HDFC Life Smart Protect Plan

Plan Options in HDFC Life Smart Protect Plan 

HDFC Life Smart Protect Plan offers four plan options, each with its exclusive benefits and features. The details regarding each plan are as follows: 

1. Level Cover: This insurance plan provides a consistent cover amount throughout the policy tenure. 

2. Decreasing Cover: This insurance policy offers a decreasing cover amount over the time period chosen at the start of the policy.

3. Level Cover with Capital Guarantee: This insurance policy offers a consistent cover amount throughout the policy tenure. Additionally, the policy also offers a capital guarantee that ensures that the policyholder receives a minimum assured benefit at maturity. 

4. Decreasing Cover with Capital Guarantee: This insurance policy offers cover amount that decreases over time based on the chosen time period. Additionally, the policy also offers capital guarantee that ensures that the policyholder receives a minimum assured benefit at maturity. 

Level Cover under HDFC Life Smart Protect Plan 

The details regarding the plan option are as follows: 

Death Benefit: Death benefit is payable as a lump sum amount if the policyholder dies during the policy term. The death benefit will be paid as the highest of: 

1. Total sum assured without partial withdrawals 

1. Fund value 

1. 105% of total premiums paid 

Maturity Benefit: Upon survival till maturity, the risk cover shall seize and along with fund value and loyalty additions will be paid to the policy holder. Upon the payment, the policy will terminate, and no further benefits will be paid. The policyholder can receive their fund after maturity in periodic installments as well.

Level Cover with Capital Guarantee under HDFC Life Smart Protect Plan 

The details regarding the plan options are as follows: 

Death Benefit: Death benefit is payable as a lump sum amount if the policyholder dies during the policy term. The death benefit will be paid as the highest of: 

1. Total sum assured without partial withdrawals 

1. Fund value 

1. 105% of total premiums paid 

Maturity Benefit: Upon survival till maturity, the risk cover shall seize and along with fund value and loyalty additions will be paid to the policy holder. Upon the payment, the policy will terminate, and no further benefits will be paid. The policyholder can receive their fund after maturity in periodic installments as well.  

The Maturity Benefit is calculated as higher of Fund Value at maturity + loyalty additions payable at Maturity.

Decreasing Cover under HDFC Life Smart Protect Plan 

The details regarding the plan options are as follows: 

Death Benefit: Death benefit is payable as a lump sum amount if the policyholder dies during the policy term. The death benefit will be paid as the highest of: 

1. Total sum assured without partial withdrawals 

1. Fund value 

1. 105% of total premiums paid 

Maturity Benefit: Upon survival till maturity, the risk cover shall seize and along with fund value and loyalty additions will be paid to the policy holder. Upon the payment, the policy will terminate, and no further benefits will be paid. The policyholder can receive their fund after maturity in periodic installments as well.

Decreasing Cover with Capital Guarantee under HDFC Life Smart Protect Plan 

The details regarding the plan options are as follows: 

Death Benefit: Death benefit is payable as a lump sum amount if the policyholder dies during the policy term. The death benefit will be paid as the highest of: 

1. Total sum assured without partial withdrawals 

1. Fund value 

1. 105% of total premiums paid 

Maturity Benefit: Upon survival till maturity, the risk cover shall seize and along with fund value and loyalty additions will be paid to the policy holder. Upon the payment, the policy will terminate, and no further benefits will be paid. The policyholder can receive their fund after maturity in periodic installments as well. 

The Maturity Benefit is calculated as higher of Fund Value at maturity + loyalty additions payable at Maturity. 

Exclusive Features of HDFC Life Smart Protect Plan 

The exclusive features that make the HDFC Life Smart Protect Plan stand out are as follows: 

1. HDFC Life Smart Protect Plan offers four options, each with unique features that suit your banking needs. 

1. You can boost your fund value with four kinds of loyalty additions offered under the plan. 

      The plan offers a minimum assured benefit in the form of capital guarantee despite the fluctuating market 

1. Flexible premium payment options (Regular or Limited pay).

1. You can reduce the death benefit cover after a chosen period under Decreasing Cover and Decreasing Cover with Capital Guarantee plan options. 

1. You can choose from nine funds to optimize the investment returns. 

Exclusions under HDFC Life Smart Protect Plan 

The exclusions under the insurance plan are as follows: 

1. If the policyholder dies by suicide within one year from the start or revival of the policy, then the nominee will receive the available fund at the time of death. 

1. Any charges incurred after the date of death, except for Fund Management Charges (FMC) and guarantee charges, they will be added to the fund value at the time of death. 

Riders Available under the HDFC Life Smart Protect Plan 

The following are the riders available under the insurance plan: 

1. An amount of Rs.50 lakh is payable under the Accidental Death Benefit, if the death occurs within 180 days from the accident.

1. In the case of total permanent disability due to accident, then a regular monthly income under Accidental Disability Benefit is provided. This monthly income is equal to 1% of Rs.50 lakh paid over a fixed period of 10 years.