We earlier covered HDFC Life Insurance Protection Plans. Here we cover HDFC Loan Cover Term Assurance Plan, a very simple plan designed to help your dear ones to repay the outstanding loan in case of your unfortunate death.

Benefits of HDFC Loan Cover Term Assurance Plan:

·The lumpsum will be a decreasing percentage of the initial sum assured and as the loan amount decreases in the loan schedule the cover for this policy decreases as per the policy schedule
·Single or regular premium paying option available
·Premiums can be paid in yearly, half yearly or quarterly terms
·Plan can be taken for single or joint life
·Premium paying term is 2/3rd of the polciy term
·Tax benefits under 80C, 80D and 10(10D) of IT Act

The following additional (optional) benefit is also available for HDFC Loan Cover Tern Assurance Plan.

Acclerated Sum assured (ASA) Benefit – company will pay an amount equal to the sum assured selected under this benefit if any one of the 6 critical illness is detected. If the claim is settled the basic policy is terminated with nil value.

Eligibility Criteria:

·Minimum entry age 18 and max 55 years (60 years in case of single premium)
·Minimum policy term 10years and max 30 years (for single premium 5years to 15 years)

Note : This policy has no maturity or survival benefits

For further details go here