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HDFC Life Smart Woman Plan is a unit-linked insurance plan only for women. This is an investment plan designed exclusively to insure female lives and also covers them against pregnancy complications, female-specific cancers and much more. The risk associated with investment has to be borne by the policyholder as it is a ULIP.
How it works – HDFC Life Smart Woman Plan offers a sum assured equal to 40 times the annualised premium. The premiums minus the policy charges will get invested in funds selected by the policyholder. The accumulated fund value will be paid back on maturity to the policyholder. The plan offers benefits in certain events such as:
· Birth of a child with congenital disorder or pregnancy complications
· Diagnosis of malignant cancer of female organs
· Death of spouse
The benefits which the plan offers in case of any of the above events occur are Premium Waiver Benefit + 100% funding of next 3 years’ premiums + Cash Payouts for next 3 years.
· Unit-linked Insurance plan designed specifically for women
· Sum Assured can be increased up to 40 times the Annualized Premium
· Can be purchased Online
· Three variants of this plan are Classic, Premier and Elite
· Covers events such as:
1. Birth of a child with congenital disorder or pregnancy complications
2. Diagnosis of malignant cancer of female organs
3. Death of spouse
COMPARE THIS PLAN WITH OTHER ULIP PLANS
Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher as Death Benefit and the policy terminates.
Plan Benefit— There are 3 versions of this plan with varied benefits
|
Benefit Option |
Classic |
Premier |
Elite |
|
|
Pregnancy Complication of Birth of Child with Congenital Disorder |
Premium Waiver Benefit + 100% Funding of 3 years’ Premium |
Yes |
Yes |
Yes |
|
Periodic Cash Out of 100% of next 3 year’s Premiums on due dates |
NA |
Yes |
Yes |
|
|
Diagnosis of Malignant Cancer of Female Organs |
Premium Waiver Benefit + 100% Funding of 3 years’ Premium |
Yes |
Yes |
Yes |
|
Periodic Cash Out of 100% of next 3 year’s Premiums on due dates |
NA |
Yes |
Yes |
|
|
Death of Spouse |
Premium Waiver Benefit + 100% Funding of 3 years’ Premium |
Not Covered |
Not Covered |
Yes |
Maturity Benefit – On maturity, the fund value is paid to the policyholder and all the risk covers cease. Settlement option - The Insurance Company also offers a settlement option whereby the policyholder can take the fund value at maturity in periodic instalments up to a period of 5 years. During this period, the insurance company will continue to deduct charges other than mortality and morbidity from the policy.
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 Benefit is tax free under section 10(10)D subject to fulfilment of terms and conditions.
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
For <=45 years: 10 X AP For >45 years: 7 X AP |
40 X AP |
|
Policy Term (in years) |
10 |
15 |
|
Premium Payment Term (in years) |
Equal to PT |
|
|
Entry Age of Proposer (in years) |
18 |
None |
|
Entry Age of Female Insured (in years) |
18 |
45 |
|
Entry Age of Spouse (Elite Option) (in years) |
21 |
50 |
|
Age at Maturity of Female Insured (in years) |
28 |
60 |
|
Age at Maturity of Spouse (in years) |
31 |
60 |
|
Annualized Premium (in Rs.) |
24,000 |
1,00,000 |
|
Payment modes |
Annual, Semi Annual, Quarterly and Monthly |
|
# AP = Annualised Premium
# PT = Policy Term
Riders – There are no riders available in this policy
Investment Fund Options
Under this plan, the policyholder has a choice of 5 Funds for Investment:
1. Short Term Fund
2. Income Fund
3. Balanced Fund
4. Blue Chip Fund
5. Opportunities Fund
Top-up
NA
Switching
You are allowed to move from any fund to any fund at anytime subject to charges.
Partial Withdrawal
You are allowed to make Partial Withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later.
The minimum amount of Partial Withdrawal should be Rs. 10,000 such that the Fund Value is not less than 150% of the Annualized Premium and the maximum Partial Withdrawal in the entire Policy Tenure is 300% of the Annualized Premium.
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate equal to the savings account rate of State Bank of India and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. This policy can however be revived within 2 years from the date of the first Unpaid Premium due date.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate equal to the savings account rate of State Bank of India and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy - There is no loan available under this plan.
