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  • HDFC Life Sampoorn Nivesh

    HDFC Life Insurance

    Overview

    We all know that savings is a key component to a financially secure future. But protecting those savings and investments are just as integral to a financial plan. The HDFC Sampoorn Nivesh plan is an insurance plan that allows you to save up for your future and your long term goals by investing your funds while providing you and your family the security of life cover. This plan offers 3 benefit options that you can choose from to customize the plan to your requirements.

    Eligibility of HDFC Sampoorn Nivesh

    Criteria

    Minimum

    Maximum

    Age of entry for Classic Benefit life option

    30 days or 0 years

    54 years for a 5 year pay term and 60 years otherwise

    Age of entry for Benefit extra life option

    18 years as at last birthday

    53 years for a 5 year pay term and 58 years otherwise

    Age of entry for classic plus benefit

    30 days

    48 years for a 5 year pay term and 50 years otherwise

    Age of entry for classic waiver benefit

    18 years as at last birthday

    47 years for a 5 year pay term and 50 years otherwise

    Age of Maturity for Classic Benefit life option

    18 years as at last birthday

    64 years for a 5 year pay term and 70 years otherwise

    Age of Maturity for Benefit extra life option

    28 years as at last birthday

    63 years for a 5 year pay term and 68 years otherwise

    Age of Maturity for classic plus benefit

    18 years as at last birthday

    58 years for a 5 year pay term and 60 years otherwise

    Age of Maturity for classic waiver benefit

    28 years as at last birthday

    57 years for a 5 year pay term and 60 years otherwise

    Sum assured for Single Premium with less than 45 years age of entry

    Both minimum and maximum values are 125% of the Single premium value

     

    Sum assured for Single Premium with more than 45 years age of entry

    Both minimum and maximum values are 125% of the Single premium value

     

    Sum assured for regular Premium with less than 45 years age of entry

    Both minimum and maximum values are 10 times the value of the annualised premium

     

    Sum assured for Regular Premium with less than 45 years age of entry

    Minimum is 7 times the value of the annualised premium and maximum is 10 times the value of annualised premium

     

    Policy Term

    10 years, or 15 to 25 years.

     

    Premiums

    No maximum limit but RS 24,000 for Single and Annual, RS 12000, quarterly is RS 6000 and monthly is RS 2000

     

    Premium Payment term

    Single or limited which is 5 or 7 or 10 years and regular which is 10 or 15 to 25 years

     

    Key Features of HDFC Sampoorn Nivesh

    1. The plan is a unit linked insurance plan
    2. The plan is of an Individual basis
    3. The plan offers a convenient mode of premium payment.
    4. The plan offers 4 options to choose from that enable you to customize the policy as per your requirements
    5. The plan offers 8 different investment funds with varying risk exposure that helps you maximise the growth of your corpus.
    6. Tax benefits are applicable on investments made as premiums and the returns from the policy for life insurance
    7. HDFC Sampoorn Nivesh allows for partial withdrawal of funds along with other added benefits such as loyalty additions and non negative claw back additions
    8. Nomination and assignment is available under the policy.
    9. Free look period is 15 days and 30 days if policy is acquired through distance marketing.

    How the Plan Works

    While purchasing the policy, the policyholder would be required to select the sum assured, the term of the policy. They would have to select among the 4 benefit options offered, choose a premium payment term and pay premiums accordingly and also select the investment fund they would like to utilize. The premiums paid are deducted of all applicable charges and are invested in the funds of the policyholder's choice. When the policy reaches maturity the policyholder receives the accumulated value of the funds minus any applicable charge.

    Benefits and Advantages of HDFC Sampoorn Nivesh

    The plan from HDFC life aims to maximise your savings by investing it in a range of funds that you can choose from. The policy also offers 4 options for you to customize your plan. The advantages and the benefits of the plan are given below

    1. Maturity option: Upon the policy reaching the date of maturity the policyholder will receive the total value of funds. They can take this as a lump sum or in periodical instalments. The life cover of the policy ceases upon date of maturity

    2. Death benefit under Classic Benefit (Life Option): In this policy option, in the unfortunate event of the policyholder's death the nominee will receive higher of either the sum assured or the funds value or 105% of the premiums paid.
    3. Death benefit under Classic Benefit (Extra Life Option): This policy option offers cover for accidental death wherein if the policyholder dies due to an accident, the nominee will receive an additional death benefit equal to the sum assured along with the actual death benefit. This option can be chosen only at the time of purchasing the policy and the benefit will be paid out in a period of 180 days from date at which policyholder expires.
    4. Death benefit under Classic Plus Benefit: In this policy option, if the policyholder dies the nominee will receive the higher of the sum assured plus the fund value or 105% of the total premiums paid.
    5. Death benefit under Classic waiver Benefit: In this policy option, if the policyholder dies the nominee receives the higher of either the value of the sum assured or 105% of the premiums paid to date. In addition to this, at the date of any future premiums to be paid, a value equal to the value of the modal premium minus any applicable charges will be credited to the account of the policyholder. The policy then continues with no life cover till date of maturity wherein the fund value will also be paid out to the nominee.
    6. Partial withdrawal: This plan allows for partial withdrawal of the funds and is possible if the policyholder is above 18 years of age and the minimum withdrawal amount is RS 10,000.
    7. Loyalty additions are offered on this policy and is credited starting from the end f the 11th policy year for regular pay option and starting from the 10th year to the 14th year for single premium payment policies. For single premium policies the loyalty additions are calculated at 1.50% of the average fund value.

