HDFC Life Super Income Plan

About HDFC Life Super Income Plan

• HDFC Life Super Income Plan is a regular Income plan that provides guaranteed income benefits with accrued bonus paid on maturity
• The main aim of this plan is to create a secured income flow to meet financial goals at various life stages.
• 6 different plan options available depending upon the policy term
• Premium payment term is less than the policy term
• Payout period starts off immediately after the premium payment term is over
• Guaranteed base income varies from 8 to 12.5% of Sum assured which is paid every year
• Offers an additional option to include critical illness rider
• A plan that can be bought by parent or grandparent for a child aged between 30 days to 2 years 
• Option to eliminate medical test for hassle free issuance

How does this Plan work?

Under this HDFC life Super Income Plan, an individual selects a policy term for a sum assured and pays yearly premium for a limited premium paying term. After the payment term gets over, the payout period starts off immediately till end of the policy term.

Different plan options are:

During this payout period the individual receives a guaranteed base income which varies from 8 to 12.5% of Sum assured regularly every year as survival benefits. Once the policy term ends, on maturity his total guaranteed base income turns 100% or 120% of Sum assured and get accrued bonuses.

In case on death of the individual during the policy term his nominee receives the death benefit. The death benefit paid will be a higher value chosen either from:

• The Sum assured on death + Accrued Reversionary Bonuses + Interim Bonus (if any) + Terminal Bonus (if any); sum assured on death is a higher value from:
• Sum assured on maturity
• 10 times of the annualised premium paid if he is below 50 years and 7 times of the annualised premium if he is above 50 years
• 105% of the premiums paid till death

Let us understand this with the help of an example;

Consider,

Person’s age: 37
Policy term: 16 years
Premium payment term: 8 years
Payout term: 8 years
Sum assured: Rs. 5 lakhs

A 37 year old person who chooses a 16 year policy term for a sum assured of Rs 5 lakhs and pays an approximate premium of Rs. 80,486 for 8 years of premium paying term. From 9^th year onwards the payout period starts and the person receives Rs. 62,500 every year as a guaranteed regular income on survival, till the 15^th year of the policy term. Once the policy term ends the, on maturity he receives approximately Rs. 5, 15,500 (i.e. accrued bonuses) along with final Rs.62,500.

If in case on death of the person during the policy, his nominee gets approximately Rs 8,273,60 as death benefit.

Why should you buy HDFC Life Super Income?

• This plan offers risk free secure return
• A plan which offers combination of good returns on your savings
• It offers tax benefits on all the premiums paid and claims received as per sections 80CCC and section 10(10A)
• One can avail loan under this policy
• Higher premium gets higher rebates

Who should buy HDFC Life Super Income?

• Individuals who want to diversify their investments
• Individuals who are looking out for regular income along-with life cover
• Individuals who are saving for specific life goals
• Individuals  who want to secure their child’s education and marriage
• Individuals who are looking for tax exemptions.

Riders & Add On

Critical Illness Rider:  A rider sum assured  is  paid as a lump sum benefit if the life assured survives for a period of 30 days after diagnosis of any one of the 19 critical illnesses mentioned.

Claim Process 

Know Claim Process of HDFC Life Super Income Plan

Claim Process