HDFC My Assured Income Plan: Features & Benefits | PolicyX
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HDFC My Assured Income Plan

HDFC Life My Assured Income Plan is a perfect blend of a guaranteed in ...Read More

🛡️ IRDAI Approved
⭐ 4.6/5 · 920 reviews
📊 80 years solvency ratio
✅ Minimum Age - 5 year% claim settlement ratio
🌐 Annual, half-yearly,+ pan-India

About HDFC My Assured Income Plan

A quick read on what this HDFC Investment Plans term plan covers and why it might be a fit for you.

‘A combination of income and family protection plan’. HDFC Life My Assured Income Plan is a perfect blend of a guaranteed income plan and a family protection plan. This plan offers guaranteed incomes at specific durations along with a life cover to protect your family financially even after your untimely demise. You have to make premium payments for a limited term while you enjoy income benefits for a longer duration. This plan offers a range of benefits including guaranteed income benefits, terminal benefits, enhanced protection through riders such as critical illness or term rider, death benefits, and sum assured discount on higher premiums.

This plan offers three plan options to choose from: uniform income benefits, enhanced income benefits, and increasing income benefits. In case of the policyholder’s demise during the premium payment tenure, the death benefits are paid to their loved ones, and the policy will lapse with immediate effect.

HDFC Life Assured Income Plan is a non-participating, non-linked savings life insurance plan. This plan will be discussed in detail below for better understanding.

HDFC Life Assured Income Plan offers you a range of benefits including:

  • Critical illness rider
  • Tax Benefits
  • Flexibility
  • 3 Plan options
  • Enhanced income benefit
  • Uniform income benefit

Eligibility Criteria for HDFC My Assured Income Plan

Entry age
Entry age
Minimum Age - 2 years Maximum Age - 60 years
Maturity age
Maturity age
Maximum Maturity Age - NA
Policy term
Policy term
10 Years, 16 Years
Sum assured
Sum assured
5 years, 8 years
Policy loan
Policy loan
Monthly, Half-yearly, and Yearly
Payment Modes
Payment Modes
Minimum - NA Maximum - NA

Pros & cons

A quick honest summary — the strengths and the trade-offs.

Pros

  • Income Benefits
  • Surrender Value
  • Tax Benefits

Cons

  • Pre-existing conditions not covered
  • Suicidal exclusion
  • No auto-cover continuance

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum entry age: 2 years Maximum entry age: 60 years Minimum sum assured: NA Maximum sum assured: NA Maximum policy term: 16 years

How Does the HDFC My Assured Income Plan Work?

Let's understand how the HDFC Life My Assured Income Plan works with a simple premium illustration.

Problem

Mr. Gaurav, aged 35 years is looking for an investment plan to create long-term wealth for his child.

Solution

His financial advisor advised him to buy the HDFC Life My Assured Income Plan. He visited PolicyX.com

Let's understand how the HDFC Life My Assured Incomes Plan works for him with a premium illustration table.

Age of policyholder Annual Premiums Policy tenure Sum Assured
35 years Rs 1 lakhs 10 years Rs 6,43,646

 

Benefits of HDFC My Assured Income Plan

Income benefitsYou will get income benefits for a certain duration if you buy this plan. It helps you save money to complete your future financial goals or obligations.

Terminal benefits Terminal benefits are guaranteed benefits paid to the policyholder at the end of policy tenure. These benefits depend on your age and the income tenure chosen at the start.

Life coverageLife is very uncertain; anything can happen at any point in time. This plan offers you life coverage which provides financial protection to your family in the event of your uncertain demise.

Policy loanYou can avail a loan against your policy if premiums have been paid for at least two years. The maximum loan amount is 80% of the surrender value, with an interest rate of 9.5% per annum.

Features of HDFC My Assured Income Plan

Key features that make HDFC My Assured Income Plan stand out.

Limited Premium Payment

You have to pay your premiums for a limited term while you enjoy life cover for a greater duration. For example, premiums are paid for five years while you get life coverage for ten years.

Revival

In case your policy has lapsed due to non-payment of premiums, you can revive it within five years from the date of the first unpaid premium after paying certain fees.

Grace Period

If you miss your premium payments, you can pay them without any penalty within the grace period. A grace period of 30 days is provided for annual premium payments, while 15 days are provided for monthly premiums.

Surrender value

You can surrender your policy if premiums have been paid for the first two years. The surrender value is paid immediately, and your policy will lapse with immediate effect.

Documents Required for HDFC My Assured Income Plan

Keep these documents handy when applying for HDFC My Assured Income Plan.

Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

Age Proof

Age Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

Address Proof

Address Proof (either of one) - Utility bill, passport, voter ID, ration card.

Medical Records

Medical Records of the policyholder if requested.

Income Proof

Income Proof (either of one) - bank statement, last three months' salary slips (if you are salaried).

Exclusions of HDFC Life My Assured Income Plan

  • In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.

Other Features of HDFC My Assured Income Plan

Here are the key features of the HDFC My Assured Income Plan.

Conclusion

HDFC My Assured Income Plan offers guaranteed income to help you achieve your financial goals and a life cover to provide financial protection to your loved ones even in your absence. If you want to plan your retirement or have some future financial goals, you can choose this plan as it offers guaranteed income at specific intervals.

Life Insurance Articles

HDFC My Assured Income Plan: FAQs

The 5 most-asked questions about HDFC My Assured Income Plan, answered.

There are three plan options available under the HDFC My Assured Income Plan: Uniform income benefit, Enhanced income benefit, and Increasing income benefit.
The premium payment term of My Assured Income Plan is either 5 or 8 years.
Guaranteed terminal benefits are those benefits that are paid at the end of the policy tenure. After paying the income benefits from the sum assured the rest amount is paid at guaranteed terminal benefits.
You can avail of income payout under My Assured Income Plan either monthly or annually.
You can choose HDFC Life Critical Illness Rider or HDFC Life Term Rider with your My Assured Plan.

Written and reviewed by

PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.

Written by Himanshu Kumar — Term & Life Insurance Reviewed by Apeksha Parsai — Term & Health Insurance
Last updated: 29 Jan 2025 · Originally published: 29 Jan 2025

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