 "HDFC Life launches cover compliant with new traditional product norms")
Private life insurer HDFC Life has launched a cover, that is compliant with the new traditional product norms notified by the insurance regulator. The new product, HDFC Life ClassicAssure Plus, is a protection cum investment plan with limited premium payment term. In February 2013, Insurance Regulatory and Development Authority (Irda) IRDA issued non-linked and linked Life Insurance products regulations.
Sanjay Tiwari, Vice President, Products, HDFC Life said that the product is 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. This plan is ideal for meeting long-term financial goals and creating security and prosperity," he said.
On survival till the maturity date and full payment of premiums due throughout the premium paying term, sum assured plus accrued bonuses is paid to the policyholder. Further, loan can be availed under the policy provided the policy has acquired a surrender value and to terms and conditions as the company may specify from time to time.
The new product guidelines will come into force from October 1, 2013 for individual products and July 1, 2013 for group products.
Sanjay Tiwari, Vice President, Products, HDFC Life said that the product is 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. This plan is ideal for meeting long-term financial goals and creating security and prosperity," he said.
On survival till the maturity date and full payment of premiums due throughout the premium paying term, sum assured plus accrued bonuses is paid to the policyholder. Further, loan can be availed under the policy provided the policy has acquired a surrender value and to terms and conditions as the company may specify from time to time.
The new product guidelines will come into force from October 1, 2013 for individual products and July 1, 2013 for group products.