Mumbai, Jun 18 (PTI) Private insurer HDFC Life today launched Click2Invest - ULIP (Unit Linked Insurance Plan) - a market-linked Insurance plan that offers financial protection along with a range of investment options.
"This plan is a convenient, transparent and cost effective online buying experience, which we feel will transform the way life insurance cum savings plans are bought in our country. "IRDA set out its customer focused regulatory changes by introducing Charge Cap regulations in 2010, making ULIPs cost efficient compared to earlier versions," HDFC Life Senior EVP Marketing, Product, Digital and Ecommerce Sanjay Tripathy told reporters here.
Click2Invest - ULIP is a cost effective plan as it invests 100 per cent of the premium and only charges fund management fee (1.35 per cent) and a risk premium for mortality cover, he said. Under the plan, there is no premium allocation, policy administration and discontinuance charges. On this aspect, it directly competes with ELSS Mutual funds and at the same time retains all the flexibilities offered by ULIPs. Click2Invest aims to pass on all benefits of investment and insurance to customers, thereby enabling them to become smart investors, Tripathy added. The plan offers the choice of eight funds for investment keeping in mind the market outlook, time horizon, and the needs of the customer.
Click2Invest provides benefit of premium payment options of single pay, five pay, seven pay, 10 pay or regular pay, he said. The maximum age for entering the plan is 65 years and the minimum maturity age is 18 years and the maximum maturity age is 75 years. Click2Invest's minimum premium for a policy term of five to 20 years and also provides tax exemptions. The minimum premium for is- single Rs 24,000, annual Rs 12,000, half-yearly Rs 6,000, quarterly Rs 3,000 and monthly Rs 1,000. HDFC Life is a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life plc, the leading provider of financial services in the United Kingdom.