HOME         WEBSITE         SUBSCRIBE           E-GREETINGS   
                               

Wednesday, February 18, 2009

HDFC Standard Life Launches Unit Linked Endowment Winner

HDFC Standard Life, one of the leading private life insurance companies, today launched HDFC Unit Linked Endowment Winner, a regular premium unit-linked plan for a term of 15 years. A unique insurance policy for the consumers to maximise their savings and secure their family’s future, it comes with differentiating features as no medical tests and Bumper Addition at maturity.

Commenting on the launch of the product, Mr. Paresh Parasnis, Principal Officer and Executive Director said, “The uniqueness of the product lies in the instant cover with no medical test and the Bumper Addition feature extended to the investors. We envision this to be an opportune time to invest in equities with a long-term horizon and in this regards our Unit Linked Endowment Winner will be one of the best product to tap the existing market opportunity. This will also open up great vistas for us in our endeavor of bringing our customers closer to us and encouraging them to remain invested for long-term.”

The salient features of HDFC Unit Linked Endowment Winner are:-

§ Flexibility to choose premium: One can avail this policy with a minimum regular premium of Rs. 20,000 per year and maximum of Rs. 2,50,000. The policy has a fixed sum assured of 5 times the chosen annualised premium.

§ Availability of 7 different investments funds: The plan offers choice to select investment options from 7 different funds. The investment funds offer variation from the most conservative approach (with minimal equity exposure) to maximum equity exposure, depending on the customer’s risk appetite.

§ No medicals required: There is no need to go for medical tests. One can fill up a short medical questionnaire and instantly avail the policy ensuring fast conversion of the policy.

§ Bumper addition on maturity & death:

o Maturity: A first of its kind feature that the policy owner can avail of at maturity is redemption of the balance units at the then prevailing unit price (fund value) along with the Bumper Addition.

o Death: In case of sudden death of the policy holder (during the policy term), the family will be paid the sum assured plus the total fund value. In case of death within 90 days, the company will refund the fund value to the family of the policyholder.

*Bumper Additions: On maturity after 15 years, the entire Allocation Charge i.e. 70% of annualised premium is paid back to the policyholder.

The charges include administration charges of Rs. 60 per month, fund management charges of 1.25% per annum charged daily of the fund’s value, and premium allocation charge of 40% of premium in the 1st year, 30% in 2nd year and 2% from 3rd year onwards upto the 15th year.

The Unit linked Endowment Winner product has been designed to be eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 subject to the provisions contained therein. Under Section 80C, one can save up to Rs. 33,990 each year (calculated on the highest tax bracket) as premiums up to Rs 100,000 are allowed as a deduction from the taxable income. Under Section 10(10D), the benefits one receives from the policy are exempted from tax. These tax benefits are however, subject to changes in the tax laws.

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 25 retail and 6 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 more than 600 branches servicing customer needs in over 730 cities and towns. The company has also increased its depth in existing markets with a strong base of 1,88,000 Financial Consultants as on September 30, 2008.

source: India PRwire

Posted by

Blog Archive

____________________________________________________________________________________________

Disclaimer - All investments in Mutual Funds and securities are subject to market risks and uncertainty of dividend distributions and the NAV of schemes may go up or down depending upon factors and forces affecting securities markets generally. The past performance of the schemes is not necessarily indicative of the future performance and may not necessarily provide a basis for comparison with other investments. Investors are advised to go through the respective offer documents before making any investment decisions. Prospective client(s) are advised to go through all comparable products in offer before taking any investment decisions. Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the fund will be achieved. Information gathered & material used in this document is believed to be from reliable sources. Decisions based on the information provided on this newsletter/document are for your own account and risk.


In the preparation of the material contained in this document, Varun Vaid has used information that is publicly available, including information developed in-house. Some of the material used in the document may have been obtained from members/persons other than the Varun Vaid and which may have been made available to Varun Vaid. Information gathered & material used in this document is believed to be from reliable sources. Varun Vaid however does not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this material no such party will assume any liability for the same. Varun Vaid does not in any way through this material solicit any offer for purchase, sale or any financial transaction/commodities/products of any financial instrument dealt in this material. All recipients of this material should before dealing and or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice.


Varun Vaid, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipient alone shall be fully responsible/are liable for any decision taken on the basis of this material. All recipients of this material should before dealing and/or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The investments discussed in this material may not be suitable for all investors. Any person subscribing to or investigating in any product/financial instruments should do soon the basis of and after verifying the terms attached to such product/financial instrument. Financial products and instruments are subject to market risks and yields may fluctuate depending on various factors affecting capital/debt markets. Please note that past performance of the financial products and instruments does not necessarily indicate the future prospects and performance there of. Such past performance may or may not be sustained in future. Varun Vaid, including persons involved in the preparation or issuance of this material may; (a) from time to time, have long or short positions in, and buy or sell the securities mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation in the financial instruments/products/commodities discussed here in or act as advisor or lender / borrower in respect of such securities/financial instruments/products/commodities or have other potential conflict of interest with respect to any recommendation and related information and opinions. The said person may have acted upon and/or in a manner contradictory with the information contained here. No part of this material may be duplicated in whole or in part in any form and or redistributed without the prior written consent of Varun Vaid. This material is strictly confidential to the recipient and should not be reproduced or disseminated to anyone else.


Varun Vaid also does not take any responsibility for the contents of the advertisements published. Readers are advised to verify the contents on their own before acting there upon.


Published Credits goes to following sources & all the mentioned sources as footer below the published material- Bloomberg, Valueresearch Online, Capital Market, Navindia, Franklin Templeton, Kitco, SBI AMC, LIC AMC, JM Financial AMC, HDFC AMC, The Hindu, Business Line, Personal FN, Economic Times, Reuters, Outlook Money, Business Standard, Times of India etc.