HDFC Life Super Income Plan

  •   Views
  •   Views

HDFC Life Super Income Plan

HDFC Life Super Income Plan is an endowment plan with bonus facility. In this plan, premium needs to be paid for tenure of 8, 10 or 12 years. The Regular Income is paid for a period of 8, 10, 12 or 15 years after the completion of the Premium Paying Term. The Guaranteed Regular Income is 8 to 12.5% of Sum Assured on Maturity payable each year. Thus, the total Guaranteed Base Income would be 100% to 120% of the Sum Assured + Bonus payable on maturity.
 

Key Features of HDFC Life Super Income Plan

§  Limited Payment Endowment Plan

§  Guaranteed Regular Income for a period of 8, 10, 12 or 15 years

§  Total Guaranteed Base Income would be 100% to 120% of the Sum Assured + Bonus payable on maturity

§  No medical tests necessary for this plan


Grow your Money & Save Tax!
Get the Best Money Back Plan
Thanks! Our representative will get in touch shortly.

 

Benefits you get from HDFC Life Super Income Plan 

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee getsthe higher of:

·         Sum Assured on Death + Accrued Reversionary Bonus + Interim Bonus (if any)

·         105% of the premiums paid till date

as Death Benefit and the policy would be terminated.

Sum Assured on Death= Higher of:

·         Sum Assured on Maturity

·         10 times the Annualized Premium for entry age upto 50 years and 7 times the Annualized Premium for entry age more than 50 years

 

Plan Options – There are 6 Plan Options available in this policy

Option

Premium Paying Term

Payout Period

Total Policy Tenure

Option 1

8

8

16

Option 2

8

10

18

Option 3

10

10

20

Option 4

10

12

22

Option 5

12

12

24

Option 6

12

15

27

 

Guaranteed Regular Income Benefit – is expressed as a percentage of Sum Assured on Maturity

Option

Guaranteed Base Income as % of Sum Assured on Maturity

Annual Guaranteed Base Income

Total Guaranteed Base Income

Option 1

12.5%

100%

Option 2

10%

100%

Option 3

12%

120%

Option 4

10%

120%

Option 5

10%

120%

Option 6

8%

150%

 

 

Maturity Benefit–On survival till the end of the policy tenure, the policyholder gets last Guaranteed Base Income Payout + Accrued Reversionary Bonus + Interim Bonus (if any) + Terminal Bonus (if any) as Maturity Benefit and the policy terminates.

 

Guaranteed Additions: There is Guaranteed Additions for each completed policy year:

 

Thus, the total Maturity Benefit is as mentioned

Policy Term

Maturity Benefit as % of Sum Assured

15 years

220%

16 years

228%

17 years

236%

18 years

244%

19 years

252%

20 years

280%

21 years

289%

22 years

298%

23 years

307%

24 years

316%

25 years

325%

 

 

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.

 

Eligibility conditions and other restrictions in HDFC Life Super Income Plan

 

Minimum

Maximum

Premium (in Rs.)

24,000

No Limit

Policy Term (in years)

16

27

Premium Payment Term (in years)

8, 10 and 12

Payout Period(in years)

8, 10, 12 and 15

Entry Age of Life Insured (in years)

2 years for Policy of 16 years and 30 days for Policy of 18 to 27 years

59 (for policy term 16 years)
57 (for policy term 18 years)
55 (for policy term 20 years)
53 (for policy term 22 years)
51 (for policy term 24 years)
48 (for policy term 27 years)

Age at Maturity(in years)

18

75

Payment modes

Annual, Semi-Annual, Quarterly and Monthly(ECS)

 

 Sample illustration of Sum Assured HDFC Life Super Income Plan

HDFC Life Super Income Plan 

 

Additional Features and Benefits of HDFC Life Super Income Plan

Riders – There are no additional riders in this plan

  

What happens if?

You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and the policy converts it to a reduced paid up and continues with reduced benefits. The policy can be revived within 2 years from the due date of the first unpaid premium.

 

You want to surrender the policy–There are Guaranteed Surrender Benefits in this plan after

·         The first 2 years’ premiums have been paid for premium paying term of 8 years

·         The first 3 years’ premiums have been paid for premium paying term of 10and 12 years

The minimum GSV is the sum of Total Premiums Paid + % of Accrued Bonuses. There is Special Surrender Value in this plan as well.

 

You want a loan against your policy – Loan facility is available after the policy acquires Surrender Value.

 

Other Endowment Insurance Plans from HDFC Life Insurance

HDFC Life Classic Assure Plus Plan

HDFC Life Super Savings Plan

HDFC Life Sanchay Plan

 

​Some Endowment Plans from other insurance companies

LIC New Jeevan Anand

Max Life Life Gain Premier

Reliance Super Endowment Plan

Compare MoneyBack Plans

Leave a Comment