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HDFC Life Insurance Income Replacement is a tailored plan designed to ensure that your family receives a steady monthly income in the event of your unexpected passing. This plan offers crucial financial security in Gujarat, helping your loved ones manage daily expenses, education costs, and long-term goals without financial strain.
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Here’s how the HDFC Life Income Replacement plan can safeguard your family’s financial future in Gujarat.
HDFC Life Income Replacement plan is a term insurance policy that provides a monthly income to your loved ones (chosen nominee) in case you pass away unexpectedly. Instead of a lump sum, they will receive a fixed monthly amount.
For example, if you were earning ₹55,000/month, the income replacement plan by HDFC Life Insurance 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.
Term Plans
In Gujarat, many families depend on just one person to earn the money they need for everyday expenses. If someone suddenly loses their job or passes away, it can lead to significant financial difficulties. These challenges can become even more overwhelming if the family has loans to pay off or medical bills to handle. Without the main source of income, managing these expenses can be very stressful and difficult for the family. The Income Replacement plan by HDFC Life Insurance ensures your family’s essential expenses are covered, allowing them to maintain their lifestyle and security even in your absence.
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Monthly Payout: The Income Replacement plan by HDFC Term Insurance 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.
The working of the HDFC Life Income Replacement plan in Gujarat is quite simple:
Choose Coverage and Income: Select your family's monthly income (e.g., ₹50,000 or ₹75,000) and policy duration.
Regular Premium Payments: Pay premiums monthly, quarterly, or yearly to fit your budget.
Death Benefits: If you pass away while the policy is active, your family will receive the chosen monthly income for the policy term.
Policy Termination: If no claims are made, the policy will expire without payout, so make sure your coverage meets your family's needs.
Buying the HDFC Life Income Replacement plan is easy. You can do it online or at a branch in Gujarat.
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
The HDFC Life Income Replacement plan is a great option for families in Gujarat wanting to protect their finances in case of an untimely death. It provides a monthly income to cover daily needs and maintain their lifestyle. With affordable premiums, tax benefits, and a straightforward application process, this plan ensures your family’s security and makes securing their financial future easy.
†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
Yes, term insurance is covered under 80C. Term insurance not
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