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HDFC Life Super Savings

Overview

A traditional profit assuring plan which focuses on turning long term savings into sizable investments with greater benefits. In addition to the life cover that the plan provides, it doubles up as a wise wealth management tool that increases a family’s financial security. This is a regular premium paying plan meant for people who wish to have a secure financial retirement or are planning to attain a lump sum value through regular savings over a longer period.

Eligibility Conditions for HDFC Life Super Savings Plan

The plan could be of a tenure as low as 15 years and as high as 30 years and as per those, the eligibility conditions for availing this life insurance policy can be depicted in the table mentioned below -

Parameter

Minimum

Maximum

Policy Term (Years)

15

30

Entry Age

30 days

60 years

Maturity Age

18 years

75 years

Key Features of HDFC Super Savings Plan

This plan meant for wealth addition has the following salient features -

Parameters

Details

Plan Type

Traditional profit-assuring insurance plan

Basis

Individual policy

Policy Term

15 years to 30 years

Policy Validity

Will be for the chosen policy term in case all premiums have been paid

Basic Sum Assured

Rs. 2,45,155. No maximum cap.

Additions/Bonuses

Simple Reversionary Bonus, Interim Bonus, Terminal Bonus (if any)

Coverage

Maturity Benefit = Sum Assured + Simple Reversionary Bonuses + Interim Bonus + Terminal Bonus (subject to availability)

 

Death Benefit = Higher of (Sum Assured, 10 times annualised premium and 105% of all premiums paid) + Simple Reversionary Bonuses + Interim Bonus + Terminal Bonus (subject to availability)

 

Accidental Death Benefit = Death Benefit + Additional Sum Assured

 

Surrender Benefit = Guaranteed Surrender Value or Special Surrender Value (subject to payment of premiums of 3 years)

Free look Period

30 days in case of online purchase. 15 days otherwise

Grace Period

15 days for monthly payment, 30 days for all other premium payment frequencies

Nomination and Assignment

Nomination and assignment facility available but only one can be chosen at a time

Reinstatement or revival

Policy, if not surrendered, can be revived within two years from the date of last unpaid premium and Rs. 250 is the revival fee

Benefits and Advantages of Super Savings Policy

This plan from HDFC Life promotes long term savings and helps people in building a secure financial future. is an added benefit. The key advantages in opting for this plan can be mentioned in the following points -

  1. Life cover is present throughout the policy term
  2. Flexible long term policy tenures for a planned saving and/or investment portfolio with low risk
  3. Filling up a medical questionnaire removes the necessity of medical tests
  4. Applicable tax benefits can be availed as per Section 80C and 10(10D) of the Income Tax Act

The key benefits under this policy can be explained as below -

  1. Maturity Benefit - Paid once the policy reaches the maturity age, after the completion of the policy term, this amount can be paid to the policyholder or nominee. This amount includes the Sum Assured and if applicable, Simple Reversionary Bonuses, Interim Bonus and Terminal Bonus
  2. Death Benefit - In case of the death of the insured life, Death Benefit will be payable to the nominee. Accrued Simple Reversionary Bonuses, Interim Bonus and Terminal Bonus if any, will also be payable. The sum assured on death payable will be higher of 105% of all the premiums paid, 10 times annualised premium and sum assured
  3. Accidental Death Benefit - In case of an accidental death, the nominee would receive an additional sum assured along with the death benefit that is applicable
  4. Policy Loan - Once the policy has attained a surrender value, post premium payment of 3 years, a loan of up to 80% of the surrender value can be availed
  5. Surrender Benefit - In case 3 years’ premiums have been paid in full, the policy would acquire a Guaranteed Surrender Value and the same will be paid to the policyholder. In certain cases, the may also pay an amount higher than the GSV which will be a Special Surrender Value
  6. Tax Benefit - The contributions made towards the premiums of this policy can be tax deductible as per Section 80C and the received benefits can fall under Section 10(10D). Though these benefits are dependent on the prevailing tax laws

HDFC Life Super Savings Plan in Action

Harshit, aged 30 years, decides to go for a 20 years term of . The Sum Assured for him amounts to Rs. 17,91,201 subject to an annual premium amount of Rs. 1,00,000. That is the amount that Harshit will receive in addition to interim bonus, accrued reversionary bonuses and terminal bonus. Based on the applicable rates, the total Maturity Benefit or Death Benefit for Harshit might be well above Rs. 23 lakhs as the policy term comes to a close.

