GMail, 2013: "You can tell us what to do with your Gmail messages and data from several other Google services if your account becomes inactive for any reason", and only offers to safeguard your data for a year: "after three, six, nine or 12 months of inactivity". Sprinkled with some fear of digital privacy after your death, for good measure.
So as of today, the only difference between the old Hotmail policy and the new GMail, is whether that checkbox is ticked or not.
I'm willing to bet that feature will shortly by enabled by default.