    Investments

    This plan offers a selection of 8 investment funds with varying degree of risk exposure. They are mentioned below

    Name of fund

    Assets

    Composition

    Risks and Returns

    Equity Plus Fund

    Cash and money market instruments

    0% to 20%

    Very High

     

    Government securities and fixed income bonds

    0% to 20%

     
     

    Equity

    80% to 100%

     

    Diversified Equity Fund

    Cash and money market instruments

    0% to 40%

    Very High

     

    Government securities and fixed income bonds

    0% to 40%

     
     

    Equity

    60% to 100%

     

    Balanced Fund

    Cash and money market instruments

    0% to 20%

    Moderate to high

     

    Government securities and fixed income bonds

    0% to 60%

     
     

    Equity

    40% to 80%

     

    Blue Chip Fund

    Cash and money market instruments

    0% to 20%

    Very High

     

    Equity

    80% to 100%

     

    Opportunities Fund

    Cash and money market instruments

    0% to 20%

    Very High

     

    Equity

    80% to 100%

     

    Income Fund

    Cash and money market instruments

    0% to 20%

    Moderate

     

    Government securities and fixed income bonds

    80% to 100%

     

    Bond Fund

    Cash and money market instruments

    0% to 60%

    Moderate

     

    Government securities and fixed income bonds

    40% to 100%

     

    Conservative Fund

    Cash and money market instruments

    0% to 60%

    Low

     

    Government securities and fixed income bonds

    40% to 100%

     

    Charges

    The HDFC Life Sampoorn Nivesh plan allows you to choose from 8 different funds to invest in. These services that allow you to maximise your savings and help you build your corpus come with certain applicable charges that are mentioned below

    Premium Allocation charge is a charge deducted from every premium prior to investing. It is applicable on every premium throughout duration of policy. The following table shows the premium allocation charges for both single and regular pay. If the policy is a single pay policy and if the premium is less than RS 10 lakhs, charge s 3%. If premium is between RS 10 lakh to RS 24,99,999 , charge is 1.5% and if the premium is greater than RS 25 lakhs the charge is 1%.

    For regular pay policy refer to table below.

    Amount of Premium

    Modes of payment

    1st Year

    Years 2 to 3

    Years 4 to 5

    6th Year and above

    Above RS 10 lakhs

    All Modes

    4.00%

    4.00%

    4.00%

    3.00%

    RS 5 lakh to RS 9,99,999

    All Modes

    5.00%

    5.00%

    5.00%

    3.00%

    RS 1 Lakh to RS 4,99,999

    Annual

    6.00%

    6.00%

    6.00%

    3.00%

     

    Non Annual

    6.00%

    6.00%

    5.00%

    3.00%

    Below RS 1 lakh

    Annual

    9.00%

    7.00%

    6.00%

    5.00%

     

    Non Annual

    7.00%

    6.00%

    5.00%

    5.00%

    Fund Management charge is a daily charge that is calculated and has a maximum limit subject to the IRDA. The daily charge would be 1.35 % p.a of the fund value.

    Policy administration charge is a monthly charge that is deducted from the value of the funds and is a percentage of the annualised or single premium and is subject to a maximum of RS 500 per month. For a single premium payment, for the years 1 to 5 in the term the policy administration charge is 0.12% of the single premium amount per month. From the 6th year and above the charge is 0.07% with an increase of 5% every policy anniversary. For a regular premium payment policy years 1 to 5 have no charge but year 6 onwards it is 0.39% of the annualised premium per month and increases by 5% p.a every policy anniversary.

    Mortality charge and risk benefit charge is a monthly charge deducted from the funds value and is based on your age and extent of risk cover in the policy.

    Miscellaneous charge is charged when policyholder requests for any change in the policy and is RS 250 per request.

    Partial Withdrawal charge: the policy offers 4 free withdrawals each year after which each partial withdrawal will attract a charge of RS 250 and RS 25 if done through the company's web portal

    Discontinuance Charge is applicable as follows

    Year of discontinuation

    Charge for premium below RS 25000

    Charge for premium below RS 25000

    1st year for regular premium payment option

    20% of annual premium but not exceeding RS 3000

    6% of annual premium but not exceeding RS 6000

    2nd year for regular premium payment option

    15% of annual premium but not exceeding RS 2000

    4% of annual premium but not exceeding RS 5000

    3rd year for regular premium payment option

    10% of annual premium but not exceeding RS 1500

    3% of annual premium but not exceeding RS 4000

    4th year for regular premium payment option

    5% of annual premium but not exceeding RS 1000

    2% of annual premium but not exceeding RS 2000

    5th year for regular premium payment option

    No charge

     

    1st year for single premium payment option

    Lower of 2% of fund value but not exceeding RS 3000

    Lower of 1% of fund value but not exceeding RS 6000

    2nd year for single premium payment option

    Lower of 1.5% of fund value but not exceeding RS 2000

    Lower of 0.5% of fund value but not exceeding RS 5000

    3rd year for single premium payment option

    Lower of 1% of fund value but not exceeding RS 1500

    Lower of 0.25% of fund value but not exceeding RS 4000

    4th year for single premium payment option

    Lower of 0.5% of fund value but not exceeding RS 1000

    Lower of 0.1% of fund value but not exceeding RS 2000

    5th year for single premium payment option

    No charge

     

    Switching and premium redirection charge. Both have 4 free switches per policy year and any further switches or redirections would attract a charge of RS 250 per request or RS 25 if done through the company's web page.

    Premium Discontinuance

    If policyholder decides to discontinue payment of premiums before 5 years of the policy, they can revive the policy within 2 years from the date of the last missed premium or completely surrender their policy wherein the funds will be moved to a discontinued policy fund and acquire an interest rate of 4% p.a. At the end of the lock in period (5 years) they will receive the total value of funds minus any applicable charges. If they discontinue payment of premiums after 5 years of the policy they can either revive the policy within 2 years from the date of the last missed premium or surrender their policy wherein the total value of the funds minus applicable charges will be paid out to the policyholder.

     

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