HDFC SL Crest
HDFC SL Crest is a unit linked insurance plan where you pay premiums for only 5 years to get market linked returns for a period of 10 years. This plan offers bonus.
Key Features
Flexibility to invest in any of the 4 funds available, create your own investment strategy by switching or redirecting future premiums
There are no riders in this plan.
Benefits
Your policy matures at the end of the policy term and fund value prevailing on the date of the maturity will be paid to you. You can opt for the settlement option described below.
Settlement Option: You can take your fund value in periodical installments over a period which may extend up to 5 years. The value of installments payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the funds chosen by you. Your money will remain invested in the funds chosen by you and is subject to the same investment risks as during the policy term. During the Settlement period, the risk cover will cease, we will continue to deduct Fund Management Charge and no other charges shall be levied. Partial withdrawals and switches shall not be allowed during this period. Complete withdrawal may be allowed at any time during this period without levying any charge.
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 to you.
In case of the unfortunate demise of Life Assured, the insurance company will pay the benefit as defined below to the nominee:
| Death | Summary of Death Benefit |
| Before attainment of age 60 years | Greater of -
1) Sum Assured (less all withdrawals made during the two year period immediately preceding the date of death) 2) The total fund value The policy will terminate thereafter and no more benefit will be payable. |
| On or after attainment of age 60 years | Greater of -
Sum Assured (less all withdrawals made after attainment of age 58) The total fund value. The policy will terminate thereafter and no more benefit will be payable. |
Tax Benefit
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity amounts you receive from this plan are exempt from tax under section 10(10D)
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 10 x Annual Premium (<45 age)
7 x Annual Premium (>45 age) |
20 x Annual Premium |
| Policy Term (in years) | 10 | 10 |
| Premium Payment Term (in years) | 5 | 5 |
| Entry Age of the Life Insured (in years) | 14 | 55 |
| Maturity Age (in years) | - | 65 |
| Annualised Premium (in Rs.) | 50,000 | No Limit |
| Payment modes | Yearly | |
Surrender Value
If you surrender before completion of the 5 years from commencement of the policy
Your fund value less discontinued charges will be moved to the „Discontinued Policy Fund. The amount allocated to the Discontinued Policy Fund, with accrued interest, will be paid out on the completion of the lock-in period.
In case of the death of the Life Assured before the payment of the surrender benefit, the amount in the Discontinued Policy Fund will be paid out immediately.
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.
Exclusions
In case of death due to suicide within 12 months from the date of inception of the policy or from the date of the revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the fund value, as available on the date of death.
FAQs
This plan has a grace period of 30 days. You are expected to pay your annual premium through-out the policy term. Discontinuance before completion of 5 years from commencement of the policy
If you have not paid your premium by the expiry of the grace period, then you will have the following options:
1. To revive the policy within a period of 2 years from the date of discontinuance, or
2. To completely withdraw from the policy without any risk cover
Your policy will be discontinued if:
- You do not exercise any of the above mentioned options; or
- 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.
Once the policy is discontinued, the risk cover will cease and the fund value (as on date of discontinuance) less the applicable Discontinuance Charge will be moved to the Discontinued Policy Fund. A Fund Management Charge of 0.50% p.a. will be levied for amounts in the Discontinued Policy Fund. If a discontinued policy is not revived, the proceeds will be paid out upon the completion of the lock-in period of five years. After the payment of the discontinuance benefit, the policy shall terminate and no further benefits shall be payable under the policy.
No loans available on the policy
