HDFC Life Uday is a non-linked, participating saving life insurance plan. It offers benefits like guaranteed additions and bonuses, while ensuring that the insured’s family receives a lump sum benefit in the event of his or her death.
About HDFC Life: HDFC Life Insurance Company is a joint venture between housing finance institution HDFC Ltd. and global investment company Standard Life Aberdeen. The company is among the leading life insurance providers in India, offering a range of individual and group insurance solutions that meet different life stage needs of customers. As on March 31, 2019, the company is reported to have 38 individual products, 11 group products and 8 optional rider benefits in its portfolio.
(Note - All the information contained in this page has been sourced from the official website of HDFC Life Insurance.)
The key features of HDFC Life Uday are as follows:
The benefits offered by HDFC Life Uday are as under:
If the life assured survives till the maturity date, he or she will receive the aggregate of:
If the life assured passes away, the insurer will pay the nominee the highest of: \
In the event of the life assured’s demise during the policy term, an additional sum equal to sum assured on death is paid.
For a reduced paid-up policy, the entire death benefit shall continue for one year (Auto Cover Continuance period) from the date of first unpaid premium. This cover applies only to the basic death benefit and not to the additional accidental death benefit. During the time of death benefit payment, in the Auto Cover Continuance period, the due but unpaid premium shall not be deducted from the benefit payable.
The basic death benefit payable during this one year will be the higher of:
| Particular | Details |
|---|---|
| Policy Term | 12 years /15 years |
| Premium Paying Term | 8 years or 10 years |
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 55 years |
| Minimum Maturity Age | 30 years |
| Maximum Maturity Age | 70 years |
| Minimum Sum Assured on Maturity | Rs. 28,465 |
| Maximum Sum Assured on Maturity | No limit subject to Board approved underwriting policy |
Source: HDFC Life Uday Brochure
Individuals can choose to pay premiums on a monthly, quarterly, half yearly or annual basis. The premium details are as under:
| Frequency of premium payment | Minimum instalment premium |
|---|---|
| Monthly | Rs. 500 |
| Quarterly | Rs. 1,250 |
| Half Yearly | Rs. 2,500 |
| Annual | Rs. 5,000 |
Maximum instalment premium - No limit
An individual will have to submit certain documents to avail HDFC Life Uday. The documents include:
Suicide: In the event of death due to suicide, within 12 months:
From the date of risk commencement of the policy, the policyholder’s nominee shall be entitled to 80% of the premiums paid, provided the policy is in-force.
From the date of revival of the policy, the policyholder’s nominee shall be entitled to an amount which is higher of 80% of the premiums paid till the date of demise or the surrender value as available on the date of demise.
HDFC Life Uday is a traditional non-linked ‘with profit’ plan that offers insurance protection. The policy comes with benefits like guaranteed additions and bonuses, while ensuring that the life assured’s loved ones are financially secure in the event of his or her demise. Individuals are given multiple term options and flexibility in premium payment to suit their preference.
Can I avail a loan against HDFC Life Uday plan?
One can take a loan under the policy, provided it has acquired a surrender value.
What is the maturity benefit offered under HDFC Life Uday plan?
If the life assured survives till the maturity date, he or she will receive the aggregate of
What is the auto cover continuance feature?
Under this facility, for a reduced paid-up policy, the entire death benefit will continue for one year (Auto Cover Continuance period) from the date of first unpaid premium. It will apply only to the basic death benefit, and not to the additional accidental death benefit.
What is the minimum entry age to avail HDFC Life Uday plan?
The minimum entry age under HDFC Life Uday plan is 18 years.
What are the modes of premium payments toward HDFC Life Uday plan?
One can choose to pay their premiums annually, half yearly, quarterly or monthly
What are the tax benefits that can be claimed under HDFC Life Uday plan?
Premiums paid are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The maximum deduction that can be claimed under this section is Rs. 1,50,000 during a financial year. Additionally, the proceeds from the policy are tax-free in the hands of the receiver under Section 10 (10D) of the Income Tax Act, 1961.
How much is the guaranteed additions offered with HDFC Life Uday plan?
The Guaranteed Additions shall accrue at 3% of 'Sum Assured on maturity' in the first 5 years of the policy. The additions are paid at maturity or demise, whichever occurs first. If the policy is surrendered, the surrender value of Guaranteed Additions shall be payable.
Is direct tax applicable to HDFC Life Uday plan?
Tax will be deducted at the applicable rate from the payments made under the plan, according to the provisions of the Income Tax Act, 1961.
