As a non-linked, non-participating endowment life insurance plan, the HDFC Life Guaranteed Savings Plan provides you with high financial security to protect your life goals. The policy comes with a life insurance cover and offers a guaranteed lumpsum amount at the time of maturity, provided all due premiums have been paid and the policy is in force. It also comes with a loan facility, where the insured can opt to take a loan against the policy.
This plan provides the policyholder with the guaranteed sum assured on maturity as a lumpsum amount which depends on the premium payment terms and the premium amount. The guarantee on maturity benefits is available, provided all due premiums have been paid and the policy is in force.
In the event of the unfortunate death of the policyholder, the plan offers the benefit of paying a lumpsum amount to their nominee
The policyholder will get the loan facility against this policy, which will be subject to terms and conditions as specified by the company from time to time. The loan amount will be subject to a maximum of 80% of the surrender value.
As the actual sum of money that a policyholder would receive on accessing the cash value of a policy, surrender value for this policy shall be equal to, or higher than the following:
• Guaranteed surrender value (GSV): Guaranteed Surrender Value is equal to the GSV factor at the time of surrender, multiplied by the total premiums paid to date.
• Special surrender value (SSV): Special Surrender Value is equal to the SSV factor at the time of surrender, multiplied by the paid-up sum assured on maturity, at the time of surrender.
The insured can pay the premium amount for 5 or 7 years at a frequency of their choice or just pay once.
The insured need not undergo a medical examination for this policy.
The policyholder enjoys the tax benefit under section 80C and 10(10D) of the Income Tax Act, 1961, subject to the prevailing tax laws.
|HDFC Life Guaranteed Savings Plan|
|Insurer Name||HDFC Life Insurance Company Limited|
|Premium Paying Term (Minimum)||Single pay:
Limited Pay: 5 years
|Premium Paying Term (Maximum)||Single pay:
Limited Pay: 7 years
|Maturity Sum Assured (Minimum)||Rs. 5572 for Single Premium pay option
Rs. 30359 for Limited Premium pay option
|Maturity Sum Assured (Maximum)||Rs. 2,63,435 for Single Premium pay option
Rs. 9,98,769 for Limited Premium pay option
|Maximum Sum Assured On the death||Rs. 10 lakh|
|Policy Term||Single Pay: 10 and 15 years
Limited Pay: 10 and 15 years
|Minimum Entry Age||8 years* (age as on last birthday)|
|Maximum Entry Age||45 years for single pay
55 Years for limited pay
|Minimum maturity age||18 Years (age as on last birthday)|
|Maximum maturity age||55 years for single pay
65 years for limited pay
The HDFC Life Guaranteed Savings Plan is a non-linked non-participating endowment life insurance plan. The plans are available with affordable rates starting with just Rs. 430, including all taxes for the monthly mode of premium payment.
To apply for the HDFC Life Guaranteed Savings Plan, follow these easy steps:
The following mandatory documents will be needed to purchase the policy:
For those looking to simplify claim processing during tough times, here are the steps you need to undertake:
Documents needed to process cashless claim:
With the HDFC Life Guaranteed Savings Plan, you can avail the benefit of cashless treatment with the insurer’s network hospitals anywhere in the country. The procedure to file a claim is as follows:
Documents needed to process reimbursement claim
The major exclusions for the policy are as follows:
In case of death due to suicide within 12 months from the date of commencement of risk under the policy or the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death (whichever is higher), provided the policy is in force:
• In case of death due to causes other than an accident during the Waiting Period, total premiums paid shall be refunded.
The following conditions are excluded for accidental death during the waiting period. We shall refund only the premiums paid for any claim during the waiting period if the claims are directly or indirectly caused by, arisen from or are in any way attributable to any of the following:
• The influence of drugs, alcohol, narcotics or psychotropic substances unless taken by the lawful directions and prescription of a registered medical practitioner.
• Intentional self-inflicted injuries; or any attempts of suicide while sane or insane; or deliberate exposure to exceptional danger (except to save human life).
• Violation or attempted violation of the law or resistance to arrest or by active participation in an act with criminal intent.
BFL Helpline Number: 08698010101
HDFC Life Helpline Number: 1800-266-9777
E-mail – firstname.lastname@example.org
Mailing address:Ground Floor, Bajaj Finserv Corporate Office, Off Pune-Ahmednagar Road, Viman Nagar, Pune – 411014.
Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, Tata AIA General Insurance Company Limited, Oriental Insurance Company Limited, Max Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101.
Please note that BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely voluntarily after you exercise independent due diligence on the suitability, viability of any insurance product. Any decision to purchase an insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. This product provides insurance coverage under the product name HDFC Life Guaranteed Savings Plan (UIN: 101N131V02).
Please refer to the insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product.