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  • HDFC Life Invest Wise Plan

    HDFC Life Insurance

    Overview

    The HDFC invest Wise plan is a unit linked insurance plan that maximises your savings while providing you life cover. This plan allows you to invest your savings and fulfill your long term goals and plan for a financially stable future post retirement. Build a financial cushion for you and your family.

    Eligibility of HDFC Invest Wise

    Criteria

    Minimum

    Maximum

    Age of Entry

    45 years as at last birthday

    70 years as at last birthday

    Age of Maturity

    60 years as at last birthday

    85 years as at last birthday

    Sum assured

    110% of the single premium

     

    Premium

    RS 25000

    No maximum limit

    Term of policy

    15 years

     

    Features of HDFC Invest Wise

    1. It is a unit linked insurance plan.
    2. The policy is of an individual basis.
    3. The policy is a hassle free policy wherein the policyholder is required to only pay a single premium.
    4. The policy offers a choice of 4 investment funds to choose from to maximise growth of the savings. Each fund has its own risk and growth potential.
    5. The policy can be easily acquired as it does not require comprehensive medical tests to undergo.
    6. Avail applicable tax benefits on premiums paid and on returns from the policy.
    7. The policy allows for Partial withdrawals subject to a minimum amount f RS 10,000 and a maximum amount equivalent to 50% of the single premium.
    8. Nomination and assignment is available in this policy.
    9. Free look period of the policy is 15 days and 30 days if the policy is purchased online or through other distance marketing channels.

    Benefits and Advantages of The of HDFC Invest Wise Plan

    The Invest Wise plan offers host of benefits that range from providing life cover to investing your savings in a choice of funds to maximise its growth. The benefits of the plan are given below

    1. Maturity: The policy upon reaching maturity date will pay out maturity benefits to the policyholder. The benefit value is equal to the fund value after it has been assigned the applicable NAV values. The funds upon maturity can be availed as a lump sum without any charge or in periodical instalments across a period of 5 years. These instalments however are subject to investment risks and their value can vary depending on the prevailing NAV.
    2. Death Benefit: In the unfortunate event of the policyholder's death before they attain the age of 60, the nominee will receive a death benefit equivalent to higher of the sum assured minus any withdrawals made 2 years prior to the date of death of the policyholder or the total value of the fund. If the policyholder dies after attaining the age of 60 the nominee will receive the higher of either the value of the sum assured minus any withdrawals made by the policyholder since they attained the age of 58 or the total value of the funds. In both cases, after the benefit has been paid out the policy is terminated.
    3. Partial Withdrawal: The policy allows for partial withdrawals to meet any urgent requirement of money. The minimum withdrawal that can be made is RS 10,000 and the maximum that can be made throughout the term of the policy is 50% of the single premium paid.
    4. Surrender benefit: if at anytime the policyholder surrenders the policy before the 5 year lock in period, the funds will be moved to a 'Discontinued policy fund' where the funds accumulate an interest of 4% p.a. If the policy is surrendered after 5 years, the total value of the funds after the applicable NAV has been applied will be paid out to the policyholder. In both cases there will be no surrender charge levied.

    Investment Funds

    The Invest Wise plan from HDFC life helps you maximise your savings and builds your corpus by investing the premiums in either one or all 4 of the following investment funds. Each of these funds have varying degrees of risk exposure and returns. The investment funds are explained below

    Fund Name

    Asset Allocations

    Composition

    Risk

    Blue Chip Fund

    Cash and money market instruments

    0 to 20%

    Very high risk

     

    Equity

    80 to 100%

     

    Opportunities Fund

    Cash and money market instruments

    0 to 20%

    Very high risk

     

    Equity

    80 to 100%

     

    Income Fund

    Cash and money market instruments

    0 to 20%

    Moderate risk

     

    Fixed income instruments and Government securities

    80 to 100%

     

    Balanced Fund

    Cash and money market instruments

    0 to 20%

    Moderate to High risk

     

    Fixed income instruments and Government securities

    0 to 60%

     
     

    Equity

    40 to 80%

     

    Charges

    The Invest Wise plan has certain charges for allocating premiums and managing funds. The detailed breakup of charges are given below

    Charge

    Details

    Premium allocation charge

    This charge is levied on the premium paid and the remainder is invested. The charge for a policy with a single premium of RS 25000 to RS 9,99,999 is 2.5% and any premium above RS 10 lakh is 1.5%

    Fund management charge

    This is a daily charge and is 1.35% p.a of the single premium

    Policy administration charge

    This is a monthly charge and is a percentage of the single premium. For a premium ranging between RS 25,000 to RS 9,99,999 the charge is 0.17% of the single premium for the first 4 years, and 0.01% from 5th year onwards. For a premium above RS 10 lakh the charge is 0.05% p.a for the duration of the policy

    Mortality charge

    This is a monthly charge and the charge is calculated on the age of the policyholder and extent of cover the policy provides

    Discontinuance charge

    Nil

    Miscellaneous charge

    The charge is RS 250 for every request that policyholder makes to change or alter the policy

    Partial withdrawal charge

    The charge per withdrawal is RS 250 and RS 25 if request is made through company webpage

    Switching charge

    The charge per switch is RS 250 and RS 25 if request is made through company webpage

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