HDFC Life Sampoorn Samriddhi Plus

HDFC Life Sampoorn Samriddhi Plus

HDFC Life Sampoorn Samriddhi Plus is an endowment plan where the policyholder gets the flexibility of paying premiums for a limited period while enjoying benefits over a long period of time. There are 2 variants available under this plan: Endowment Plan and Endowment with Whole Life Option (a whole life policy is where the life cover extends till the age of 100 years). A lump sum amount is paid at the end of the policy term while the life cover extends throughout the policy; that is, till 100 years.

Before we discuss the plan in detail, let’s get a bird’s eye view of the plan. 

How Does the Plan Work?

Maturity Benefit

On maturity, the policyholder stands to receive the following benefits:

• Sum assured
• Accrued guaranteed additions
• Accrued reversionary bonuses
• Interim bonus, if any
• Terminal bonus, if any

Death Benefit

If the policyholder meets an untimely end while the policy is active, the beneficiary stands to receive the higher of these two:

• Sum assured on death + accrued guaranteed additions + accrued reversionary bonus + interim bonus, if any + terminal bonus, if any
  Here, the sum assured amount on death will be the highest of:
   

1. Sum assured on maturity – the absolute guaranteed benefit to be paid at policy maturity
2. Absolute amount guaranteed to be paid at death
3. 10 times the annualized premium (for entry age up to 50 years) and 7 times the annualized premium (for entry age above 50 years)
4. 105% of the premiums paid till date

Accidental Death Benefit

Accidental Sum Assured shall be paid to the beneficiary for death caused due to an accident.

Guaranteed Additions

Guaranteed additions that will start accumulating during the first 5 years of the policy will be calculated as shown here:

• 3% for policy term of 15 to 19 years
• 4% for policy term of 20 to 24 years
• 5% for policy term of 25 years or more

Why Should You Buy This Plan?

HDFC Life Sampoorn Samriddhi Plus not only offers benefits over a long period of time but also provides lifetime protection under the Whole Life Option variant. This way, the financial future of the policyholder’s family remains secured until s/he reaches the age of 100 years.

Additionally, guaranteed additions are paid during the first 5 years of the policy depending on the chosen policy term and tax benefits can be availed in accordance with Section 80(C) and 10(10D) of the Income Tax Act, 1961.

Who Should Buy This Plan?

Individuals falling within the age group of 30 to 60 years and looking for an investment-cum-protection instrument over a long period of time with guaranteed returns that are received at regular intervals to fulfil varied financial needs can opt for this plan.