HDFC Life - Guaranteed Savings Plan with sum assured up to Rs. 10 lakh starting from Rs. 430*/month
Key features and benefits of this policy
Guaranteed maturity benefits
Know the exact amount you will receive at maturity while buying the policy, provided you pay all the due premiums.
Sum assured on maturity or death
Get at least 10 times the annualised/single premium as sum assured on death.
Flexible premium payment options
Pay the premiums for a period of 5 or 7 years at your preferred frequency (monthly or annually) or just pay once (single pay).
No medical examination required to buy
The insured individual does not need to undergo a medical examination for this policy.
Option to get a loan against policy
Avail of a loan up to 80% of the surrender value under this policy, subject to the terms and conditions specified.
Eligibility criteria and documents required
Anyone can apply for HDFC Life Guaranteed Savings Plan as long as you meet these basic criteria mentioned below. If you meet all the eligibility criteria, we will need a set of documents from you to complete your application process.
- Nationality: Indian
- Age (Single Pay): 8 years to 45 years
- Age (Limited Pay): 8 years to 55 years (limited pay)
- Photograph of the proposer
- Age proof, such as PAN card, passport, voter’s ID, birth certificate.
- Address proof, such as telephone bill, electricity bill, aadhar card, etc.
- Identity proof such as aadhar card, passport, PAN card, etc.
- Income proof such as Form-16, salary slips, employment certificate, etc.
Step-by-step guide to buy the policy
Click on ‘Get Quote’ to open our online application form.
Enter the required details – amount you want to invest, name, date of birth, and contact number.
Choose your preferred plan from the list of products shown by clicking ‘Buy Now’.
Our representative will call you back and explain the products available for you to take an informed decision.
Here’s a quick look at the policy details of HFDC Life Guaranteed Savings Plan:
|Minimum premium (in Rs.)||430*/month|
|Minimum maturity sum assured (in Rs.)||5,572 for single premium pay option | 30,359 for limited premium pay option|
|Maximum maturity sum assured (in Rs.)||2,63,435 for single premium pay option | 9,98,769 for limited premium pay option|
|Maximum sum assured on death (in Rs.)||10 lakh|
|Premium paying term (minimum)||Single pay | Limited pay: 5 years|
|Premium paying term (maximum)||Single pay | Limited pay: 7 years|
|Policy term||Single pay: 10 and 15 years | Limited pay: 10 and 15 years|
Key inclusions and exclusions
Here’s a quick look at the inclusions and exclusions under HDFC Life Guaranteed Savings Plan:
- Key inclusions
- Key exclusions
|Loan against policy||Get a loan up to 80% of the surrender value under this policy|
|Maturity benefits||Guaranteed sum assured as a lump sum depending on the premium payment terms and amount|
|Death coverage||Lump sum amount is paid to the nominee in the event of death|
|Suicide||In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from 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|
|During waiting period of 90 days from the date of inception||In case of death due to causes other than accident during the Waiting Period, total premiums paid shall be refunded, except for certain conditions. Please refer to the policy wording for more information|
For complete details on product benefits, features, terms and exclusions, please read the product brochure and policy wordings carefully before buying a policy.
How to raise a claim
Follow these steps to raise claim requests for HDFC Life Guaranteed Savings Plan.
Step 1 - Register your claim request
Register the claim request with the insurer through their website, e-mail or by calling their claim assistance contact number.
1. Contact No.: 1860 267 9999
2. Email at: email@example.com
Step 2 - Submit the required documents
Submit the necessary documents along with the duly filled claim form online or to the nearest branch of the insurer.
Step 3 - Claim settlement
The claim request will be assessed, and the status will be informed to the claim initiator via e-mail and SMS. It can also be checked online on the insurer’s website.
Documents required for raising a death claim request
Here is the list of documents you need to raise a claim for HDFC Life Guaranteed Savings Plan.
- Original policy documents
- Attested copy of death certificate issued by local municipal authority
- Death claim intimation form
- NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
- Nominee's photo identity and address proof such as copy of passport, voter identity card, aadhar (UID) card, etc.
- FIR copy or post-mortem report in case of an accidental/unnatural death
Frequently asked questions
On survival until the end of the Policy Term, provided all due Premium(s) have been paid, you shall receive ‘Sum Assured on Maturity’ as a Lump Sum which is based on the Premium Payment Term, Premium frequency and Premium amount.
In case of the insured’s death during the policy term, the nominee is entitled to receive the death benefit.
The death benefit is 100% of the total premium(s) paid in case of deaths due to causes other than an accident during the waiting period of 90 days.
For death after the expiry of the waiting period, the sum assured on death will be the highest of the:
1. 10 times the single premium/annualised premium, for single pay/limited pay respectively
2. 105% of total premiums paid
3. Sum assured on maturity
4. Any absolute amount assured to be paid on death, which is equal to the sum assured on maturity
Upon payment of the Death Benefit, the policy shall terminate, and no further benefits shall be payable.
Under non-participating plans, you don’t share the profits or losses faced by the company during your policy term. Your returns are primarily governed by the investment strategy of the insurer.
Yes. This policy provides a loan facility* once it acquires a surrender value.
*Subject to such terms and conditions as the company may specify from time to time.
An insurance premium is the sum of money you pay for an insurance policy. Insurance premiums are paid for policies that cover healthcare, autos, homes, and life.
Insurance policy add-ons provide extra coverage and additional benefits that offer you enhanced financial protection. Add-ons are usually offered with auto insurance.
Free look period
The free look period is the timeframe within which a new insurance policyholder can terminate the policy without incurring any penalties such as surrender charges.
The maximum amount payable by the insurance company in case the policyholder suffers from any loss or damage due to an event covered under the policy.