HDFC Life today launched a participating, traditional insurance plan, ClassicAssure Plus, with limited premium payment term and a guaranteed reversionary bonus during the premium payment term.
"HDFC Life ClassicAssure Plus is a participating, traditional insurance plan that offers limited premium payment term along with a guaranteed reversionary bonus during the premium payment term.
"In line with the new regulation, the plan also offers higher death benefit during the policy term," HDFC Life Vice President, Products, Sanjay Tiwari said in a release issued here.
In February 2013, the regulator had issued non-linked and linked life insurance products regulations to ensure that all products are consistent in design and are focused on meeting policyholders' expectations.
The key benefits of plan are limited premium paying terms of seven and 10 years, maturity benefit, death benefit like sum assured and 10 times annualised premium.
It also provides benefits of high sum assured discount and policy loan.
The term limits for the plan is 10-15 years, the minimum age of entry is 8-3 years and the maximum age of entry is 55-60 years.
HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.