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HDFC Life Guaranteed Wealth Plus Plan
Assured Returns, Secured Future
About HDFC Guaranteed Wealth Plus Life Insurance Savings Plan
‘HDFC Life Guaranteed Wealth Plus’ is a comprehensive individual non-linked, non-participating savings life insurance plan designed to provide a guaranteed death benefit throughout the policy term, giving policyholders financial security. This plan features two distinct variants - Lump sum variant and Income variant - that can be selected at the time of policy inception.
Depending on the chosen variant, the plan not only ensures guaranteed survival benefits during the policy term but also offers a maturity benefit after the policy term, further enhancing the value of the insurance coverage. This structure allows for flexibility in financial planning according to individual needs and preferences.
Key Features of HDFC Life Guaranteed Wealth Plus Savings Plan
Discover the essential features of the HDFC Life Guaranteed Wealth Plus savings plan from the pointers mentioned below:
- Flexible-Premium Payment Options: Select from a range of premium payment or limited payment terms ranging from 5 to 12 years, including options for 6, 7, 8 and 10 years to suit your financial strategy.
- Guaranteed Benefits:
- Maturity Benefit: After the policy term, you will receive a guaranteed lump sum payment of 100% of the total premiums you have paid.
- Survival Benefit: A guaranteed income is provided in arrears for policies featuring an income variant, following the completion of the premium payment term. This benefit is determined by factors such as the policyholder’s age, premium band and sum assured.
- Life Insurance Cover: Offers protection for the duration of the policy. In the event of death, the beneficiary receives the greater of:
- “X” multiplied by the annualized premium OR
- 105% of the total premiums paid until the date of death will be provided.
- Two Variants:
- Lump Sum Variant: Provides a single, substantial payout upon the conclusion of the policy term.
- Income Variant: Delivers a steady, guaranteed income throughout the policy term, culminating in a substantial lump sum upon maturity.
- Guaranteed Death Benefit: If the policyholder passes away within the policy term, the family will receive the greater amount between the sum assured on death or 105% of the total premiums paid.
- Flexible Income Payout: Policyholders have the option to receive their annual income with greater frequency, choosing from semi-annual, quarterly or monthly payouts to suit their individual needs.
- Multiple Premium Payment Modes: Choose from annual, semi-annual, quarterly or monthly payment plans, along with the flexibility to change your preferred mode throughout the policy term.
- No Survival Benefit for Lump Sum Variant: This option solely offers a one-time payment at maturity, lacking any survival benefits throughout the policy duration.
- Loan Facility: Loans are available during the policy term, provided that all terms and conditions are met.
- Surrender Benefit: You have the flexibility to surrender your policy at any time, receiving the greater value between the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV).
- Tax Benefits: Enjoy tax benefits as per the current tax regulations on both premiums paid and the benefits received.
Eligibility Criteria for HDFC Life Guaranteed Wealth Plus
Here are the pointers related to the Eligibility Criteria for HDFC Life Guaranteed Wealth Plus in a tabular format:
| Criteria | Details |
|---|---|
| Plan Variants | Lump Sum Variant, Income Variant |
| Policy Term |
|
| Premium Payment Term | Single Pay, Limited Pay: 5, 6, 7, 8, 10, or 12 years |
| Minimum Age at Entry | Single Pay: 3 years (for a 15-year policy term), 6 years (for a 12-year policy term) |
| Maximum Age at Entry | 60 years |
| Minimum Age at Maturity |
|
| Maximum Age at Maturity |
|
| Minimum Premium |
|
| Maximum Premium | No Limit (subject to underwriting policy) |
| Premium Payment Modes | Annual, Half-Yearly, Monthly, Single |
| Income Payout Mode | Annual, Half-Yearly, Quarterly, Monthly |
Additional Benefits and Details
Here are the additional benefits and details of HDFC Life Guaranteed Wealth Plus plan apart from the benefits mentioned above:
- Accidental Disability Rider: This rider offers a monthly benefit equivalent to 1% of the sum assured for 10 years, should you experience total permanent disability as a result of an accident.
- Critical Illness Plus Rider: This rider provides a significant lump sum payment upon the diagnosis of any one of the 19 specified critical illnesses.
- Protect Plus Rider: This rider offers coverage for accidental death or disability and delivers essential protection against cancer.
- Revival of Policy: If a policy expires, it can be reinstated within five years by paying all outstanding premiums along with accrued interest as per the company’s underwriting guidelines.
- Loan Facility: Policyholders can access loans during the term, with a maximum loan amount of 80% of the surrender value. The current interest rate for these loans stands at 9.5% per annum.
- Free-Look Period: If you are not completely satisfied with your policy, you have the option to return it within 30 days of receiving it (for policies purchased electronically) for a full refund, minus any deductions for risk coverage and medical examination expenses.
