HDFC Life Guaranteed Income Insurance Plan – A Complete Guide
270
5 min read
Updated on Aug 22, 2023
A comprehensive guide on the Guaranteed Income Insurance Plan from HDFC Life – its features, benefits, eligibility criteria, and more. Read on.
The very thought of an assured income plan, as you grow older that can help you retire in peace, can be so comforting. This is exactly what HDFC Life intends to achieve for its customers. The HDFC Guaranteed Return Plan assures just that. This blog provides more details about the plan so that you know what you’re investing in before making that decision.
What’s Inside
What is HDFC Guaranteed Income Plan?
The Guaranteed Return Investment Plan by HDFC Life Insurance is a non-linked and non-participating savings plan that also offers the dual benefit of life insurance. This means that in the event of an untimely demise of the policyholder, the plan provides a guaranteed death benefit (monetary) during the term of the policy. Besides this, the guaranteed return insurance plan also offers tax benefits upon completion of the term of premium payment as part of the plan.
Features of HDFC Guaranteed Return Investments Plan
This plan has the following key features:
1. A Guaranteed Base Income (GBI) gets collected every year during the payout term as a specified percentage of the Sum Assured
2. The plan offers 6 options with varied combinations regarding Premium Payment Term, Policy Term, and Payout Term
3. It is one of the best guaranteed return plans with a limited option for premium payment. It is a participating life insurance, savings-oriented plan.
4. The plan helps create a steady corpus by way of accruement of several bonuses like the Interim Bonus, Simple Reversionary Bonus, and Terminal Bonus
5. The guaranteed returns on the plan start as soon as the Premium Payment Term (PPT) completes and the payout continues for around 8-15 years, as per the preference of the investor
Key Benefits of HDFC Guaranteed Return Policy
As stated earlier, the Guaranteed Income Insurance Plan promises to be the best investment plan with guaranteed returns to the investor. There are several benefits to look forward to when buying the policy, some of which are listed below:
- The plan assures a guaranteed income for the long term along with the added benefit of tax savings in line with the taxation laws
- There is a fully guaranteed monetary death benefit to the bereaved family of the deceased policyholder even during the income payout terms
- The plan is ideal for investors looking for a long-term guaranteed income during the term of the insurance policy, in addition to some other benefits such as tax exemptions, life insurance cover, and a lump sum benefit upon policy maturity
Visual Stories by Mahindra Paybima
Eligibility Criteria for HDFC Guaranteed Return Insurance Plan
The following people are eligible to apply for the guaranteed return plan by HDFC:
1. Entry Age Limit
|
Minimum Age Limit |
Maximum Age Limit |
|
2 years (for a 16-year policy term) |
59 years (for a 16-year policy term) |
|
30 days (for a policy term ranging from 18-27 years) |
57 years (for a 16-year policy term) |
|
30 days (for a policy term ranging from 18-27 years) |
55 years (for a 16-year policy term) |
|
30 days (for a policy term ranging from 18-27 years) |
53 years (for a 16-year policy term) |
|
30 days (for a policy term ranging from 18-27 years) |
51 years (for a 16-year policy term) |
|
30 days (for a policy term ranging from 18-27 years) |
48 years (for a 16-year policy term) |
2. Maturity Age
- Minimum – 18 years
- Maximum – 75 years
3. Plan Options
|
Plan Option |
Term of Premium Payment (A) |
Payout Period (B) |
Term of Policy (A+B) |
% of Sum Assured on Maturity |
Total Guaranteed Income for the Entire Payout Term (B*C) |
| Option 1 |
8 |
8 | 16 | 12.5% |
12.5% * 8 = 100% |
| Option 2 |
8 |
10 | 18 | 10% |
10% * 10 = 100% |
| Option 3 |
10 |
10 | 20 | 12% |
12 * 10 = 120% |
| Option 4 |
10 |
12 | 22 | 10% |
10 * 12 = 120% |
| Option 5 |
12 |
12 | 24 | 10% |
10 * 12 = 120% |
|
Option 6 |
12 | 15 | 27 | 8% |
8 * 15 = 120% |
Add-On Riders Offered With HDFC Guaranteed Income Insurance Plan
The plan offers a host of add-on rider benefits to its customers, which can be purchased over and above the original plan to derive additional benefits. Here are some of the most popular riders offered as part of the plan:
1. HDFC Life Critical Illness Plus Rider:
A lump sum amount is offered to the policyholder, which is equivalent to the rider sum assured, in case of diagnosis of a critical illness, as specified under the plan.
2. HDFC Life Income Benefit on Accidental Disability Rider:
This rider offers extra income benefits over the Sum Assured in case of total permanent disability owing to an accident.
Popular General Insurance Companies India, 2023
Summing it Up
The Guaranteed Income Insurance Plan by HDFC is a brilliant initiative by the company offering its customers the dual benefit of savings and corpus-building as well as life insurance and an assured death benefit even during the policy term. This is what makes the plan popular among HDFC investors. To know more details about buying this plan or any of its key features, visit PayBima.
