The benefits offered by HDFC Life Uday are as under:
Maturity Benefit
If the life assured survives till the maturity date, he or she will receive the aggregate of:
- Sum assured on maturity
- Accrued Guaranteed Additions
- Accrued Reversionary bonus, Interim bonus and Terminal bonus (if any)
Death Benefit
If the life assured passes away, the insurer will pay the nominee the highest of: \
- Sum Assured on demise + Accrued Reversionary Bonuses + Accrued Guaranteed Additions + Interim bonus (if any) + Terminal bonus (if any)
- 105% of premiums paid till date
Where Sum Assured on Death is higher of:
- Sum assured on maturity, which is the absolute amount of benefit guaranteed to be paid on policy’s maturity
- An absolute sum assured to be paid on demise - which is equal to the Sum Assured on Maturity
- 10 times AP for entry age up to 50 years and 7 times AP for entry age higher than 50 years
Accidental Death Benefit
In the event of the life assured’s demise during the policy term, an additional sum equal to sum assured on death is paid.
Auto Cover Continuance
For a reduced paid-up policy, the entire death benefit shall continue for one year (Auto Cover Continuance period) from the date of first unpaid premium. This cover applies only to the basic death benefit and not to the additional accidental death benefit. During the time of death benefit payment, in the Auto Cover Continuance period, the due but unpaid premium shall not be deducted from the benefit payable.
The basic death benefit payable during this one year will be the higher of:
- Sum Assured on demise + Accrued Guaranteed Additions + Accrued Reversionary Bonus (if any) + Interim Bonus (if any) + Terminal Bonus (if any)
- 105% of Premiums paid
The additional accidental death benefit, in the auto cover continuance period, will be reduced to paid-up sum assured on demise.
The Guaranteed Additions and Reversionary Bonuses accrued till due date of first unpaid premium shall be paid on demise. No further Guaranteed Additions or Reversionary Bonus shall accrue to the insurance policy.
