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HDFC Life ClassicAssure Plus Insurance plan is a traditional participating endowment plan that is designed to provide the policy owner with better returns in addition to life cover. This insurance plan is a limited premium payment plan that is designed for those who want to financially secure their post-retirement life.
Features of HDFC Life ClassicAssure Plus Plan
This insurance plan comes with a number of key features. Some of them have been listed below:
- This insurance plan offers limited premium payment terms of 7 years to 10 years.
- It offers insurance coverage to the policyholder throughout the term of the policy.
- This insurance plan comes with the guaranteed revisionary bonus that is paid by the insurer during the premium paying term.
- To eliminate long and tedious medical tests process, one can go for the Short Medical Questionnaire option as well.
- This plan can only be taken on a single life basis.
- Monthly instalments or EMI available for all the HDFC Bank credit card holders.
- Insured can avail additional benefits by opting for the HDFC Life Critical Illness Plus Rider. This added benefit provides rider sum assured in case of any serious illness (among 19 illnesses listed by the insurance company).
Benefits and Eligibility of HDFC Life ClassicAssure Plus Plan
There are a number of benefits attached with this insurance plan. Here,, we will look at some of benefits:
- This insurance policy provides the policyholder and their family with invaluable life cover through lump sum payment in case of any unforeseen event like untimely demise of the insured during the term of the policy.
- The policy owner can also enjoy special discounts on the basic premium for insurance policies with sum assured amount of Rs. 10 lakh and above.
- Policyholders can avail loan against the policy; however, it is subject to the policy terms and conditions.
- The insurance plan offers the flexibility to choose from the different premium frequencies i.e. monthly, quarterly, half-yearly and yearly.
- This insurance plan also offers income tax benefits to the life assured under Section 10 (10D) and Section 80C of the Income Tax Act 1961.
Eligibility Criteria and Product Specification
This insurance plan is designed for a specific target audience. Let us look at the eligibility criteria details along with product specifications.
| Policy Term | Entry Age | Maturity Age | Premium Payment Term | Sum Assured (minimum) | ||
| Minimum | Maximum | Minimum | Maximum | |||
| For 10 years term | 8 years
|
55 years | 18 years | 65 years | 7 | Rs. 49,447 |
| For 15 years term | 3 years | 60 years | 18 years | 75 years | 7 or 10 | Rs. 48,032 |
| For 20 years term | 30 days | 55 years | 18 years | 75 years | 10 | Rs. 73,516 |
Premium Amount and Frequencies
A policy owner can review and choose the premium amount as per the needs and the budget. One can choose premiums either monthly, quarterly, half-yearly or yearly. The limit for premiums is as follows:
| Premium Payment Frequency | Minimum Premium Instalment | Maximum Premium Instalment |
| Monthly | Rs. 1,000 |
No upper limit |
| Quarterly | Rs. 3,000 | |
| Half-Yearly | Rs. 6,000 | |
| Yearly | Rs. 12,000 |
HDFC Life Premium Calculator
To plan financial life ahead, it is extremely important to know what amount you will have to pay every month or year for the policy. This allows the applicant to plan their finances well to ensure regular payment of the premiums. This is the point where HDFC Life premium calculator comes handy. This is an online tool attached to every insurance plan. One can click on ‘Calculate Premium’ button to get the approximate idea of the premium amount. When you click on this button, a new page will open where you will have to fill all the boxes i.e. sum assured amount, premium payment term, name, email ID, date of birth, mobile number, state, city, etc. for the result. A notable point is that the calculator only shows an estimated value. The actual premium amount may differ from what you have already calculated online.
Buy HDFC Life ClassicAssure Plus Plan Online
The insurance company offers a number of plans for online purchase including HDFC Life ClassicAssure Plus Plan. To buy this plan online, click on the ‘Buy Now’ option available on the product page. When you click on the option, calculator page will open. Calculate the premium and initiate the process of online purchase. In case you find this difficult, you can contact the HDFC Life customer care or simply visit the nearest branch office along with supportive documents to buy this policy.
FAQs
Q1. What are the options available across the categories?
