HDFC Standard Life Launches Protection Plan with Premium Guarantee

HDFC Premium Guarantee Plan provides twin advantages - protection and return of all premiums paid, at the end of the policy term

Online PR News – 05-July-2010 – – Mumbai, July 6, 2010: HDFC Standard Life, one of India's leading private life insurance companies, today announced the launch of HDFC Premium Guarantee Plan, a first of its kind of life insurance plan in its portfolio. HDFC Premium Guarantee plan comes with twin advantages of protection and payback of all premiums (paid throughout the term) at the end of the policy term.
Speaking on the occasion Mr. Paresh Parasnis Executive Director and COO, HDFC Standard Life said, “HDFC Premium Guarantee Plan is a very simple life insurance plan that addresses the needs of those individuals who are looking for a pure protection plan as well as enjoying the benefit of getting back their money paid by way of premium. The affordability component makes it a potent product across all demographics. The product has been designed keeping in mind the customers who are not comfortable investing in a market-linked life insurance plan and are looking for a low premium paying protection product. The innate nature of the policy includes a premium payback to the customer at the end of the term, which makes it a win–win proposition for him.”
Key Features of HDFC Premium Guarantee Plan
• Flexibility to choose the life cover; premiums would depend on age, gender, policy term, and levels of life cover
• Flexibility on premium payment frequency - quarterly, half yearly or annually
• Minimum premium is Rs. 2,400 for all frequencies
• Minimum Sum Assured is Rs. 3,00,000 with no cap on Maximum Sum Assured
• Minimum policy term is 10 years and maximum term is 30 years
• Minimum age at entry is 18 years and maximum age at entry is 55 years and maximum age at expiry is 65 years
• Premiums paid are eligible for tax benefits under Section 80 C and Section 10(10D) of Income Tax Act 1961, subject to provisions contained therein.

About HDFC Standard Life:
HDFC Standard Life, one of India’s leading private life insurance companies, offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC), India’s leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.
HDFC Standard Life’s product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health. Customers have the added advantage of customizing the plans, by adding optional benefits called riders, at a nominal price. The company currently has 32 retail and 4 group products in its portfolio, along with five optional rider benefits catering to the savings, investment, protection and retirement needs of customers.
HDFC Standard Life continues to have one of the widest reaches among new insurance companies with 568 branches servicing customer needs in over 700 cities and towns. The company has a strong presence in its existing markets with a base of 2,00,000 Financial Consultants.

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Alethea Fernandes, HanmerMS&L
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Pavan Sahu, Hanmer MS&L
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