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.
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.
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.
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.
A policy becomes paid-up only if 3 years’ premiums have been paid under the plan.
Yes, the plan can be surrendered if it acquires a paid-up value.
Barring the inbuilt accidental death benefit rider, there are no additional riders under the plan.
Yes, the company allows 2 years to revive a policy which has lapsed.