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  • HDFC Life Smart Woman Plan

    HDFC Life Insurance

    Overview

    The woman of today is strong, independant, and hard working. And the HDFC Life Smart Woman Plan helps these women to set free the aspirations and dreams. This is a unit-linked insurance plan meant only for women. It’s designed especially for women to insure the lives of women and provides them cover against pregnancy complications, and other related problems for women. Since this is a ULIP, any risk factors have to be taken up by the policyholder.

    The Eligibility for The Smart Woman Plan is:

    Particulars

    Minimum

    Maximum

    Entry age of the proposer

    18 years

    -

    Entry age of the female to be insured

    18 years

    45 years

    Entry age of the spouse for the elite option

    21 years

    50 years

    Maturity age of the female to be insured

    28 years

    60 years

    Risk cessation age of spouse for the elite option

    31 years

    60 years

    The Sum Assured Needs to be as Mentioned Below:

    Particulars

    Age

    Minimum

    Maximum

    Sum assured

    Less than 45 years

    10 times the annual premium

    40 times the annual premium

    Sum assured

    equal to 45 years

    7 times the annual premium

    40 times the annual premium

    The policy can be taken for a term of either 10 or 15 years with an annual premium amount of Rs. 24, 000 - Rs. 1, 00, 000.

    The Key Features of the HDFC Life Smart Woman Plan are:

    1. This is a ULIP designed exclusively for women.
    2. This plan has 4 different fund options to choose from:
      1. Income Fund - which has high returns with higher duration and credit exposure.
      2. Balanced Fund - a dynamic exposure to equity that enhances your returns. It also reduces your investment volatility with debt allocation.
      3. Blue chip Fund - with this fund your investment can be made in large cap equities
      4. Opportunities Fund - with this fund you can make your investment in mid cap equities.
    3. The sum assured goes up to 40 times the annual premium
    4. This plan is easy to purchase, and can be bought online.
    5. You can choose the flexibility of 3 different benefit options:
      1. Death of spouse (with the Elite option)
      2. Diagnosis of malignant cancer specifically for female organs.
      3. Pregnancy complications or any congenital disorders due to childbirth.
    6. You can also choose the policy term between 10 or 15 years.

    The Advantages or Benefits of the Smart Woman Plan:

    This plan has 3 different benefit options, they are Classic, Premier, and Elite. Each of these options are unique to suit your needs.

    1. Classic - under this benefit option the policyholder can get a premium waiver with funding for the next 3 years.
    2. Premier - with this benefit, the policyholder get not only premium waivers with funding for the next 3 years, she will also get periodic cash payouts of a 100% of the next 3 years premiums.
    3. Elite - This option is a combination of premier wherein the policyholder get not only premium waivers with funding for the next 3 years, she will also get periodic cash payouts of a 100% of the next 3 years premiums. And will also cover the death of the policyholder's spouse.
    4. You can get periodic cash payouts with the Elite and Premier benefit option
    5. Premium paying can be done through various modes such as,cash, credit card, internet banking, cheque, auto debit facility.
    6. The policyholder can enjoy tax benefits, under section 80C and section 10 (10D)
    7. There is a partial withdrawal facility available with this plan. These withdrawals will be available only after 5 years of the policy. The minimum amount to be withdrawn is Rs. 10, 000.
    8. Maturity benefit - the fund value will get paid to the policyholder and all risk covers will get terminated. On maturity the company will offer you a settlement options as well wherein you can take the fund value on an installment basis for a period of 5 years.
    9. Revival of the policy can be done within 2 years of the discontinuance of payment of premium.
    10. The plan also offers you special benefits such as:
      1. Withdrawal and switch charges waived: When the policyholder becomes a mother, up to 12 withdrawals are waived to make her financially secure
      2. The policyholder will receive an enhanced allocation rate of a 102.5% from the 11th year of the policy.

    How Does the Smart Woman Plan Work?

    In the beginning of the HDFC women policy, the sum assured, regular premium, policy term, benefit options, and the fund option for investment are selected by the policyholder. The investments made into the funds will be the premiums - any policy charges. On the maturity of the policy, she will receive the accumulated fund value. When some specific event occurs in the life of the policyholder such as:

    Birth of a child with congenital disorder, or pregnancy complications. Cancer diagnosis of female organs, or death of a spouse. The benefits of each option chosen in the plan offers the benefit payout options as chosen earlier.

     

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