HDFC Life Uday Plan
It cannot be denied that saving money is critical for a stable future. However, it is equally important to protect these savings. HDFC Life Uday plan assists you in doing so with a variety of benefits like guaranteed additions and bonuses.
The plan also provides assurance that your family would be given a lump sum payout in the terrible event of your untimely demise. Therefore, with the help of this plan, you can provide a comprehensive shield to your loved ones and secure your future. Read along to know more about the plan!
Eligibility Criteria Of HDFC Life Uday Plan
|Minimum Entry Age||18 Years|
|Maximum Entry Age||55 Years|
|Minimum Maturity Age||30 Years|
|Maximum Maturity Age||70 Years|
|Policy Term||12 Years & 15 Years|
|Premium Paying Term|
For PT 12 Years: 8 Years
For PT 15 Years: 8 OR 10 Years
|Minimum Sum Assured On Maturity||Rs. 28,465|
Focal Points Of HDFC Life Uday Plan
The following things are covered under the plan:
|Rebates||The plan offers a rebate with a sum assured on the maturity of Rs. 2 lakhs and above.|
|Loan Facility||If the policy has amassed a surrender value, you may be eligible for a loan under the terms and conditions that the company may from time to time designate.|
|Grace Period||30 Days|
|Surrender Value||The fund value will be transferred to the Discontinued Policy Fund once discontinuation fees have been subtracted in the event that the policy is relinquished before the period of five years beginning on the day the policy began has expired.|
|Free Look Period||15 Days|
Why Should You Invest In HDFC Life Uday Plan?
The plan offers the following benefits to the policyholder:
- Maturity Benefit: If the policyholder lives to the maturity date, they will receive the maturity benefit, which is equal to the assured sum plus the additional benefits of the guaranteed additions and bonuses, at that time.
- Death Benefit: The policy offers a death benefit that is paid to the nominee in the unfortunate event of the policyholder’s passing. This benefit is equal to either the sum assured on death plus any accrued guaranteed additions plus accrued reversionary bonuses plus any terminal bonuses or it will be equal to 105% of all premiums paid, whichever is higher.
- Guaranteed Additions: The policy offers guaranteed additions which are calculated as a percentage of the sum assured. Only during the first five years of the policy, the guaranteed increases are credited to the policy at a rate of 3% per year of the total assured.
- Bonuses: The insurance coverage includes bonuses like the reversionary bonus, which is announced at the conclusion of every financial year. It is determined as a percentage of the amount assured at the date of maturity. This incentive is added to the policy and is only paid out when the policy matures or the policyholder dies. The insurance also offers a non-guaranteed bonus known as the terminal bonus, which is paid out at the company’s discretion at policy maturity or the death of the policyholder.
- Auto Cover Continuance: For one year (the Auto Cover Continuance term) starting on the date of the first unpaid premium, the entire death benefit for a reduced paid-up insurance shall continue. The auto cover continuation period’s due but unpaid premium will not be subtracted from the benefit payable at the time of death benefit distribution.
- Tax Benefits: Under Section 10(10 D) of the Income Tax Act, 1961, the plan provides various tax benefits to the policyholder.
Premium Calculation Of HDFC Life Uday Plan
Before you purchase the HDFC Life Uday plan, you might be wondering how much it will cost you. Therefore, we have curated a list of calculated premiums based on various factors like age, gender, sum assured, etc.
|Name||Age||Gender||Premium Amount||Policy Term||Maturity Benefit||Death Benefit|
|Mohan Chopra||29 Years||Male||Rs. 1 Lakh||12 Years||Rs. 12,84,632||Rs. 17,58,432|
|Simran Chaudhary||35 Years||Female||Rs. 2 Lakhs||15 Years||Rs. 32,93,513||Rs. 40,94,621|
|Karan Aggarwal||25 Years||Male||Rs. 3 Lakhs||12 Years||Rs. 25,83,513||Rs. 50,29,933|
|Neha Singh||54 Years||Female||Rs. 5 Lakhs||15 Years||Rs. 54,09,014||Rs. 80, 32, 455|
What’s Excluded Under HDFC Life Uday Plan?
The following things are excluded under the plan:
- If a suicide-related death occurs within a year:
- If the policy is still in effect, the policyholder’s nominee is entitled to 80% of the premiums paid as of the policy’s risk commencement date.
- The policyholder’s nominee will be entitled to the greater of 80% of the premiums paid up to the date of death or the surrender value in effect on the date of death, starting from the date the policy is revived.
- Accidental death benefit exclusions:
- Death occurring after 180 days from the date of the accident
- Alcohol or drug abuse
- Taking part or practicing a hazardous hobby
- War, invasions, and hostilities
- Taking part in flying activities
- Participating in an act of criminal nature.
Frequently Asked Questions
Yes, a small fee will be taken out of your premium when you pay for the HDFC Life Uday plan, and the remaining premium will be invested to buy units. The premium allocation rate is the portion of your premium that is invested in assets.
You can pay premiums for the HDFC Life Uday plan on an annual, half-yearly, quarterly, and monthly basis.
You can pay Rs. 500, Rs. 1250, Rs. 2500, and Rs. 5000 as a minimum installment premium on a monthly, quarterly, half-yearly, and annual basis. However, there is no limit on the maximum installment premium amount.
Yes. A fee of Rs. 250 will be charged to the policyholder for processing the revival of the plan.