All You Need To Know
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Features
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Benefits
Frequently Asked Questions
The relationship between the two policyholders can be the spouse/child/parent/grandparent or co-borrower. Other relationships such as that under partnership firms may also be considered as long as there is an insurable interest between the two individuals. For all the mentioned relationships, the cover will be granted up to the extent of insurable interest only. Insurable interest will be established at the time of issuing policy and cover shall be issued only where need for insurance is satisfied as per Underwriting norms of our Board Approved Underwriting Policy (BAUP).
HDFC Life Classic One gives you option of 11 different Funds to invest your money. Each fund has its own Investment policy, based on asset allocation between equity, debt and money market instruments. You can invest in a combination of funds by allocating your fund between different fund options. Also, you can switch between funds using fund switch option at any time without any charge.
You can choose to avail Systematic Transfer Plan (STP) which gives you the benefits of rupee cost averaging. The transfer will be done in 12 equal instalments. The transfer date can be either 1st or 15th of every month as chosen by you.
The Policyholder has the option to take the Maturity benefit in periodical instalments over a period, which may extend to 5 years, first instalment payable on the maturity date.
On survival of the life/lives assured till the end of the Policy Term (maturity) you will receive your Fund Value as a Lump Sum
Fund Value will be calculated by multiplying balance Units in your fund(s) by the then prevailing Unit Price(s).
On first death, the fund value will be set to be higher of 125% of Single Premium or balance in the unit fund. The surviving life can fully withdraw this amount and continue the policy with the coverage as per the policy provisions or not withdraw any amount and continue the policy with the coverage as per the policy provisions
For Single Life Coverage Variant, Sum Assured on death is payable as a Lump Sum on death of the life assured during the Policy Term. For Joint life Coverage Variant, Sum Assured on Death is payable as a lump sum on the second death of the two lives assured during the Policy Term.
The Policyholder has the option of making partial withdrawals. The Life Assured should be at least 18 years of age. The minimum Partial Withdrawal amount is ₹ 10,000 and shall not be allowed within first five policy years. The fund value after any partial withdrawal and any applicable Charges (including applicable taxes and other statutory levies, if any) is not less than the 25% of the Single Premium and the maximum amount of partial withdrawals that can be done throughout the Policy Term from the basic fund value is 50% of the single premium.
Disclaimer
HDFC Bank Limited (IRDAI Registration No: CA0010) is the Corporate Agent of HDFC Life Insurance Company Limited and does not underwrite the risk or act as an insurer. HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between HDFC Life and the Insured and not between HDFC Bank and the Insured.This policy is underwritten by HDFC Life Insurance Company. Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011. The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited.Life Insurance Coverage is available in this product. For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. HDFC Life Classic One (UIN:101L132V03) is a unit linked non participating life insurance plan . HDFC Life Income Benefit on Accidental Disability Rider (UIN: 101B013V03) is the name of the rider. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. ULIP Issued on or after 1st February 2021 where the annualised premium exceeds Rs 2.5 lakh at any time during the premium paying term, the amount received on maturity shall not be entitled for exemption under section 10(10D) of the Income-tax Act, 1961. However, death benefit received shall be exempt u/s 10(10D). Tax benefits are subject to changes in the tax laws. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding the sale.HDFC Life Insurance Company Limited is only the name of the Insurance Company, HDFC Life is only the name of the brand and HDFC Life Classic One (UIN:101L132V03) is the name of the Unit linked product. The name of the company, name of the brand and name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.