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Guaranteed Income Insurance Plan is a non-linked non-participating individual life insurance savings plan that provides guaranteed tax-free benefits after completion of premium payment term and Guaranteed Death Benefit during the entire policy term. This is a savings oriented product. The dream may be about higher education of our children or may be to support our aged parents or for daughter's wedding or simply for a self-reliant retirement. We understand the sincere efforts that each of us takes towards the well-being of our families. With Guaranteed Income Insurance Plan, we aim to help you build these financial reserves for all expected and unexpected expenses in the future. Guaranteed Income Insurance Plan helps you achieve this.

Features

  • Key Features of Guaranteed Income Insurance Plan.
  • Anyone who is looking for guaranteed1 Long Term Income during the Policy Term in addition to other benefits like life cover, tax savings, Lump Sum amount on maturity.
  • Guaranteed1 Long Term Income with tax savings2 as per prevailing tax laws
  • Guaranteed1 lump sum on maturity with tax savings2 as per prevailing tax laws
  • Full guaranteed1 Death Benefit even during income Payout Period
  • 1. Guaranteed Benefit is paid on survival during Policy Term provided all due Premium(s) are paid during the premium payment term
  • 2. Tax benefits are subject to provisions as per Income Tax Act, 1961. Tax laws are subject to changes.
  • Maturity benefits- At the end of policy term you receive a lumpsum amount equal to sum assured.
  • Death benefits- Guaranteed Death Benefit of higher of 10 times of annualized premium or 105% of the total premiums paid or the sum assured.

How this plan works?

35 year old Balaji needs regular guaranteed1 income after 15 years and is willing to pay an annual premium of Rs. 50,665 for the next 15 years. HDFC Life Guaranteed Income Insurance Plan for a Policy Term of 30 Years is suitable for his requirement. He will pay regular premiums at the beginning of each policy year for 15 years and will be eligible for a regular Guaranteed1 Income of Rs 1,07,209, equivalent to 13% of the Sum Assured, payable to him annually till end of 30th policy year starting from the end of 16th Policy Year. After completion of the Policy Term viz. at end of the 30th year, Maturity Benefit of Rs 8,24,682 will be payable to him along with last payout of the regular Guaranteed1 Income.

In order to protect his family from financial loss, throughout the Policy Term of 30 years, he will be eligible for a Guaranteed1 Death Benefit of higher of 10 times of annualized premium or 105% of the total premiums paid or the sum assured.

Maturity benefit

Sum Assured is paid on survival of the life assured along with due installment of GI at the end of policy term.

Enhanced Protection Benefit through optional riders

This plan offers the flexibility of customizing protective cover by opting for following riders by paying small amount of extra premium. Riders can be added at the inception of the Policy or at policy anniversary during the policy term subject to underwriting and terms & conditions of the riders.

Following riders are available with Guaranteed Income Insurance Plan

  • HDFC Life Critical Illness (4) Regular Pay (UIN: 101B018V01)
  • HDFC Life Critical Illness (25) Regular Pay (UIN: 101B018V01)
  • HDFC Life Accidental Death Disability and Dismemberment Rider (UIN: 101B017V01)
  • HDFC Life Term Rider (UIN: 101B019V01)
  • HDFC Life Critical Illness Plus Rider (19) (UIN : 101B014V02)
  • HDFC Life Income Benefit on Accidental Disability Rider (UIN : 101B013V03)
  • HDFC Life Protect Plus Rider (UIN : 101B016V01)

Income tax benefit

Policyholder may be eligible for tax benefits under section 80C and section 10(10D) of the Income Tax Act, 1961, subject to provisions contained therein.

  • U/S 80C of the Income Tax Act 1961 on your premiums.
  • U/S 10(10D) of the Income Tax Act 1961 on the proceeds of your policy.
  • U/S 80 D of Income Tax Act 1961 on the premium paid towards critical illness rider, if opted for

The aforesaid tax benefits are subject to change in tax laws and to the terms set out in the said sections. We therefore urge you to carefully analyze in consultation with your tax advisor the tax benefits/ tax implications, if any that may arise on investing in this policy.

Other Benefits

Guaranteed death benefit (GDB)

GDB is an inbuilt life protection cover and is guaranteed at higher of 10 times of annualized premium or Sum Assured or 105% of the premiums paid less unpaid due premiums. It is applicable across the entire term of the policy and shall not be reduced by the Guaranteed1 Income already paid. GDB is payable as per chosen option between option A and B:

Option A: Lump sum

Under this option, GDB is paid as a lump sum.

Option B: FIP

Family Income Payout (FIP) is 110% of the GDB paid in 60 equal monthly installments.

Annualized Premium shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes

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Loan Benefit

The policy will be eligible for policy loan facility if it has accrued Surrender value. The minimum loan amount shall be Rs. 1000 and maximum shall not exceed 80% of the available Special Surrender Value. The rates of interest for policy loan shall be as determined by the company from time to time. The terms and conditions of the loan shall be as determined by the company from time to time subject to IRDAI's approval basis formula below on 1st April of every year and is available upon written request.

The interest rate on loan shall be calculated as the Average Annualized 10-year benchmark G-Sec Yield (over last 6 months & rounded up to the nearest 50 bps) + 2%. The interest rate shall be reviewed half-yearly and any change in the interest rate shall be effective from 25th February and 25th August each year. In case upon review the interest rate is revised, the same shall apply until next revision. The source of 10-year benchmark G-sec yield shall be RBI Negotiated Dealing System-Order Matching segment (NDS-OM).Any change on the basis of determination of interest rate can be done after approval of the authority.

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Frequently Asked Questions

You pay premium for a ‘chosen number of years’ and start receiving a guaranteed1 regular income for the remaining period till the end of policy term.

You have an option to receive income monthly or annually.

You save tax on Premium(s) paid and benefit amount under section 80C and Section (10D) respectively.

At the end of policy term, you receive a lumpsum amount equal to sum assured.

This is paid along with the last income payout.

In case of unfortunate eventuality of death, your nominee will get higher of following

  • 10 Times of Annualized premium.
  • Sum Assured
  • 105% of total premium paid.

You can chose form the following Death benefits payout option.

  • Receive a lump Sum Amount.
  • Receive as family income payout (FIP), wherein 110 percent of guaranteed1 death benefits are given as monthly income spread over 60 months.

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 - 400013. 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 - 400011. 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.
HDFC Life Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Registration No. 101. Registered Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400 011.
Email: service@hdfclife.com, Tel. No: 1860 267 9999 (Mon-Sat 10 am to 7 pm) Local charges apply. Do NOT prefix any country code. e.g. +91 or 00. Website: www.hdfclife.com
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.
HDFC Life Guaranteed Income Insurance Plan (101N146V02) is a Non-Linked Non-Participating Individual Life Insurance Savings Plan. This version of the product Circular invalidates all previous printed versions for this particular plan. This Product circular is indicative of the terms, warranties, conditions and exclusions contained in the insurance policy. Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer. ARN: PP/01/23/31746. ​​​​​​​

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI is not involved in activities like selling insurance policies, announcing bonus or Investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.