HDFC CSC Suraksha Term Plan

Free look period: After purchasing the HDFC CSC Suraksha Plan, if you are not satisfied with the terms and conditions of the policy, you have an option to cancel the policy within the free look period. However, this should be done within 15 days from the date of policy commencement. The company will refund the premium paid in a defined time period. The policyholder will have to bear the costs such as stamp duty and medical expenses.

Grace period: The grace period for this policy is of 30 days. If you fail to make the premium payment within the defined grace period, the policy will lapse, and all the associated benefits will cease to exist. Policy revival: A lapsed policy can be revived within two years from the date of first unpaid premium. In order to restore your policy, you need to pay all the outstanding premium with interest. The interest amount and other taxes may vary from time to time. It is advisable to receive the latest applicable rates from the insurer.

Policy transfer or assignment: You can transfer your HDFC CSC Suraksha Plan in part or as a whole. It is up to the insurer to accept or decline the transfer request. You can approach IRDAI within 30 days if the insurer refuses your policy transfer request. Surrender value: The policy does not provide the policyholder any surrender value.

Alterations: The sum assured, premium amount and policy term cannot be changed. However, the frequency of premium payment can be altered as required.

Policy loans: Loan facility is not available under this policy.

The premiums for this insurance cover can be paid at regular intervals agreed at the time of policy purchase. The policyholder has an option to select a premium frequency at the time of purchase. However, this can be altered later on if required. The details on premium under this policy are as follow: Premium payment term Same as policy term Premium payment frequency Yearly, half-yearly, quarterly, monthly Minimum annual premium Rs. 112

The premiums are subject to change based on your age, location, policy term, and other factors. In the case of monthly premium payment mode, you may have to pay the first three months premiums in advance.

You can purchase the HDFC CSC Suraksha Plan by visiting the nearest CSC outlet. The purchase process is simple and hassle-free. Moreover, no paperwork is required if you are purchasing this policy with your Aadhar Card.

However, if you do not have an Aadhar Card, you may need to present the following list of documents at the time of purchasing the plan.

Age proof: The age proof can be any of these – Driving license, School/college certificate, Passport, PAN card, Birth Certificate.

Identity proof: Voter ID, driving license, PAN card or Aadhar card can be used an identity proof.

Address proof: Electricity bill, Bank account statement can be presented as the proof of address.

The purpose of term life insurance is to give coverage against the loss of life. These are high life covers at an affordable cost. When the life insured dies, the death benefit will be paid to the beneficiary in a lump sum. In order to facilitate the rural sector into mainstream insurance, HDFC has introduced a CSC Suraksha Plan. This plan is a pure term plan which is simple to understand and will be sold through CSC channels to increase the reach of life insurance in rural areas of the nation.

The plan provides death benefits to the nominee if the policyholder dies within the policy term. When the nominee receives the claim, the policy and all associated benefits cease to exist. The policy does not offer any maturity or survival benefit to the policyholder at the end of the policy term. In the event of the death of the life insured due to suicide, the nominee will receive 80% of the total premiums paid till the date of the death.

HDFC CSC Suraksha is a simple plan with no optional plans or riders attached to it. The plan offers a free look period of 15 days within which you can cancel the plan if you are not happy with the policy terms. The minimum annual payment is as low as Rs. 112 which makes this plan affordable for the rural population with lower income. The policy gives a grace period of 30 days to pay the premiums. The policy is subject to lapse if premiums are not paid within the grace period.

It is a bad idea to surrender the policy during the policy term as the company does not pay any surrender value or benefit. The premiums paid towards HDFC CSC Suraksha plan are tax deductibles and the death benefits received are also subject to tax exemption under section 80C and 10(10D) of the Income Tax Act 1961.