Insurance plans offered by HDFC Life fall under the following 6 categories:
- Term plans
- Retirement plans
- Savings and investment plans
- Health plans
- Child plans
- Woman plans
Options available under these categories have been listed in the following table:
| Name of the Category | Name of the Insurance Plan |
| Term Insurance Plans | HDFC Life Click 2 Protect 3D Plus |
| HDFC Life Click 2 Protect Plus | |
| Click 2 Protect Health Plus | |
| Pension Plans for Retirement Planning or Retirement Plans | HDFC Life Click 2 Retire |
| HDFC Life Pension Guaranteed Plan | |
| HDFC Life Guaranteed Pension Plan | |
| HDFC Life New Immediate Annuity Plan | |
| HDFC Life Pension Super Plus | |
| HDFC Life Single Premium Pension Super Plan | |
| HDFC Life Assured Pension Plan (ULIP) | |
| HDFC Life Personal Pension Plus | |
| Savings and Investment Plans | HDFC Life Click 2 Invest (ULIP) |
| HDFC Life Sanchay | |
| HDFC Life Classic One | |
| HDFC Life Sampoorn Samridhi Plus | |
| HDFC Life ClassicAssure Plus | |
| HDFC Life Super Income Plan | |
| HDFC Life Sampoorn Nivesh | |
| HDFC Life ProGrowth Flexi | |
| HDFC Life ProGrowth Plus | |
| HDFC Life ProGrowth Super II | |
| HDFC SL Crest | |
| HDFC SL ProGrowth Maximiser | |
| HDFC Life Uday | |
| HDFC Life Capital Shield | |
| HDFC Life SL SarvGrameen Bachat Yojana | |
| HDFC Life Pragati | |
| HDFC Life Guaranteed Savings Plan | |
| Health Insurance Plans | HDFC Life Cancer Care |
| HDFC Life Easy Health | |
| Click 2 Protect Health | |
| HDFC Life Cardiac Care | |
| Child Insurance Plans | HDFC Life Youngstar Super Premium |
| HDFC Life YoungStar Udaan | |
| Woman Insurance Plans | HDFC Life Smart Woman Plan |
Q2. Is there any insurance plan available for online purchase?
Yes, there are a number of insurance plans offered by HDFC Life for online purchase. Some of those insurance plans have been listed below:
- HDFC Life Click 2 Protect 3D Plus
- HDFC Life Click2Invest – ULIP
- HDFC Life Cancer Care Plan
- HDFC Life Click 2 Retire – ULIP
- HDFC Life Easy Health Plan
- HDFC Life Cardiac Care
- Click 2 Protect Health
- HDFC Life Classic One
Q3. What is the grace period of HDFC Life ClassicAssure Plus insurance plan?
Grace period is the extra time provided by the insurer after the premium due date. Grace period may vary from one product to another. For HDFC Life ClassicAssure Plus insurance plan, the grace period is of 30 days for quarterly, half-yearly and yearly plans. And for monthly frequency, the grace period is of 15 days.
Q4. Is loan against policy available with HDFC Life ClassicAssure Plus plan?
Yes, policyholders can avail this benefit with this policy. However, they will have to fulfil the following terms:
- Policy loan can be availed when the policy has acquired its surrender value. In such a case, life assured can avail loan equal to 80% of its surrender value (terms and conditions will be applicable).
- The policy loan is issued on the in-force plan only.
- The age of the policy owner should be 18 years or above at the time of applying for the loan.
- The interest rate on this loan is 14% per annum.
Q5. How to revive a lapsed insurance policy like HDFC Life ClassicAssure Plus?
A policy owner can revive the paid-up or lapsed insurance policy with the 2 years of lapsation. However, the process is subject to policy terms and conditions. For policy revival, the policyholder will need to pay all their outstanding premiums and interests along with the revival charges which are up to Rs. 250 for this plan. Additional charges may be levied by the insurer. Once the lapsed policy is revived, the policy owner is entitled to all the contractual benefits.
Q6. What is the process to change the address in the policy documents?
It is quite easy to change the address. For this, the policyholder will have to submit a duly filled Policy Servicing Request Form at the nearest branch office of HDFC Life. Customers can also email their queries regarding the same on service@hdfclife.com along with the self-attested copies of the new address proof. NRI customers can send their request at nriservice@hdfclife.com.