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Overview
The HDFC Life My Assured Income Plan is a perfect blend of a guaranteed income plan and a family protection plan, described as "a combination of income and 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 make premium payments for a limited term while enjoying income benefits for a longer duration.
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 My Assured Income Plan is a non-participating, non-linked savings life insurance plan. This plan will be discussed in detail below for better understanding.
Key Benefits of HDFC Life My Assured Income Plan
- Critical illness rider
- Tax benefits
- Flexibility
- 3 plan options
- Enhanced income benefit
- Uniform income benefit
How to Buy HDFC Life My Assured Income Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of HDFC Life My Assured Income
There are various benefits to buying the HDFC Life My Assured Income Plan. Let’s understand each of them in detail:
- Income Benefits: You 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 the policy tenure. These benefits depend on your age and the income tenure chosen at the start.
- Life Coverage: Life 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 Loan: You 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.
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.
How to Buy HDFC Life My Assured Income on HDFC Life Website
- Visit the official website of HDFC Life Insurance.
- Hover over 'Investment Plans' from the top menu.
- Click on 'HDFC Life My Assured Income'.
- Click on ‘Buy Now’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- 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.
Documents Required to Buy HDFC Life My Assured Income
Here is the list of documents required to buy the HDFC Life My Assured Income:
Photo ID Proof
Passport, Aadhaar card, PAN card, Driving license (any one).
Age Proof
Passport, Aadhaar card, PAN card, Driving license (any one).
Address Proof
Utility bill, passport, voter ID, ration card (any one).
Medical Records
Medical records of the policyholder if requested.
Income Proof
Bank statement, last three months' salary slips (if you are salaried) (any one).
Conclusion
HDFC Life 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.
For more information about this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
