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HDFC Life Smart Woman Plan is a unique investment cum insurance plan specifically designed to cater to different life stage financial needs of a woman.This plan ensures that your savings are unperturbed in any eventuality of life and you live a confident and carefree life.
3 variants can be opted under this plan:
This policy offers 4 investment funds and you have the option to invest in any one or combination of fund options.
In case of unfortunate demise of the life assured during the policy term, the nominee will receive the higher of the following values:
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 and the risk cover ceases. You have the option to receive this benefit as a lump sum or periodical installments by opting ‘Settlement Option’.
On maturity, you can opt to periodic 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.
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 facility is available to alter future premium allocation into different funds or between 2 different strategies.
Partial Withdrawal is allowed after completion of 5th policy year onwards with a 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).
Enhanced Allocation Rate : The enhanced allocation rate of 102.5% p.a from 11th policy year
Waiver of charges on withdrawal/Switch: Waiver of charges for withdrawal and switching for one year from the date of childbirth .
Premium Waiver: Premium waiver benefit for 3 years in case of death of the spouse under elite plan variant and in case of diagnosis of malignant cancer of female organs or birth child with congenital disorder under all 3 plan variants.
Periodic Cash Payouts: Periodic cash payouts of 100% of your next 3 years premiums on the respective due dates in the event of diagnosis of malignant cancer of female organs or birth child with congenital disorder under all 3 plan variants.
This plan is not eligible for the bonuses.
No loan benefit can be availed under this plan.
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.
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.
|Age (as on last birthday)||18 Years||45 Years|
|Age at Maturity||28 Years||60 Years|
|Policy Tenure||10 Years||15 Years|
|Premium Paying Term (PPT)||Regular||-|
|Premium Paying Mode||Annually||-|
|Premium Amount||Rs 24,000||Rs 1 Lac|
|Sum Assured||For <45 Years: 10 X Annualized Premium For > 45 Years:7 X Annualized Premium||40 X Annualized 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)||-|
No rider can be opted under this plan.
Premium Allocation Charges: The charge is 2.5% till 10th policy year.
Policy Administration Charge: The charge is 0.40% per month inflating from 6th policy year at 5.50% p.a subject to a maximum of Rs 500 per month or 0.5f premium per month whichever is lower.
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.
Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.