Hdfc Loan

HDFC Standard Life offers a protection plan called for borrowing and lending HDFC Term Assurance Plan coverage. It provides a lump sum on death of life assured during the Plan period. Under this plan, the lump sum will be a decreasing percentage of the initial sum assured. As the loan balance decreases as the loan schedule, coverage under the plan also reduces the timetable of the plan. Because it is non-participating plan cover pure risk, no survival benefit is payable at the end of the period of insurance.

This plan is specially designed to provide coverage on the home loan. In case of unfortunate death of the life insured, the plan covers the loan amount throughout the house. This means no more financial support provided to the family to repay the outstanding loan amount.

The plan may be taken on the basis of single life or joint life basis (based on first request). If the policy is taken on the basis of common life, the benefit will be paid on the death of any insured under the plan. There is a possibility to pay a single premium and regular bonuses. The minimum entry age is 18 years and maximum age is 55 years for regular premium and in case of single premium age limit is 60 years. The policy will run from 10 to 30 years for the payment of regular premiums and payment of the premium is 5 years to 15 years. The premium payment term 2 / 3 of the length of the police.

The plan also proposes accelerated sum assured (ASA) of benefits to an additional nominal cost. He pays an amount equal to the sum insured selected under this benefit on diagnosis of a specified critical illnesses.

Tax Benefit
Premium paid is eligible for tax benefit under section 80C and benefits received under this plan is exempt from tax under section 10 (10D) of the Income Tax Act, 1961. Premium paid for the insured expedited Sum (ASA) is eligible providers for tax benefits under section 80D.