HDFC Life Super Saving Plan

What are the Key Features?

What are the Plan benefits?

The death benefit is payable if the life insured dies during the term of the policy. The benefits payable to the nominee will be sum assured on death plus accrued simple reversionary bonus plus interim bonus plus terminal bonus.Death sum assured is higher of:

• Sum Assured
• 105% of premiums paid
• 10 times Annualised Premium

In the event of accidental death during the tenure of the policy( provided the life assured is aged 18 years & above on the date of death), an additional sum assured is payable apart from the death benefit mentioned above as per the policy terms and conditions.

Maturity benefit is payable on the survival of the Life Assured till the completion of the policy term. Maturity benefit is payable as a lump sum which is equal to the sum assured plus accrued simple reversionary bonuses plus interim bonus plus terminal bonus, if any.

The plan is eligible for the bonuses declared by the company.A simple Reversionary Bonus which is declared at the end of each financial year and is payable either on death or on maturity, whichever event happens first.A Terminal Bonus may be added to a policy which depends on the actual future experience it is not a guaranteed benefit.

Loan facility is available under this plan. The policyholder can avail loan up to 80% of the Surrender Value subject to applicable terms and conditions.

Guaranteed surrender value (GSV) plus the surrender value of the bonuses, which is a percentage of accrued bonuses is payable if at least three full years premiums have been paid. The GSV shall be a percentage of total premiums paid.

The plan offers tax benefits under section 80C and section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	30 Days	60 Years
Age at Maturity	18 Years	75 Years
Policy Tenure	15 Years	30 Years
Premium Paying Term	Same as policy year	-
Premium Paying Mode	Annually,Semi Annually, Quarterly and Monthly	-
Sum Assured on Maturity	Rs 245,155	No Limit (Subject to underwriting)
Premium	Annual : Rs 24,000, Semi Annual: Rs 12,000, Quarterly: Rs 6,000, Monthly: Rs 2,000	No Limit
Freelook Period	15 days/ 30 days (for distance marketing channel) from the receipt of the policy	-
Grace Period	30 days & 15 days (for monthly mode)	-
Plan Type	Online	-

Is any Rider Available with this Plan?

No additional rider is available with this plan.

How the Plan Works?

Let us understand the plan with the case study of Ramesh.

Name of Life insured: Ramesh

Occupation: Salaried Professional

Age of Life insured: 35 years

Family Structure: A wife (appointed as a nominee) and a 4 year old kid

Policy term: 20 years

Sum Assured: Rs 5 Lacs

Scenario 1: If Ramesh survives the policy term

Maturity benefit is payable as a lump sum which is equal to the sum assured of Rs 5 Lacs plus Sum Assured plus accrued simple reversionary bonuses plus interim bonus plus terminal bonus, if any.The policy terminates thereafter.

Scenario 2: If Ramesh dies during the policy term

The benefits payable to the nominee (Ramesh’s wife) will be sum assured on death (Rs 5 Lacs) plus accrued simple reversionary bonus plus interim bonus plus terminal bonus.

Death sum assured is higher of

• Sum Assured
• 105% of premiums paid
• 10 times Annualised Premium

Scenario 3: If Ramesh dies an Accidental Death during the policy term

In the event of an accidental death of Ramesh during the tenure of the policy, his wife (nominee) is eligible for the base sum assured of Rs 5 Lacs plus an additional sum assured of Rs 5 Lacs is payable as accidental death benefit as per the policy terms and conditions.The policy terminates thereafter.