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HDFC Life Group Variable Employee Benefit Plan
HDFC Life Group Variable Employee Benefit Plan

IndiaFirst Group Term Plan
IndiaFirst Group Term Plan



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HDFC Life Group Variable Employee Benefit Plan
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IndiaFirst Group Term Plan

Group Variable Employee Benefit and IndiaFirst Group Term Plan Benefits

1 Loan And Benefits
1.1 Loan
5% Group Life Insurance Plans Life insurance plans have it !
6% Term Plans Life insurance plans have it !
1.2 Surrender
66% Group Life Insurance Plans Life insurance plans have it !
45% Term Plans Life insurance plans have it !
1.2.1 Surrender Value
Policy Account Value
Not Applicable
1.3 Benefits
1.3.1 Tax
94% Group Life Insurance Plans Life insurance plans have it !
All Term Plans Life insurance plans have it !
1.3.2 Tax Benefit Amount
As per applicable tax laws
Applicable as per the Tax Laws
1.3.3 Service Tax
Applicable
Not Applicable
1.3.4 Maturity
11% Group Life Insurance Plans Life insurance plans have it !
28% Term Plans Life insurance plans have it !
1.3.5 Maturity Benefit Amount
Not Applicable
Not Applicable
1.3.6 Death
91% Group Life Insurance Plans Life insurance plans have it !
97% Term Plans Life insurance plans have it !
1.3.7 Death Benefit Amount
Higher of Member's account value or assured benefit
Not Applicable
1.3.8 Annuity
12% Group Life Insurance Plans Life insurance plans have it !
3% Term Plans Life insurance plans have it !
1.4 Bonus
Not Available
Not Applicable

Availability of Loan

One can compare benefits of both policies based on aspects like availability of loan, surrender value, tax benefits, death benefits, etc. for HDFC Life Group Variable Employee Benefit Plan and IndiaFirst Group Term Plan. For an insurance policy, loan option may or may not be provided. For first policy, a person cannot apply for loan and second policy does not provide loan facility.Loan is a facility that is provided by the insurance companies so that in case of emergencies, you can borrow money against your life insurance policy. If loan is provided by an insurance company, its value is usually deducted from your fund value i.e. the amounts of premiums that you've paid up to the time of money borrow. Also some companies specify the period of time when the loan has to repaid.

Benefits Under Group Variable Employee Benefit and IndiaFirst Group Term Plan

Benefits Under Group Variable Employee Benefit and IndiaFirst Group Term Plan can an important point of comparison between the two plans.

For HDFC Life Group Variable Employee Benefit Plan:

  • Tax Benefit: Available
  • Maturity Benefit: Available
  • Death Benefit: Available
  • Annuity Benefit: Available

For IndiaFirst Group Term Plan:

  • Tax Benefit: Available
  • Maturity Benefit: Not Available
  • Death Benefit: Available
  • Annuity Benefit: Not Available

Tax benefit implies that a part of one's fund value and the premium that one pays against his insurance plan are eligible for deduction on tax returns. Maturity benefit can be availed at the end of the policy term of your plan. It is paid along with the sum assured. Death benefit is an amount of money paid to the family of the life insured in event of his demise before the end of the policy term. Annuity benefit offers you an opportunity to convert your funds at end of policy term to annuity. Annuity is a type of plan where you pay a lump sum amount at once and reap its benefits after your retirement.

Surrender Value of Group Variable Employee Benefit and IndiaFirst Group Term Plan

Surrender value of Group Variable Employee Benefit and IndiaFirst Group Term Plan is the amount of money that will be provided by the insurance company in case you want to surrender the policy before maturity. Surrender may not be allowed for all types of insurance policies. HDFC Life Group Variable Employee Benefit Plan allows surrender of policies before end of policy term. This means that you'll get the assured surrender value i.e. returns on the premiums paid till date. IndiaFirst Group Term Plan does not allow surrender of policy.

Bonuses Available for These Plans

Bonuses available for these plans include terminal bonus, reversionary bonus, interim bonus etc. Bonus is an important part of Group Variable Employee Benefit and IndiaFirst Group Term Plan benefits. Terminal bonus is provided by the insurance company to reflect the overall performance of your chosen policy. Reversionary bonus is an amount of money added to your returns on maturity. Terminal bonus is usually announced twice a year. If your policy matures at a date between these two bonus days, you may get an interim bonus.

  • Bonus provided under HDFC Life Group Variable Employee Benefit Plan: No bonus is provided.
  • Bonus provided under IndiaFirst Group Term Plan: Not Applicable

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