Compare HDFC Life Sampoorn Nivesh Classic Life Plan

HDFC-Life-Insurance-Company

HDFC Life Sampoorn Nivesh Classic Life Plan

HDFC Life Sampoorn Nivesh Classic Life is a unit linked insurance plan which provides dual benefits. One, the plan yields attractive returns linked to the capital market. Two, the plan also provides life insurance coverage for protection against premature death. The policyholder has the choice to choose from three premium payment options. The premiums can be paid for the entire term, for a limited term or at once during plan commencement.

Key features of the plan

  • Loyalty Additions accrue under the plan which increase the Fund Value
  • Low premium allocation charges so that the invested amount is high.
  • There are 8 available funds to choose from for investing the premium.

How does the plan work?

Step 1 – the policyholder chooses the premium amount, plan term and the premium paying term. The minimum and maximum Sum Assured is then calculated using the age of the insured and the plan term. The policyholder can choose any Sum Assured from the minimum and maximum range.

Step 2 – the policyholder then chooses to invest the allocated premium to any one or more of the available funds. 8 funds are available which are Equity Plus Fund, Diversified Equity Fund, Blue Chip Fund, Opportunities Fund, Balanced Fund, Income Fund, Bond Fund and Conservative Fund.

Step 3 – the policyholder can make partial withdrawals or switch his investments if required.

Step 4- in case of death during the plan term, the death benefit is paid.

Step 5– if the insured survives the plan tenure, the maturity benefit is paid.

Example

Ashima buys the plan and pays a premium of Rs.25, 000. She chooses regular premium option and since she is 35 years old the Sum Insured is Rs.2.5 lakhs.

Option 1 – If Ashima dies during the plan tenure, higher of the Sum Assured or Fund Value is paid to the nominee provided it is not below 105% of premiums paid.

Option 2 – If Ashima survives the plan tenure the Fund Value is paid which can be taken in lump sum or in five instalments through the Settlement Option feature.

Ashima can make partial withdrawals, switch between funds and also redirect future premiums.

Plan benefits

  • Death benefit – if the life insured dies during the plan term and due premiums have been paid, the death benefit would be payable. The death benefit is higher of -
    • Sum Assured including any top-up premium Sum Assured
    • Fund Value including any top-up premium Fund Value

      Provided that the death benefit is at least 105% of the total premiums paid till death
      If the life insured dies before reaching 60 years of age, the Sum Assured would be deducted for any partial withdrawals made during two years prior to death
      If the life insured dies after attaining 60 years, any partial withdrawals made after crossing 58 years of age would be deducted from the Sum Assured.

  • Maturity Benefit – when the plan matures, the available Fund Value is paid to the policyholder. The policyholder can receive this maturity benefit in lump sum or in instalments over a 5-year period after maturity through Settlement Option feature.
  • Loyalty Additions – Loyalty Additions would be added to the Fund Value from the end of the 11th policy year and thereafter every alternate year. The rate of addition would depend on the premium payment term and frequency and would be as follows:
    Premium paying term Annual mode of payment Other modes of payment
    5 years 1.8% 1.6%
    7 years 1.2% 1%
    10 years 1.2% 1%
    Equal to plan term 1.2% 1%

    For single premium plans, 1.50% of the average Fund Value is added as Loyalty Additions every year from 10th year to 14th year.

  • Partial withdrawals – the policyholder can make partial withdrawals after the first 5 years. The minimum amount of withdrawal is Rs.10, 000.
  • Switching –the policyholder can make unlimited free switches throughout the plan tenure for changing funds.
  • Premium redirection – future premiums can also be redirected to another fund through premium redirection feature.

Eligibility

  Minimum Maximum
Age at entry (in completed years) 30 days Limited premium for 5 years – 54 years
Other premium payment options – 60 years
Age at maturity (in completed years) 18 years Limited premium for 5 years – 64 years
Other premium payment options – 70 years
Term of the plan 10 years or 15-20 years
Premium paying options Single Pay, Regular pay or Limited Pay
Premium Paying term Single Pay
Regular pay – equal to plan term
Limited Pay – 5,7,10 years
Annual premium amount Single premium – Rs24,000
Regular and Limited premium:
Annually – Rs.24,000
Half-yearly – Rs.12,000
Quarterly – Rs.6000
Monthly – Rs.2000
No limit
Sum Assured Regular or Limited premium:
If age is below 45 years – higher of 10 times the annual premium or 0.5*term*annual premium
If age is 45 years and above - higher of 7 times the annual premium or 0.25*term*annual premium
Single Premium:
If age is below 45 years – 125% of single premium
If age is 45 years and above – 110% of single premium
Single Premium – same as minimum Sum Assured
Regular or Limited premium – 10 times the annual premium if age is 45 years and above.

What is not covered in the policy?

In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value and any top-up premium Fund Value is paid.

FAQs

Are partial withdrawals chargeable?

First four withdrawals during one policy year is free of cost. Any additional withdrawal is chargeable

What are the charges for switching funds?

Like partial withdrawals four switches are free thereafter additional switches are charged at Rs.250 per switch.

Can the policy be surrendered?

Yes, the policy can be surrendered anytime. However, if surrendered before the completion of the lock-in period of 5 years, the Fund Value would be transferred to Discontinues Policy Fund till the completion of 5 years and then it would be paid. If surrendered after 5 years the surrender value is paid immediately.

Are top-ups allowed under the plan?

No, top-ups are not allowed under the plan.

What is the age requirement for partial withdrawals?

Partial withdrawals are available only if the insured is 18 years and above on the date of withdrawal.


popup close button
Looking for an insurance policy? Get Instant Quotes from 44+ insurers Click Here
popup close button
Gender
Male Female
Date of Birth
/ / Enter Correct Age(Minimum 18 and Maximum 65 years)
I want to invest
Please Enter Amount Please enter value between 10 Thousand to 5 Lacs yearly or monthly 850 to 41666 Please enter value between 10 Thousand to 5 Lacs yearly or monthly 850 to 41666
Yearly Monthly
Enter Your name
Enter Your Name
Enter Your email
Enter Your Email Id
Mobile No.
Enter Your 10 digit Number
OTP