- Grace Period: A 15-day grace period applies to monthly payment options, while a 30-day grace period is available for quarterly, semi-annual and annual payment plans.
Documents Required to Buy HDFC Life Guaranteed Wealth Plus
While the HDFC Life Guaranteed Wealth Plus brochure does not specifically outline the documents needed for purchasing this plan, we can infer the typical requirements based on standard industry practices. Generally, when buying life insurance policies such as HDFC Life Guaranteed Wealth Plus, you would need to prepare the following documents.
While these documents are standard, it is highly recommended to verify the specific requirements with HDFC Life or your insurance advisor before proceeding with your policy purchase.
| Document Type | Examples |
|---|---|
| Identity Proof | Aadhar Card, PAN Card, Passport, Voter ID, Driving License |
| Address Proof | Aadhar Card, Passport, Utility Bills (Electricity/Water), Rent Agreement |
| Income Proof | Salary slips, Bank Statements (last 6 months), Income Tax Returns (ITR), Form 16 |
| Age Proof | Birth Certificate, Passport, Aadhar Card, Government-issued document stating the age |
| Photographs | Recent passport-sized photographs |
| Medical Reports | Medical reports (if applicable, based on underwriting requirements or health declaration) |
| Proposal Form | Duly filled and signed insurance proposal form |
| Bank Details | Cancelled cheque or bank passbook copy (for premium payment mandate) |
| PAN Card and Aadhar | PAN Card and Aadhar Card (for tax regulations and KYC compliance) |
Policy Details of HDFC Life Guaranteed Wealth Plus Plan
- Plan Type: Individual non-linked, non-participating savings life insurance plan.
- Variants Available: Lump sum Variant and Income Variant.
- Sum Assured:
- Sum assured on death during and after the premium payment term.
- Premium Payment Options:
- Frequency: Annual, Half-Yearly, Quarterly, Monthly, or Single Premium.
- Premium Payment Term depends on the selected policy variant.
- Policy Term: The tenure of the policy.
- Death Benefit:
- Sum Assured on Death is the highest of 'X' times annualized premium, 1.25 times the single premium, or 105% of the total premiums paid.
- Maturity Benefit:
- Lump sum Variant: Payable as a fixed percentage of premiums at the end of the policy term.
- Income Variant: Equals 100% of the total premiums paid.
- Survival Benefit (for Income Variant): Guaranteed Income payouts start after a specific number of years and continue until the policy term ends.
- Grace Period: 15 days for monthly premium payment and 30 days for all other modes.
- Free Look Period: 30 days from the date of receipt of the policy.
- Policy Loans: Available up to 80% of the surrender value, subject to terms and conditions.
- Nomination and Assignment: Nomination and assignment of policy are allowed as per Section 39 and Section 38 of the Insurance Act, respectively.
- Revival of Policy: Can be revived within five years from the due date of the first unpaid premium.
- Surrender Value: Available after certain conditions are met, based on either Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
- Reduced Paid-Up Value: This applies if premiums are unpaid after the policy acquires a surrender value.
- Rider Benefits: Riders can be attached, providing additional coverage.
- Suicide Exclusion: If death is due to suicide within 12 months, the nominee will receive 80% of the premiums paid or the surrender value, whichever is higher.
How to File HDFC Life Guaranteed Wealth Plus Claim?
HDFC Life offers policyholders the flexibility to choose from three convenient methods to begin their claim process:
Moreover, you can also raise your claim by visiting the nearest branch of HDFC Life.
1: Online Submission
Policyholders can submit claims online via HDFC Life's website, enabling quick and efficient claim processing without paperwork.
2: WhatsApp
HDFC Life allows policyholders to report claims via WhatsApp by scanning a QR code or texting “Death Claim” to +91-82918 90569.
3: Branch Visit
HDFC Life allows claim intimation through branch visits. Policyholders can submit the claim form in person at the nearest branch. The form can be downloaded from the HDFC Life website.
HDFC Life guarantees a seamless process for lodging and processing claims, regardless of the method you choose. This streamlined approach prioritizes customer convenience, ensuring efficient support throughout the claims settlement journey.
| Step | Online Claim Process | Offline Claim Process |
|---|---|---|
| Intimate the Claim |
| You can easily download the claim form from the HDFC Life website or visit a nearby branch to collect it in person. |
| Submit Details | Please provide the necessary information for the individual being insured, including identification proof and medical certificates. |
|
| Nominee Details | Please supply the nominee details necessary for the claim settlement process. | Please ensure that you submit the completed claim form along with all necessary documents to the branch representative. |
| Documentation |
| Submit all necessary documents including:
|
| Claim Evaluation | The claims management team will meticulously review and assess the submitted documents to ensure compliance with policy terms. | The branch will evaluate the submission and may ask for additional documentation if necessary. |
| Claim Settlement | Upon approval, the claim amount will be processed and settled within the designated timeframe, typically within 30 days. | Upon verification, the claim amount will be processed and settled according to your chosen payment method, such as ECS or others. |
Key Inclusions and Exclusions of the Plan
What's Included
- Death Benefit: The higher of "X times the Annualized Premium for limited pay" or "1.25 times the single premium for Single Premium Payment option for base policy," or 105% of total premiums received up to the date of death. This applies if the life assured passes away after the risk commencement date and during the policy term.
