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HDFC Life Sampoorn Nivesh Plan

What is the Plan all About?

HDFC Life Sampoorn Nivesh is a Unit Linked Plan that provides the benefits of investment plus insurance protection. This plan helps invest your money with multiple fund options that further helps meet the financial goals. You can also avail varied benefit options to ensure comprehensive protection for your family.

3 variants can be opted under this plan:

  • Classic Benefit (Life Option & Extra Life Option)
  • Classic Plus Benefit
  • Classic Waiver Benefit

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What are the Key Features?

  • 8 investment fund options
  • 3 plan benefit options
  • Accidental Death cover available
  • Avail Loyalty Additions
  • Single/Limited/Regular premium payment option
  • Reduced premium allocation charges
  • Partial withdrawals after first 5 years
  • Flexibility to switch and redirect your premium
  • Buy plan online
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers 8 investment funds and you have the option to invest in any one or combination of fund options.

  • Equity Plus Fund
  • Diversified Equity Fund
  • Blue Chip Fund
  • Opportunities Fund
  • Balanced Fund
  • Income Fund
  • Bond Fund
  • Conservative Fund

What are the Plan Benefits?

Death Benefit

    In case of unfortunate demise of the life assured during the policy term, the nominee will receive the following Death Benefit.

    • Classic Benefit

      Higher of Sum Assured (less partial withdrawals#), Fund Value, or 105% of all the premiums paid. The policy terminates and no more benefits are then payable.

      #Before age 60 years of the life assured, the Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. On or after attaining 60 years of age, the Sum Assured is reduced to the extent of all Partial Withdrawals made after attaining 58 years of age.

    Accidental Death Benefit (Extra Life Option)

    In the event of your accidental death, an additional benefit equal to Sum Assured apart from the death benefit (as mentioned above) is payable to the nominee. The policy terminates and no more benefits are then payable.

    • Classic Plus Benefit

      Higher of Sum Assured plus Fund Value or 105% of all the premiums paid. The policy terminates and no more benefits are then payable.
       
    • Classic Waiver Benefit

      Higher of Sum Assured or 105% of all the premiums paid. Moreover, on each future premium due dates, an amount equal to the modal premium is credited to the Policyholder’s Fund Value after deduction of applicable charges.

    The policy continues with no risk cover and the fund value is payable on maturity.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value as prevailing on the date of maturity is payable. You have the option to receive this benefit as a lump sum or periodical installments by opting ‘Settlement Option’.

Settlement Option

    On maturity, you can opt to receive your money in installments over a maximum period of 5 years, after the date of maturity. It provides you an option to remain invested in the funds beyond the policy maturity. Units are redeemed in 60 monthly installments beginning from the date of maturity. You also have the option to completely withdraw the fund value at any time during the settlement period. No life cover is applicable during this settlement period. Partial withdrawals and switches are not allowed during the settlement period. The Fund Value at maturity is Rs 1 lac or above.

Loyalty Additions

    Loyalty Additions are added to the fund value every alternate year starting from the end of 11th policy year under limited and regular premium payment policies. For annual mode, Loyalty Addition is 1.8%/1.2% for 5 years premium payment term/other premium payment terms, respectively. For non-annual mode, Loyalty Addition is 1.6%/1% for 5 years premium payment term/other premium payment terms, respectively.

    For single premium policies, the Loyalty Addition is 1.50% of the average fund value. The Loyalty Addition is payable at the end of every policy year from 10th to 14th policy year.

    The Loyalty Addition is expressed as a percentage of the average fund value (fund values at the end of the policy month, for the immediately preceding 12 policy months).

Non-Negative Claw Back Additions

    Non-Negative Claw Back Additions to the fund at various durations after the first 5 policy years. It is added to comply with the reduction in yield as per relevant IRDAI Regulations.

Alterations

    Alterations such as Switch between Classic Benefit Life Option and Classic Benefit Extra Life Option and vice-versa is allowed. You have an option to change the premium frequency and increase in premium payment term are also allowed.

Switching

    Switching can be done among 8 available fund options to suit your changing investment needs and it can be exercised anytime during the policy term. You also have the option to switch from one portfolio strategy to another.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation into different funds or between 2 different strategies.

Partial Withdrawal

    Partial Withdrawal is allowed after completion of 5th policy year onwards and in case of minor lives, the life assured attains 18 years of age. The minimum partial withdrawal amount allowed is Rs 10,000. The minimum fund value required after each such withdrawal should not fall below 150% of the annualized premium for limited and regular premium payment policies. The maximum withdrawals that can be done through the entire policy term is 300% of the annualized premium (limited/regular premium payment policies) & it is 50% of single premium (single premium payment policies).

Bonus

    This plan is not eligible for the bonuses.

Loan Benefit

    No loan benefit can be availed under this plan.

