HDFC Life, the life insurance arm of HDFC Ltd., has launched a new guaranteed income life insurance plan that offers returns of 11 percent on the sum assured. The HDFC Life Guaranteed Income Insurance plan comes with guaranteed, regular 11-13 percent returns on some assured with guaranteed death benefits.

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“At HDFC Life, our aim is to ensure financial security for our policyholders and their loved ones. Life insurance as a product category provides the dual benefits of protection and long-term savings,” said Aneesh Khanna, Head of Products and Segments, at HDFC Life. Check out the entire plan here – https://www.hdfclife.com/savings-plans/guaranteed-income-insurance-plan

Here are some of the key highlights of this plan.

This non-participating life insurance plan has an entry range between zero to 65 years. The plan provides life cover not only for the duration of the plan but also during the income payout period. The income payout period ranges from 8, 10, 12, 15, 20, 25 or 30 years.

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The guaranteed income can be taken in a monthly or yearly fashion. In the case of monthly payouts, the interest rate per month will be slightly less than the returns offered than those offered for yearly payouts.

The plan offers policyholders the choice between a lump sum or monthly instalments for the guaranteed death benefit. The monthly instalments would be received as a family income benefit option. The monthly instalments will be spread out over a period of 60 months.

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HDFC Life is offering various discounts on the premium for the first year of the plan when purchasing the policy online. A discount of 12 percent is applicable when choosing the 8 or 10 years of a premium payment term (PPT). When choosing a 12 or 15-year premium payment term, a discount of 15 percent can be availed on the premium amount.

The plan, like most life insurance policies, offers double tax savings in terms of both premium paid and the benefit received.

(Edited by : Sudarsanan Mani)