from the life insurance policy.
  • The whole policy buying procedure for the HDFC 1 Crore Life Insurance policy generally takes 7-10 working days.

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