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HDFC Life Insurance Income Replacement is a customized insurance plan that guarantees your family receives a steady monthly income in case of your untimely death. This plan serves as an essential safety net for individuals in Assam, ensuring financial stability for your loved ones by replacing your income during challenging times.
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Rather than a lump sum payout, the policy provides regular monthly payments, allowing families to manage daily expenses, children's education, and long-term goals without financial strain. Let’s understand how the HDFC Life Insurance Income Replacement plan can safeguard your family’s financial future in Assam.
Term Plans
The HDFC Life Income Replacement plan is a term insurance policy aimed at providing a monthly income to your family if something happens to you. Instead of a lump sum, your family will receive a fixed monthly amount that reflects your previous income. For instance, if you earned ₹50,000/month, your family could continue receiving that amount every month if you pass away during the policy term.
For example, if you were earning ₹50,000/month, the income replacement plan can be set up so that your family continues to receive this or a similar amount every month if you pass away during the policy period.
*Note: You can consider buying the ABSLI Income Suraksha Plan, which is one of the best income replacement plans available in the market today. This plan provides monthly income to the nominees after the unfortunate death of the policyholder.
In Assam, many households depend on a single income earner for their daily needs and expenses. The sudden loss of this income can lead to significant financial challenges, especially if the family has loans or medical bills. The HDFC Life Income Replacement plan ensures that your family’s essential expenses are covered, helping them maintain their lifestyle even in your absence.
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Monthly Payout: The HDFC Life Income Replacement plan offers regular monthly payments to your family instead of a lump sum, helping them cover daily expenses like your salary would.
Affordable Premiums: The premiums for this type of life insurance plan by HDFC Life are very affordable, especially when compared to the financial protection it offers. The cost depends on factors like your age, income, and the amount of monthly income you want to replace.
Customizable Income: You can choose the monthly amount your family will receive based on your current salary or their needs.
Flexible Policy Term: You can opt for the duration of this life insurance policy based on your requirements.
Tax Benefits: The premiums you pay for an HDFC Life Income Replacement plan are eligible for term insurance tax benefits under Section 80C of the Income Tax Act.
The working of the HDFC Life Income Replacement plan in Assam is quite simple:
Choose Coverage and Income: When purchasing the policy, you will select the monthly income your family will receive. Depending on your family's needs, this can be an amount like ₹30,000 or ₹50,000. Additionally, you will determine how long you want the policy to last, giving you control throughout the coverage.
Regular Premium Payments: You are required to pay premiums regularly. You can choose to pay these premiums monthly, quarterly, or yearly, allowing flexibility to fit your budget and financial planning.
Death Benefits for Your Family: If you pass away while the policy is active, HDFC Life will begin paying your family the selected monthly income. This payment will continue for the remainder of the policy term, ensuring your family has the financial support they need during a difficult time.
Policy Termination: If the policy term ends and no claims have been made, the policy will expire. There will be no payout in this case, so it’s important to ensure that your coverage aligns with your family's needs throughout the policy duration.
Buying the HDFC Life Income Replacement plan is simple and can be done in two ways: online or by visiting a branch in Assam. If you buy online, go to the HDFC Life website and look for the term insurance section to find the plan. If you prefer face-to-face help, you can visit a nearby branch where an advisor can assist you. Either way, you’ll have clear steps to follow, making the process easy. You can follow these steps to buy the plan online:
Step 1: Visit official website of Policybazaar and click on Term Insurance
Step 2: Provide details like name, gender, and contact information
Step 3: Select additional details like your smoking habit, occupation type, annual income, and educational qualifications
Step 4: Choose the best term term insurance income replacement plan and proceed to pay
The HDFC Life Income Replacement plan is a great option for people in Assam who want to protect their family's finances if they unfortunately pass away. It provides a monthly income to help loved ones cover their everyday needs and maintain their lifestyle. With affordable premiums, tax benefits, and the comfort of knowing your family is secure, this plan is ideal for primary earners. The easy application process and customizable choices make it simple to ensure your family's financial future with HDFC Life.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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