Hdfc Standard Unveils 2 Insurance Products

HDFC Standard Life Insurance today launched two new insurance plans: Term Assurance Plan and Loan Cover Term Assurance Plan.

A company spokesperson said the plans were more affordable than its existing plans and were being offered at a minimal cost.

The Term Assurance Plan is a pure protection plan under which the sum assured is payable in case of death of the life assured during the term of the contract.

Being a pure risk-cover plan, no benefits are payable on survival to the end of the term of the policy. As in the case of its other products, optional benefits can be added to this plan also.

 

The optional benefits offered on this plan are: accidental death benefit, critical illness benefit and accelerated sum assured -- a new benefit being offered for the first time.

The other policy, Loan Cover Term Assurance Plan, has been designed to help a person's family repay the outstanding loan in case of his unfortunate death. As the outstanding loan decreases as per the loan schedule, the cover under the policy also decreases as per the policy schedule.

The launch of these plans are in line with the company's strategy to offer a range of products from which a customer can choose a particular plan that best suits his needs.

"In effect, the company seeks to offer customised insurance solutions rather than standard insurance plans. The strategy has proven to be very successful with over 65 per cent of the customers opting for customised insurance solutions rather than standard products," the spokesperson said.