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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