HDFC Life Insurance Company, one of India's largest private life insurers, has announced the launch of HDFC Life Classic One, a single premium ULIP plan which offers the dual benefits of creating wealth through potentially high returns, along with financial protection in the form of life cover.
Salaried, as well as self-employed individuals, sometimes come across a financial surplus. This could be in the form of a bonus, through maturity of a financial plan or a sudden wealth gain. Choosing the right financial instrument for investing a surplus of this kind can be difficult. There are very few instruments available today, which offer the flexibility to maximise gains from market movements, while also offering a life cover that is 10 times of the single premium paid.
HDFC Life Classic One has been specially designed to address this need. This product offers individuals the opportunity to invest in a market-linked plan through a single-premium payment and stay invested for the long-term. It provides policyholders with nine fund options across debt, equity and balanced fund platforms.
This unique product also allows for unlimited free switches between the funds, thereby enabling customers to maximise their investments.
The product suite of HDFC Life has products belonging to traditional, ULIP, pension and health categories, designed to meet the rapidly changing needs of Indian consumers. Each product is developed after a detailed research in terms of consumer needs, available options and the benefit of the product over the long-term.
Srinivasan Parthasarathy, Sr. EVP, Chief Actuary and Appointed Actuary, HDFC Life said, "Our customer insights highlighted the need for a plan that is market related and flexible, along with a single-premium option. This works well for customers who have a windfall gain and are looking at avenues that yield good returns for a one-time investment. Taking a cue from this requirement, we have created a product which offers the best of both worlds - low cost structure and market linked returns for high IRR, along with a 10 times cover that further accentuates the proposal. The product allows one to choose between Single Life and Joint Life cover variants and also offers the benefit of rupee cost averaging with Systematic Transfer Plan.
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