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Key Product Features

Guaranteed Payouts You will receive Guaranteed¹ income for whole of life
Deferred Annuity You get option to defer annuity payouts by choosing the deferment period
Return of Premiums paid You will get back Total Premiums Paid on death
Flexible Payouts You can choose your annuity payout date and annuity would be provided as per chosen frequency

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Accident:

Sudden, unforeseen and involuntary event caused by external, visible and violent means.

Accidental & Total Permanent Disability(ATPD):

When the Life Assured is totally, continuously and permanently disabled *
* Please read the product brochure for complete details specific to your policy.

Accidental Death:

Death by or due to a bodily injury caused by an Accident, independent of all other causes of death.

Agent:

Insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.

Annualized Premium:

Annualized premium shall be the premium amount payable in a year excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Annuity:

Periodic payments made by the insurer to the Annuitant for a specified period or till survival.

Annuity benefits:

A series of payments payable at regular intervals, in return of a certain sum paid upfront, under an annuity contract.

Appointee:

The person who is authorized to receive the Sum Assured when the Nominee is a minor.

Assignee:

The person to whom the policy ownership (rights and benefits) is transferred.

Assignment:

A provision wherein the Policyholder can assign or transfer a Policy in accordance with Section 38 of the Insurance Act, 1938.

Assets under Management (AUM):

The total value of Shareholders & Policyholders investments managed by the insurance company.

Authority/ IRDAI:

Insurance Regulatory and Development Authority of India.

Beneficiary:

The person named in the policy to receive the insurance proceeds at the death of the insured.

Cash Bonus:

The bonus amount paid out to the policy holder at specified frequency, as applicable. However, there is No guarantee to the declaration of future rates of the bonus.

Charges:

The amount taken by the insurer towards your insurance cover. These are usually associated with ULIP policies. The % and type of charge depends on different products.
Some of them are Premium Allocation Charge, Policy Administration Charge,Fund Management Charge, Mortality Charge, Premium Redirection Charge, Statutory Charge, Switching Charge, Partial Withdrawal Charge, Discontinuance ChargeThe amount taken by the insurer towards your insurance cover. These are usually associated with ULIP policies. The % and type of charge depends on different products.

Claimant:

The person who is raising the claim request.

Claim:

It is the amount paid by the insurer to the claimant on occurrence of the event as specified in the policy contract eg: The amount that nominee receives on death of life assured is the claim amount.

Claims Process:

It is the intimation of the claimant to the insurer to initiate the settlement of the policy.

COI:

The document issued to the scheme member in group products which contains terms and conditions applicable to the product.

Critical Illness(CI):

Additional cover Is given in case of detection of specified critical illnesses*
*The list is defined in the product brochure. Please read it carefully.Additional cover Is given in case of detection of specified critical illnesses*.

Cut-off time:

The time by which we must have accepted your instructions to invest in, or encash Units from a Fund,at the associated valuation time. As per Regulations, the current Cut-off time is 3.00pm. This is usually applicable to ULIP policies.

Date of Inception:

The date on which the policy was first issued.

Date of Risk Commencement:The date from which the insurance cover starts.

Death Benefit:

The amount which is payable on death of life assured.

Deferment Period:

period from date of inception of the cover till the date on which the first annuity payment is made by the insurer to the Annuitant. This can be chosen by the Annuitant basis his financial needs.

Discontinuance of Policy:

The Policy wherein the Policyholder has discontinued the payment of Premium

Effective Date:

The date from which the Scheme shall first commence as set out in the Policy Schedule.

Endowment Plan:

An insurance policy, that apart from providing life coverage, also pays a lumpsum amount on maturtiy in case the policyholder sruvives the specified term. It pays the full sum assured to the nominees in case of the insured passes away.

Exit Date:

Date on which the coverage stops due to occurrence of any of the following events:
i. Death,
ii. Policy being terminated or lapsed.
iii. Free Look Cancellation.
iv. Payment of Maturity benefit.
v. Surrender.

Extra Life Sum Assured:

The additional sum assured that is paid to nominee in case of death of life assured due to accident**.
This depends on the product. Please read the brochure for complete details.
The additional sum assured that is paid to nominee in case of death of life assured due to accident*.

First year premium:

Premium received during the first year of the contract.

Free Look period:

The specified period during which the policyholder can review the terms and conditions of the Policy and has the option to return the Policy and receive refund.

Frequency of Premium Payment:

It indicates the schedule of your premium payments. eg:
every month (monthly),
once in 3 months (quarterly)
once in 6 months (half-yearly)
once in a year (annually)
one time payment (single)It indicates the schedule of your premium payments eg:
every month (monthly),
once in 3 months (quarterly)
once in 6 months (half-yearly)
once in a year (annually)

Fund Value, Unit Fund Value:

The value obtained by multiplying the number of Units allocated to your Policy by the corresponding price of the Units. This is usually applicable for ULIP products
For eg: No of units - 10, Unit price of each unit - 50
therefore, fund value = 10 * 50 = 500The value obtained by multiplying the number of Units allocated to your Policy by the corresponding price of the Units. This is usually applicable for ULIP products.

Funds:

Each of the Funds earmarked by the Company for Unit Linked business and available to this product

Grace Period:

Extra days allowed to pay the premium post the premium due date without any loss of continuity of benefits. It is 15 days for monthly frequency and 30 days for remaining frequencies.

Group Insurance:

Life insurance usually without medical examination, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association.

Hospitalisation:

Admission in a Hospital for a minimum period of 24 consecutive In-patient Care hours except for specified procedures/ treatments, where such admission could be for a period of less than 24 consecutive hours.

Injury:

Accidental physical bodily harm excluding Illness or disease solely and directly caused by external, violent and visible and evident which is verified and certified by a Medical Practitioner.

In-patient Care:

Treatment for which the insured person has to stay in a Hospital for more than 24 hours for a covered event.

Intensive Care Unit (ICU):

Ward or wing of hospital which is specially equipped for the continuous monitoring and treatment of patients who are in a critical condition, or require life support facilities Ward or wing of hospital which is specially equipped for the continuous monitoring and treatment of patients who are in a critical condition, or require.

Interim bonus:

The bonus that is paid in the event of a claim(maturity, death or surrender) of a participating policy, for the period from the last declared bonus date. This is paid to provide for the policyholder's share of bonus from the last declared date till the date eligible for bonus, when the claim is payable.

Keyman Insurance:

The life insurance policy taken by an employer on the life of another person who is or was his employee/connected to his business in any manner whatsoever.

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Disclaimer:To read the complete definitions as stated by IRDAI and displayed across this website, you can refer the specimen policy documents here: https://www.hdfclife.com/policy-documents

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Key Product Features

Guaranteed Payouts

Deferred Annuity

Return of Premiums paid

Flexible Payouts

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