HDFC Life launches online unit linked insurance plan
Private life insurer HDFC Life has recently launched an online unit linked plan called Click2Invest. It is cheaper than offline ULIP plans available in the market. It is the first online unit linked plan. The plan invests 100 per cent of the premium. The maximum age for entering the plan is 65 years and the minimum maturity age is 18 years and the maximum maturity age is 75 years. There are no charge of premium allocation and Policy administration. The plan only has charges of fund management fee 1.35%. and mortality charge. Mortality Charge will be taken by cancelling units proportionately from each of the fund(s) you have chosen. There is no discontinuance charge of your policy.
After maturity policy holder will receive fund value as maturity benefit. After unfortunate death of policy holder, the nominee will be paid the Sum Assured or Fund Value or 105% of the premium(s) paid which will be highest.
Minimum age for entry for this plan is 30 days and maximum age of entry is 65 years. Minimum annual premium is Rs12, 000 with no upper limit on maximum premium. One can pay premium in monthly, quarterly, half-yearly and yearly which will suit him or her. Minimum monthly premium is Rs.1000, minimum quarterly premium is Rs.3000 and minimum half-yearly premium is Rs.6000.
Under the plan the sum assured is fixed at 125% of single premium, 10 times of annualised premium for people below 55 years and 7 times of annualised premium for people above 55 years. The term of the policy is 5 years to 20 years.
You can withdraw money from your fund after completed five year age of policy. Premium paid by individual are eligible tax benefit under section 80C of income tax act, 1961.
No loan is provided against this product.
You can contact HDFC Life customer service at 1800-266-9777 for getting more details on risk factors, charges, terms and conditions.