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HDFC Life Insurance Super Saving Plan is a traditional endowment plan which also participates in bonus declarations by the company. Thus, the plan promises a high benefit on maturity and on death. There is also an inbuilt rider benefit which enhances the scope of life coverage under the plan.
Step 1 – the policyholder chooses the Sum Assured, the plan term and the premium paying frequency. Based on the insured’s age and the above factors, the premiums are calculated.
Step 2 – in case of death, the death benefit would be paid. If the insured dies due to an accident, an additional Sum Assured is paid.
Step 3 – if the insured survives the plan tenure, the maturity benefit is paid which is the Sum Assured and accrued bonuses.
Rohit, aged 30 years, buys a policy for a Sum Assured of Rs.5 lakhs. The term is 20 years and premiums are payable annually.
Option 1 – if Rohit dies during the plan term, higher of the Sum Assured or 10 times the annual premium is paid subject to a minimum of 105% of premiums paid. If Rohit dies due to an accident, an additional Rs.5 lakhs is paid along with death benefit.
Option 2 – when the plan matures, Rs.5 lakhs and accrued bonuses are paid.
|Age at entry (in completed years)||30 days||60 years|
|Age at maturity (in completed years)||18 years||75 years|
|Term of the plan||15 years||30 years|
|Premium paying options||Regular pay|
|Premium Paying term||Equal to plan term|
|Premium amount||Yearly – Rs.24,000
Half-yearly – Rs.12,000
Quarterly – Rs.6000
Monthly – Rs.2000
|Sum Assured||Rs.245,155||No limit|
|Guaranteed Maturity Benefit||Rs.1 lakh||No limit|
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 excluding taxes and are assumed to be paid annually.