HDFC SL Crest is a unit linked insurance plan providing life cover as well as capital appreciation. Premiums are paid for a limited tenure while the plan continues longer. It is an online plan which can be bought by simply filling up and submitting a Short Medical Questionnaire.
Step 1 – the policyholder chooses the premium amount.
Step 2 – Based on the insured’s age and premium amount, the minimum and maximum Sum Assured is calculated. The policyholder then chooses the Sum Assured as required by him.
Step 3 – the policyholder then chooses to invest the allocated premium in any of the available 4 funds. The funds are Blue Chip Fund, Opportunities Fund, Income Fund and Balanced Fund.
Step 3 – the policyholder can make partial withdrawals, premium redirections 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 which is the Fund Value.
Nishit, aged 35 years, buys Crest plan and pays a premium of Rs.1 lakh. Given his age, the Sum Assured is calculated as 10 times to 20 times his annual premium. Nishit chooses Rs.10 lakhs coverage.
Option 1 – If Nishit dies during the term, higher of the Fund Value or Sum Assured subject to a minimum of 105% of premiums paid till death is paid to the nominee.
Option 2 – If Nishit survives the plan tenure, the Fund Value is paid which can be taken in lump sum or in instalments.
Nishit can make partial withdrawals, switch between funds and also redirect future premiums to any other fund.
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.
|Age at entry (in completed years)||14 years||55 years|
|Age at maturity (in completed years)||NA||65 years|
|Term of the plan||10 years|
|Premium paying options||Limited pay|
|Premium Paying term||5 years|
|Annual premium amount||Rs.50,000||No limit|
|Sum Assured||Age below 45 years – 10 times the annual premium
Age 45 years and above – 7 times the annual premium
|20 times the annual premium|
In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value is paid.
Partial withdrawals are allowed only if the policyholder is at least 18 years of age. The Fund Value after withdrawal should not fall below 150% of the annual premium. Moreover, the maximum withdrawal allowed throughout the policy tenure is limited to 300% of the Fund Value.
Premiums can be paid only in the annual mode.
Yes, every request for switching and partial withdrawal is chargeable.
The lock-in period under the plan is 5 years.
No, loans are not allowed under the plan.