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HDFC Life Super Income Plan

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.

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Limited Payment
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Guaranteed Regular
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Guaranteed Base
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Key Features

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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

Benefits

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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

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  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

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 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.

 

angle down iconWhat happen if 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.

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

Loan facility is available after the policy acquires Surrender Value.