HDFC life Insurance Company announced the launch of HDFC life Classic One, a single premium UlIP plan which offers the dual benefits of creating wealth through potentially high returns, along with financial protection in the form of life cover. The company’s senior executive vice president, chief actuary and appointed actuary Srinivasan Parthasarathy said, “Our customer insights highlighted the need for a plan that is market related and flexible, along with a single-premium option. This works well for customers who have a windfall gain and are looking at avenues that yield good returns for a one-time investment. Taking cue from this requirement, we have created a product which offers the best of both worlds - low cost structure and market linked returns for high IRR, along with a 10 times cover that further accentuates the proposal. The product allows one to choose between single life and joint life cover variants and also offers the benefit of rupee cost averaging with Systematic Transfer Plan.”
