HDFC Standard Life has launched HDFC Premium Guarantee Plan, a new life insurance plan which comes with twin advantages of protection and payback of all premiums paid throughout the term at the end of policy term.

The new HDFC Premium Guarantee Plan features include: flexibility to choose life cover; flexibility on premium payment frequency; minimum premium is INR2,400 for all frequencies; and minimum sum assured is INR3,00,000 with no cap.

In addition, the features of new plan also include: minimum policy term of 10 years and maximum term of 30 years; minimum age entry of 18 years and maximum age of 55 years; and premiums paid are eligible for tax benefits, subject to provisions contained therein.

Paresh Parasnis, executive director and COO of HDFC Standard Life, said: “HDFC Premium Guarantee Plan is a very simple life insurance plan that addresses the needs of those individuals who are looking for a pure protection plan as well as enjoying the benefit of getting back their money paid by way of premium.

“The innate nature of the policy includes a premium payback to the customer at the end of the term, which makes it a win-win proposition for him.”