Compare HDFC Life Super Income Plan

HDFC-Life-Insurance-Company

HDFC Life Super Income Plan

HDFC Life Super Income Plan is a traditional money back plan which pays the Sum Assured in instalments during the plan term. The plan earns bonuses based on the profits earned by the company. Bonuses are added to the plan benefits and are paid on maturity or death. To meet liquidity requirements, the plan also allows loans.

Key features of the plan

  • Premiums are paid for a limited tenure only.
  • Annual payouts accrue under the plan which start from the completion of the premium payment tenure and continue till the end of the plan term.
  • Simple reversionary bonus, interim bonus and terminal bonus are added in the plan.
  • Up to 120% of the Sum Assured can be received as money-back benefits depending on the plan term and premium paying term.
  • Premium discounts are available for choosing a higher Sum Assured on Maturity.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured on Maturity, the plan term, the premium paying term and frequency. Based on the insured’s age and the above factors, the premiums are calculated.

Step 2- premiums are paid for a limited tenure after which annual payouts are paid. The payouts are calculated as a percentage of the Sum Assured on Maturity and depend on the combination of the policy term and premium paying term.

Step 3 – if the insured survives the plan tenure, the maturity benefit is paid which is the last instalment of survival benefits and accrued vested bonuses.

Step 4 – if the insured dies during the plan tenure, the Sum Assured on death with accrued bonuses is paid to the nominee irrespective of the survival benefits already paid.

Example

Rahul, aged 30 years buys the plan for a term of 16 years. He chooses a Sum Assured on Maturity of Rs.5 lakhs and pays premiums for 8 years.

Option 1 – after the completion of the premium paying term of 8 years, Rahul would get 12.5% of the Sum Assured on Maturity as survival benefit payouts every year for another 8 years. Thus, Rahul would get Rs.62, 500 every year for 8 years. On maturity, the remaining instalment of Rs.62, 500 would be paid along with vested bonuses, interim bonus and any terminal bonus.

Option 2 – Rahul dies in the 12th year of the plan. Despite four survival payouts already paid to him, his nominee would get Rs.5 lakhs as death benefit along with accrued bonuses, interim bonus and a terminal bonus.

Plan benefits

  • Death benefit – if the life insured dies during the term of the plan, and all premiums have been paid, the death benefit is paid. The death benefit is Sum Assured on death along with vested reversionary bonuses, interim bonus and any terminal bonus. The Sum Assured on death is higher of the following:
  • Sum Assured on Maturity
  • 10 times the annual premium if age is 50 years and lower or 7 times the annual premium if age is more than 50 years.

The death benefit should be a minimum of 105% of all premiums paid till death.

  • Maturity Benefit – when the chosen tenure of the plan comes to an end, and all premiums have been paid, the last survival benefit payout instalment is paid as maturity benefit along with accrued bonuses, interim bonus and terminal bonus, if any.
  • Survival benefit payouts – money-back benefits start from the end of the premium paying term and continue annually up to the policy term. The survival benefit payouts depend on the policy term and are calculated as a percentage of the Sum Assured on Maturity. The rates are as follows:
  • Policy term

    Premium paying term

    Payout term

    % of Sum Assured on Maturity paid as survival benefits annually

    Total payout

    16 years

    8 years

    8 years

    12.5%

    100%

    18 years

    8 years

    10 years

    10%

    100%

    20 years

    10 years

    10 years

    12%

    120%

    22 years

    10 years

    12 years

    10%

    120%

    24 years

    12 years

    12 years

    10%

    120%

    27 years

    12 years

    15 years

    8%

    120%

  • Bonus – simple reversionary bonuses are declared every year if due premiums are paid. The bonus rate depends on the performance of the company. On maturity or death, a terminal bonus and an interim bonus might also be paid.
  • Premium discounts – discounts are allowed in premium rates if a high Sum Assured on Maturity is chosen by the policyholder. If Sum Assured on Maturity is Rs.4 lakhs to Rs.8 lakhs, a discount of Rs.0.50 per Rs.1000 Sum Assured on Maturity is allowed. If the Sum Assured on Maturity is Rs.8 lakhs and above, the discount is Re.1 per Rs.1000 of Sum Assured on Maturity.
  • Loan – up to 80% of the acquired Surrender Value can be availed as loan under the policy for meeting any financial contingency.

Eligibility

  Minimum Maximum
Age at entry (in completed years) Policy term 16 years – 2 years
Policy term 18-27 years – 30 days
Policy term 16 years – 59 years
Policy term 18 years – 57 years
Policy term 20 years – 55 years
Policy term 22 years – 53 years
Policy term 24 years – 51 years
Policy term 27 years – 48 years
Age at maturity (in completed years) 18 years 75 years
Term of the plan 16,18,20,22,24 and 27 years
Premium paying options Limited pay
Premium Paying term Policy term 16,18 years – 8 years
Policy term 20,22 years – 10 years
Policy term 24,27 years – 12 years
Premium amount Yearly – Rs.24,000
Half-yearly – Rs.12,000
Quarterly – Rs.6000
Monthly – Rs.2000
No limit
Sum Assured on Maturity Rs.128,337 No limit

What is not covered in the policy?

  • In case of suicide committed within 12 months of inception, 80% of the premiums paid are refunded.
  • If suicide is committed within 12 months of revival, higher of 80% of the premiums paid or the surrender value under the plan is paid.

Premium Illustration

Below are the sample rates of premium payable by a non-tobacco user male for a combination of different ages, term and Sum Assured. The premiums are including taxes and are assumed to be paid annually for 8 years for policy term of 16 years and 10 years for a 20-year term.

HDFC-Life-Super-Income-Plan

FAQs

How can the plan be bought?

The plan can be bought online by filing up a Short Medical Questionnaire.

What are the premium paying frequencies?

Premiums can be paid annually, half-yearly, quarterly or monthly. There is no loading factor in choosing any of the available frequencies.

Is monthly premium payable online?

Yes, monthly premiums should be paid by ECS facility and the first 3 months’ premiums are required to be paid in advance.

Are there any additional riders?

No, the plan does not offer any additional riders.

What is the interest rate payable on a loan?

The loan interest rate is 10.50% annually.


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