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‘A combination of income and family protection plan’. HDFC Life My Assured Income Plan is a perfect blend of a guaranteed income plan and a family protection plan. This plan offers you guaranteed incomes at specific durations along with a life cover to protect your family financially even after your untimely demise. You have to make premium payments for a limited term while you enjoy income benefits for a longer duration. This plan offers you a range of benefits including guaranteed income benefits, terminal benefits, enhanced protection through riders such as critical illness or term rider, death benefits, sum assured discount on higher premiums, etc. This plan offers three plan options to choose from- uniform income benefits, enhanced income benefits, and increasing income benefits. In case of the policyholder’s demise during the premium payment tenure, the death benefits are paid to their loved ones and the policy will lapse with immediate effect.
HDFC Life Assured Income Plan is a non-participating, non-linked savings life insurance plan. We will read the plan in detail in the section below for more clarity and better understanding.
HDFC Life Assured Income Plan offers you a range of benefits including:
Minimum Age - 2 years Maximum Age - 60 years
Maximum Maturity Age - NA
10 Years, 16 Years
5 years, 8 years
Monthly, Half-yearly, and Yearly
Minimum - NA Maximum - NA
Let's understand how the HDFC Life My Assured Income Plan works with a simple premium illustration.
Mr. Gaurav, aged 35 years is looking for an investment plan to create long-term wealth for his child.
His financial advisor advised him to buy the HDFC Life My Assured Income Plan. He visited PolicyX.com
Let's understand how the HDFC Life My Assured Incomes Plan works for him with a premium illustration table.
Age of policyholder | Annual Premiums | Policy tenure | Sum Assured |
35 years | Rs 1 lakhs | 10 years | Rs 6,43,646 |
Here are some features of HDFC My Assured Income Plan:
You have to pay your premiums for a limited term while you enjoy life cover for a greater duration. The premiums are paid for five years while you get life coverage for ten years.
In case your policy has lapsed due to nonpayment of premiums you can revive it within the first five years of the first unpaid premium after paying certain fees.
If you miss your premium payments you can pay the same without any penalty within the grace period. A grace period of 30 days is provided if premiums are paid annually while 15 days grace period is provided in case of monthly premiums.
In case you wish to surrender your policy due to any reason you can do the same if premiums are paid for the first two years. The surrender value is paid immediately and your policy will lapse with immediate effect.
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There are various benefits to buying the HDFC Life My Assuered Income Plan. Let’s understand each of them in detail:
Here is the list of documents required to buy the HDFC Life My Assured Income:
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Age Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records of the policyholder if requested.
Income Proof ( either of one) - bank statement, last three months' salary slips (if you are salaried).
You can buy the HDFC My Assured Income Plan official website or one of their nearest branch offices.
Visit the official website of PolicyX.com.
Click on the ‘Investment’ tab.
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), and then proceed to pay.
Visit the official website of HDFC Life Insurance.
Hover over the 'Investment Plans' from the top of the menu.
Click on the 'HDFC Life My Assured Income'.
Click on ‘Buy Now’ and you will be redirected to a new page.
Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
Once discussed you can make the premium payment and get the policy documents.
You can buy the HDFC Life My Assured Income Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.
HDFC My Assured Income Plan offers you guaranteed income to complete your financial goals and a life cover to provide financial protection to your loved ones even in your absence. If you want to plan your retirement or have some future financial goals then you can choose this plan as it offers guaranteed income at specific intervals.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
There are three plan options available under the HDFC My Assured Income Plan: Uniform income benefit, Enhanced income benefit, and Increasing income benefit.
The premium payment term of My Assured Income Plan is either 5 or 8 years.
Guaranteed terminal benefits are those benefits that are paid at the end of the policy tenure. After paying the income benefits from the sum assured the rest amount is paid at guaranteed terminal benefits.
You can avail of income payout under My Assured Income Plan either monthly or annually.
You can choose HDFC Life Critical Illness Rider or HDFC Life Term Rider with your My Assured Plan.
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Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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February 5, 2023
Asia/Kolkata
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