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.
– 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.
– 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.
- 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.
There are no additional riders in this plan. There is an in-built rider of Accidental Death Benefit.
|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
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.
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.
Loan facility is available under this plan after the policy has acquired a Surrender Value.