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Life insurance is one of the most crucial financial tools that provide security to individuals and their families. In states like Haryana, where urbanisation and economic growth are on the rise, ensuring the financial stability of families is more important than ever.
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HDFC Life Insurance, a leading insurance provider in India, offers a variety of plans tailored to different needs, and one of the essential options is the income replacement term plan.
The HDFC Life Insurance Income Replacement Plan secures a policyholder's family financially in the event of their untimely death. It provides regular payouts to replace the lost income, ensuring the family can cover household expenses, loan repayments, education, and other essential costs. This plan is crucial for primary earners, offering a steady flow of funds to maintain financial stability.
Suppose your income is ₹40,000 per month; your family will continue to receive a similar income if you pass away suddenly during the policy period. This can help them with their financial needs when the policyholder is no longer there.
Haryana is home to urban professionals, business owners, and agricultural workers. While the state boasts a strong economy, many families still depend on a single breadwinner. For such families, the sudden loss of income can lead to financial strain. An HDFC income replacement term plan helps alleviate these concerns by offering financial protection beyond a lump sum payout.
The plan is particularly appealing to residents of Haryana who may have varying needs based on their professions, from salaried to self-employed and small business owners.
Term Plans
Monthly Payouts: HDFC Life Income Replacement Insurance protects your family. It assures a monthly income to help them meet all their basic requirements, such as food, housing, and other living costs.
Affordable Premium Rates: This plan is designed to provide large financial coverage at affordable premium rates for families in Haryana. Premiums are tailored to your financial circumstances. Generally, younger individuals are offered lower rates compared to those over 40, mainly because of the lower risk. Premiums are determined based on the age, income, and the amount of money the policyholder expects the insurer to pay monthly.
Customised Coverage: The plan allows policyholders to choose the level of coverage that aligns with their family’s financial needs, offering flexibility in how much income is replaced. This amount can be your current salary or any appropriate amount for your family to maintain their quality of life.
Premium Waiver: Some plans offer a premium waiver in the unfortunate event of a critical illness diagnosis, ensuring the policyholder does not have to worry about continuing premium payment during treatment.
Tax Benefits: Section 80C and Section 10(10D) of the Income Tax Act offer tax benefits when you pay the premium regularly for the HDFC Life Income Replacement scheme.
Section 80C lets you claim deductions on paid premiums up to a designated limit.
Section 10(10D) allows tax exemption on your family's payout.
Here is how HDFC Life Insurance Income Replacement in Haryana works:
Select Coverage and Monthly Income: When buying the income replacement policy, you can select the monthly income benefit you wish to provide your family. It can be any amount, such as ₹50,000, for example. You can select the length of time you want the policy to remain active based on your needs.
Pay Regular Premiums: Pay the policy premium regularly. You can choose the payment frequency, which can be monthly, quarterly, or yearly.
Death Benefit: If the policyholder passes away during the policy term, HDFC Life will start issuing monthly income for the family. The monthly payment will be the income you selected at the time of purchasing the policy. This payment will continue until the end of the policy term or for a specific duration as dictated by the policy terms. These benefits allow financial support for your family.
End of Policy Term: If the policy period ends and no claims are made, the policy will expire without any payout.
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Financial Security For Your Family: After your death, your family will not struggle financially, as the income protection plan offers monthly income payments until the end of the policy term.
Secures Long-Term Goals: The income replacement plan helps families meet their long-term goals, such as a child’s education, paying off loans, and daily expenses without disruption.
Cost-effective Premium: Considering Haryana's diverse economic conditions, this plan offers affordable premium rates while ensuring substantial coverage for people with different incomes.
Tax Advantages: The premiums paid for this policy are eligible for tax deductions, allowing you to protect your family and get tax savings at the same time.
Peace of Mind: Knowing that your family will not suffer financially even when you are not around to care for them provides invaluable peace of mind.
Buying the HDFC Life Income Replacement plan is easy and quick through Policybazaar:
Step 1: Visit the term insurance page of Policybazaar.
Step 2: Provide details like your full name, gender, and other contact details.
Step 3: Give information on your smoking habits, type of occupation, income per year, and level of education attained.
Step 4: Pick the most appropriate plan for Income Replacement and make the payment.
The HDFC Life Income Replacement policy provides a valuable financial safety net for families in Haryana. In the unfortunate event of the policyholder's death, this policy guarantees a monthly income to help meet basic needs and more.
Families in Haryana can gain peace of mind knowing they are protected from financial disruptions with this policy. The tax benefits and affordable premiums make it an even smarter decision to ensure your family’s financial future.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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