Compare HDFC Life Super Savings Plan

HDFC-Life-Insurance-Company

HDFC Life Super Savings Plan

HDFC Life 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 coverage under the plan.

Key features of the plan

  • There is an inbuilt Accidental Death Benefit Rider which pays an additional Sum Assured in case of accidental death during the plan tenure.
  • Premiums are payable throughout the plan tenure
  • Bonus declarations increase the benefits payable.
  • Loans are also available under the plan.

How does the plan work?

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 4 – if the insured survives the plan tenure, the maturity benefit is paid which is the Sum Assured and accrued bonuses.

Example

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.

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 higher of the Sum Assured or 10 times the annual premiums paid or 105% of all premiums paid till death. The accrued bonuses, interim bonus and any terminal bonus are also paid along with the death benefit. Moreover, in case of accidental death, an additional Sum Assured is paid.
  • Maturity Benefit – when the chosen tenure of the plan comes to an end, and all premiums have been paid, the Sum Assured along with accrued bonuses, interim bonus and any terminal bonus is paid to the policyholder.
  • 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.
  • Loan – up to 80% of the acquired Surrender Value can be availed as loan under the policy.

Eligibility

  Minimum Maximum
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
No limit
Sum Assured Rs.245,155 No limit
Guaranteed Maturity Benefit Rs.1 lakh 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.
  • For the accidental death benefit, death due to suicide, self-inflicted injuries, war, participation in hazardous activities, criminal acts, aviation, etc. would not be covered.

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 excluding taxes and are assumed to be paid annually.

HDFC-Life-Super-Savings-Plan

FAQs

What are the terms of availing accidental death benefit?

Accidental death benefit is available only if the insured is 18 years and above at the time of accidental death. Moreover, death should occur within 90 days of the accident.

When does the policy become paid-up?

A policy becomes paid-up only if 3 years’ premiums have been paid under the plan.

Can the policy be surrendered?

Yes, the plan can be surrendered if it acquires a paid-up value.

Are there any additional riders?

Barring the inbuilt accidental death benefit rider, there are no additional riders under the plan.

Can a lapsed policy be revived?

Yes, the company allows 2 years to revive a policy which has lapsed.


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