HDFC Life has launched the HDFC Life Guaranteed Income Insurance Plan, which provides guaranteed, regular, tax-free benefits, and guaranteed death benefit.
The plan provides customers an opportunity to build a financial corpus to support them with a regular and guaranteed income. The policy offers a guaranteed annual income of 11-13 per cent of the sum assured.
In addition, if purchased online, it provides a discount on first-year premium, a 12 per cent discount for 8-10 year premium payment term (PPT), and a 15 per cent discount for 12-15 year PPT.
Commenting on the plan, Aneesh Khanna, head products & segments at HDFC Life, said: “The HDFC Life Guaranteed Income Insurance plan offers choice of premium payment term and life cover even during the income payout phase.” It provides guaranteed returns and “secures policyholders from future uncertainties,” he said, adding, the plan enables individuals to build a corpus and a “financial safety net for themselves and their families.”
• The plan provides life cover even during the income payout phase.
• Individuals can choose the income period of 8, 10, 12, 15, 20, 25, or 30 years.
• It also offers guaranteed death benefit, which can be availed of either in lump sum or in monthly installments as a family income benefit option.
• The plan’s entry age ranges from 0 to 65 years.
• It is a non-participating life insurance plan
Demand for life insurance has been increasing in recent times, especially post the pandemic. According to data from Life Insurance Council, life insurance firms reported 18 per cent year-on-year (YoY) growth in new business premia (NBP), the premium received from new policies, in August last year.
HDFC Life's NBP rose by 16.80 per cent. Overall, life insurers reported an NBP of Rs 32,856.38 crore in August, while Life Insurance Corporation (LIC) reported an NBP of Rs 21,882 crore, up 15 per cent. Private insurers' NBP rose by 24 per cent to Rs 10,974.25 crore.