Planning For Your Insurance
Planning for your insurance
Stages Involved While Purchasing Different Policies:
- Pension Plans
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Choose your retirement age
You can choose the age when you wish to retire * (or vesting age), upon completion
of which your accumulated amount will be used to purchase an annuity to provide
you with a steady post retirement income.
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Estimate the post retirement income you need
Decide on the post retirement income and benefits that you would require in order
to maintain the same lifestyle as you have enjoyed in your “earning years”. You
need to also account for inflation and a declining rate of interest while calculating
your post retirement income.
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Work out the premium payable
Based on your requirement of post retirement income and the years you have to retire,
work out the premium you need to invest. You can either contact an HDFC Standard
Life representative or use our online calculator to calculate the amount of premium
you need to pay.
- Other Conventional Plans
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Estimate you monetary requirements and therefore your sum assured
Decide on the corpus needed to fulfill your future financial needs. The expected
corpus should be discounted by factors like inflation. This corpus can be used by
you to fix the sum assured that you will need in the future.
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Choose the policy term
Estimate the time you have to achieve your future financial goals. This will help
you fix the policy term for which you need to pay premiums.
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Choose the additional optional benefits(riders)
Some polices offer you additional benefits. You can customize your policy by choosing
any of the options available as riders.
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Work out the premium payable
Based on the sum assured , the policy term and the additional optional benefits,
you will be able to calculate the premiums you need to pay. You can either contact
an HDFC Standard Life representative or use our online calculator to calculate the
amount of premium you need to pay.
- Unit Linked Plans
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Estimate the maturity benefit (corpus) you desire
Based on you future financial needs, estimate the amount you wish to receive in
future from your insurance policy. You can also use our online calculator to calculate
your future financial needs.
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Choose your policy term
This will depend on the years you have to save for your future financial needs.
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Choose the premium you wish to invest
Choose the premium you wish to pay during the premium paying term. Also decide on
the frequency of payment - single or regular (monthly, quarterly half yearly or
annually), depending upon what the policy offers.
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Choose your level of protection
Choose your level of protection by deciding on the sum assured. Usually the sum
assured can be fixed as a multiple of the annual premium you wish to pay and there
are minimum and maximum limits prescribed as per the policy type.
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Choose the plan options available.
Some polices offer you options which provide additional insurance benefits. You
can customize your policy by choosing any of the options available.
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Choose your investment fund.
Choose the investment fund from the range of funds that we offer, based on your
risk profile. You can also choose to invest in multiple funds in the proportion
you desire.
- Protection Plans
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Calculate your Human Life Value (HLV)
Calculate your HLV. This will help you understand today's value of your future earnings.
It will calculate the corpus needed to secure your family’s financial future in
your absence.
- Decide your life coverage
Estimate your life cover considering your HLV, loan liabilities and family expenses.
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Choose the additional optional benefit
Some polices offer you additional benefits. You can customize your policy by choosing
any of the options available as riders.
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Work out the premium payable.
Based on your life coverage and additional benefits opted for (if any), get an indication
of the corresponding premium you need to pay. You can either contact an HDFC Standard
Life representative or use our online calculator to calculate the amount of premium
you need to pay