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HDFC Life Insurance Income Replacement is a customized plan that ensures your family receives a steady monthly income if you pass away unexpectedly. This provides vital financial security in Goa, allowing your loved ones to cover daily expenses, education, and long-term goals without stress.
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Here’s how the HDFC Life Income Replacement plan can protect your family’s financial future in Goa.
Term Plans
The HDFC Life Income Replacement plan is a term insurance policy that provides your family a monthly income if you pass away. Instead of a lump sum, they receive a fixed monthly amount based on your previous income.
For example, if you were earning ₹75,000/month, the income replacement plan can be set up so that your family will receive this or a similar amount every month if you pass away during the policy period.
*Note: You can also choose to buy the ABSLI Income Suraksha Plan, which is one of the best income replacement plans available today. This plan provides monthly income to the nominees after the policyholder's unfortunate death.
In Goa, many families rely on a single-income earner to meet their daily needs. The unexpected loss of this income can create serious financial challenges, particularly if there are loans or medical bills to manage. The HDFC Life Income Replacement plan ensures your family’s essential expenses are covered, allowing them to maintain their lifestyle and security even in your absence.
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Monthly Payout: The HDFC Life Income Replacement plan offers regular monthly payments to your family instead of a lump sum, helping them cover daily expenses like your salary would.
Affordable Premiums: The premiums for this type of life insurance plan by HDFC Life are affordable, especially compared to the financial protection that it offers. The premium depends on factors like your age, income, and the amount of monthly income you want to replace.
Customizable Income: You can easily choose the monthly amount your family will receive based on your current salary or their needs.
Flexible Policy Term: Based on your requirements, you can also choose the preferred duration of this life insurance policy.
Tax Benefits: The premiums you pay for an HDFC Life Income Replacement plan are eligible for term insurance tax benefits under Section 80C of the Income Tax Act.
The working of the HDFC Life Income Replacement plan in Goa is quite simple:
Choose Coverage and Income: You can control coverage by selecting your family's monthly income (e.g., ₹30,000 or ₹50,000) and the policy duration.
Regular Premium Payments: Pay premiums regularly (monthly, quarterly, or yearly) to fit your budget.
Death Benefits for Your Family: If you pass away while the policy is active, HDFC Life will provide the selected monthly income for the remainder of the policy term.
Policy Termination: If the policy ends without any claims, it will expire with no payout, so ensure your coverage meets your family's needs throughout the term.
Buying the HDFC Life Income Replacement plan is easy. You can do it online or at a branch in Goa.
Online: Visit the HDFC Life website and navigate the term insurance section to find the plan.
In-Person: Visit a nearby branch for assistance from an advisor.
Both options provide clear steps to make the process simple. Here’s how to buy the plan online:
Step 1: Visit the official website of Policybazaar and click on Term Insurance
Step 2: Provide details like name, gender, and contact information
Step 3: Select additional details like your smoking habit, occupation type, annual income, and educational qualifications
Step 4: Choose the best term term insurance income replacement plan and proceed to pay
The HDFC Life Income Replacement plan is an excellent choice for those in Goa looking to safeguard their family's finances in case of an untimely death. It offers a monthly income to help cover everyday needs and maintain their lifestyle. This plan is ideal for primary earners with affordable premiums, tax benefits, and the reassurance of your family’s security. Its simple application process and customizable options make securing your family's financial future easy.
†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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