Related Articles
- 5 Best Money Back Plans 2023
- Best Fixed Income Investment Options
- Guaranteed Return Insurance Plan
- Tata AIA Guaranteed Return Insurance Plan
- Best Guaranteed Return Plans And Their Benefits
Found this post informational?
Browse Mahindra Paybima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra Paybima to Buy Insurance Online.
Also, check out the Mahindra Paybima’s Guide and Glossary section –
FAQs: HDFC Life Guaranteed Income Insurance Policy
What is the guaranteed monthly income plan of HDFC?
As part of the policy, the guaranteed monthly income is paid out as a percentage of the selected Sum Assured.
What is HDFC's guaranteed return plan review?
HDFC has received positive customer reviews for its Guaranteed Return Plan since its launch. Several investors find the plan to be one of the best money-back options online for investment in the Indian insurance sector with the benefit of an assured income scheme for the long term.
What is the maturity benefit of a guaranteed income plan?
At the end of the term of the policy, 110% of the total premiums paid by the investor are paid out as maturity benefit in conjunction with the last income installment.
Is a guaranteed income plan good?
Guaranteed income plans are rather popular among Indian investors owing to their decent insurance coverage which is up to 10 times the annual premium payable. The rate of interest is locked in for a considerably long period.
Is a guaranteed income plan tax-free?
Yes, the premium payable under the plan is eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Besides, the maturity proceeds as part of the plan are also liable to be free of tax under Section 10(10D) of the ITA.
What are the disadvantages of a guaranteed income plan?
Since these plans offer a long-term saving option, they need to keep pace with inflation. Failure to do so may not help with generating decent wealth to meet your financial goals in the long term.
Other Investment Products
Author Bio
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Related Blogs
Guaranteed Returns Plans – A Safe Investment Option During the Economic Uncertainty
Most investors look for greater stability in a world characterized by unpredictable investments and fluctuating economies. With Guaranteed Returns Plans, you can embark on a.
-
Aug 02, 2023 -
5 min read
Aug 02, 2023
5 min read 
SBI Life Smart Guaranteed Savings Plan – Review, Details and Benefits
A well-crafted guaranteed income plan, the SBI life Smart Guaranteed savings plan is an individual savings policy in the traditional non-participating category. Let’s know the.
-
Jul 03, 2023
-
5 min read
Max Life Guaranteed Income Plan – Check Review, Details, and Benefits
An overview of the guaranteed return plan by Max Life Insurance - a complete review, details of the policy, and benefits for the investor. Guaranteed.
-
Jul 03, 2023
-
5 min read
Best LIC Guaranteed Return Plans in India 2023 – Check Features and Benefits
The Life Insurance Corporation of India came into existence in the year 1956 and has been offering a wide range of insurance plans to the.
-
Jul 03, 2023
-
5 min read
Bajaj Allianz Best Guaranteed Return Plan – Check Eligibility and Other Details
Planning to invest money for guaranteed returns? Then, consider investing in Guaranteed Income Plansfrom India’s well-known life insurance company, Bajaj Allianz. It is a joint venture between Bajaj.
-
Jun 30, 2023
-
5 min read
HDFC Life Guaranteed Income Insurance Plan – A Complete Guide
A comprehensive guide on the Guaranteed Income Insurance Plan from HDFC Life - its features, benefits, eligibility criteria, and more. Read on. The very thought.
-
Jun 29, 2023
-
5 min read
Tata AIA Guaranteed Return Insurance Plan – Everything You Need to Know about Tata AIA Traditional Plans / Guaranteed Return Plans
Insurance is a good way to protect your family financially when you are not around to take care of their monetary needs. However, one also.
-
Jun 20, 2023
-
5 min read
ICICI Pru Guaranteed Return Plan – Check Benefits, Features, Eligibility Criteria and Other Details of ICICI Guaranteed Return Plan
An Overview of ICICI Pru Guaranteed Return Plan With inflation soaring high, it has become very important to maintain financial stability. And if you are.
-
Feb 28, 2023
-
5 min read
SBI Life – Smart Guaranteed Savings Plan – Check Review, Details, and Benefits
The Smart Guaranteed Savings Plan from SBI is a traditional non-participating individual plan. It guarantees assured savings through loyalty add-ons to enhance accumulated sums of.
-
Feb 28, 2023
-
5 min read
Top 5 Guaranteed Return Investment Plan – Best Investment Plans with Guaranteed Returns in 2023
Whether you are a working professional or a businessman, financial security is something that we all look for. This is why many people focus on.
-
Feb 28, 2023
-
5 min read
Calculators
Trending Articles
Top Insurance Companies View All
Motor Insurance
Health Insurance
Life Insurance
Investment Plan
PayBima Blogs
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Get A Call Back