HDFC Life Unit Linked Endowment Plus
Product Info
UIN
101L024V01
Status
Withdrawn
Launch Date
23/06/2006
Withdrawn Date
01/03/2008
Product Overview
HDFC Unit Linked Endowment Plus is a regular premium unit linked plan and an outstanding investment opportunity by providing a choice of thoroughly researched and selected investments.
Product Description
- Regular Loyalty Unit to boost your Fund Value every year.
- Flexible benefit combinations on payment options.
- Flexible additional benefit options such as Critical illness cover.
- Valuable protection to your family in case you are not around.
- In case of your unfortunate demise during the policy term, we shall pay greater of the SA and total Fund Value to your family
COMPARE & BUY SIMILAR PLANS
Unique Features
- An outstanding investment opportunity by providing a choice of thoroughly researched & Selected Investments. Excellent investment options to maximise your savings & secure your family's future.
- At the end of every policy year, the insurance company will increase the number of units in each of your funds by 0.10% as long as the policy is in force or paid up.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Benefit Options | TERM PERIOD (Yrs.)* | AGE AT ENTRY (Yrs.) | MAXIMUM AGE AT MATURITY (Yrs.) | |||
| MINIMUM | MAXIMUM | MINIMUM | MAXIMUM | |||
| Life Option | 10 years | 30 years | 18 years | 65 years | 75 years | |
| Extra Life Option | 55 years | 70 years | ||||
| Life & Extra Health Option | 65 years | |||||
| Extra Life and Health Option | ||||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
- Settlement Option: You can take your fund value in periodical instalments over a period which may extend up to 5 years
- During such period, the policy will continue to deduct charges other than the risk-benefit charges.
- At the end of this 5-year period,we will redeem the balance units at the then prevailing unit price and pay the fund value.
- Death Benefit:
If the Life Assured dies before the Expiry Date of this benefit the greater of the Sum Assured stated against Death Benefit in the Schedule of Benefits less any withdrawals made during the two year period immediately preceding the date of intimation to us of death of the Life Assured and the Unitised Fund Value is payable subject to Provision 19. Upon payment of this benefit, the Policy terminates and no further benefits are payable.
Other Policy Features
| Plan Option | Cover | |||||
|---|---|---|---|---|---|---|
| Life Option | Death Benefit | |||||
| Extra Life Option | Death Benefit + Accidental Death Benefit | |||||
| Life & Health Option | Death Benefit + Critical Illness Benefit | |||||
| Extra Life & Health Option | Death Benefit + Critical Illness Benefit + Accidental Death Benefit | |||||
| BENEFIT TYPES | SUMMARY | |||||
| Death Benefit | We will pay the greater of your Sum Assured & your total fund value to your family. | |||||
| The Policy will Terminate | ||||||
| Critical Illness Benefit* | We will pay the greater of your Sum Assured and your total Fund Value to your family | |||||
| The Policy will Terminate | ||||||
| Acc. Death Benefit* | In addition to the Death Benefit, we will pay a further Sum Assured to your nominee. | |||||
| The Policy will Terminate | ||||||
| Notes : *In your policy documents we give the Critical Illness benefit the unique name of Extra Health Benefit , Accidental Death Benefit is called Extra Life Benefit and Accidental Total & Permanent Disability Benefit is called Extra Disability Benefit | ||||||
| Fund | Money Market Instruments Cash & Deposits & Liquid Mutual Fund |
Government Securities, Fixed Income Securities |
Equity | RISK & RETURN RATING |
||
| FUND COMPOSITION | ||||||
| Liquid Fund | 100% | - | -- | Low | ||
| Secure Managed Fund | - | 100% | -- | Low Moderate | ||
| Defensive Managed Fund | - | 70% to 85% | 15% to 30 % | Moderate | ||
| Balanced Managed Fund | - | 40% to 70% | 30% to 60% | High | ||
| Equity Managed Fund | - | 0 to 40% | 60% to 100% | Very High | ||
| Growth Fund | - | - | 100% | Very High | ||
| On Critical Illness | Greater of your Sum Assured | Total Fund Value to your family | ||||
| On Accidental Total & Permanent Disability | If you Stop your Regular Premium Commitment before 3 Years have passed, your life cover will cease & fund will be held in suspense after deduction of surrender charges | |||||
| These funds will be paid out to you only at the end of the 3rd year or end of the revival period of 2 years, whichever is later | ||||||
| From the 4th Year onwards | ||||||
| You can make Lump sum partial withdrawals from your funds at any time within the policy term. | ||||||
| Min. withdrawal Rs. 10,000/- | After the withdrawal, the fund does not fall below your original annual Regular Premium amount | |||||
| After the withdrawal, the fund does not fall below sum of single Premium top-ups Paid to date | ||||||
| Loyalty Units | At the end of every policy year we will increase the number of units in each of your funds by 0.10% as long as your policy is force or paid - up. | |||||
| By Partial Withdrawal | Life Assured is at least 18years of age | The minimum withdrawal amount is Rs.10,000 | ||||
| After the withdrawal and applicable charges, the fund value is not less than 150% of your original regular premium. | ||||||
| The maximum amount that can be withdrawn throughout the policy term is 300% of the original regular premium. | ||||||
| Notes: Customer can make lump sum partial withdrawals from your funds after 5 years of your policy provided. | ||||||
