HDFC Life Uday
HDFC Life Uday is a guaranteed-returns insurance policy which offers guaranteed additions and bonus. This is a non-linked insurance policy.
Key Features
Pay premiums for 8 years or 10 years only
Guaranteed Additions of 3% p.a. during the first five policy years
Additional death benefit in case of death due to accident.
Bonuses declared at the end of each financial year.
Simple issuance process
Benefits
On survival till the maturity date the policyholder will receive the aggregate of
- Sum Assured on maturity
- Accrued Guaranteed Additions
- Accrued Reversionary bonus, Interim bonus and Terminal bonus, if any.
On death of the life assured during the policy term, provided all due premiums are paid, we would pay the higher of the following:
- Sum Assured on Death + Accrued Guaranteed Additions + Accrued Reversionary Bonuses (if any) + Interim Bonus (if any) + Terminal Bonus (if any)
- 105% of Premiums paid
The Sum Assured on Death shall be the higher of:
- Sum Assured on Maturity
- An absolute amount assured to be paid on death, which in this case, is equal to the Sum Assured on Maturity
The plan provides you with Guaranteed Additions, provided the policy is in force. The Guaranteed Additions will accrue at the rate of 3% of 'Sum Assured on maturity' during the first 5 years of the policy. The Guaranteed Additions are payable at maturity or death, whichever is earlier. In case of surrender, the surrender value of Guaranteed Additions will be payable.
A simple Reversionary Bonus as a percentage of the 'Sum Assured on Maturity' would be declared at the end of each financial year. Once added to the policy, the bonus is guaranteed to be payable either on death or on maturity, whichever is earlier provided all due premiums are paid. The Reversionary Bonus is a discretionary benefit and would be declared keeping in mind a long term view of expected future experience.
A Terminal Bonus may be added to your policy at maturity/death which enables the company to pay a fair share of the surplus at the end, based on the actual experience over the policy term and allowing for the reversionary bonuses already attached. As the Terminal bonus depends on the actual future experience it is not a guaranteed benefit.
Tax Benefit
Tax Benefit available for premiums paid as per Section 80C and benefit amount received as per Section 10(10D) of Income Tax Act, 1961
Eligibility
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 55 years |
| Policy Term | 12 years | 15 years |
| Premium Payment Term | 8 years | 8 or 10 years |
| Maturity Age | 30 years | 70 years |
| Maturity Sum Assured | Rs. 28,465 | No Limit |
| Premium Payment modes | Yearly, Half-yearly, Quarterly or Monthly | |
Loan
The policyholder can acquire loan under the policy provided the policy has acquired a surrender value
Surrender
The policy will acquire a Guaranteed Surrender Value (GSV) provided 2 full years' premium has been paid for premium payment term of less than 10 years and 3 full years' premium have been paid for premium payment term of 10 years and above.
The GSV shall be the aggregate of:
- percentage of total premiums paid
- percentage of accrued bonuses & accrued guaranteed additions
Please note that the surrender value shall be higher of the GSV and the Special Surrender Value (SSV). On payment of the Surrender Benefit, the policy will terminate and no more benefits will be payable.