Premium Payment for HDFC Life Super Savings Plan

The details of premium payment for this plan can be summarised in the table below -

Premium Parameter

Details

Premiums

Minimum of Rs. 24,000 per annum, divided as per lower payment frequencies being Rs. 2000 per month and no maximum limit

Premium Paying Term (PPT)

Regular premium payment term and is equal to the policy term

Premium Paying Frequency

Premiums can be paid in monthly, quarterly, half-yearly and annual frequencies

Premium Paying Modes

ECS, debit cards, credit cards, cheques and other acceptable modes

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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HDFC Life Super Savings Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Unhappy with the service"
    0.5 2.0/5 "Expected more"
    I purchased another ULIP policy from HDFC Life. I had to pay a premium on a yearly basis. After I bought the policy, I did not get much of benefits. There were a lot of charges as well, so I surrendered the policy. To surrender the policy I had to visit the bank and give a canceled cheque and got back my investment.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 23, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have taken a ULIP policy from HDFC Life. I am satisfied with this policy benefits. I bought this policy online. I pay a premium on a monthly basis. There is a lock in period of three years. The payments can be done online. In all no hassles with policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 23, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the ACCIDENTAL POLICY with HDFC LIFE since from last 2 years. The premium paying was 800 rupees where the claim amount was 20L in this loan. There is a policy coverage for death, the coverage is for self in this policy. The overall experience was good.
    Was this review helpful? 0
    , delhi
    Reviewed on Jun 22, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    Every year, I need to pay 7200 rupees to HDFC Life renew the policy. I got a self accidental policy through IDFC Bank. They will be providing the insured value of 50L. HDFC Ergo has sent the insurance paper on time. I have paid the first payment via online and then enabled automatic debit. The customer service is very good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 21, 2019
  • HDFC Life Life Insurance
    "Customer friendly"
    0.5 5.0/5 "Blown Away!"
    I took a policy called Super Income policy from HDFC Life before 3years, they have informed me many benefits but I don't recollect now. If I pay 30K for 8yearrs then I will be getting the premium and plus return on 16 years. Its a worthable policy, Am paying the premium through online. The payment mode is convenient. I got the insurance paper.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have holding one life insurance policy with Life insurance corporation of India from long time, the agent had clearly explain me about the plan benefits and policy coverage, the premium amount i use to pay one time it self to the agent now i do not want to pay any more.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance in HDFC LIFE. The policy is for more than 50 years. I am paying premium in the annual package. Through an online I have came to know about all the policy details. I use to do payments through an online. This policy covers up to myself.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the MONEY BACK policy with HDFC LIFE and using from last one year. The policy coverage is for self added on that the policy maturity period is fir self, i have got no cash backs so far with this policy. Premium paying for yearly once.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    TERM plan that i am using with the HDFC LIFE since from last 2 months. It gives the coverage of the critical illness and also accidental death coverage and permanent disability also there is no need of paying for these coverage. The coverage for self, premium paying for yearly once of 11500 rupees approximately.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 12, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am using the ULIP plan with the HDFC LIFE since 6 months, the reason for taking the policy is my friend recommended because features are good. The premium paying for 50K for yearly once through online. The documentation process was done through online and the medical test taken at home. The maturity period is for 15 years, lock in period 5 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 12, 2019
  • HDFC Life Life Insurance
    "BETTER"
    0.5 3.0/5 "Satisfactory"
    I am using the policy of HDFC LIFE since from last 7 years, the name of the policy is children plan. It gives the coverage for self and children. The premium paying for yearly once with this policy also the maturity period is for 15 years with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 08, 2019
  • HDFC Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in HDFC LIFE. The policy is for 10 years. Now I am paying premium in the annual package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payment through an online.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 07, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I have taken the ACCIDENTAL POLICY with the HDFC LIFE where the policy i am using it since from last 2 years. The premium paid for first year was 5400 rupees and second year it was 6800 rupees and the coverage is 3L and above. The listed hospital is far away from my place.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jun 04, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in HDFC LIFE. The policy is for ten years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 30, 2019
  • HDFC Life Life Insurance
    "Good for family member protection"
    0.5 5.0/5 "Blown Away!"
    I pay Rs. 14,000 premium to HDFC life for the term plan. I selected the sum assured of Rs. 1 crore. I added one nominee even their claim settlement ratio and grievance resolved is good, at the time of taking policy they explained all. I make the payment through online payment they have critical illness and premium terminal on disabilities.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 30, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with HDFC Life, their service is good they have charged premium on monthly basis, i use to pay premium amount through on line and their customer service is good they explained me about all policy it cover in this life insurance.Their overall service is good.
    Was this review helpful? 0
    , chandigarh
    Reviewed on May 29, 2019
  • HDFC Life Life Insurance
    "Good insurance policy"
    0.5 4.0/5 "Great!"
    I have purchased my life insurance policy from HDFC LIFE and i have chosen the policy name called Classic Assure. For the future purpose i have purchased this policy. I like the features and benefits of the policy. The policy coverage is better
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 29, 2019
  • HDFC Life Life Insurance
    "Worth Policy"
    0.5 4.0/5 "Great!"
    Purchased my term insurance policy from HDFC LIFE. The coverage was far better than any other company. This covers for partial disability and critical illness. I have chosen because of the benefits. I pay the premium amount of Rs. 20000 yearly basis and the coverage is very much convenient for me.
    Was this review helpful? 0
    , vadodara
    Reviewed on May 28, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy with the HDFC LIFE and paid for 5 years latter i have discontinued with this policy because the agent has given wrong info regarding the policy so i got very lesser returns with this policy. The policy is a good policy if continued till end.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 27, 2019
  • HDFC Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in HDFC LIFE 8 months before. The policy is for 10 years. Now I am paying premium in the yearly package. I came to know an information about the policy details and received a documents as well. The amount will get detect from credit card for the payment.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 27, 2019
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