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HDFC Life Guaranteed Savings Plan

As a non-linked, non-participating endowment life insurance plan, the HDFC Life Guaranteed Savings Plan provides you with high financial coverage to secure your life goals. The policy comes with a life insurance cover and offers a guaranteed lump sum 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.

Key features and benefits

  • Maturity benefits

    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.

  • Death coverage

    In the event of the unfortunate death of the policyholder, the plan offers the benefit of paying a lumpsum amount to their nominee

  • Loan against policy

    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.

  • Surrender value benefit

    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 flexibility of premium payment

    The insured can pay the premium amount for 5 or 7 years at a frequency of their choice or just pay once.

  • No medical examination

    The insured need not undergo a medical examination for this policy.

  • Tax benefit

    The policyholder enjoys the tax benefit under section 80C and 10(10D) of the Income Tax Act, 1961, subject to the prevailing tax laws.

Policy Details

HDFC Life Guaranteed Savings Plan
Insurer Name HDFC Life Insurance Company Limited
Policy Type Individual
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

Eligibility Criteria

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
*Risk cover starts from the date of commencement of policy for all lives including minors. In case of a minor life, the policy will vest in the Life Assured on the attainment of age 18 years.

Plans Available

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.

How to purchase the policy

To apply for the HDFC Life Guaranteed Savings Plan, follow these easy steps:

  • Click on the ‘Apply Now’ button and fill in your basic and health details. Our representative will get in touch with you to provide further assistance.
  • Ensure that the information given in the form is complete and accurate.
  • You may be required to undergo a pre-policy medical examination at an insurer’s network diagnostic centres.
  • Policy schedule, policy wordings, cashless cards and health guide will be sent to your mailing address.

List of documents to buy the policy

The following mandatory documents will be needed to purchase the policy:

  • Photograph of the applicant
  • Age proof such as birth certificate, voter’s ID, PAN card, passport etc.
  • Identity proof such as passport, aadhaar card, PAN card, voter’s ID, etc.
  • Income Proof such as form 16, salary slips, employment certificate etc.
  • Address proof such as telephone bill, electricity bill, passport, bank statement, voter’s ID, etc.
  • Medical test that the insurer requires you to undergo.

How to process the claim

For those looking to simplify claim processing during tough times, here are the steps you need to undertake:
Cashless Claims
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:

  • The list of HDFC Life network hospitals is available on their website where you can get cashless treatment.
  • Intimate the insurer within 48 hours (emergency hospitalisation) of hospitalisation and 3 days before admission in case of planned hospitalisation.
  • While visiting the hospital, carry the patient’s insurance cashless card or the policy details.
  • Show the health insurance cashless card and valid ID proof at the insurance desk of the hospital.
  • Fill in the pre-authorisation request form correctly available at the hospital and submit it to the hospital.
  • For quicker action, fill the request form on the official website and intimate the insurer. Wait for the decision as your request will be reviewed.
  • The insurer may take up to 2 hours after receiving the request and will inform about the decision via an e-mail and an SMS.
  • You can also check the status on claim will be processed as per the terms and conditions of the policy after all the formalities are completed.


Reimbursement Claims:
Documents needed to process reimbursement claim

  • In case of an emergency admission, you need to notify the insurer within 48 hours and pay the charges to the hospital directly unless a pre-authorization has been issued by us.
  • Collection and submission of claim documents- send the list of the documents mentioned below within 15 days of discharge from the hospital.
  • After reviewing the documents, the insurer will approve or reject the same as per the terms and policy.
  • If the request is approved, the insurer will send the reimbursement amount via NEFT to your registered bank account.
  • If the request is rejected, the same will be communicated to your registered contact phone number and email id.

Collect the below-mentioned relevant original documents from the hospital and submit them to the insurer:
  • Claim form duly filled & signed by you / Life insured.
  • Hospitalization discharge card / Summary.
  • Hospital Invoice(s) (Summary and itemized invoices) and corresponding payment receipts
  • Surgical summary (in case the life assured has undergone a surgery)
  • All supporting diagnostic reports and prescriptions
  • All pharmacy receipts and corresponding prescriptions
  • Ambulance invoice if applicable
  • Self-attest copies of the following documents:
•Health card or policy document
•ID proof (PAN Card, Aadhar Card, Passport, Driving License, Voter’s Identity card, Bank Passbook/Statement)
•In case of cashless claims, Id proof should contain the photograph of the Id card holder
  • It would be preferable to provide NEFT details and supporting documents (cancelled cheque/bank passbook/statement) at the time of claim registration

Major Policy Exclusions

The major exclusions for the policy are as follows:
Suicide exclusion:
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.

Claim/Assistance Contact Details

BFL Helpline Number: 08698010101

HDFC Life Helpline Number: 1800-266-9777

E-mail –

Mailing address:Ground Floor, Bajaj Finserv Corporate Office, Off Pune-Ahmednagar Road, Viman Nagar, Pune – 411014.

*For claim related issues please refer your policy document or certificate of insurance (COI).


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, SBI General Insurance Co. Ltd, ACKO General Insurance Co. Ltd., Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited, and ManipalCigna 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 voluntary after you exercise independent due diligence on the suitability and 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 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

HDFC Life Insurance Company Limited ("HDFC Life"). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.

Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011.

Tel. No: 1860 267 9999 (Mon-Sat 10 am to 7 pm) Local charges apply. Do NOT prefix any country code. e.g., +91 or 00.

The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited.
HDFC Life Guaranteed Savings Plan (UIN: 101N131V02) is a non-linked, non-participating endowment life insurance plan. For more details on risk factors, associated terms and conditions, and exclusions, please read the sales brochure carefully before concluding a sale.

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