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InsuranceTypes:DifferentTypesofLifeInsurancePoliciesHDFCLife

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WHATARETHEVARIOUSTYPESOFLIFEINSURANCE?

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Whatarethevarioustypesoflifeinsurance?

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There are certain basic forms of life insurance. All life insurance policies either incorporatethese features in
entiretyorinvaryingcombinations.
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HDFC

Life

Investment

Plan

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source=W_Glink_KC_typeofinsurance_UC1)
HDFCLife.com/Click2InvestULIP
Zeropremiumallocationcharge,8fundoptions&TaxBenefits.BuyNow!.

Thebasictypesoflifeinsurancepoliciesare:
1. Terminsurance
Term plans (http://www.hdfclife.com/terminsuranceplans) are the most basic form of life insurance.
Theyprovidelifecoverwithnosavings/profitscomponent.Theyarethemostaffordableformoflife
insuranceaspremiumsarecheapercomparedtootherlifeinsuranceplans.
Onlineterminsuranceplans(http://www.hdfclife.com/terminsuranceplans/click2protectplus) provide
pureriskcover,whichexplainsthelowerpremiums.Afixedsumofmoneythesumassuredispaidto
thebeneficiariesifthepolicyholderexpiresoverthepolicyterm.Ifthepolicyholdersurvives,thereisno
payout.
2. Endowmentplans
Endowment plans differ from term plans in one critical aspect i.e. maturity benefit. Unlike term plans
whichpayoutthesumassured,alongwithprofits,onlyincaseofaneventualityoverthepolicyterm,
endowment planspay out the sum assured under both scenarios death and survival. However,
endowmentplanschargehigherfees/expensesreflectedinpremiumsforpayingoutsumassured,
alongwithprofits,ineitherscenariodeathormaturity.Theprofitsareanoutcomeofpremiumsbeing
investedinassetmarketsequitiesanddebt.

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3. Unitlinkedinsuranceplans(ULIP)
ULIPsareavariantofthetraditionalendowmentplan.Theypayoutthesumassured(ortheinvestment
portfolioifitshigher)ondeath/maturity.
ULIPsdifferfromtraditionalendowmentplansincertainareas.Asthenamesuggests,performanceof
ULIPislinkedtomarkets.Individualscanchoosetheallocationforinvestmentsinstock/debtmarkets.
ThevalueoftheinvestmentportfolioiscapturedbytheNAV(netassetvalue).Tothatend,thereare
manysimilaritiesbetweenULIPsandmutualfunds.ULIPsdifferinonearea,theyareacombinationof
investmentandinsurance,whilemutualfundsareapureinvestmentavenue.
4. Wholelifepolicy
Awholelifepolicycoversapolicyholderoverhislife.Themainfeatureofawholelifepolicyisthatthe
validity of the policy is not defined so the individual enjoys the life cover throughout his life. The
policyholderpaysregularpremiumsuntilhisdeath,uponwhichthecorpusispaidouttothefamily.The
policyexpiresonlyincaseofaneventualityasthereisnopredefinedpolicytenure.
5. Moneybackpolicy
Amoneybackpolicy(http://www.hdfclife.com/savingsinvestmentplans/superincomeplan)isavariant
oftheendowmentplan.Itgivesperiodicpaymentsoverthepolicyterm.Tothatend,aportionofthe
sumassuredispaidoutatregularintervals.Ifthepolicyholdersurvivestheterm,hegetsthebalance
sumassured.Incaseofdeathoverthepolicyterm,thebeneficiarygetsthefullsumassured.

HDFC
Life
Investment
Plan
source=W_Glink_KC_typeofinsurance_UC1)

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HDFCLife.com/Click2InvestULIP
Zeropremiumallocationcharge,8fundoptions&TaxBenefits.BuyNow!.

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Insurance is the subject matter of the solicitation. For more details on risk factors,

associated terms and conditions and exclusions please read the product brochure
before concluding a sale. HDFC Standard Life Insurance Company Limited.
Registration No 101, granted on 23rd October, 2000 by IRDAI. ARN:

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