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HDFC Life Super Saving Plan

What is the Plan all About?

HDFC Life Super Savings Plan is a traditional participating life insurance plan which offers long term savings investment to provide a safety net for your loved ones. HDFC Life Super Savings Plan is a regular payment plan which allows an opportunity to participate in the profits of the company by way of bonuses to enhance your policy proceeds.The plan delivers financial defense against premature demise of the insured during the policy term.

What are the Key Features?

Regular pay premium plan with guaranteed maturity proceeds

Flexibility to choose a policy term from 15 to 30 years

Get double sum assured in case of accidental death

Boost your benefits with reversionary & terminal bonus

Hassle-free issuance on the basis of a Short Medical Questionnaire

Buy plan online in a hassle free manner

EMI available for HDFC Bank Credit Card holders

Avail tax benefits as per existing tax laws

What are the Plan benefits?

Death Benefit

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

Accidental Death Benefit

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

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.

Bonus

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 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.

Surrender Value

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.

Tax Benefit

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.