Revival

    You have an option to revive a discontinued policy within 2 consecutive years from the date of discontinuance of the policy. For revival of the policy, you need to pay all due and unpaid premiums, as per underwriting policy.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The applicable fund management charge of the Discontinued Policy Fund is levied. The proceeds after addition of minimum guaranteed interest rate of 4% p.a or as stipulated by IRDAI is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 30 Days (classic Benefit Life Option), 18 Years (classic Benefit Extra Life Option), 30 Days (classic Plus Benefit), 18 Years (Classic Waiver Benefit) 54 Years (classic Benefit Life Option-5 Pay), 60 Years (classic Benefit Life Option-other Than 5 Pay), 53 Years (classic Benefit Extra Life Option- 5 Pay), 58 Years (classic Benefit Extra Life Option- Other Than 5 Pay), 48 Years (classic Plus Benefit- 5 Pay), 50 Years (classic Plus Benefit- Other Than 5 Pay), 47 Years (Classic Waiver Benefit- 5 Pay), 50 Years (Classic Waiver Benefit- Other Than 5 Pay)
Age at Maturity 18 Years (classic Benefit Life Option), 28 Years (classic Benefit Extra Life Option), 18 Years (classic Plus Benefit), 28 Years (Classic Waiver Benefit) 64 Years (classic Benefit Life Option-5 Pay), 70 Years (classic Benefit Life Option-other Than 5 Pay), 63 Years (classic Benefit Extra Life Option- 5 Pay), 68 Years (classic Benefit Extra Life Option- Other Than 5 Pay), 58 Years (classic Plus Benefit- 5 Pay), 60 Years (classic Plus Benefit- Other Than 5 Pay), 57 Years (Classic Waiver Benefit- 5 Pay), 60 Years (Classic Waiver Benefit- Other Than 5 Pay)
Policy Tenure 10/15 Years 25 Years
Premium Paying Term (PPT) Single, Limited (5/7/10 Years), Regular -
Premium Paying Mode Single, Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 24,000 (Single), Rs 24,000 (annually), Rs 12,000 (semi Annually), Rs 6,000 (quarterly), Rs 2,000 (monthly) No Limit
Sum Assured Regular/Limited Pay- Age At Entry Less Than 45 Years- Higher Of 10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium Age At Entry 45 Years & Above- Higher Of 7 Times The Annualized Premium Or 0.25 * Policy Term * Annualized Premium Single Pay- Age At Entry Less Than 45 Years- 125% Of Single Premium Age At Entry 45 Years & Above- 110% Of Single Premium Regular/Limited Pay- Age At Entry Less Than 45 Years- Higher Of 10 Times The Annualized Premium Or 0.5 * Policy Term * Annualized Premium Age At Entry 45 Years & Above- 10 Times Of The Annualized Premium Single Pay- Age At Entry Less Than 45 Years- 125% Of Single Premium Age At Entry 45 Years & Above- 110% Of Single Premium
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 rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charges: For Limited/Regular Pay, the premium allocation charge varies from 3% to 9%, depending on the policy term, premium band and payment mode opted. For Single Pay, the premium allocation charge is 3%/1.5%/1% for premium band of less than Rs 10 Lacs/10 Lacs to Rs 24,99,999/Rs 25 Lacs & above respectively.

Policy Administration Charge: For Single Pay, the policy administration charge is 0.12% of Single Premium per month for 1st to 5th policy year. It is 0.07% of Single Premium per month increasing @5% per annum on each Policy Anniversary from 6th policy year onwards. For Limited/Regular Pay, the policy administration charge is 0.39% per month of the annualized premium increasing @5% per annum on each Policy Anniversary from 6th policy year onwards. This charge is subject to a maximum of Rs 500 per month.

Mortality Charges: Mortality charge depends on age and level of cover. This charge is applicable for providing you with the risk cover. This charge is levied by deducting appropriate units from the funds you have opted for.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for all funds, charged daily.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: 4 free switching is allowed in a policy year. A fund switch request attracts a charge of Rs 250 or Rs 25 when executed through the company’s portal.

Premium Re-direction: 4 free premium re-directions are allowed in a policy year. A premium re-direction request is levied with Rs 250 or Rs 25 when executed through the company’s portal.

Partial Withdrawal Charge: 4 free partial withdrawals are allowed in a policy year. Each subsequent partial withdrawal request attracts a charge of Rs 250 or Rs 25 when executed through the company’s portal.

Miscellaneous Charges: Any policy alteration request request attracts a charge of Rs 250 per request, subject to revision up to a maximum of Rs 500 upon prior approval from IRDAI.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Life Assured- Mr. Aditya aged 35 years
Plan Purchased- HDFC Life Sampoorn Nivesh (Classic Benefit- Life Option)
Policy Term- 25 years
Premium Payment Term- 10 years
Annual Premium- Rs 50,000
Sum Assured- Rs 12,00,000
Fund Value- Rs 5,50,000 (assumed)

Scenario A- Death Benefit: The nominee will receive the higher of Sum Assured, Fund Value, or 105% of all the premiums paid. So, the nominee will receive Rs 12,00,000 (sum assured amount).

Scenario B- Maturity Benefit: The Fund Value as prevailing on the date of maturity is payable. You can also opt for installments within 5 years post the date of maturity. Thus, Adtya will receive the fund value of Rs 5,50,000.