| On Discontinuance | Discontinuance before completion of 5 years from the commencement of the policy. | |||||
| To revive the policy within a period of 2 years from the date of discontinuance | To completely withdraw from the policy without any risk cover Your policy will be discontinued | |||||
| You choose to completely withdraw from the policy without any risk cover Until the discontinuance of the policy, the risk cover will remain in-force and policy charges will continue to be deducted. | ||||||
| Discontinuance after completion of the 5 years from commencement of the policy. | ||||||
| To revive the policy within a period of 2 years from the date of discontinuance | To completely withdraw from the policy without any risk cover | |||||
| To convert the policy into paid-up policy, where the paid-up sum assured equals original sum assured multiplied by the ratio of premiums paid to the total premiums payable as per terms and conditions of the policy. | ||||||
| Revival of Discontinued Policies | All due premiums which have not been paid shall be payable without charging any interest | |||||
| The discontinued policy shall be re-allocated in these agregated funds chosen by you based on prevailing unit prices. | ||||||
| Policy administration charge and premium allocation charge as applicable during the discontinuance period shall be levied. | ||||||
| On Surrender | If you surrender before completion of the 5 years from commencement of the policy. | |||||
| The amount allocated to the 'Discontinued Policy Fund', with accrued interest, will be paid out on the completion of the lock-in period. | ||||||
| If you surrender after completion of the 5 years from commencement of the policy. | ||||||
| Your fund value will be paid out immediately. | Upon payment of this benefit, the policy terminates and no further benefits are payable. | |||||
| Changing your Investment Decisions | Switching: You can move your accumulated funds from one fund to another anytime. | |||||
| Premium Redirection: You can pay your future premium into a different selection of funds, as per need | ||||||
| Single Premium Top-Ups | Once we have issued your Policy, you can invest more than your regular premiums at any time:- | |||||
| Paid all your regular premiums till date | Each single Premium Top-ups amount is Least Rs.5,000 | |||||
| Total Single Premium Top-Ups at any time not more than 25% of your total regular premium paid to date | ||||||
| Settlement Options | You can take your fund value in periodical installments over a period which may extend up to 5 years | |||||
Add-ons
- Critical Illness Benefit* :
The rider Sum Assured is paid to the Life Assured on the first diagnosis of any of the specified Critical Illness. There is no death or maturity benefit. - Accidental Total & Permanent Disability :
In the event of permanent disability to the Rider Life Assured due to an accident and if the disability is within 180 days from the date of an accident, the benefit amount payable as per the Chart.
Charges
| Charges | ||||||
|---|---|---|---|---|---|---|
| Premium Allocation Charge | ||||||
| Premium Paid During Years(Rs.) | Allocation Rate | |||||
| Regular Premiums | 1st Year | 2nd Year onwards | ||||
| Upto 1,99,999 | 40% | 99% | ||||
| From 2,00,000 to 4,99,999 | 60% | 99% | ||||
| From 5,00,000 to 9,99,999 | 70% | 99% | ||||
| From 10,00,000 to 19,99,999 | 80% | 99% | ||||
| From 20,00,000 & Above | 90% | 99% | ||||
| Single Premium Top-Ups | 97.50% | 99% | ||||
| Fund Management | The daily unit price already includes our low fund management charge of only 0.80% per annual of funds value | |||||
| Policy Administration Charge | A charge of Rs.20 per month is charged to cover regular administration cost | |||||
| Charge by cancelling units proportionately from each of the funds you have chosen | ||||||
| Mortality & Other Risk Benefit Charge | Every month we levy a charge for providing you with the death cover, critical illness cover as chosen, in your policy, Monthly charge depend on age. |
|||||
| Miscellaneous Charges | 12 premium redirection requests will be free in a policy year | |||||
| Additional premium redirection request will be charged at Rs.250 per request | ||||||
| 6 Policy servicing requests will be free in a policy year | ||||||
| Additional Policy Servicing request will be charged at Rs.250 per request | ||||||
| Partial withdrawal charge | 6 withdrawal requests will be free in a policy year | |||||
| Additional partial withdrawal request will be charged at Rs.250 per request | ||||||
| Switching charge | 24 Switches will be given free in a policy year & any additional switch will be charged at Rs.100 per switch | |||||
| Revival Charges | A charge of Rs.250 per for revival to cover administration cost. | |||||
| Alteration to Charges | The Fund Management Charge will not exceed 2% per annual. | |||||
| The surrender charge can be increased subject to a maximum of 100% of the fund,applicable for the first 3 years. | ||||||
| Premium Charges | The minimum increase in Regular Premium is only Rs.5,000 per Year. | |||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax Benefits under the policy are subject to prevailing tax laws (Section 80C and Section 10(10D) of the Income Tax Act,1961.
Claim Process
Know Claim Process of HDFC Life Unit Linked Endowment Plus
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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