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HDFC ULIP Plans: Overview
HDFC ULIP plans, offered by HDFC Life, combine investment and protection. An HDFC ULIP plan provides the benefits of a life insurance cover and market-linked investments, which are subject to risks associated with capital markets. HDFC Life ULIP plans offer the flexibility to invest in debt or equity funds, depending on the life assured's risk appetite and financial objectives.
HDFC Life ULIP plans also offer tax benefits on premium payments, helping you achieve future goals such as securing your child's future, creating wealth, and planning for retirement. HDFC Life ULIP offers numerous plans to choose from, aligning with the financial needs of Indian citizens.
HDFC ULIP Plans ensure your investment needs are met by offering:
- Higher returns
- Death benefits
- Maturity benefits
- Partial withdrawal benefits
Benefits of HDFC ULIP Plans
HDFC ULIP Plans offer multiple benefits. Read below to understand the advantages provided by these plans.
Higher Returns
Investing in HDFC ULIPs can provide 12%-15% returns on investment for a tenure of 10 years.
Maturity Benefits
If a policyholder survives beyond the policy's maturity period, they receive the accumulated fund as the maturity/survival benefit from the insurer. The amount paid as maturity benefits is equal to the fund value. Maturity benefits are exempted from tax under Section 10(10D).
Death Benefits
In the case of the unforeseen demise of the policyholder during the policy tenure, the death benefits are paid to the family member registered as the beneficiary.
Long-Term Investment Benefits
Investing in the market for the long term yields higher returns and helps you deal with market volatility. HDFC ULIP allows you to invest in the market for the long term to get high returns on your investments.
Withdrawal Benefits
ULIPs allow partial withdrawal of funds to investors in case of emergencies. An investor can withdraw funds up to a certain limit to meet their financial requirements arising due to an emergency.
Exclusions of HDFC ULIP Plans
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive only the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Riders You Can Avail With HDFC ULIP Plans
| Name of the Rider | Benefits |
|---|---|
| HDFC Life Income Benefit on Accidental Disability Rider | In the case of an Accidental Total Permanent Disability, this benefit is equal to 1% of the Rider sum assured per month for the next 10 years. This rider does not offer any maturity benefit. |
| HDFC Life Critical Illness Rider | In case you are diagnosed with any of the 19 critical illnesses, a lump sum benefit equal to the sum assured shall be payable. |
Documents Required to Purchase HDFC ULIP Plans
Here is the list of documents required to buy HDFC ULIP Plans:
Photo ID Proof
Photo ID Proof (any one): Passport, Aadhaar card, PAN card, Driving license.
Age Proof
Age Proof (any one): Passport, Aadhaar card, PAN card, Driving license.
Address Proof
Address Proof (any one): Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records of the policyholder, if requested.
Income Proof
Income Proof (any one): Bank statement, last three months' salary slips (if salaried).
How to Calculate Premiums
- Visit the official website of HDFC Life Insurance Company.
- Hover over 'Investment Plans', click on the ULIP plan, and choose the plan you want to buy.
- Click on the 'buy now' button and fill in the required details.
- Tap on 'next' and select a plan as per your requirements.
- Select the cover option you want and make your payment. Once the payment is made, you will receive a payment confirmation at your registered email address.
How to Port Your Policy
- Visit the official website of PolicyX.com.
- Click on the 'ULIP Plan' tab under 'Life Insurance' from the top menu.
- 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), then proceed to pay.
