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HDFC Life Insurance Income Replacement in Goa

HDFC Life Insurance Income Replacement is a customized plan that ensures your family receives a steady monthly income if you pass away unexpectedly. This provides vital financial security in Goa, allowing your loved ones to cover daily expenses, education, and long-term goals without stress.

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Here’s how the HDFC Life Income Replacement plan can protect your family’s financial future in Goa.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What is the HDFC Life Insurance Income Replacement Plan?

The HDFC Life Income Replacement plan is a term insurance policy that provides your family a monthly income if you pass away. Instead of a lump sum, they receive a fixed monthly amount based on your previous income. 

For example, if you were earning ₹75,000/month, the income replacement plan can be set up so that your family will receive this or a similar amount every month if you pass away during the policy period.

*Note: You can also choose to buy the ABSLI Income Suraksha Plan, which is one of the best income replacement plans available today. This plan provides monthly income to the nominees after the policyholder's unfortunate death.

Why is Income Replacement Important for Families in Goa?

In Goa, many families rely on a single-income earner to meet their daily needs. The unexpected loss of this income can create serious financial challenges, particularly if there are loans or medical bills to manage. The HDFC Life Income Replacement plan ensures your family’s essential expenses are covered, allowing them to maintain their lifestyle and security even in your absence.

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What are the Key Features of HDFC Life Insurance Income Replacement in Goa?

  • 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 affordable, especially compared to the financial protection that it offers. The premium depends on factors like your age, income, and the amount of monthly income you want to replace.

  • Customizable Income: You can easily choose the monthly amount your family will receive based on your current salary or their needs.

  • Flexible Policy Term: Based on your requirements, you can also choose the preferred duration of this life insurance policy. 

  • 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.

Life Insurer Piller

How Does the HDFC Life Insurance Income Replacement in Goa Work?

The working of the HDFC Life Income Replacement plan in Goa is quite simple:

  • Choose Coverage and Income: You can control coverage by selecting your family's monthly income (e.g., ₹30,000 or ₹50,000) and the policy duration.

  • Regular Premium Payments: Pay premiums regularly (monthly, quarterly, or yearly) to fit your budget.

  • Death Benefits for Your Family: If you pass away while the policy is active, HDFC Life will provide the selected monthly income for the remainder of the policy term.

  • Policy Termination: If the policy ends without any claims, it will expire with no payout, so ensure your coverage meets your family's needs throughout the term.

How to Buy the HDFC Life Insurance Income Replacement in Goa?

Buying the HDFC Life Income Replacement plan is easy. You can do it online or at a branch in Goa.

  • Online: Visit the HDFC Life website and navigate the term insurance section to find the plan.

  • In-Person: Visit a nearby branch for assistance from an advisor.

Both options provide clear steps to make the process simple. Here’s how to buy the plan online:

Step 1: Visit the 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

Wrapping it Up!

The HDFC Life Income Replacement plan is an excellent choice for those in Goa looking to safeguard their family's finances in case of an untimely death. It offers a monthly income to help cover everyday needs and maintain their lifestyle. This plan is ideal for primary earners with affordable premiums, tax benefits, and the reassurance of your family’s security. Its simple application process and customizable options make securing your family's financial future easy.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

FAQs

  • 1. What is the HDFC Life Income Replacement plan?

    Ans: The HDFC Life Income Replacement plan is a term insurance policy that provides your family with a fixed monthly income if you pass away. This helps ensure they can cover daily expenses without financial strain.
  • 2. How does the monthly income work?

    Ans: Instead of a lump sum payout, your family receives a monthly amount based on your previous income. For example, if you earned ₹75,000/month, they would receive that amount monthly if you pass away during the policy term.
  • 3. Why is income replacement important for families in Goa?

    Ans: Many families in Goa rely on a single-income earner. Losing this income unexpectedly can lead to financial difficulties, especially if there are loans or medical bills. This plan helps cover essential expenses, maintain your family's lifestyle, and provide financial security.
  • 4. What are the key features of the plan?

    Ans: Key features include:
    - Monthly Payout: Regular payments to help cover daily expenses.
    - Affordable Premiums: Costs are reasonable and depend on age, income, and the chosen monthly payout.
    - Customizable Income: Choose the monthly amount based on your family's needs.
    - Flexible Policy Term: Select the duration of coverage based on your requirements.
    - Tax Benefits: Premiums are eligible for tax benefits under Section 80C of the Income Tax Act.
  • 5. How do I purchase the plan?

    Ans: You can buy the plan online or in person at a branch in Goa. Online, visit the HDFC Life website, or visit a nearby branch for assistance from an advisor.
  • 6. What happens if I pass away while the policy is active?

    Ans: If you pass away while the policy is active, HDFC Life will provide the selected monthly income to your family for the remainder of the policy term.
  • 7. What if no claims are made by the end of the policy term?

    Ans: If the policy ends without any claims, it will expire without a payout. Ensuring your coverage aligns with your family's needs throughout the term is essential.

Premium By Age

˜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

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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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