HDFC Life Classic Assure Plus returns

[Priyan]

Hi Everyone ,

I recently bought HDFC Life Classic Assure Plus policy with a payment term of 7 Years which matures in the 10th year . Annual premium is 1 Lakh . The HDFC manager claimed that I would receive close to 10 Lakh on the 10th Year .

But now from other sources I have come to know that the Sum Assured is only 4.8 Lakh and the total return would be even less than the total 7 Lakh premium .

Since this plan cannot be cancelled once joined, Please let me know if above stated is true . Also can someone help me figure out what would be the maturity return value of the policy

Thanks,
Priyan

[Matrix]

If your policy is in Free Look Period (http://www.policywala.com/what-is-free-look-period/), you can return it back to insurance company.

For sum insured check your policy bond document.

What you get?
Death Benefit – If the Life Insured dies within the Policy Tenure, the nominee gets the higher of:
-The basic Sum Assured
-10 times the Annualized Premium
-105% of Total Premiums paid

Along with the accrued Reversionary Bonus till date of death as Death Benefit and the policy would be terminated.

Maturity Benefit – On maturity, the basic Sum Assured + the Reversionary Bonus would be paid to the Life Insured as Maturity Benefit and the policy would be terminated. Terminal Bonus may also be paid at the end of the Policy Tenure

You cannot cancel the policy but can surrender it. If least 3 years’ premiums have been paid for a Premium Paying Term of 10 years and 2 years’ premiums have been paid for a Premium Paying Term of 7 years the policy acquires Surrender Value which depends on the GSV Factor (http://www.hdfclife.com/iwov-resources/pdf/products/savings/HDFC%20Life%20Classic%20Assure%20Plus%20Plan.pdf) as a percentage of the premiums paid.

[Manish_Kumar]

But now from other sources I have come to know that the Sum Assured is only 4.8 Lakh and the total return would be even less than the total 7 Lakh premium .

Why we don't research at the time of buying the life insurance policy? And buy the plan which is best for our requirement.

Call customer care, if you have any doubt in Agent claims, even check with local insurer office would be a good option.