HDFC Life Super Savings Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
HDFC Life Super Savings Plan is a regular premium paying with profit endowment plan. The product offers an opportunity to participate in the profit of participating fund of the company by way of bonus payable at the time of the maturity or on the death.
Product Description
- Flexibility to choose a policy term from 15 to 30 years.
- Insurance coverage throughout the policy term.
- Get double Sum Assured in case of accidental death*
- Boost your maturity benefits with reversionary bonuses and terminal bonus*, if any.
COMPARE & BUY SIMILAR PLANS
Unique Features
- HDFC Life Super Savings Plan is a traditional endowment plan with bonus facility.
- This plan is available with a Short Medical Questionnaire (SMQ) based underwriting*
- Over the counter product, doesn't require medical tests
- Accidental Death Benefit is in built in the plan.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Maximum | 60 Years | |||||
| Max age of Maturity | Minimum - 18 Years | Maximum - 75 Years | ||||
| Premium Amounts | Frequency | Minimum | ||||
| Yearly | Rs. 24,000 | |||||
| Half yearly | Rs.12,000 | |||||
| Quarterly | Rs. 6,000 | |||||
| Monthly | Rs.2,000 | |||||
| Maximum | No Limit* | |||||
| Notes: *For monthly mode: 3 monthly premiums to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and EFT. |
||||||
| Sum Assured | Minimum | Rs.245,155 | ||||
| Maximum | No Limit, subject to satisfactory underwriting | |||||
| Minimum | Maximum | |||||
| Policy Term (Years) | 15 | 30 | ||||
| Premium Payment Term(Years) | Same as Policy Term | |||||
OneInsure App Benefits
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| A) Maturity Benefit | Sum Assured | Interim Bonus, If any | ||||
| Accrued Reversionary Bonus | Terminal Bonus , If any | |||||
| Notes: On survival till the maturity date and on full payment of premiums due throughout the policy term. | ||||||
| B) Death Benefit | 10 x annualised premium | Sum Assured | ||||
| 105% of all Premium paid till date | ||||||
| C) Accidental Death Benefit | In case of death due to accident during the term of the policy, an additional Sum equal to Sum Assured on Death is payable | |||||
| This amount is payable provided the life assured is aged 18 years & above on the date of death | ||||||
| Accidental Death must be caused within 90 days of any bodily injury | ||||||
Other Policy Features
- Bonuses:
- Reversionary Bonus:
- A simple Reversionary Bonus would be declared at the end of each financial year.
- Once added to the Policy, the bonus is Guaranteed to be payable on vesting. - Terminal Bonus:
- Terminal Bonus may be added to the Policy on Vesting and enable the company to pay a fair share of the surplus at the end.
- Terminal bonus depends on the actual future experience it is not a guaranteed benefit.
- Paid-Up:
- The Paid-Up Sum Assured on Maturity / Death = the Sum Assured on Maturity / Death x the Ratio of the Premium paid.
- The simple Reversionary bonus accrued to the policy as on the date of paidup will remain attached to the policy
- A paid-up policy will not accrue any further bonuses.
- Revival:
- Will need to pay all the outstanding Premium & interest on the outstanding Premium& Application taxes
- A Charge of Rs.250 shall be levied for processing the revival
- Surrender:
- Policy will Acquire a Guaranteed Surrender Value provide 3 full Years Premium Paid
- The Surrender Value of the bonuses, which is a percentage of accrued bonuses
- Lapse:
- Event of non payment of Premium due under the policy within the grace period, the policy has not acquired a surrender value.
- Risk Cover will cease & no benefit will be payable in case of Lapsed Policies.
Add-ons
Not Available
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process of HDFC Life Super Savings Plan
Company Overview
HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.HDFC Ltd. holds 70.65% and Standard Life (Mauritius Holding) 2006 Ltd. holds 26.00% of the equity in the joint venture while the rest is held by others.
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