HDFC Life launches single-premium ULIP

HDFC Life today launched a single premium ULIP called 'Invest Wise' aimed at building savings for retirement planning.

"Targeted specifically at the Wisdom Investor segment, HDFC Life Invest Wise Plan aims to offer a milestone-based savings avenue for a horizon of 15 years. Customers up to the age of 70 years may also buy this plan opting for hassle-free no medicals option by answering few questions in short medical questionnaire.

"For short-term liquidity needs, customers may go for the partial withdrawal option after 5 years," HDFC Life Vice President (Strategy and Product) Sanjay Tiwari said.

The company will continue to add new products for Wisdom Investor segment, he added.

The key features of Investor Wise are single premium ULIP with an entry age of 45 years till 70 years, a fixed policy term of 15 years, a settlement option which includes withdrawal of fund value in periodical instalments up to five years and the option of taking a short medical questionnaire instead of going for medical tests.