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
Upon policy maturity, you will receive the guaranteed lumpsum amount set when buying the policy. The maturity benefit depends on the policy term, age, premium payment term, and gender.
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. You can pay the premium monthly, annually, or just pay at 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 subject to policy terms and conditions.
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, Aadhaar card, etc.
- Identity proof such as Aadhaar card, passport, PAN card, etc.
- Income proof such as Form-16, salary slips, employment certificate, etc.
Step-by-step guide to buy this policy
Click on ‘Get Quote’ to open our online application form.
Enter the required details – amount that 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 for 5 years|
|Premium paying term (maximum)||Single pay | limited pay for 7 years|
|Policy term||Single pay for 10 and 15 years | limited pay for 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||Nominee will receive a lump sum amount in case of policyholder’s demise|
|Suicide||The nominee will receive 80% of the total premiums paid if insured dies by suicide within 12 months from the policy start date or revival | Payable amount depends on the premiums paid up to the date of death or surrender value available as on the date of death whichever is higher | Also, depends on if the policy is active|
|Waiting period of 90 days from the policy inception date||Get refund of total premiums paid in case of death caused other than accident during the waiting period | Applicable with certain conditions | Please refer to the policy wording for more information|
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: firstname.lastname@example.org
Step 2 - Submit the required documents
Submit the necessary documents and the duly filled claim form online. You can also submit at the nearest branch of the insurer.
Step 3 - Claim settlement
After assessing the claim request, the claim initiator will receive the claim status via e-mail and SMS. You can also check the claim status 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 (copy of passport, voter identity card, Aadhaar (UID) card, etc.)
- FIR copy or post-mortem report in case of an accidental/unnatural death
Frequently asked questions
Maturity benefit depends on the policy term, premium amount, premium payment term, age, and gender. You will know exact amount of maturity you will receive at the policy end when buying the policy.
The nominee will receive the death coverage amount in case of insured’s demise. The nominee would receive 100% of the total premium paid if death caused other than an accident during the waiting period. The waiting period is for 90 days.
The sum assured on death after the expiry of the waiting period is 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 payable on death, which is equal to the sum assured on maturity
Upon payment of the death coverage, the policy shall terminate, and no further benefits shall be payable.
Under non-participating plans, you do not share the profits or losses faced by the company during your policy term. Your returns depend on 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 amount you pay for buying an insurance policy.
Add-ons provide extra coverage and additional benefits enhancing your regular insurance policy.
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 to the policyholder by the insurance company as per the policy terms and conditions.