- After attaining leadership in online term insurance, now focuses on the savings category
- New Plan passes all benefits to customer by offering 100% premium investment with just fund management and mortality charges – no premium allocation, policy administration and discontinuance charges
, India’s leading life insurance company in online term space announced the launch of Click2Invest - ULIP, a unique online Unit Linked Insurance plan
that offers not just financial protection but also a range of investment options. This first of its kind of plan is extremely cost effective as it invests 100% of the premium and only charges fund management fee (1.35%) and a risk premium for mortality cover. On this aspect, it directly competes with ELSS Mutual funds & at the same time retains all the flexibilities offered by ULIPs.
Click2Invest offers the choice of eight funds for investment keeping in mind the market outlook, time horizon, and most importantly the needs of the customer.
On the occasion of the launch Sanjay Tripathy, Senior EVP – Marketing, Product, Digital & Ecommerce, HDFC Life
said, “We are extremely delighted to bring to our customers Click2Invest – ULIP, a most convenient, transparent and cost effective online buying experience which we feel will transform the way life insurance cum savings plans are bought in our country. IRDA set out its customer focused regulatory changes by introducing Charge Cap regulations in 2010 making ULIPs cost efficient compared to earlier versions and now HDFC Life has taken a step further by launching Click2Invest. After attaining leadership in the online term category, we realized the need to bring a savings plan that will maximize the investment made by the customer. Keeping in line with our corporate value of customer centricity, we have launched Click2Invest which will pass on all benefits of investment and insurance to customers thereby enabling them to become smart investors.”
This plan provides a benefit of premium payment options of Single Pay, 5 Pay, 7 Pay, 10 Pay or Regular Pay. The essential thing to keep in mind is that the overall charge structure in this plan is such that 100% of your premium is allocated to the funds chosen by you. There are no premium allocation, policy administration and discontinuance charges. Charges include only FMC @ 1.35% p.a of your fund value and mortality charge depending upon the age and level of cover which over the long term reduces as your fund grows and invariably help you in wealth creation.
ELIGIBILITY FOR THIS PLAN
Please see the below table to check for your age eligibility to purchase this plan. You can choose your premium, premium payment term and level of protection subject to the limits mentioned below.
All ages mentioned above are age as of last birthday
Other key features of this plan include:
|Age at Entry
||0 years (30 days)
|Age at Maturity
||Single: Rs. 24,000
||No limit, subject to Underwriting
|Annual: Rs. 12,000
|Half-yearly: Rs 6,000
|Quarterly: Rs. 3,000
|Monthly: Rs. 1,000
|Sum Assured (Fixed)– Single Premium
||125% of Single Premium
|Sum Assured (Fixed) - Regular & Limited Premium (Age at Entry <= 55 years)
||10 x annualized premium
|Sum Assured (Fixed)- Regular & Limited Premium (Age at Entry > 55 years)
||7 x annualized premium
||5 to 20 years
|Premium Payment Term
|Limited : 5, 7 and 10 years
|Regular: 5 to 20 years
- Premium Payment options of
- Limited: 5 years, 7 years, 10 years
- Regular: same as your policy term
- Minimal Charges
- Premium allocation charge – Nil. 100% of your premiums are invested
- Policy administration charge – Nil
- Policy Discontinuance charge – Nil
- Fund Management Charge – 1.35% p.a. of the fund value charged daily
- Mortality Charge – levied every month for providing you with the death benefit in your policy depending upon the age and level of cover. This charge will be taken by cancelling units proportionately from each of the fund(s) you have chosen
- Choosing from a range of 8 fund options
- Tax exemption under Sec 80C and Sec 10(10D) of IT Act, 1961, and offers the benefit of EEE structure wherein no tax is levied on the maturity amount
About HDFC Life
Established in 2000, HDFC Life is India’s leading long-term life insurance solutions provider offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, and Health. The company also offers Women’s Plans to meet specific needs of women. Customers have the added advantage of customizing plans, by adding optional benefits called riders, at a nominal price. The company currently has 23 retail and 8 group products in its portfolio, along with 9 riders.
HDFC Life continues to have the widest reach with about 500 branches in India touching customers in over 900 cities and towns. The company has also established a liaison office in Dubai. The company has a strong presence in its existing markets with a strong base of Financial Consultants. HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India’s leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.
HDFC Life’s online term plan Click2Protect is the leading product in its category in the market and the company has insured over 1.5 lakh lives during a period of over two years.
For more information, please visit our website, www.hdfclife.com
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