- Maturity Benefit: Lump Sum Variant - A lump sum amount payable at the end of the policy term. Income Variant - 100% of total premiums paid as a maturity benefit at the end of the policy term.
- Survival Benefit: Lump Sum Variant - No survival benefit. Income Variant - Guaranteed income is paid during the payout term if the life assured survives.
- Grace Period: 15 days for monthly premium payments; 30 days for other frequencies.
- Policy Loan: Loans are available up to 80% of the surrender value, with an interest rate of 9.5% per annum.
- Revival of Policy: A lapsed policy can be revived within five years from the first unpaid premium date by paying due premiums and meeting underwriting requirements.
- Alterations: Changes are allowed only in premium payment mode and payout frequency.
- Free Look Provision: Policy can be returned for cancellation within 30 days, subject to certain deductions.
- Surrender Benefit: The higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) is payable upon surrender.
- Paid-up Value: After paying at least one full-year premium, if the premium payment stops, the policy acquires a reduced paid-up value.
What's Not Included
- Suicide Clause: If death occurs due to suicide within 12 months of the policy commencement or revival, the nominee is entitled to 80% of the total premiums paid or the surrender value, whichever is higher.
- Non-Payment of Premium: If the premium is not paid within the grace period, the policy will lapse, and benefits will be reduced.
HDFC Life Guaranteed Wealth Plus Contact Details
| Category | Details |
|---|---|
| Corporate Office | HDFC Life Insurance Company Limited |
| Address | 12th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Road, Mahalaxmi, Mumbai - 400011 |
| Telephone | (022) 67516666 |
| Working Days | Monday to Friday |
| Timings | 9:15 AM to 6:00 PM |
| Customer Service (Mumbai) | 11th Floor, Lodha Excelus Apollo Mills Compound, N.M. Joshi Road, Mahalaxmi, Mumbai - 400011 |
| Customer Service (Chennai) | 37/38, 2nd Floor, ASV Ramana Towers, Venkatnarayana Road, T.Nagar, Chennai - 600017 |
| International Office | Office number- 207, 2nd floor, The Business Center, Bank Street, Bur Dubai, UAE |
| International Working Days | Monday to Friday |
| International Timings | 9:00 AM to 5:00 PM |
| Toll-Free Number (General) | 1800-266-9777 |
| Toll-Free Number (New Policy) | 1800-315-7373 |
| WhatsApp Contact | +91-8291-890-569 |
| Email for NRI Customers | nriservice@hdfclife.com |
Frequently Asked Questions (FAQs)
A.
HDFC Life Guaranteed Wealth Plus is a non-linked, non-participating life insurance plan that offers guaranteed benefits, including life coverage and options for a lump sum or regular income at maturity for financial security.
A.
To qualify for the guaranteed wealth plan, applicants should be between the ages of 30 and 65. It is essential to satisfy certain health and underwriting criteria established by HDFC Life. This plan is tailored for individuals looking to achieve long-term financial stability through both guaranteed returns and life insurance protection.
A.
This plan is ideal for individuals seeking:
- Guaranteed returns: If you value assured growth rather than returns tied to market fluctuations, this plan provides the tranquillity of guaranteed benefits.
- Long-term savings: This plan is tailored to achieving your long-term financial objectives, providing you with the opportunity to accumulate wealth over time.
- Life insurance coverage: It offers essential protection for your loved ones in the event of an unforeseen tragedy.
A.
The minimum sum assured is determined by your age and the duration of the policy. To obtain the precise amount, it is recommended to reach out to an HDFC Life representative for guidance.
A.
HDFC Life Guaranteed Wealth Plus is an excellent investment option for those who seek assured returns and long-term savings. However, before proceedings, it is crucial to evaluate your personal financial objectives and risk appetite. Consulting a financial advisor can provide valuable insights to determine if this plan is the right fit for your unique situation.
A.
HDFC Life Guaranteed Wealth Plus provides assured returns, making it an ideal choice for individuals looking for financial stability. While other savings plans may promise market-linked returns that can potentially be greater, they also come with increased risks.
A.
HDFC Life Guaranteed Wealth Plus is centred on providing savings and assured returns, whereas other life insurance plans often focus more on protection or offer a blend of both savings and protection. Ultimately, the most suitable option will depend on your personal needs and priorities.
A.
Yes, you have the opportunity to thoroughly examine the plan’s features, benefits and terms before making your decision. Additionally, you can reach out to an HDFC Life representative for tailored guidance to suit your needs.
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