Overview
The HDFC Life Super Income Plan is one of the most popular life insurance product offered by HDFC. It is a participating regular income life insurance plan and it offers guaranteed regular income for term of 8 to 15 years. The plan is a must buy for those individuals who want to safeguard themselves and their near ones from financial instabilities in future. This is a money back policy and provides attractive bonus, apart from offering guaranteed regular income.
Eligibility Conditions for HDFC Life Super Income Plan:
|
Minimum Entry age |
2 years for a policy tem of 16 years 30 days for policy terms 18 to 27 years. |
|
Maximum Entry Age |
59 years for a policy term of 16 years. 57 years for a policy term of 18 years. 55 years for a policy term of 20 years. 51 years for a policy term of 24 years. 48 years for a policy term of 27 years. |
|
Minimum age at maturity |
18 years |
|
Maximum age at maturity |
75 years |
Key Features of HDFC Life Super Income Plan
Listed below the key features of HDFC Life Super Income Plan:
|
Plan type |
Participating regular income plan. |
|
Plan basis |
Individual |
|
Premium paying terms |
8, 10 and 12 years. |
|
Policy term |
16, 18, 20, 22, 24, 27 years. |
|
Maturity benefits |
220% to 325% of sum assured. |
|
Premium payment frequency |
Monthly, quarterly, half-yearly and annually |
|
Guaranteed Base Income per year |
8% or 12.5 % of sum assured. |
|
Free-look period |
|
|
Grace period |
|
|
Policy revival |
The policy can revived within the policy revival period. |
|
Nomination |
Nomination is accepted under this policy. |
|
Sum Assured |
Minimum: Rs. 128,337. Maximum: There is no limit. |
|
Policy coverage |
Death benefits and maturity benefits. |
|
Bonuses |
Accrued revisionary bonus and terminal bonus. |
|
Premium alteration |
Alternation in premium payment frequency is allowed. |
Benefits/Advantages of HDFC Life Super Income Plan
Listed below are the major benefits offered by the HDFC Life Super Income Plan
- Tax benefits: Policyholder gets tax benefits on the premiums paid for the HDFC Life Super Income Plan under section 80C of the Income Tax of India, 1961. Besides, benefits received as regular income and maturity benefits will also be free from tax under section 10(10D) of the same act.
- Death benefits: The policy offers death benefits to the nominee, in case the life assured dies within the policy tenure. It offers one of the followings as death benefits: basic sum assured along with accrued revisionary bonus, terminal bonus and interim bonus (if any) or 105% of total premiums paid till death.
- Policy loan: The policyholder can avail loan against the Super Income Plan, provided the policy has received surrender value. He/she can avail loan up to 80% of the surrender value.
- Surrender benefits: The policy also offers surrender benefits, provided the policy is continued for a particular period. If your policy term is 8 years and the policy is counted for 2 complete years, it will acquire guaranteed surrender value which is the total of a % of total premium paid and accrued bonuses.
- Guaranteed base income: The plan offers guaranteed base in come per year which is 8% to 12.5% of the basic sum assured per year. The total guaranteed base income offered by the plan range from 100% to 120% of the sum assured which is paid at maturity.
- Bonuses: The HDFC Super Income Plan offers revisionary and terminal bonuses, if applicable. The revisionary bonus is give announced at the end of each financial year. Terminal bonus is paid in lump-sum at the end of the policy term.
- The policy also offers rebate on high sum assured.
- You can receive regular income for a payout tenure of 8 to 15 years.
- The policy offers a lot of flexibilities. You can choose your premium payment frequency and policy term as your convenience.
How the HDFC Life Super Income Plan Work
The HDFC Life Super Income Plan provides 6 options out of which you can choose as per your needs. Listed below are the options offered by the plan:
|
Options |
Premium Payment Term (PPT) |
Payout period (yearly) |
Policy term ( PPT+ Payout period) |
|
1 |
8 |
8 |
16 |
|
2 |
8 |
10 |
18 |
|
3 |
10 |
12 |
20 |
|
4 |
10 |
12 |
22 |
|
5 |
12 |
12 |
24 |
|
6 |
12 |
15 |
27 |
Thus, if you take an HDFC Life Super Income Plan for 16 years by choosing a premium paying term of 8 years, you will receive guaranteed payouts at eh end of every year after completing your premium paying term. Also, the policy will offer maturity benefits at the end.
Premium Payment
|
Frequency |
Minimum premium per installment |
Maximum premium per instalment |
|
Monthly |
Rs. 2,000 |
No limit |
|
Qutaerly |
Rs. 6,000 |
No limit |
|
Half- yearly |
Rs.12,000 |
No limit |
|
Yearly |
Rs. 25,000 |
No limit |
Riders:
The HDFC Life Super Income Plan does not offer any add-on covers.
The HDFC Life Super Income Plan can really help your fulfill you an your family’s long cherished dreams by providing enhanced financial security.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
