HDFC Life Guaranteed Savings Plan

In case of the Life Assured’s death during the policy term, the nominee will receive the Death Benefit. 

The death benefit is 100% of Total Premiums paid¹ if death is due to causes other than accident during the waiting period of 90 days.

For accidental death during the waiting period of 90 days or death due to other causes² post the waiting period of 90 days, the death benefit shall be highest of: 

• 10 times the Single Premium/Annualized Premium³, for Single Pay/Limited Pay respectively
• 105% of Total Premiums paid¹
• Sum Assured on Maturity
• Any absolute amount assured to be paid on death, which is equal to the Sum Assured on maturity

• 10 times the Single Premium/Annualised Premium³, for Single Pay/Limited Pay respectively
• 105% of Total Premiums paid
  
• Sum Assured on Maturity
  
• Any absolute amount assured to be paid on death, which is equal to the Sum Assured on maturity
  

Disclaimer :

1. Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
   
2. Accident is a sudden, unforeseen and involuntary event caused by external, visible and violent means. Accidental Death means death by or due to a bodily injury caused by an Accident, independent of all other causes of death. Accidental Death must be caused within 180 days of any bodily injury.
   
3. Annualised premium shall be the premium amount payable in a year excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any
   

For complete details, please read the Product brochure

Once a policy has acquired a Surrender Value, loans will be permitted on this product, subject to such terms and conditions as the company may specify from time to time. Our current terms and conditions are stated below:

• The loan amount will be subject to maximum 80% of the surrender value.

• The interest rate on loan is currently 9% p.a.

• The interest rate shall be reviewed half-yearly and any change in the interest rate shall be effective from 25th February and 25th August each year. In case upon review the interest rate is revised, the same shall apply until next revision.

• Before any benefi­ts are paid out, loan outstanding together with the interest thereon will be deducted and the balance amount will be payable.

• Where the loan outstanding including interest exceeds 90% of the surrender value for a reduced Paid-up policy, then the policy will be foreclosed and the policyholder will be paid the surrender value less loan outstanding including interest.

• If the Policy is in-force and all due premiums have been paid, the Policy shall not be foreclosed for non re-payment of loan.