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HDFC Life Super Savings Plan

HDFC Life Super Savings Plan

HDFC Life Super Savings Plan is a simple participating Endowment Plan. It is a Traditional Plan with Bonus facility.

How it works – In this plan, premium needs to be paid for the entire policy tenure. On survival till the end of the Policy Tenure, Sum Assured + accrued Bonuses are paid to the policyholder as Maturity Benefit and the policy terminates.

However, if the Life Insured dies within the Policy Tenure, higher of 10 times the Annualized Premium or the Sum Assured + accrued Bonuses would be paid to the nominee as Death Benefit and the policy terminates. This plan pays an additional Sum Assured to the nominee in case of an Accidental Death of the Life Insured within the Policy Tenure.

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Death benefit
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Maturity Benefit
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Accidental death
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Key Features

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This is a regular pay Endowment Plan with Bonus facility
There is double accidental death benefit in this plan
Sum Assured + accrued Bonuses are paid as Maturity Benefit at the end of the Policy Tenure
In case the Life Insured dies within the Policy Tenure, higher of 10 times the Annualized Premium or the Sum Assured + accrued Bonuses would be paid to the nominee
There are no medical requirements in this plan

Benefits

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Death Benefit

– In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of 10 times the Annualized Premium or the Sum Assured + accrued Reversionary Bonuses + Interim Bonus + Terminal Bonus, if any, subject to a minimum of 105% of total premiums paid as Death Benefit and the policy terminates.

Maturity Benefit

– On survival till the end of the policy tenure, the policyholder gets the Sum Assured + accrued Reversionary Bonuses + Interim Bonus + Terminal Bonus, if any as Maturity Benefit and the policy terminates.

Income Tax Benefit

 - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

Riders

There are no additional riders in this plan. There is an in-built rider of Accidental Death Benefit.

Eligibility

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  Minimum Maximum
Sum Assured (in Rs.) 245,155 No Limit
Policy Term (in years) 15 30
Premium Payment Term (in years) Equal to Policy Tenure
Entry Age of Life Insured (in years) 30 days 60
Age at Maturity (in years) 18 75
Annualized Premium (in Rs.) 24,000 No Limit
Payment modes Annual, Semi-Annual, Quarterly and Monthly

 

Sample illustration of Sum Assured Calculation HDFC Life Super Savings Plan

 

The below illustration is for a healthy male opting to pay Rs 100000 per annum for a period of 20 years, the Sum Assured is calculated according to his age of 30 years, 35 years and 40 years respectively

 

FAQs

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angle down iconWhat happen if you stop paying the premium ?

If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist. However, if at least 3 years’ premiums are paid, then the policy gets converted to a Paid Up Policy and continues with reduced benefits. The policy can however be revived within 2 years from the due date of the first unpaid premium.

 

angle down iconWhat happen if you want to surrender the policy ?

There is Guaranteed Surrender Value in this plan if at least 3 years’ premiums are paid. The Surrender Value is the higher of Guaranteed Surrender Value and Special Surrender Value.

The Guaranteed Surrender Value is a % of the total premiums paid according to the table+ % of accrued Bonuses. On payment of the Surrender Value, the policy terminates and no further benefits are payable.

angle down iconWhat happen if you want a loan against your policy ?

 Loan facility is available under this plan after the policy has acquired a Surrender Value.